Dec. 13 at 2:19 AM
Comm'l-stage oncology focused bio valuations, multiples & other data points @ 12/12/25 (all peers w/MCs
$365MM +).
Of particular note:
$LEGN released impressive data on a pipeline asset last week. The market's reaction is a headscratcher. Low institutional support should flip as LEGN's obvious value proposition becomes apparent (like NUVB). We calculate
$JNJ IRR would be in the mid-40s just through FY32 if they acquired LEGN for
$40/share (assuming Carvytki revenue estimates are credible & LEGN can scale margins to 75%). Best gross margin to date = 63%. Remember, IRR's in the "low teens" usually suffice BP. Carvykti generated
$150MM in Q325 margin (~
$600MM annually). J&J's CFO is adamant Carvykti =
$5B/year @ peak. Much more analytics shortly
$SNDX continues to trade at a low multiple v. immediate peers. Like LEGN, INCY finance teams have to be running models
$IOVA continues to be a good value v. peers. The only open item is proving they can scale
$AUTL will it take Tectarus share or not?
