Jun. 27 at 2:07 PM
Commercial-stage non-oncology revenue multiples for those with 1st approvals before 12/31/2023.
The
$ARDX value proposition is beyond self-evident compared to the entire comm'l-stage bio peer group. We understand why Xphozah is not worth a peer multiple but why not Ibsrela?
$KRYS trades @ staggering multiples. We know Vyjuvek will do
$500MM in EB its sleep. We struggle with the KRYS oncology franchise (trading higher than BPMC's exit). Any input around next inflection point would be genuinely appreciated?
We still like
$TARS &
$NBIX profile versus the others in this specific peer group. Could KRYS trade up to 4.0X 5-year sales? We do not know.
$RYTM appears the 2nd outlier.
Recall the last 9 commercial-stage bio exits were priced @ 0.68 to 1.02X 5-year sales projections (per the acquiree management).
As always, this is not investment advice. We're usually wrong when we identify undervalued stocks.
