Our 12-month target price for ARVN is $10.00, derived using a discounted cash flow (DCF) analysis. We use a weighted average cost of capital (WACC) of 12% and a -50% terminal growth rate post 2037. We explicitly model cash flows through 2037. Arvinas' issued and pending patents are expected to begin expiring in 2037 for vepdeg. Additional pending patents and patent extension programs such as Hatch-Waxman could extend Arvinas' patent protection.
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