Sorry I misread your original comment. To add on the "10 years" part which I assume is about marketing exclusivity against generics?
Ask yourself are there growth stocks in other industries that get higher multiples, and do they have the same level of protection to their earnings?
Here is an ASX listed company who makes software. Their forward PE is over 40. It is a quality business, but they have plenty of competitors in their space and the barriers to entry are far lower than developing an Orphan drug.
Technology One Ltd (ASX:TNE) Valuation | Morningstar
The fact we're an OD and have this level of protection to our income stream helps increase the multiple.
Neuren Media and Analyst Coverage, page-1191
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