Dec. 4 at 3:14 AM
Attached is a schedule of revenue multiples of all new/recent comm'l-stage oncology & non-oncology with 1st approvals since 1/1/20 & current market caps between
$750MM &
$5B (
$1B -
$5B in non-oncology).
Note the peer group averages at the bottom in bold. Oncology continues to trade at meaningfully lower multiples than non. However, one can see via a casual review the oncology peer group had more recent approvals.
$AUPH was a head scratcher trading at a high multiple where Lupkynis was approved 1/22/2021. AUPH traded meaningfully lower today when the XBI was otherwise strong. Is AUPH trading down to a market (v premium) multiple?
$TARS &
$ARQT have more or less the same FY2029 revenue estimate as
$SNDX yet SNDX trades at a much lower market cap.
$IOVA needs to demonstrate it can scale gross margin but the recent lung cancer data is compelling. Patients with these awful lung cancers will use IOVA's TIL. The brutal, rotten unfortunate truth is there are no better options. In time...
