Oxford Biomedica. 2005 to see 'Huge value creation' (Panmure Gordon)

Something to ponder on for 2006+.
Genentech income from Avastin was $555m in 2004 @ £1=$1.75 (approx) this is £317m. Genentech (EPIC DNA) has circa 1.054 bln shares in issue. EPS due to Avastin = 317x100/1054 = 30p. If Trovax can match this earnings rate at say 15% royalty then the EPS to OXB at 500mil shares in issue is 317*100/500*(15/100) = 9.5p. Assume a modest 30:1 P/E multiple and we arrive at a share price increase of 285p. Nice thought !
data source = PDF file download for 2004 FY results on page link as follows


Note that Genentech has a P/E ratio of 87.8
note an American Billion = 1,000,000,000