Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: RCMac who wrote (6104)	4/8/2002 11:27:31 AM
From: Biomaven	Read Replies (1) \| Respond to of 52153

I've just been reading the Leerink Swan report on ITMN. A very impressive and well-done report, based in part on their methodology of surveying doctors in the area (here pulmonologists) to get their reactions. Leerink Swan is a Boston-based med/biotech boutique broker. I'll comment further on their ITMN report on that thread, but meantime here's some data on comparative valuations that's relevant to this thread (quoted with permission): Source: Leerink Swann & Company estimates, Bloomberg Stock Price Shares Out. Market Net Tech. Revenue [3] FY:03E Rev. Multiple Company Ticker 4/4/02 (thousands) [1] Value Cash [1] Value [2] FY:02E FY:03E Mkt. Val. Tech. Val. Immunomedics, Inc. IMMU $17.96 49,691 $892.5 $47.5 $844.9 $14.7 $24.2 36.9 x 34.9 x ICOS Corporation ICOS $43.52 59,967 $2,609.8 $466.9 $2,142.9 $87.8 $66.6 39.2 x 32.2 x OSI Pharmaceuticals, Inc. OSIP $35.74 36,159 $1,292.3 $398.7 $893.6 $22.1 $33.6 38.5 x 26.6 x Regeneron Pharmaceuticals, Inc. REGN $22.40 43,964 $984.8 $237.8 $747.0 $20.8 $31.4 31.4 x 23.8 x ImClone Systems Incorporated IMCL $22.96 73,334 $1,683.7 $91.4 $1,592.4 $30.9 $70.4 23.9 x 22.6 x Cerus Corporation CERS $56.64 15,754 $892.3 $118.4 $774.0 $10.2 $37.0 24.1 x 20.9 x Alexion Pharmaceuticals, Inc. ALXN $21.40 18,128 $387.9 $217.0 $170.9 $9.5 $10.0 38.8 x 17.1 x Cubist Pharmaceuticals, Inc. CBST $18.02 28,299 $509.9 $30.7 $479.2 $15.5 $28.8 17.7 x 16.7 x Trimeris, Inc. TRMS $41.23 18,699 $771.0 $113.9 $657.1 $3.8 $47.4 16.3 x 13.9 x CV Therapeutics, Inc. CVTX $33.81 23,290 $787.4 $277.5 $509.9 $5.0 $58.2 13.5 x 8.8 x Transkaryotic Therapies, Inc. TKTX $40.07 34,342 $1,376.1 $399.8 $976.3 $46.1 $119.6 11.5 x 8.2 x Average: $1,108.0 $889.8 26.5 x 20.5 x InterMune, Inc. ITMN $30.02 31,504 $945.7 $287.7 $658.0 $99.7 $183.3 5.2 x 3.6 x Discount: 81% 82% [1] As of 12/31/01. Data for Alexion Pharmaceuticals as of 1/31/02. Data for ImClone as of 09/30/01. Adjusted for subsequent financings. [2] Market value less net cash. [3] I/B/E/S estimates, except for Transkaryotic Therapies, which are Leerink Swann & Company estimates. Sorry about the formatting, but not even fixed font rescued it. Peter