As an aside to valuations, it is worth noting the revenue growth potential of biotech products.
I looked into the annual revenue growth of Keytruda (a cancer drug) for a biotech investment the other day.
This is what I found going through the annual filings for Merck:
So that is average annual revenue growth for this new cancer drug 216%.
- 2015: USD $566M (launch year)
- 2016: USD $1,402M (YoY growth 248%)
- 2017: USD $3,809M (YoY growth 272%)
- 2018: USD $7,171M (YoY growth 188%)
- 2019: USD $11,084M (YoY growth 155%)
When you consider the rollout of remestemcel-l to regions outside the US you can see how quite dramatic growth could be achieved.
Tracking Valuations, page-131
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