Biotechnology Sector Outlook — September 2026

Read the report

SlidesScroll

1 of 23

←→Full screen

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY

Biotechnology: One Label, Two Different Markets

How the sector's companies price against one another, what separates the two ends of the range, and what buyers have agreed to pay in the recorded transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E)

Biotechnology Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

1

← Previous

1 / 23 · HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY

Next →

What each page shows

The analyst’s walkthrough of the deck, page by page.

1. 01

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY

   Cover page introducing the Biotechnology sector outlook as of September 28, 2026.

   We open with the sector's one-line finding: biotechnology prices as two different markets, not one. Everything that follows shows how the range splits and what that means for where a company sits in it.

   Everything on this page

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › BIOTECHNOLOGY Biotechnology: One Label, Two Different Markets How the sector's companies price against one another, what separates the two ends of the range, and what buyers have agreed to pay in the recorded transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E) Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   Contents page listing the five numbered sections plus the appendix.

   The report runs five sections plus an appendix, and we've built it so the bottom line comes first — a reader who stops after section one still leaves with the whole story.

   Everything on this page

   CONTENTS What This Report Covers 01 The Bottom Line Biotechnology Does Not Trade as One Market 02 The Landscape 77 of the 85 Names Sit in One Group; The Rest Price on Marketed Revenue 03 Valuation & Situations The Range Runs from Early Pipelines at the Top to Launched Revenue at the Bottom 04 Precedent Transactions What Buyers Agreed to Pay Across Nine Recorded Transactions 05 Strategic Implications What Moves a Name up the Range from Here 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Biotechnology Trades as Two Markets: Clinical-Stage Pipelines and Launched Biologics Revenue

   States the report's central finding: biotechnology trades as two markets, clinical-stage pipelines and launched biologics revenue.

   We price biotechnology on EV / Revenue for CY2027E, the basis practitioners use for this sector, with 47 of the 85 screened companies carrying a validated multiple. That coverage is wide enough to support a median, and it lets us state plainly that this sector isn't one market — it's two, priced on different evidence. The pages ahead show exactly where the range splits and what separates the two ends, so a client can place any name in it with confidence.

   Everything on this page

   01 · THE BOTTOM LINE Biotechnology Trades as Two Markets: Clinical-Stage Pipelines and Launched Biologics Revenue The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (47 of 85 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (47 of 85 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Two Ends of This Market Are Priced Far Apart Across the 47 names with a forward estimate, out of 85 companies screened, the middle of the range sits at 4.7x forward revenue, with the 12 names at the top at 27.1x and the 11 at the bottom at 1.8x. Forward revenue is the working lens here, with 15 of 85 names carrying a meaningful forward EBITDA. 2 The Faster Growers Carry Only a Modest Premium Splitting the 36 names with a growth estimate at 17% forward revenue growth, the 18 faster-growing names sit at 4.5x and the 18 slower-growing ones at 3.9x. That step is small against the full width of the range, so the top-line rate is associated with only part of what separates these companies. 3 Clinical-Stage Pipelines and Launched Biologics Are Underwritten on Different Terms 77 of the 85 companies are diversified clinical-stage biotechs and sit at 5.8x in the middle of that group, against 1.6x for the five biosimilars and specialty biologics names. One group is read on readouts, probability of technical and regulatory success and exclusivity runway; the other on gross-to-net, payer coverage and biosimilar entry. 4 The Top of the Recorded Deal Values Went to Clinical-Stage Targets Of the 9 transactions in this record, argenx SE completed its acquisition of Forte Biosciences, Inc. at $11.3B and AbbVie Inc. completed Apogee Therapeutics, Inc. at $10.8B. Both targets were clinical-stage, a pattern consistent with large-cap biopharma adding externally validated science ahead of exclusivity cliffs. 4.7x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because practitioners price this growth set on revenue and 7 of 85 names are… 27.1x Premium end EV/Revenue vs 1.8x at the discount end top quartile (n=12) against bottom quartile (n=11) on EV/Revenue — the spread the report explains 51 Transactions with disclosed terms 131 recorded in this tier · 3 told as case studies, the full list in the appendix

4. 04
   SECTION 02

   02

   Divider introducing Section 02, the market map across four business-segment groups.

   Section two maps the full universe into four groups, because each one answers to a different underwriting conversation. We reset here before walking through where the value actually sits.

   Everything on this page

   SECTION 02 02 THE LANDSCAPE 77 of the 85 Names Sit in One Group; The Rest Price on Marketed Revenue Four groups, four different underwriting conversations. 02 of 06 Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

5. 05
   02 · MARKET MAP

   Biotechnology Holds 77 of the 85 Names, and That Is Where the Value Sits

   Shows that biotechnology holds 77 of the 85 approved companies, with group medians in EV/Revenue.

   Grouping the 85 approved companies by business segment, biotechnology accounts for 77 of the 85 names — this is where the value sits. Each group carries its own median EV / Revenue on CY2027E, and the size of this group is exactly why a careless peer choice can mislead a board. Knowing which group a company belongs to is the first filter before any multiple is applied, so we start every valuation conversation here.

   Everything on this page

   02 · MARKET MAP Biotechnology Holds 77 of the 85 Names, and That Is Where the Value Sits 85 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED CLINICAL-STAGE BIOTECH 77 cos median 5.8x MRNA REGN RVMD ROIV ASND BBIO ARWR PCVX BLTE COGT TLX PTCT CELC CRSP TARS IDYA ACAD RCUS ZLAB ADMA DNLI +56 more The body of the sector: value rests on pipeline stage, data packages and the runway to the next readout. BIOSIMILARS AND SPECIALTY BIOLOGICS 5 cos median 1.6x LNTH ALVO HCM EBS EOLS Commercial-stage revenue, underwritten on payer coverage, gross-to-net and biosimilar entry rather than on pipeline value. DIVERSIFIED BIOPHARMA WITH MARKETED BIOLOGICS 2 cos median 5.5x AZN AMGN Two large marketed platforms that sit on both sides of the table — peers on the page and buyers in the record. ADJACENT: RESEARCH TOOLS AND DIAGNOSTICS 1 cos 2.2x · 1 rated OPK A boundary marker: tools and diagnostics are underwritten on visible earnings and capacity, a different frame from pipeline value.

6. 06
   02 · LANDSCAPE

   Four Groups Under One Label, and Each Answers to a Different Set of Questions

   Breaks the approved universe into four segment groups, each with its own questions and median multiple.

   One sector label covers four distinct groups, and each one is underwritten on different questions — readouts and exclusivity for some, payer coverage and biosimilar entry for others. We show the median EV / Revenue on CY2027E for each group on rated names only, so the comparison is apples to apples. Full company-level detail sits beyond this page, but this is what a client needs to choose the right peer set before anything else. That choice is where most valuation errors start, so it's worth getting right first.

   Everything on this page

   02 · LANDSCAPE Four Groups Under One Label, and Each Answers to a Different Set of Questions Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Diversified clinical-stage biotech 77 91% 5.8x Moderna, Inc. (MRNA) · Regeneron Pharmaceuticals, Inc. (REGN) · +75 more Most of the set sits here. 77 of the 85 companies, 39 of them with a forward estimate, priced at 5.8x in the middle of the group. What moves value here is clinical differentiation against standard of care, ownership of global rights, exclusivity runway and cash runway to the next value-inflecting readout. Biosimilars and specialty biologics 5 6% 1.6x Lantheus Holdings, Inc. (LNTH) · Alvotech (ALVO) · +3 more Five names on launched revenue. All five carry a forward estimate and the group sits at 1.6x, the bottom of the four groups on this page. These are commercial businesses, so gross-to-net erosion, payer channel economics and biosimilar entry on the revenue base are the questions that set the conversation. Diversified biopharma with marketed biologics 2 2% 5.5x AstraZeneca PLC (AZN) · Amgen Inc. (AMGN) Two large marketed platforms. AstraZeneca PLC (AZN) and Amgen Inc. (AMGN) sit at 5.5x. Large-cap biopharma facing exclusivity cliffs is the buyer group behind the top of the disclosed values in the transaction record, so this row is as much a read on demand as on price. Adjacent: research tools and diagnostics 1 1% 2.2x n=1 OPKO Health, Inc. (OPK) One adjacent name, mapped here. OPKO Health, Inc. (OPK) is the single name mapped to research tools and diagnostics, at 2.2x. Read it as the edge of the set: infrastructure, tools and services businesses are underwritten on visible earnings and capacity, which is why private capital is active at that end.

7. 07
   SECTION 03

   03

   Divider introducing Section 03, public market valuation from early pipelines to launched revenue.

   Section three walks the full valuation range, from early pipelines at the top to launched revenue at the bottom. Forward revenue is our lead lens, and the spread between the tiers is wide enough to matter.

   Everything on this page

   SECTION 03 03 VALUATION & SITUATIONS The Range Runs from Early Pipelines at the Top to Launched Revenue at the Bottom Forward revenue is the lead lens, and the spread between the tiers is wide. 03 of 06 Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

8. 08
   03 · PUBLIC MARKET VALUATION

   The Premium End Sits Alongside Early Pipelines; The Discount End Alongside Marketed Products

   Shows the 12 highest and 12 lowest of the 47 rated companies against the sector median of 4.7x EV/Revenue.

   Against a sector median of 4.7x EV / Revenue on CY2027E, the highest tier of the 47 rated companies reaches 27.1x while the lowest touches 1.8x — the premium end sits alongside early pipelines, the discount end alongside marketed products. The names in between cluster near the median, and the full set is available beyond this page. That gap is the clearest evidence that this sector prices pipeline stage, not just growth, so the tier a company sits in matters more than the label it carries.

   Everything on this page

   03 · PUBLIC MARKET VALUATION The Premium End Sits Alongside Early Pipelines; The Discount End Alongside Marketed Products EV / Revenue (CY2027E) · the 12 highest and 12 lowest of 47 rated companies · sector median 4.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (47 of 85 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (47 of 85 companies), so this report follows it. The 23 mid-cohort names cluster near the median; the full set is in the appendix and companion tables. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM END — the 12 names at the top, largely clinical-stage pipelines with limited launched revenue · median 27.1x DISCOUNT END — the 11 names at the bottom, largely companies with products already in the market · median 1.8x Sector median 4.7x WHAT SEPARATES THE TWO ENDS The top twelve sit at 27.1x. These are mostly pipeline stories: platform validation, modality position and data still to come. The lens is forward, so a CY2027E multiple already credits forecast revenue — a premium that survives that test reads as an expectation of durability beyond the forecast window, not as a bet on next year alone. The bottom eleven sit at 1.8x. The 11 names at the bottom carry launched products and the questions that come with them: payer coverage, gross-to-net erosion and the exclusivity runway on the revenue base. Sarepta Therapeutics, Inc. (SRPT) carries -23% forward revenue growth, and a base expected to shrink is priced accordingly. Growth does not sort them cleanly. Arcus Biosciences, Inc. (RCUS) at -40% and Maze Therapeutics, Inc. (MAZE) at -30% forward revenue growth sit in the top tier, while Geron Corporation (GERN) and Ardelyx, Inc. (ARDX) grow faster than the covered middle and sit below it. Placement in the range is associated with pipeline stage and modality as much as with the near-term revenue line.

9. 09
   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 36% Margin Line Carry 4.4x Against 1.9x Below It

   Splits rated names by revenue-growth and by EBITDA-margin cohorts to show which driver moves the multiple more.

   Splitting rated names at the covered median, faster-growing companies carry 4.5x against 3.9x for slower growers — a modest step. Splitting the same set by margin at the 36% line, the difference is far larger: 4.4x above the line against 1.9x below it. Profitability, not growth, is the driver that separates the two ends of this range most clearly, and that's an association we observe in the data rather than a claim about what causes it. For a client benchmarking against this sector, margin trajectory is the number to watch.

   Everything on this page

   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 36% Margin Line Carry 4.4x Against 1.9x Below It Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=18; slower n=18; higher-margin n=8; lower-margin n=7). Driver readings are NeuraCap views on the supplied data — association, not causation. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/Revenue, median per cohort · growth split at 17% · EBITDA-margin split at 36% The Faster Half Sits at 4.5x, the Slower Half at 3.9x Splitting the 36 names with a growth estimate at 17% forward revenue growth, the 18 faster-growing names sit at 4.5x and the 18 slower-growing ones at 3.9x. Against the full width of the range that step is small, so the growth rate on its own accounts for a limited part of the spread. Cash Runway to the Next Readout Is the Other Half of the Story No forward multiple tells a board whether the next registrational readout arrives inside the funded runway. In this sector that timing sits behind financing terms and partnership leverage, and it is the first screen a specialist investor runs. The Top of the Range Holds Fast Growers and Shrinking Revenue Lines Alike Arrowhead Pharmaceuticals, Inc. (ARWR) at 77% and Nurix Therapeutics, Inc. (NRIX) at 81% forward revenue growth sit in the top tier, and so do names whose revenue is expected to fall. Position at the top is associated with pipeline stage and platform validation as much as with the current revenue line. How Much of the Product Value You Keep: Owned Versus Partnered Royalty and milestone stacking dilutes the economics an acquirer inherits, and university and foundation licences frequently sit senior in the stack on early-stage assets. Two companies with the same forward revenue line can retain very different economics, and that difference is negotiated long before anyone runs a multiple.

10. 10
    03 · SITUATION MAP

    Read Price and Growth Together and the Set Separates into Clearly Different Positions

    Maps rated companies on EV/Revenue versus revenue growth against their respective medians to separate distinct positions.

    Reading price against growth together, the rated set separates into clearly different positions rather than one continuous spread. Some rated names without a growth estimate aren't mapped here, and the boundaries are the cohort's own medians — directional, not a recommendation. This page characterises where each name sits; it doesn't call a buy or a sell. For a client, it's the starting map for asking why a name sits where it does.

    Everything on this page

    03 · SITUATION MAP Read Price and Growth Together and the Set Separates into Clearly Different Positions Cut on EV / Revenue vs the sector median (4.7x) (rows) and revenue growth vs the covered median (17%) (columns) · 11 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Growing Above-median multiple · above-median revenue growth 8 names Ascendis Pharma A/S (ASND) · BridgeBio Pharma, Inc. (BBIO) · Arrowhead Pharmaceuticals, Inc. (ARWR) · +5 more Eight of the 47 names with a forward estimate sit above the middle of the range on price and above the covered middle on revenue growth, among them Ascendis Pharma A/S (ASND), BridgeBio Pharma, Inc. (BBIO) and Nurix Therapeutics, Inc. (NRIX). The multiple already credits the ramp, so the job is holding it through the next readouts without a financing that resets the terms. Priced up, Growth Still Ahead Above-median multiple · below-median revenue growth 6 names Amgen Inc. (AMGN) · Moderna, Inc. (MRNA) · Arcus Biosciences, Inc. (RCUS) · +3 more Six names carry an above-middle multiple with below-middle revenue growth, including Amgen Inc. (AMGN), Moderna, Inc. (MRNA) and Arcus Biosciences, Inc. (RCUS). Value here sits ahead of the current revenue line, which puts the weight on the next data package and on the credibility of the pipeline behind it. Growing Faster, Priced Below the Middle Below-median multiple · above-median revenue growth 10 names Alvotech (ALVO) · Tarsus Pharmaceuticals, Inc. (TARS) · ADMA Biologics, Inc. (ADMA) · +7 more Ten names grow faster than the covered middle while pricing below it — Alvotech (ALVO), ADMA Biologics, Inc. (ADMA), Syndax Pharmaceuticals, Inc. (SNDX) and Tarsus Pharmaceuticals, Inc. (TARS) among them. Growth on its own has not moved them up the range, so the argument has to be made on owned economics, exclusivity runway and the quality of the revenue being added. Below the Middle on Both Below-median multiple · below-median revenue growth 12 names AstraZeneca PLC (AZN) · Regeneron Pharmaceuticals, Inc. (REGN) · Lantheus Holdings, Inc. (LNTH) · +9 more Twelve names sit below the middle on both measures, including AstraZeneca PLC (AZN), Regeneron Pharmaceuticals, Inc. (REGN) and PTC Therapeutics, Inc. (PTCT). Scale and marketed revenue are being underwritten with exclusivity cliffs and payer pressure in view, which is also what makes several of them active buyers.

11. 11
    03 · GROWTH VS PROFITABILITY

    Four Names Clear Both Bars — Growth and Margin Together

    Plots revenue growth against EBITDA margin for the companies with both estimates, with median EV/Revenue per quadrant.

    Of the companies with both a growth and a margin estimate, only four clear both covered medians — 14% growth and 36% margin — at once. Each quadrant carries its own median EV / Revenue, and the balanced quadrant is the smallest group in the set. Clearing both bars together is rare in this sector, which is exactly why it commands attention when a name does.

    Everything on this page

    03 · GROWTH VS PROFITABILITY Four Names Clear Both Bars — Growth and Margin Together Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 15 companies with both estimates · cuts at the covered medians (14% growth, 36% margin) · median EV/Revenue per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/Revenue (balanced n=4; margin-only n=4; growth-only n=4; neither n=3). Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -20% 0% 20% 40% 60% 20% 40% 60% MARGIN ONLY median 4.1x BALANCED median 4.7x NEITHER median 1.9x GROWTH ONLY median 2.7x SRPT AMGN AZN REGN PTCT LNTH ACAD TLX EOLS AUPH ADMA ALVO ARDX ASND BBIO x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS This page maps the 15 names that carry both a forward growth and a forward margin estimate, split at 14% growth and 36% margin. Four clear both bars — Aurinia Pharmaceuticals Inc. (AUPH), ADMA Biologics, Inc. (ADMA), Alvotech (ALVO) and Ascendis Pharma A/S (ASND) — and they sit at 4.7x, against 4.1x for the four with margin alone, 2.7x for the four with growth alone and 1.9x for the three with neither. The growth-only median rests on 4 names and is lifted by BBIO at 7.5x. The neither median rests on 3 names and is lifted by LNTH at 4.0x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 11 of 15 names clear it.

12. 12
    03 · THE AGENDA

    The Decisions an Owner Weighs Against What This Market Rewards

    Frames the decisions an owner should weigh against what the market is rewarding, as observations rather than recommendations.

    We frame this page as the questions an owner or acquirer should resolve against what this market actually rewards, grounded in the cohort data shown earlier. These are observations, not recommendations, and they don't constitute investment advice. The value is in using the framing to structure the next conversation with a board.

    Everything on this page

    03 · THE AGENDA The Decisions an Owner Weighs Against What This Market Rewards NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Defend and Extend Premium names protect the franchise the multiple already prices. What changes the answer: Two quarters of decelerating growth. Prove the Re-Rating Discounted growers close the gap with evidence, not narrative. What changes the answer: Growth sustained above the covered median. Fix the Economics Below-median margins are the controllable lever. What changes the answer: Margin trajectory crossing the cohort median. Test the Market Where public credit is absent, the precedent transactions is the second opinion. What changes the answer: A comparable transaction printing above the public median.

13. 13
    SECTION 04

    04

    Divider introducing Section 04, the recorded precedent transactions.

    Section four turns to what buyers actually agreed to pay across the recorded transactions — four completed and five announced between June and September 2026.

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay Across Nine Recorded Transactions Four completed and five announced, recorded between June and September 2026. 04 of 06 Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

14. 14
    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay for Whole Companies, June to September 2026

    Presents three of the transactions with disclosed terms as case studies, including two of the largest deal values.

    Of the recorded transactions, we walk through a small set as case studies, with the full list available separately. argenx SE's acquisition of Forte Biosciences, Inc. closed at $11.3B and AbbVie Inc.'s acquisition of Apogee Therapeutics, Inc. closed at $10.8B — the two largest disclosed values in the record, and both targets were clinical-stage. Deal multiples here are LTM at announcement, not directly comparable to the CY2027E public basis we use elsewhere, so we don't claim a spread between them. The pattern is consistent with large-cap biopharma paying up for externally validated science ahead of exclusivity cliffs, an association worth watching rather than a rule.

    Everything on this page

    04 · DEAL CASE STUDIES What Buyers Agreed to Pay for Whole Companies, June to September 2026 3 of 51 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 94 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; no evidence record); figures are shown as recorded in the filing. 80 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Mar-2023 $2.9B Sanofi S.A. acquires Provention Bio EV / LTM revenue 4.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Acquisitions in this set follow a consistent logic: a buyer with commercial infrastructure takes on an asset it can carry through registration and launch, and engagement typically begins with a collaboration or option-to-license structure before the acquisition follows data. HOW THE TARGET WAS VALUED Underwriting runs asset by asset on risk-adjusted NPV, with probability of technical and regulatory success and exclusivity runway doing most of the work. Against the peer set, where a company lands in the range moves with pipeline stage and with how much of the global rights it owns. Nov-2025 $2.3B Servier Pharmaceuticals LLC acquires Day One Biopharmaceuticals, Inc. EV / LTM revenue 14.6x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Buyers in biotechnology price control of the asset, the regulatory path and the supply chain, which is why whole-company acquisitions sit alongside territorial licensing for the same science. Where buyer and seller read a readout differently, contingent value rights bridge the gap. HOW THE TARGET WAS VALUED Headline value and cash at signing diverge here: upfront consideration is routinely blended with development, regulatory and commercial milestones plus tiered royalties. The benchmark that matters to an owner is the retained economics after the royalty and licence stack, not the announced total. Jun-2026 $1.3B Zymeworks Inc. Zymeworks Inc. completed its acquisition of Theravance Biopharma, Inc. at $1.3B in June 2026. EV / LTM revenue 11.4x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A clinical-stage buyer taking on a company with marketed and royalty economics is the shape used when a pipeline needs funding that is not purely dilutive. The transaction suggests the buyer valued an established commercial and partnering position alongside its own development programmes. HOW THE TARGET WAS VALUED The recorded value is $1.3B at 11.4x revenue. That sits well above the middle of the peer set on this page, which places it among the transactions underwritten on what the asset base can become rather than on current billings.

15. 15
    SECTION 05

    05

    Divider introducing Section 05, the strategic implications for the next twelve months.

    Section five turns to what moves a name up the range from here — the operating decisions that show up in how a company is underwritten.

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS What Moves a Name up the Range from Here Operating decisions that show up in how a company is underwritten. 05 of 06 Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

16. 16
    05 · STRATEGIC IMPLICATIONS

    What to Strengthen Before the Next Readout: Mix, Pricing and Capital Allocation

    Sets out mix, pricing and capital-allocation questions to strengthen before the next readout.

    We put three questions on the table for the next twelve months: mix, pricing and capital allocation. These are directional views drawn from the analysis in this report, not recommendations. For a client, they're the checklist to work through before the next readout changes the conversation.

    Everything on this page

    05 · STRATEGIC IMPLICATIONS What to Strengthen Before the Next Readout: Mix, Pricing and Capital Allocation NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Know Which Half of This Market Your Revenue Belongs To Clinical-stage pipelines and launched biologics revenue are read on different evidence, and the peer set a board uses should follow the business rather than the sector label. Choosing the wrong peers understates or overstates the company's position before a single number is argued. FOR MANAGEMENT TEAMS Growth Rate Alone Moves the Multiple a Short Distance The faster-growing half of the names with a growth estimate sits only a step above the slower half, while the full range runs far wider. The differences that travel are pipeline stage, differentiation against standard of care, exclusivity runway and how much of the product economics the company retains. FOR BOARDS AND CAPITAL ALLOCATORS Build-Versus-Buy Is Being Answered in the Transaction Record Large-cap biopharma facing exclusivity cliffs has been paying at the top of the disclosed values for clinical-stage assets, while small absolute values changed hands at the other end. That spread is the practical reference for any decision to in-license, partner or acquire rather than develop internally.

17. 17
    SECTION 06

    06

    Divider introducing Section 06, the full comparables universe, methodology and sources.

    Section six carries the full universe, the methodology and the sources behind every figure in the body — the detail that lets a client trace any number back to where it came from.

    Everything on this page

    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

18. 18
    06 · PUBLIC COMPARABLES (1 OF 2)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    Lists the first half of the rated public comparables grouped by valuation tier on EV/Revenue.

    We group the rated companies by valuation tier against the sector median of 4.7x, shading above and below it, with a large share of the rated names shown across these two pages. The remaining companies in the universe carry no eligible multiple and sit in the companion material. Every ticker here links to its underlying source, so a client can check any single name against the group it's been placed in.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (4.7x); amber marks below · 47 rated companies; 38 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 31 of 47 rated names shown here; the remaining 16 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥11.6x · median 27.1x · 12 companies Vaxcyte, Inc. PCVX Diversified clinical-stage biotech $6.8B 77.9x n/a n/a n/a Maze Therapeutics, Inc. MAZE Diversified clinical-stage biotech $1.0B 75.1x -31% n/a n/a Arcus Biosciences, Inc. RCUS Diversified clinical-stage biotech $2.4B 52.0x -40% n/a n/a Moderna, Inc. MRNA Diversified clinical-stage biotech $74.4B 31.1x 14% n/a n/a MoonLake Immunotherapeutics MLTX Diversified clinical-stage biotech $594M 31.0x n/a n/a n/a Greenwich LifeSciences, Inc. GLSI Diversified clinical-stage biotech $262M 30.0x n/a n/a n/a CRISPR Therapeutics AG CRSP Diversified clinical-stage biotech $3.6B 24.1x n/a n/a n/a IDEAYA Biosciences, Inc. IDYA Diversified clinical-stage biotech $2.7B 23.5x n/a n/a n/a Arrowhead Pharmaceuticals, Inc. ARWR Diversified clinical-stage biotech $8.4B 18.8x 77% n/a n/a Denali Therapeutics Inc. DNLI Diversified clinical-stage biotech $2.4B 18.3x n/a n/a n/a Nurix Therapeutics, Inc. NRIX Diversified clinical-stage biotech $2.0B 15.4x 81% n/a n/a Bright Minds Biosciences Inc. DRUG Diversified clinical-stage biotech $273M 12.1x n/a n/a n/a CORE — 3.3x–11.6x · median 4.6x · 24 companies Genelux Corporation GNLX Diversified clinical-stage biotech $87M 11.1x n/a n/a n/a Editas Medicine, Inc. EDIT Diversified clinical-stage biotech $194M 10.0x -25% n/a n/a Cibus, Inc. CBUS Diversified clinical-stage biotech $114M 9.2x n/a n/a n/a

19. 19
    06 · PUBLIC COMPARABLES (2 OF 2)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    Continues the rated public comparables list grouped by valuation tier on EV/Revenue.

    This second page completes the rated names shown across the two comparables pages, still grouped and shaded against the same 4.7x sector median. The remaining rated rows and the unrated companies sit in the companion workbook beside this deck. Together the two pages give a client the full rated set to check any position against.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (4.7x); amber marks below · 47 rated companies; 38 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 31 of 47 rated names shown here; the remaining 16 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 CORE — CONTINUED — 3.3x–11.6x · median 4.6x · 24 companies CytomX Therapeutics, Inc. CTMX Diversified clinical-stage biotech $242M 8.0x 20% n/a n/a BridgeBio Pharma, Inc. BBIO Diversified clinical-stage biotech $12.7B 7.5x 65% 12% 77 Ginkgo Bioworks Holdings, Inc. DNA Diversified clinical-stage biotech $682M 7.1x 13% n/a n/a Amgen Inc. AMGN Diversified biopharma with marketed biologics $271B 6.7x 4% 45% 48 Ascendis Pharma A/S ASND Diversified clinical-stage biotech $14.6B 6.4x 46% 36% 82 OKYO Pharma Limited OKYO Diversified clinical-stage biotech $47M 5.8x n/a n/a n/a Nuvation Bio Inc. NUVB Diversified clinical-stage biotech $1.5B 5.3x 42% n/a n/a Aurinia Pharmaceuticals Inc. AUPH Diversified clinical-stage biotech $1.9B 4.8x 18% 65% 82 Zai Lab Limited ZLAB Diversified clinical-stage biotech $2.4B 4.7x 21% n/a n/a Alvotech ALVO Biosimilars and specialty biologics $3.3B 4.6x 22% 38% 60 MediWound Ltd. MDWD Diversified clinical-stage biotech $142M 4.5x 34% n/a n/a Prelude Therapeutics Incorporated PRLD Diversified clinical-stage biotech $248M 4.4x 24% n/a n/a AstraZeneca PLC AZN Diversified biopharma with marketed biologics $284B 4.2x 7% 37% 43 Lantheus Holdings, Inc. LNTH Biosimilars and specialty biologics $6.6B 4.0x 12% 36% 48 Wave Life Sciences Ltd. WVE Diversified clinical-stage biotech $177M 3.9x -12% n/a n/a Regeneron Pharmaceuticals, Inc. REGN Diversified clinical-stage biotech $72.8B 3.9x 9% 38% 47

20. 20
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists the first half of the transactions with disclosed terms, newest first.

    Of the recorded transactions, a defined set carry disclosed terms, and we show a portion of those across these two pages, newest first, with deal values linked to the underlying filing. Multiples here are LTM at announcement and are not directly comparable to the CY2027E public basis used elsewhere in this report. The remaining transactions with disclosed terms sit in the companion workbook, giving a client the full record behind the case studies shown earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 51 transactions with disclosed terms in this tier (131 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 94 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; no evidence record); figures are shown as recorded in the filing. 80 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 51 transactions shown; the rest are in the companion workbook. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2026 Xenetic Biosciences, Inc. → Santersus AG $141M n/a n/a Xenetic Biosciences, Inc. announced the acquisition of Santersus AG at $141M in September 2026. Small-cap acquirers use transactions of this size to add a platform or asset that changes the story they can tell about their pipeline. Aug-2026 Jazz Pharmaceuticals, Inc. → Actio Biosciences, Inc. $820M n/a n/a Jazz Pharmaceuticals, Inc. completed its acquisition of Actio Biosciences, Inc. at $820M in August 2026. A specialty acquirer with an established neuroscience and rare disease franchise taking on a clinical-stage target fits the consolidation pattern in this record. Jul-2026 Sonic Holdco, Inc. → Synlogic, Inc. $3M n/a n/a Sonic Holdco, Inc. announced the acquisition of Synlogic, Inc. at $3M in July 2026. Values at this level are consistent with a corporate shell or residual asset changing hands rather than with a funded clinical programme. Jul-2026 argenx SE → Forte Biosciences, Inc. $11.3B n/a n/a argenx SE completed its acquisition of Forte Biosciences, Inc. at $11.3B in July 2026. A commercial-stage immunology buyer taking on a clinical-stage immunology asset is the shape large-cap biopharma has been using to add externally validated science. Jul-2026 Celadon Partners, LLC → Senti Holdings, Inc. $55M 55.3x n/a Celadon Partners, LLC announced the acquisition of Senti Holdings, Inc. at $55M in July 2026, recorded at 55.3x revenue. A financial buyer taking a cell therapy platform at a small absolute value points to an asset priced on what the technology may become rather than… Jul-2026 Azurity Pharmaceuticals, Inc. → Matinas BioPharma Holdings, Inc. $21500B n/a n/a Azurity Pharmaceuticals, Inc. announced the acquisition of Matinas BioPharma Holdings, Inc. in July 2026. A specialty pharmaceutical acquirer adding a drug delivery platform is a route to extending formulations across a marketed portfolio it already sells through. Jul-2026 Omid Farokhzad, M.D. → Seer, Inc. $114M 8.0x n/a Omid Farokhzad, M.D. is recorded as the acquirer of Seer, Inc. at $114M in July 2026, announced at 8.0x revenue. Proteomics tools sit adjacent to the therapeutic set, and they are underwritten on instrument and consumable economics rather than on pipeline value. Jun-2026 Zymeworks Inc. → Theravance Biopharma, Inc. $1.3B 11.4x n/a Zymeworks Inc. completed its acquisition of Theravance Biopharma, Inc. at $1.3B in June 2026, recorded at 11.4x revenue. A clinical-stage buyer adding a company with commercial and royalty economics is a familiar way to fund a pipeline. Jun-2026 AbbVie Inc. → Apogee Therapeutics, Inc. $10.8B n/a n/a AbbVie Inc. completed its acquisition of Apogee Therapeutics, Inc. at $10.8B in June 2026. The buyer already carries the commercial infrastructure an inflammation and immunology asset needs, which is the classic argument for buying rather than building.

21. 21
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the list of transactions with disclosed terms, newest first.

    This second page completes the disclosed-terms transactions shown across these two pages, still ordered newest first with linked deal values. The same caution applies: these multiples are LTM at announcement, not the CY2027E basis used for the public comparables. The full transaction record, including the rows not shown here, sits in the companion workbook.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 51 transactions with disclosed terms in this tier (131 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 94 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; no evidence record); figures are shown as recorded in the filing. 80 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 51 transactions shown; the rest are in the companion workbook. Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 n/a → Biocryst Pharmaceuticals, Inc. n/a 2.2x n/a Value shown as recorded in the filing; status defaulted announced. Apr-2026 Cyclerion Therapeutics, Inc. → Korsana Biosciences, Inc. $380M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2026 Kuva Labs Inc. → Lisata Therapeutics, Inc. $18M 90.1x n/a Value shown as recorded in the filing; deal value unit unresolved. Jan-2026 Eli Lilly and Company → Ventyx Biosciences, Inc. $976M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Nov-2025 Servier Pharmaceuticals LLC → Day One Biopharmaceuticals, Inc. $2.3B 14.6x n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2025 Novo Nordisk A/S → Akero Therapeutics, Inc. $4.5B n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2025 Zydus Pharmaceuticals (USA) Inc. → Agenus Inc. $154M 1.4x n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2025 SERB S.a.r.l. → Y-mAbs Therapeutics, Inc. n/a 3.4x n/a Apr-2025 Merck KGaA → SpringWorks Therapeutics, Inc. n/a 2.6x n/a

22. 22
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 22

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Biotechnology Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (47 of 85 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (47 of 85 companies), so this report follows it. EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Biotechnology and it clears the coverage gate with 47 of 85 companies (55%). P / E is carried as a cross-check. A revenue lens is used rather than a profit multiple because the set is not consistently profitable on a forward basis (15 of 85 names with a meaningful EBITDA). DATA QUALITY & EXCLUSIONS 397 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 2172 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (2171) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

23. 23

    Across 85 Biotechnology Names, Where a Company Sits in the Range Is Worth Defending.

    Closing statement that across 85 biotechnology names, where a company sits in the range is worth defending.

    Across the 85 biotechnology names in this universe, where a company sits in the range is worth defending, not assumed. The companion tables carry the full universe and the complete source index for any figure a client wants to trace further.

    Everything on this page

    Across 85 Biotechnology Names, Where a Company Sits in the Range Is Worth Defending. NeuraCap AI — Biotechnology Coverage September 2026 · Prepared by NeuraCap AI · Confidential Biotechnology Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

More coverage in Health Care

• Bi-Weekly Update · Sep 28, 2026Biotechnology Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Bi-Weekly Update · Sep 25, 2026Biotechnology Bi-Weekly Industry Events & M&A Update — September 11–25, 2026
• Sector Report · Sep 28, 2026Medical Imaging Equipment Sector Outlook — September 2026
• Bi-Weekly Update · Sep 28, 2026Neurology and CNS Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026