Oct. 5 at 2:14 PM
Commercial-stage oncology focused bios continue to trade at lower revenue multiples than non-oncology
FY2026 revenue multiples of all commercial-stage oncology focused bios, sorted by oldest date of 1st FDA approval to newest (excl
$10B+ & ultra micro-cap).
Note the 5 in green we picked trade at FY26 revenue multiples of 2.9 to 3.9X. Note non-oncology peers
$TARS $ARQT &
$SPRY, with 1st FDA approvals around the same date, trade at FY26 multiples of 4.5 to 5.5X.
We'd guess the 5 noted in green are the best candidate for near-tern M&A (but it's 100% a guess)
$DCTH $URGN
It's our experience most commercial-stage oncology M&A happens within 2 years of FDA approval (for those that opt to exit via M&A).
