May. 30 at 1:28 AM
Commercial-stage non-oncology focused bio revenue multiples. This peer group includes all non-oncology bios with approvals between 1/1/2016 & 6/30/2023 (+ TARS), market caps over
$1B & gross margins north of 80%.
$KNSA is down 20% over the last 2 weeks. Recall KNSA surged after reporting an impressive Q126 beat.
$TARS now trades at the lowest revenue multiple in this specific peer group.
2.5 months ago
$BCRX was rumored to be an imminent M&A candidate.
$ACAD trades at the second lowest multiple in the peer group. It's been a long time & investors have been disappointed. Eventually investors are going to demand ACAD exit via M&A
$NBIX will have 3 FDA approved therapies each worth billions.
We'd genuinely like to understand why bios like ASND, AXSM & MIRM trade at such higher multiples than these 5?
This is not investment advice.
