Nov. 16 at 5:46 PM
All new commercial-stage (oncology & non) bios with 1st approvals since 1/1/20 with market caps of
$900MM to
$6B as of 11/14/25. This peer group is sorted highest FY29 revenue multiple to lowest.
We added enterprise values from yesterday. It is visually just as apparent non-oncology trades at higher multiples than oncology.
$AUPH now trades at the highest FY29 multiple followed by
$MIRM &
$LQDA &
$ARQT
$SNDX is still a head scratcher with 2 FDA approvals at the second lowest FY29 multiple. There is no KURA threat in KMT2A leukemias. SNDX is outselling peers acquired for
$1.7 to
$1.9B just in KMT2A (of course perhaps there's some off-label).
This is not investment advice.
