Nov. 8 at 6:57 PM
Updated FY2028 revenue multiples for all commercial-stage oncology focused bios with market caps north of
$1B using 9/30/25 cash & debt, sorted lowest FY2028 revenue multiple to highest.
$NVCR TTFs were 1st approved almost 15 years ago. NVCR IPO'd in Q4 2015 and traded for
$26/share by the end of 2015. NVCR shares hit
$220 in June 2021 after sales first hit
$500MM in FY2019. If NVCR is not a textbook example of why comm'l-stage bios should exit via M&A, then what peer bio is?
Recall our post from 3 days ago that showed shareholders lose ~90% of the time when commercial-stage oncology focused bios do not exit via M&A within 2 years of FDA approval.
$SNDX trades @ the next lowest FY2028 revenue multiple in this peer group. Will SNDX management do the right thing & sell out to Incyte?
$DAWN is up 40% the last month after a decent Q32025 beat. DAWN operating losses were ~
$25MM in Q3 2025 (its 6th quarter post launch).
We guess
$URGN is next to sell.
Will
$JAZZ new CEO consider an exit?
Info only
