buy side is building, page-45

PaulYoung

I think you ahd a pretty good go at projecting the income stream from Cvac and using a conservative PE multiple to extrapolate a downstream share price value.

The one factor i would take issue with is your assumption of a 50% gross profit margin. The largest proportion would be manufacturing cost of goods (vaccine). Some time ago at a Sth Cross Equities seminar I asked MR what the production cost of Cvac would be. He was very careful in answering the question as it could be construed as potentially market sensitive and proprietary, but the gist was it's relatively inexpensive to manufacture on a commercial scale, once the correct facilities are up and running.

Like most blockbuster pharmaceuticles, all the cost is in the development phase. The first pill costs $200 million to produce, the next one costs 5 cents. Not a perfect analogy I know, but close enough.

Cheers
K