Jul. 24 at 1:28 PM
This morning
$NVCR reported Q2 2025 revenues of
$159MM which were slightly ahead of consensus. At
$16.50/share, Yahoo Finance reports NVCR's market cap at
$1.85B. With ~
$300MM net cash/debt NVCR's enterprise value is just over
$1.5B.
NVCR generates gross margins in the mid-70s where most commercial-stage oncology focused peers generate margins in the 90s.
NVCR trades at ~2.5X FY2025 analyst consensus. For perspective, peer
$EXEL trades at over 5.0X FY2025 consensus.
$LEGN trades at over 7.0X. Again, NVCR's gross margins are meaningfully lower than these peers.
NVCR traded for over
$30/share at the end of 2024 after reporting compelling Phase 3 data in colorectal cancer.
This is not investment advice. We have no idea what will happen to NVCR's share price in the future. We're only sharing because NVCR is the first in its peer group to report Q2 2025. It could be, again could be, an inflection point should NVCR trade at a peer multiple.
