为什么是三生辉瑞的大额BD交易引发了行业估值的巨变,带来了行业β层面的估值提升,这个估值提升的东西是什么?后面的信达武田BD交易也很重磅,但为什么市场没什么反应了?本文从叙事经济学角度来回答这些问题,谈谈估值和策略。一、创新药估值模型:评估不确定性1. 基础框架:DCF管线风险调整后的销售峰值的多少倍,这是比较常用的给管线估值的方式,但不管怎么样,本质都是现金流贴现DCF模型。这个模型衡量的就是...
Source Link为什么是三生辉瑞的大额BD交易引发了行业估值的巨变,带来了行业β层面的估值提升,这个估值提升的东西是什么?后面的信达武田BD交易也很重磅,但为什么市场没什么反应了?本文从叙事经济学角度来回答这些问题,谈谈估值和策略。一、创新药估值模型:评估不确定性1. 基础框架:DCF管线风险调整后的销售峰值的多少倍,这是比较常用的给管线估值的方式,但不管怎么样,本质都是现金流贴现DCF模型。这个模型衡量的就是...
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