From Breakingviews - Pharma delivers, for others
against chronic obstructive pulmonary disease . The progressive lung disease, which commonly crops up in heavy smokers, is the third biggest cause of death globally. A 30% reduction in exacerbations and significant lung function improvement means the drug should spin more profit. But like new and effective obesity drugs, a larger benefit will probably flow to society.
Investors tacked $15 billion onto the two companies’ combined market capitalizations on Thursday morning. Since the two are valued at about 4 times estimated sales, this implies about $6 billion of additional annual global revenue in five years, assuming a 10% discount rate. The payout for the U.S. economy is even bigger. The Centers for Disease Control and Prevention estimated in 2018 that COPD would cost the country about $50 billion a year by 2020.
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