Tag Archives: Industry Analysis

Is P/E Compression Making Biotech a Bargin?

For the first time in biotech history, price to earnings multiples (P/E based on next year’s projected EPS) for large cap biotechs dropped below the average P/E for the S&P 500 index. Is this a sign that biotech is cheap relative to the market or is it because earnings growth is shrinking, commanding a lower P/E ratio? If we look at end of quarter P/E ratios (price /next 12 months of earnings) for the largest biotech Read More >

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Posts from the 9th Annual BIO Winhover & Pharmaceutical Strategic Outlook Conference (Feb 2010)

Did you miss a panel at the BIO Windhover/PSO Conference in New York? Here are links to my notes for five of the panels: NOTES FROM THE EXTERNALIZATION PANEL NOTES FROM THE OPTION DEALS PANEL NOTES FROM THE EARLY-STAGE DEALS PANEL NOTES FROM THE LATE-STAGE DEALS PANEL NOTES FROM THE REIMBURSEMENT PANEL

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VC Fundraising Back to 2005 Levels

Is Venture Capital “holding up” for US biotech? Although there is a silver lining that venture capital fundraising for biotechnology outpaced other sectors in the US in 2009 and a number of new start-ups have been launched (see NVCA press release here), the multiyear trend is down. But by how much? I took a look at absolute numbers compiled by different sources to calculate where we are. The average is used because some sources include Read More >

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Posts from the 12th Annual BIO CEO & Investor Conference in New York (Feb 2010)

I created a new page on the blog (now called the “CONFERENCES” tab) where key takeaways from conference panels, speakers, etc., can be posted. My first three are now up from the business panels at last week’s 12th Annual BIO CEO & Investor Conference in New York: NOTES FROM THE M&A PANEL NOTES FROM THE FINANCING PANELS NOTES FROM THE ‘GOING COMMERCIAL’ PANEL -David Thomas

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BTK – A Decade of Change

Do you ever wonder what is really behind the often quoted BTK index (“NYSE Arca Biotechnology Index”)? Especially if it is the index you compare your own company’s stock with on a long term chart? If you compare your favorite biotech with the BTK over a 10 year period, here is what you are up against: CHANGE. When the last decade started, in the peak of the genomics bubble, the BTK was made up of Read More >

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