$1 billion in profit would be pretty unrealistic.Even $1 billion...

$1 billion in profit would be pretty unrealistic.

Even $1 billion in sales revenue is beyond my most optimistic expectations at this stage.

I know Dendreon is not a perfect comparison but it's useful as a rough guide.

They just announced their quarterly sales for Provenge at $85.5m (up on analyst expectations).

Annualised, that's US$342m
DNDN is currently running a COS at around 70%, so annual earnings on that basis is around US$103m.

Their market cap at the moment is US$846, putting them on a P/E ratio of 8.2 (which is low for a biotech).

PRR could realistically achieve annual sales revenue for Cvac (Ovarian cancer only) of around $250 - 300m.
Their estimate COS is in the range of 25-30%
Annualised earnings extrapolate to around $200m

Pick a P/E ratio and multiply those earnings for estimated market cap.

Caveat: All the above obviously depends on successful trial results and commercial approvals from the FDA, EU etc.