Immunology and Inflammation Therapeutics Sector Outlook — September 2026

Read the report

SlidesScroll

1 of 20

←→Full screen

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › IMMUNOLOGY AND INFLAMMATION THERAPEUTICS

Immunology and Inflammation: Premiums Need Proof

The report shows where forward revenue valuations sit and which operating choices can strengthen market standing.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2026E)

Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

1

← Previous

1 / 20 · HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › IMMUNOLOGY AND INFLAMMATION THERAPEUTICS

Next →

What each page shows

The analyst’s walkthrough of the deck, page by page.

1. 01

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › IMMUNOLOGY AND INFLAMMATION THERAPEUTICS

   This is the cover slide identifying the report as an Immunology and Inflammation Therapeutics sector outlook dated September 28, 2026.

   We're opening the Immunology and Inflammation Therapeutics sector outlook as of September 28, 2026, framed on a single valuation basis so every figure that follows is comparable. That consistency is what lets us move quickly from the landscape to the decisions it raises.

   Everything on this page

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › IMMUNOLOGY AND INFLAMMATION THERAPEUTICS Immunology and Inflammation: Premiums Need Proof The report shows where forward revenue valuations sit and which operating choices can strengthen market standing. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2026E) Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus the appendix, in order.

   We've structured this report so the bottom line comes first: even a reader who stops after section one leaves with the full argument. From there, we move through the landscape, valuation and situations, precedent transactions and the strategic implications, each building on the last. That order means every page adds evidence rather than repeating the headline, so a client can trace any claim back to the section that supports it.

   Everything on this page

   CONTENTS What This Report Covers 01 The Bottom Line Forward Valuations Separate Sharply Across Business Models 02 The Landscape Clinical-Stage Exposure Dominates, but Adjacent Models Bring Different Economics 03 Valuation & Situations The Premium End Demands Evidence Beyond a Forecast Ramp 04 Precedent Transactions Precedent Transactions Reward Strategic Fit Across Several Deal Structures 05 Strategic Implications Operating Proof Is the Practical Route to a More Defensible Position 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Immunology and Inflammation Therapeutics Spans Clinical-Stage Developers and Adjacent Commercial Models

   This slide states the bottom line: the sector spans clinical-stage developers and adjacent commercial models, framed on EV/Revenue (CY2026E) as of September 28, 2026.

   We size the sector on EV/Revenue for CY2026E, the basis that lets us compare the rated companies on equal terms. Clinical-stage developers dominate the set, while adjacent commercial models bring different economics into the same peer group. That mix is why we treat qualitative characterisations as our own view rather than a market consensus, and why the sections that follow test the story name by name. The result is a bottom line a client can act on without needing to open every subsequent page.

   Everything on this page

   01 · THE BOTTOM LINE Immunology and Inflammation Therapeutics Spans Clinical-Stage Developers and Adjacent Commercial Models The full story on one page · figures on EV / Revenue (CY2026E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2026E consensus (7 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 A Premium Needs Durable Revenue Evidence The premium end stands at 42.2x versus 4.0x at the discount end, based on two names at each end. With a forward revenue lens already crediting forecast growth, commercial durability and pipeline evidence become central to defending the higher range. 2 Faster Forecasts Do Not Automatically Bring Higher Valuations On the six names in the growth split, three sit above 23% and three below. The faster-growing group carries the lower forward revenue valuation, so the quality and durability of the ramp remain important. 3 Development Exposure Shapes Most of the Sector Clinical-stage immunology and inflammation developers represent 81% of the approved set, while adjacent models represent 19%. The four developers with an estimate sit at 7.7x, leaving pipeline evidence and funding discipline central to their positioning. 4 Strategic Fit Matters Across the Transaction Record Seven transactions show buyers engaging with whole companies, pipeline combinations and an individual product. Sanofi S.A. and Provention Bio, Inc. provide a $2.9B reference at 4.9x, illustrating the scale available when an asset fits a larger pharmaceutical platform. 7.9x Sector median EV/Revenue CY2026E consensus · EV/Revenue is the lens because only 4 of 16 names carry a meaningful forward EBITDA 42.2x Premium end EV/Revenue vs 4.0x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/Revenue — the spread the report explains 7 Transactions with disclosed terms 12 recorded in this tier · 3 told as case studies, the full list in the appendix

4. 04
   SECTION 02

   02

   This divider introduces section two, covering clinical-stage exposure and adjacent commercial models.

   Section two turns to the market map: clinical-stage exposure dominates the sector, but adjacent models carry commercial, manufacturing and franchise economics that behave differently. We use this page to reset before walking through where each business model sits.

   Everything on this page

   SECTION 02 02 THE LANDSCAPE Clinical-Stage Exposure Dominates, but Adjacent Models Bring Different Economics The sector combines development risk with commercial, manufacturing and franchise economics. 02 of 06 Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

5. 05
   02 · MARKET MAP

   Most Sector Exposure Sits in Development-Stage Models with Different Paths to Value

   This slide groups the approved companies by business segment and shows the median EV/Revenue (CY2026E) for each group as of September 28, 2026.

   We group the approved companies by business segment and plot the median EV/Revenue for each, on the same CY2026E consensus basis used throughout. Most of the exposure sits in development-stage models, and the medians here are calculated only on the names that carry a rated multiple. That grouping shows the paths to value differ by model, not just by company, which is the lens we carry into the next page's landscape view.

   Everything on this page

   02 · MARKET MAP Most Sector Exposure Sits in Development-Stage Models with Different Paths to Value 16 approved companies grouped by business segment · median EV / Revenue (CY2026E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 CLINICAL-STAGE IMMUNOLOGY AND INFLAMMATION DEVELOPERS 13 cos median 7.7x argenx SE (ARGX) Abivax S.A. (ABVX) Spyre Therapeutics (SYRE) Arcutis (ARQT) Vera Therapeutics (VERA) DBV Technologies (DBVT) Alumis (ALMS) ARS (SPRY) Palisade Bio (PALI) Coya Therapeutics (COYA) aTyr Pharma (ATYR) ImageneBio (IMA) Immunic (IMUX) These companies depend on clinical evidence, treatment sequencing and funding choices to convert pipeline promise into durable revenue. ADJACENT MODELS 3 cos median 7.9x AbbVie (ABBV) Kiniksa (KNSA) Alvotech (ALVO) Commercial franchises, specialty products and biosimilars bring access, exclusivity and manufacturing economics into the valuation debate.

6. 06
   02 · LANDSCAPE

   Development-Stage Companies Dominate the Set, While Adjacent Models Broaden the Economic Mix

   This slide presents the segment view of the approved universe, with EV/Revenue (CY2026E) medians on rated names as of September 28, 2026.

   We break the approved universe into segments to show how development-stage companies dominate the set while adjacent models broaden the economic mix. Each segment's median is built only from the names with a rated EV/Revenue multiple, and the full company-level detail sits in the appendix. Seeing the segment split this way is what lets us frame the valuation questions we tackle in section three.

   Everything on this page

   02 · LANDSCAPE Development-Stage Companies Dominate the Set, While Adjacent Models Broaden the Economic Mix Segment view of the approved universe · EV / Revenue (CY2026E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Clinical-stage immunology and inflammation developers 13 81% 7.7x argenx SE (ARGX) · Abivax S.A. (ABVX) · +11 more Development exposure dominates the set. This group represents 81% of approved companies and the four developers with an estimate sit at 7.7x. Clinical evidence, chronic-dosing safety, indication breadth and capital needs frame how owners can strengthen their standing. Adjacent models 3 19% 7.9x AbbVie Inc. (ABBV) · Kiniksa Pharmaceuticals International, plc (KNSA) · +1 more Adjacent economics remain meaningful. These businesses represent 19% of approved companies. Their value cases extend beyond clinical readouts to franchise durability, formulary access, net-price resilience, manufacturing execution and biosimilar competition.

7. 07
   SECTION 03

   03

   This divider introduces section three, on public market valuation and the premium end's evidence bar.

   Section three asks what the premium end of the market must prove: forward revenue valuations already credit expected growth, which raises the bar for durable execution. We use this page to reset before walking through the valuation drivers and situations that follow.

   Everything on this page

   SECTION 03 03 VALUATION & SITUATIONS The Premium End Demands Evidence Beyond a Forecast Ramp Forward revenue valuations already credit expected growth, raising the bar for durable execution. 03 of 06 Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

8. 08
   03 · PUBLIC MARKET VALUATION

   The Premium End Asks Owners to Prove That the Forecast Ramp Can Endure

   This slide ranks the rated companies by EV/Revenue (CY2026E), sorted descending, against a sector median of 7.9x as of September 28, 2026.

   We rank the rated companies on EV/Revenue for CY2026E, the lens we use because most names in the sector don't carry a meaningful forward EBITDA figure. The sector median sits at 7.9x, and the tier zones we draw split the rated set at its own quartiles. What that ranking shows is a premium end that has already priced in growth, which is exactly why the evidence behind that growth matters more than the growth figure itself.

   Everything on this page

   03 · PUBLIC MARKET VALUATION The Premium End Asks Owners to Prove That the Forecast Ramp Can Endure EV / Revenue (CY2026E) · all 7 rated companies, sorted descending · sector median 7.9x · EV/Revenue is the lens because only 4 of 16 names carry a meaningful forward EBITDA · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2026E consensus (7 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2026E) basis. Panel commentary is a NeuraCap view. Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 42.2x CORE · median 7.9x DISCOUNT · median 4.0x Sector median 7.9x WHAT SEPARATES THE TWO ENDS The premium end carries conviction. Its 42.2x midpoint stands well above the 4.0x midpoint at the discount end, based on two names at each end. Forecasts already get credit. CY2026E EV / Revenue looks through current scale to expected revenue, so a lasting premium calls for evidence that the ramp can survive access, safety and treatment-sequencing pressure. The discount end needs proof. Owners can strengthen the case through durable patient starts, formulary access, persistence and disciplined funding rather than relying on the forecast alone.

9. 09
   03 · VALUATION DRIVERS

   Faster Forecast Growth Sits with the Lower Valuation in the Six-Name Split

   This slide splits the rated names into growth and margin cohorts and compares median EV/Revenue (CY2026E) across each split as of September 28, 2026.

   We split the rated names with growth estimates into a faster and a slower cohort, each cut at the covered median, and compare their EV/Revenue medians. The faster-growing names carry the lower valuation in this split, an association we read from the data rather than a causal claim. That pattern is why we treat forecast growth alone as an incomplete explanation for where a name trades, and why the next page looks at margin instead.

   Everything on this page

   03 · VALUATION DRIVERS Faster Forecast Growth Sits with the Lower Valuation in the Six-Name Split Median EV / Revenue (CY2026E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/Revenue, median per cohort · growth split at 23% · EBITDA-margin split at n/a The Growth Split Does Not Show a Premium for Speed Among the six names in the split, the three above 23% carry a 6.2x midpoint versus 7.9x for the three below. The observation suggests that forecast speed alone does not distinguish the higher-valued group. Durability Matters Once Forecast Growth Is Already Credited A forward revenue multiple incorporates the expected ramp. Owners therefore need operating evidence around access, persistence, chronic-dosing safety and remaining exclusivity to support confidence beyond the forecast. Commercial Quality Can Separate Similar Growth Stories Net product sales, patient starts, formulary position and induction-to-maintenance conversion help distinguish a durable launch from one exposed to rebate pressure or restrictive treatment sequencing.

10. 10
    03 · SITUATION MAP

    Higher Forward Revenue Valuations Sit with the Higher-Margin Pair

    This slide maps rated names on EV/Revenue versus the sector median and EBITDA margin versus the covered median of 33%, as of September 28, 2026.

    We cut the rated names on two axes: EV/Revenue against the 7.9x sector median, and EBITDA margin against the 33% covered median, with some names excluded where the second measure isn't available. The higher-margin pair sits with the higher forward revenue valuations in this cut, an observation rather than a recommendation. That pairing is the evidence we carry into the agenda on the next page.

    Everything on this page

    03 · SITUATION MAP Higher Forward Revenue Valuations Sit with the Higher-Margin Pair Cut on EV / Revenue vs the sector median (7.9x) (rows) and EBITDA margin vs the covered median (33%) (columns) · 3 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Valuation, Higher Margin Above-median multiple · above-median EBITDA margin 2 names AbbVie Inc. (ABBV) · argenx SE (ARGX) AbbVie Inc. [ABBV] and argenx SE [ARGX] are the two mapped names with both measures above the relevant middle of the range. Their position is associated with established commercial economics, although the map does not establish why the market values them there. Higher Valuation, Lower Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Lower Valuation, Higher Margin Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Lower Valuation, Lower Margin Below-median multiple · below-median EBITDA margin 2 names Alvotech (ALVO) · Arcutis Biotherapeutics, Inc. (ARQT) Alvotech [ALVO] and Arcutis Biotherapeutics, Inc. [ARQT] are the two mapped names with both measures below the relevant middle of the range. Their position points owners toward commercial ramp quality, cost structure and capital allocation as the operating questions to resolve.

11. 11
    03 · THE AGENDA

    The Next Planning Cycle Turns on Four Choices: Revenue Mix, Pricing, Retention and Capital Allocation

    This slide frames four choices for the next planning cycle: revenue mix, pricing, retention and capital allocation.

    We frame the next planning cycle around four choices: revenue mix, pricing, retention and capital allocation, each grounded in the cohort data from the prior pages. These are framed as questions for an owner or acquirer to resolve, not as recommendations. Resolving them is what turns the valuation evidence we've shown into a concrete operating agenda.

    Everything on this page

    03 · THE AGENDA The Next Planning Cycle Turns on Four Choices: Revenue Mix, Pricing, Retention and Capital Allocation NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Concentrate Capital on Differentiated Clinical Evidence Prioritise programmes with a credible mechanism of action, meaningful endpoints and a clear place in treatment sequencing. A broad pipeline matters less when funding is spread across assets without distinct clinical evidence. What changes the answer: The answer changes when new data materially alters clinical remission, safety or positioning against the standard of care. Build Access into the Launch Plan Align pricing, formulary strategy and patient support around the realised revenue curve. Approval opens the market, while covered lives, step edits and prior-authorisation performance shape commercial uptake. What changes the answer: The answer changes when formulary placement or net-price durability departs from the launch plan. Choose Breadth Only Where One Mechanism Travels Fund additional indications where clinical evidence, specialist call points and development economics reinforce one another. Expansion without those links can add capital needs faster than strategic value. What changes the answer: The answer changes when an indication offers credible clinical separation and efficient use of existing capabilities. Use Partnerships Where Ownership Is Not Essential Licensing, territory rights and structured funding can preserve focus while moving programmes forward. The choice depends on capital capacity, geographic reach and the value of retaining future economics. What changes the answer: The answer changes when internal funding capacity or the strategic value of full ownership shifts.

12. 12
    SECTION 04

    04

    This divider introduces section four, on precedent transactions and strategic fit.

    Section four turns to the transaction record, which spans whole-company deals, pipeline combinations and an individual product sale. We use this page to reset before walking through the case studies that follow.

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Reward Strategic Fit Across Several Deal Structures The transaction record spans whole companies, pipeline combinations and an individual product. 04 of 06 Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

13. 13
    04 · DEAL CASE STUDIES

    Precedent Transactions Show Several Routes to Strategic Fit

    This slide presents case studies on transactions with disclosed terms, with multiples on LTM financials at announcement as of September 28, 2026.

    We walk through a subset of the precedent transactions with disclosed terms as case studies, each priced on LTM financials at announcement where disclosed. The complete list sits in the appendix, and deal multiples on this basis are not directly comparable to the CY2026E public multiples shown earlier. Sanofi S.A.'s $2.9B transaction for Provention Bio, Inc. at 4.9x is one of the cases here, illustrating the scale available when an asset fits a larger platform. That range of structures is what tells us strategic fit, not just size, is what drives these deals.

    Everything on this page

    04 · DEAL CASE STUDIES Precedent Transactions Show Several Routes to Strategic Fit 3 of 7 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 19 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 5 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Mar-2023 $2.9B Sanofi S.A. Sanofi S.A. paired its pharmaceutical platform with Provention Bio, Inc. EV / LTM revenue 4.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests a path to apply established development, market-access and commercial capabilities to the target. It also fits the broader buyer pattern of larger pharmaceutical companies adding focused immunology exposure. HOW THE TARGET WAS VALUED The disclosed value was $2.9B at 4.9x EV / Revenue. That provides a revenue-based benchmark for a whole-company transaction involving a focused target. Oct-2022 $659M PureTech Health plc PureTech Health plc combined with Nektar Therapeutics, Inc. in a transaction centred on pipeline… EV / LTM revenue 6.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a platform logic in bringing immunology programmes and development resources together. The fit appears strategic rather than dependent on a mature earnings stream. HOW THE TARGET WAS VALUED The disclosed value was $659M at 6.9x EV / Revenue. The multiple offers a benchmark for pipeline-oriented strategic fit within the transaction record. Jan-2023 $470M Vallon Pharmaceuticals, Inc. Vallon Pharmaceuticals, Inc. and GRI Bio, Inc. combined development-stage resources. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests a way to align development assets with an existing public-company platform. Its logic rests on the potential fit between the companies rather than a mature commercial franchise. HOW THE TARGET WAS VALUED The disclosed value was $470M. It provides a transaction-size reference for a development-stage combination.

14. 14
    SECTION 05

    05

    This divider introduces section five, on strategic implications for operating proof.

    Section five turns to strategic implications: operating proof is the practical route to a more defensible position, and revenue quality, access, sequencing and capital allocation warrant board attention. We use this page to reset before the strategic implications that follow.

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS Operating Proof Is the Practical Route to a More Defensible Position Revenue quality, access, treatment sequencing and capital allocation warrant board attention. 05 of 06 Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

15. 15
    05 · STRATEGIC IMPLICATIONS

    Strengthen the Evidence Behind the Ramp Before Adding Cost or Pipeline Breadth

    This slide lays out the questions the data raises for the next twelve months, framed as strengthening the evidence behind the ramp.

    We frame the strategic implications page around one instruction: strengthen the evidence behind the ramp before adding cost or pipeline breadth. These are our views drawn from the analysis in this report, offered as observations rather than recommendations. That framing is what turns the valuation and transaction evidence into a set of choices a board can act on in the next planning cycle.

    Everything on this page

    05 · STRATEGIC IMPLICATIONS Strengthen the Evidence Behind the Ramp Before Adding Cost or Pipeline Breadth NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Tie Investment to Durable Revenue Quality Focus capital on clinical differentiation, access and persistence. Those operating outcomes make the forward revenue case easier to defend through payer pressure and competitive readouts. FOR MANAGEMENT TEAMS Manage the Launch Through Net Product Sales Patient starts matter, but gross-to-net deductions, formulary placement and time on therapy determine how demand becomes durable revenue. Resource allocation can follow the points where that conversion is most constrained. FOR BOARDS Match Ownership to Strategic Advantage Build where the company has differentiated science or commercial reach. Consider partnerships where another owner brings stronger territory access, registrational capacity or specialist coverage.

16. 16
    SECTION 06

    06

    This divider introduces section six, covering the full comparables universe, methodology and sources.

    Section six carries the full comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. We use this page to reset before the appendix tables that follow.

    Everything on this page

    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

17. 17
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2026E), Grouped by Valuation Tier

    This appendix lists public comparables on EV/Revenue (CY2026E), grouped by valuation tier, as of September 28, 2026.

    We list every rated and not-rated company on EV/Revenue for CY2026E, grouped by valuation tier, with tickers linking to the underlying source. Only some companies in the set carry a rated multiple, and the complete field set sits in the companion workbook. This table is what lets a client trace any multiple used earlier in the deck back to its source company.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2026E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (7.9x); amber marks below · 7 rated companies; 9 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2026E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.2x · median 42.2x · 2 companies Vera Therapeutics, Inc. VERA Clinical-stage immunology and inflammation developers $1.8B 73.0x n/a n/a n/a Kiniksa Pharmaceuticals International, plc KNSA Specialty inflammation pharmaceuticals $11.3B 11.3x 23% n/a n/a CORE — 5.9x–10.2x · median 7.9x · 3 companies argenx SE ARGX Clinical-stage immunology and inflammation developers $56.7B 9.2x 24% 34% 57 AbbVie Inc. ABBV Large-cap immunology franchise owners $534B 7.9x 9% 48% 60 Arcutis Biotherapeutics, Inc. ARQT Clinical-stage immunology and inflammation developers $3.3B 6.2x 28% 23% 63 DISCOUNT — <5.9x · median 4.0x · 2 companies Alvotech ALVO Specialty and biosimilar immunology manufacturers $3.3B 5.6x 22% 33% 60 ARS Pharmaceuticals, Inc. SPRY Clinical-stage immunology and inflammation developers $306M 2.4x 47% n/a n/a

18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix lists all transactions with disclosed terms, newest first, as of September 28, 2026.

    We list all transactions with disclosed terms, ordered newest first, with deal values linking to the underlying filing. Multiples here are LTM at announcement and are not directly comparable to the CY2026E public basis used elsewhere in the deck. This table is the full record behind the case studies shown earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 7 transactions with disclosed terms in this tier (12 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 19 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 5 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2023 Sanofi S.A. → Provention Bio, Inc. $2.9B 4.9x n/a The Sanofi S.A. and Provention Bio, Inc. transaction suggests that a larger pharmaceutical owner can place a focused target within an established development and commercial platform. Jan-2023 Vallon Pharmaceuticals, Inc. → GRI Bio, Inc. $470M n/a n/a The Vallon Pharmaceuticals, Inc. and GRI Bio, Inc. pairing suggests a route for concentrating pipeline resources and public-company infrastructure. Oct-2022 PureTech Health plc → Nektar Therapeutics, Inc. $659M 6.9x n/a The PureTech Health plc and Nektar Therapeutics, Inc. transaction suggests strategic interest in consolidating immunology development exposure within a broader platform. Dec-2021 Assertio → Otrexup (methotrexate) product n/a 2.9x n/a Assertio's transaction for the Otrexup (methotrexate) product shows how an individual therapy can move independently of a whole company. Mar-2021 Roivant Sciences Ltd. → Immunovant Inc. n/a 0.7x 8.8x The terminated Roivant Sciences Ltd. and Immunovant Inc. transaction is a reminder that strategic alignment and completion risk are separate considerations. Aug-2020 Johnson & Johnson → Momenta Pharmaceuticals, Inc. $6.6B 0.7x 8.8x Johnson & Johnson's completed transaction for Momenta Pharmaceuticals, Inc. shows a diversified pharmaceutical buyer engaging with a focused immunology company. Aug-2020 Nestle S.A. → Aimmune Therapeutics, Inc. n/a 2.5x n/a The Nestle S.A. and Aimmune Therapeutics, Inc. transaction suggests that strategic interest can extend beyond traditional pharmaceutical buyers.

19. 19
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide documents the report's sources, assumptions and data-quality treatment.

    We document how this report was built: what was excluded, and where every underlying disclosure lives. Every figure in this report links back to the record it was taken from, and where no link exists, the appendix names the source and the basis on which it was read. That transparency is what lets a client verify any number in this deck independently.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2026E consensus (7 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2026E is the lead convention: it is the sector-appropriate prior for Immunology and Inflammation Therapeutics and it clears the coverage gate with 13 of 16 companies (81%). EV / EBITDA, P / E are carried as a cross-check. A revenue lens is used rather than a profit multiple because the cohort's median forward revenue growth is 27%, and a set priced on growth is read on revenue. DATA QUALITY & EXCLUSIONS 66 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 340 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (339) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

20. 20

    The Observed Premium Sits with Confidence in Revenue Durability, Not Forecast Speed Alone.

    This closing slide states that the observed premium sits with confidence in revenue durability, not forecast speed alone.

    We close on the finding that carries through every section: the observed premium sits with confidence in revenue durability, not forecast speed alone. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace.

    Everything on this page

    The Observed Premium Sits with Confidence in Revenue Durability, Not Forecast Speed Alone. NeuraCap AI — Immunology and Inflammation Therapeutics Coverage September 2026 · Prepared by NeuraCap AI · Confidential Immunology and Inflammation Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

More coverage in Health Care

• Bi-Weekly Update · Sep 28, 2026Immunology and Inflammation Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Bi-Weekly Update · Sep 28, 2026Oncology Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Sector Report · Sep 28, 2026Oncology Therapeutics Sector Outlook — September 2026
• Sector Report · Sep 28, 2026Neurology and CNS Therapeutics Sector Outlook — September 2026