With the upmost respect the forward PE ratio has nothing to do with how long a drug has been on market and more about sales growth. Even if only 50% of identified North American patients day on Daybue that’s an extra 1000-1250 patients on the low end. Then you add you Canada (modest amount). After that you add on European approval (potentially larger market than North America - with lower price), then there’s Japan and emerging markets LATM, etc all to come later.
Go look at biotech companies expected to grow earnings by 20% or more for years on end and tell me what their forward earnings ratios are?
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