Jun. 23 at 1:31 AM
Commercial-stage non-oncology focused bio revenue multiples as of 6/22/26 (estimates are dated as of 6/12/26). We believe the subject bios make a decent peer group to guesstimate potential (up & down).
$ARDX is up 10% the last 5 days (and more so from last month lows) but still trades at the lowest multiple in the peer group. Some investors believe Xphozah will never get a market multiple due to reimbursement related uncertainties. It does not appear Ibsrela (same API) has the same issue in IBS-C. 75% of FY25 sales were Ibsrela.
$ACAD trades at the 2nd lowest 5-year multiple in the peer group. ACAD also has a major inflection point in Aug - Oct with a Phase 2 Alzheimers read
$BCRX was rumored to be a M&A candidate. Recall the last 9 exits were priced at 0.68 t0 1.02X 5-year sales
$TVTX is a textbook example of how a bio in this peer group can catch up to peer multiples (after the FSGS label expansion).
$INSM is off 50%+ since Q425
This is not investment advice. We're just sharing analysis
