Sage Therapeutics’ Operational Performance


Dec. 18 2018, Updated 1:21 p.m. ET

Revenue forecast

In fiscal 2018 and fiscal 2019, Sage Therapeutics (SAGE) is expected to generate revenues of $79.41 million and $36.63 million, respectively. The company’s revenues are expected to increase to $156.84 million in fiscal 2020. Biogen (BIIB), BioMarin Pharmaceutical (BMRN), and Sarepta Therapeutics (SRPT) are expected to have revenues of $13.31 billion, $1.52 billion, and $301.13 million, respectively, in fiscal 2018.

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Operating expenses

In the latest quarter, Sage Therapeutics’ general and administrative expenses rose YoY (year-over-year) to $53.69 million from $16.09 million due to higher personnel-related costs and professional fees. The company’s R&D (research and development) expenses rose YoY to $75.05 million from $58.29 million due to higher expenses associated with phase one clinical trials of SAGE-718, efforts to identify new clinical candidates, and a higher headcount. Sage Therapeutics’ R&D expenses are expected to be $266.22 million and $322.02 million, respectively, in fiscal 2018 and fiscal 2019—compared to $210.28 million in fiscal 2017.

In comparison, Biogen (BIIB), BioMarin Pharmaceutical (BMRN), and Sarepta Therapeutics (SRPT) are expected to incur fiscal 2018 R&D expenses of $2.48 billion, $668.51 million, and $310.49 million, respectively. In the third quarter, Sage Therapeutics’ total operating expenses rose YoY to $128.74 million from $74.37 million.

Valuation metrics

Sage’s EV (enterprise value) is $3.76 billion, while its EV-to-revenue ratio is 41.78x. The company’s price-to-sales ratio is 52.08x, while its price-to-book ratio is 4.79x. Biogen, BioMarin Pharmaceutical, and Sarepta Therapeutics’ price-to-book ratios are 4.58x, 5.63x, and 11.98x, respectively.

Next, we’ll discuss analysts’ views on Sage Therapeutics stock.


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