Agouron Pharmaceuticals (AGPH) Message Board

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Biotech / Medical : Agouron Pharmaceuticals (AGPH)

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To: Brad C. Dunlap who wrote (296)	2/16/1997 12:19:00 AM
From: Athena	of 6136

Brad, I don't understand what relevance book value has for a development stage biotech. I understand that the total R&D investment to date is an interesting number for this kind of company. The ratio of interest then is: mkt. cap/total R&D investment. It seems a bit analogous to gold mining stocks where p/e is not very relevant, the important things are the size of their proven reserves of gold and their cost of production. Is there something I'm not understanding about why book value would be something to pay attention to for a biotech? Thanks.

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