Jul. 12 at 9:22 PM
Updated revenue multiples on a peer group of commercial-stage non-oncology focused biopharmas with 1st FDA approvals between 2020 & 2023 (plus PTCT & ACAD)
Analysts project ARDX
$TARS &
$MIRM to generate roughly the same revenues over the next 5 & 10 years yet MIRM trades at the highest multiple of the 3. This may be due to MIRM's low SG&A expenses versus the 2 offset by lower gross margins. This is not investment advice. We're merely sharing our analysis.
TARS valuation is off ~
$500MM after investing
$75MM to acquire a, perhaps boring, bio with a compound in P3. Simple analytics suggest, by itself, TARS is oversold but of course we c/b wrong
We include
$ACAD & PTCT because their profiles appear identical yet ACAD trades at half their valuation. We should note PTCT's EV includes ~
$2B from a royalty obligation. Some argue royalty sales/obligations should be excluded from valuation. This could be misleading so do your own diligence.
$BBIO now trades @ the highest multiple after
$IONS