Aug. 23 at 2:16 PM
Updated FY2026 - 2028 revenue multiples (and cash/debt) for all comm'l-stage oncology focused bios with market caps north of
$350MM as of 8/22/25. We will post a like schedule of comm'l-stage non-oncology shortly but its clear oncology continues to trade at lower multiples than their non-oncology peers. Remember, some estimates may also assume contributions from unapproved pipelines.
Of course we c/b wrong but our guess is
$SNDX is still the most likely near-term M&A candidate. Should the XBI continue to rise, it pressures INCY to act. Again, of course we could be wrong.
$VSTM appears to be a good value at 1.7X FY28 consensus as there are very few options to LGSOC patients.
$RIGL has overwhelmingly been the best stock in this peer group the last month more than doubling.
NOTE: Like
$JAZZ,
$PGEN has non-oncology programs. We're unsure if they belong in this peer group. Any suggestions from PGEN investors appreciated.
This is not investment advice.
