Biotech Values

[DewDiligence]

PTLA—…I am convinced each drug will have $1B-2B peak sales. …is there any meat left on this stock?

I don’t see Bevyxxa reaching $2B in annual sales given that it has an indication only for VTE prevention in immobilized hospitalized patients. Bevyxxa might conceivably reach $1-1.5B in peak sales, but it would have to grab almost 100% of the sales in the labeled indication to accomplish this and it would take several years to reach such a level even in the best of circumstances.

I do not see Andexxa (the FXa antidote) reaching $1B in annual sales, ever. $250-400M of peak sales is more realistic, IMO.

All told, PTLA strikes me as fully valued right now with an enterprise value of about $3B.