Biotech Values

[DonShimoda]

I'm assuming peak sales in CML of $1.8B by 2020. To put $1.8B in perspective, that's about the revenue Tasigna and Sprycel generated in 2012.

At today's market cap, that's roughly a 2X multiple which I expect will expand as market uncertainty surrounding sales/gleevec going generic diminishes. Warning label or not, Iclusig is the best drug in a 5+ billion dollar market.

In my base case, I'm not currently assuming any revenue beyond CML.