Jun. 12 at 1:29 AM
Valuation related data points for a group of commercial-stage non-oncology focused bios we believe make a decent peer group for comparative purposes (of course we could be wrong). We also provided FY25 gross margin & OPEX data.
$ARDX continues to trade at, overwhelmingly, the lowest multiple of analyst consensus revenue estimates. Some investors point to Xphozah's uncertainty around reimbursement as a drag on multiples. However, ARDX points to Ibsrela as a Blockbuster by itself by FY29. TTM Ibsrela sales were
$300MM & Xphozah were
$103. Ibsrela appears 75% of Tenapanor's value. Gross margin & OPEX appears competitive. Pushback?
$ARQT &
$AXSM have been surging. As we noted, ITCI cleaned up its IP before its M&A exit
$TVTX multiples suggest there is upside should investors assign TVTX multiples consistent with this peer group
$MIRM is a great company whose stock has doubled the last 12 months. MIRM now trades at the highest multiple in this peer group
This is not investment advice.
