Jan. 16 at 6:09 PM
$BCRX trades @ one of the lowest multiples of projected sales of all peer comm'l-stage non-oncology focused bios w/MCs ranging from
$1 to
$5B.
The odds are BCRX shareholders are best served via M&A exit (just like virtually all smaller cap comm'l-stage bios). Is this due to the Astria acquisition?
Drugs like Orladeyo are worth some multiple or NPV of the drug's projected sales. While perhaps slower than initially expected, Orladeyo generates meaningful product sales & is patent protected through FY39.
$PHAT &
$ARDX trade @ BCRX like multiples but both have drugs with patents expiring within 10 years.
$SLNO trades at, literally, the lowest multiple of projected sales of all bios in this peer group. SLNO Vykat sales are exceeding VRNA's sales post launch. VRNA was just acquired for an EV of just under
$10B. RYTM & AARD are developing pws drugs
$LGND trades @ the highest multiples
NOTE: The attachment excludes those bios that do not have analyst coverage past FY33
This is for info purposes only
