Jan. 6 at 12:57 AM
The attachment compares
$BCRX revenue multiples (valuation as a multiple of projected revenues) to peer commercial-stage non-oncology focused bios with similar revenue projections.
BCRX's gross margins (97% in FY2024) are the highest of all of these peers yet BCRX trades at a meaningfully lower multiple of projected revenues. As we understand it, Orladeyo generics are not to be available until FY2040.
$SUPN $TARS trade at meaningfully higher multiples yet are supposed to generate, more or less, the same revenue dollars.
$ARQT is projected to generate less revenues
$CPRX ?
We followed BCRX for years but have not kept up. Any guidance from BCRX bulls would be genuinely appreciated. BCRX is one of the very few commercial-stage non-oncology focused bios not trading meaningfully higher than the XBI lows of early April 2025. We're aware BCRX's enterprise value is roughly
$0.05B higher than its market cap.
This is not investment advice.
