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Biotech / Medical : Biotech Valuation
CRSP 52.56+2.8%3:59 PM EST

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To: Icebrg who wrote (7876)2/17/2003 10:03:17 AM
From: Spekulatius  Read Replies (1) of 52153
 
<< In Bristol's case, the market credits it with only $3.30 in market cap for every R&D dollar it spends. The market is valuing Bristol's pipeline at 40% below the industry average.>>
The question is not how much $ BMY pours into R&D, its they accomplish with this money. BMY's R&D productivity is subpar compared to virtually all pharma peers so a discount is well justified. The schizophrenia drug is licensed in, isn't it?
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