Aug. 23 at 3:32 PM
Updated FY2026 - 2028 revenue multiples (and cash/debt) for all comm'l-stage non-oncology focused bios with market caps between
$1 &
$5B as of 8/22/25.
Historically those comm'l-stage non-oncology focused bios that exit via M&A within 3 years of FDA approval do best by shareholders (2 years in oncology)...at least versus their share prices as of FDA approval.
We'd guess
$TARS is a near-term candidate and, even though up materially since their Q2 25 CC, they still trade at a reasonable multiple.
$FOLD,
$TVTX & TARS are our biggest holdings in non-oncology as it trades at a low multiple v peers. This is not investment advice but a FYI...do not do what we do or else you may lose lots of money.
$CRMD &
$VALN have had a good few weeks but are still less than 3.0X FY28
This is not investment advice. We're merely sharing one analysis of many to consider...for entertainment purposes only.
