Sep. 30 at 1:51 PM
The attachment compares
$MRUS (post GMAB M&A) market cap as a multiple of cumulative 10-year analyst revenue estimates of 0.61X to 5 peer commercial-stage oncology focused bios.
$LEGN is forecast to generate over
$1B in FY2025 revenues & trades at roughly one-third MRUS' 10-year revenue multiple.
Other notables include
$SNDX &
$URGN that trade at less than 0.20X 10-year revenue forecasts. Incidentally, the SNDX & URGN multiples exclude the highest analyst estimate post FY2030. One analyst forecasts SNDX to generate over
$3B in annual sales by FY2034. Again this specific forecast is excluded from the SNDX multiple calculation (same with URGN).
DAWN trades @ 0.12X 10-year forecasts but we suspect the DAWN forecast assumes Firefly is a success.
It appears
$ZYME trades at 0.50X 10-year analyst forecasts.
We're genuinely curious if investors do not believe these are appropriate peers or comps (and why).
This is otherwise not investment advice.
