May. 26 at 2:34 AM
Commercial-stage non-oncology focused biopharma (
$1B+ market cap) revenue multiples as of 5/25/2026. The attachment excludes royalty aggregators & those with gross margins below 75%.
$ARWR trades at the highest multiple of analyst consensus in the peer group (5 & 10 year).
$ARDX continues to trade at the lowest multiple of analyst consensus. We've read some investors doubt the kidney indication will never get a peer multiple but IBS-C by itself is still a big number.
$ACAD continues to be our top holding in non-oncology. Could all 12 analysts who cover them be wrong.
$TGTX 's 5-year multiple may appear to be on the high side but there is considerable confidence in their longer-term forecasts.
$TVTX even though it's meaningfully higher after their FSGS label expansion, TVTX appears to trade at reasonable multiples.
As always, this is not investment advice.
