Aug. 28 at 11:28 AM
UBS⬆️
$RVMD's PT to
$265,⬆️peak sales to
$14.4B, keeps at Buy and said -- We are increasing our PT to
$265 from
$220 by adjusting to the announced price of daraxonrasib and increasing our 2026 and 2027 sales estimates for daraxonrasib.
$IMRX $ERAS TNGX BBOT ANL VSTM
UBS added —We have also increased the probability of success (PoS) to 100% following the drug's approval.
Given these changes, we believe a higher multiple is warranted, as they increase our confidence in both the commercial outlook for the product and our overall investment thesis for the company.
We now value RVMD at 3.7x EV/2035 peak sales (vs. 3.5x prior) of
$14.4B vs.
$12.3B prior. Our 3.7x multiple is supported by our DCF sensitivity analysis and at the higher range of comparable companies.