Nov. 28 at 1:56 PM
$NBIX Crenessity sales by quarter post launch versus Verona's Ohtuvayve, IMGN's Elahere (both acquired for just under
$10B) &
$MDGL Rezdiffra.
Note Crenessity sales are, more or less, consistent with these 3 peers, 2 of which were acquired for just under
$10B.
The graph does not consider NBIX's flagship drug called Ingrezza doing
$2.5B/year by itself.
Our simple point is @
$150/share, NBIX has an enterprise value of ~
$12.8B. This is not investment advice, but if Crenessity, by itself, has an M&A exit value consistent with Verona & Immunogen since sales are about the same then there may be considerable upside to NBIX investors as a whole.
NBIX is one of the very few new commercial-stage bios since 1/1/2013 that has generated meaningful returns for shareholder by staying independent.
$XBI $IBB
