May. 24 at 5:05 PM
FY2028 (Year 4) revenue multiples of all commercial-stage non-oncology focused bios (new since 1/1/2017) sorted low to high. 2 recent peer M&A transactions were at 5.5X FY2028 projected revenues (ITCI) and 2.6X (SWTX).
$ARDX trades at the lowest FY28 multiple in this peer group but has patents expiring in FY34 so it may not be relevant but still...
Others trading @ lower FY28 multiples include
$PCRX $TVTX (which is down 20%+ the last week or two after the FDA accepted a filing).
$ACAD just scored a major patent extension &
$BHVN has an active PDUFA (but is not technically commercial-stage).
Read our earlier post for cumulative 10-Year projected revenue multiples.
This is not investment advice. We are merely sharing one analysis of dozens needed to assess valuation potential.