Anavex Life Sciences Corp (AVXL)

[12x]

A pre-revenue biotech like Anavex is typically valued using a multiple of peak annual revenue — not a P/E ratio — since nearly all are acquired before reaching steady-state earnings. If you're assuming $1.825B in peak annual revenue, applying a 4.5x multiple (reasonable for CNS assets) results in a $8.2B valuation, or about $81/share, assuming 100M fully diluted shares.