生物医药最常见的估值方法

业务成熟，收入增长稳定的Big Pharma (也包括CRO/ CDMO) 采用P/E估值法。

处于研发阶段，财务亏损的Biotech 创新药采用DCF或rNPV估值 (Nasdaq上市的biotech超过半数采用rNPV估值)。

产品处于导入期，尚未达到盈亏平衡的创新医疗器械则采用rNPV估值，并同时参考可比公司的 EV/Sales, EV/ EBITDA 和 P/S 市销率。

#绿叶制药

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