Called it ! A must read, page-209

The CSL comparison is an easy one to digest in that it is the biggest Biotech on the ASX and at one stage last year had the largest market cap on ASX.

Their financials in USD are also interesting to breakdown and show what pricing targets the market will accept, especially the revenue of $10 billion for flow through profit of $2.3 billion combine this with historic PE ratio of gob smacking 43x to get $140 billion market cap.

So when looking at the yearly total addressable markets of just HER-Vaxx -> Herceptin ~8 billion , PD1-VAX -> Keytruda/Opdivo. ~20 billion.

$28 billion with a 15% free carried royalty gives a nice revenue figure of 4.2 billion.

This is a very simplistic view for a Saturday night's discussion but considering Imugene now has 3 separate platforms and a boat load of money to advance these for the next few years, I can easily see why the CSL idea gets thrown around a lot.