ARS Pharmaceuticals - Public Comps and Valuation Multiples

ARS Pharmaceuticals Overview

About ARS Pharmaceuticals

ARS Pharmaceuticals Inc is a biopharmaceutical company focused on the development of novel, potentially first-in-class product candidate, neffy for the emergency treatment of Type I allergic reactions, including anaphylaxis. neffy is a proprietary composition of epinephrine with an absorption enhancer called Intravail, which allows neffy to provide injection-like absorption of epinephrine at a low dose, in a small, easy-to-carry, easy-to-use, rapidly administered and reliable nasal spray.

Founded

2016

HQ

Employees

160

Website

ars-pharma.com

Sectors

Drug Development & Therapeutics
Drug Delivery Systems
BioTech

Financials

LTM Revenue $81.3M

LTM EBITDA -$3.0M

EV

$753M

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ARS Pharmaceuticals Financials

As of August 2025, ARS Pharmaceuticals reported last 12-month revenue of $81.3M and EBITDA of -$3.0M.

In the same period, ARS Pharmaceuticals generated $69.4M in LTM gross profit and -$111M in net income.

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ARS Pharmaceuticals P&L

In the most recent fiscal year, ARS Pharmaceuticals reported revenue of $89.1M and EBITDA of -$3.1M.

ARS Pharmaceuticals expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$81.3M	XXX	$89.1M	XXX	XXX	XXX
Gross Profit	$69.4M	XXX	$88.2M	XXX	XXX	XXX
Gross Margin	85%	XXX	99%	XXX	XXX	XXX
EBITDA	-$3.0M	XXX	-$3.1M	XXX	XXX	XXX
EBITDA Margin	-4%	XXX	-3%	XXX	XXX	XXX
EBIT	-$122M	XXX	-$3.1M	XXX	XXX	XXX
EBIT Margin	-151%	XXX	-3%	XXX	XXX	XXX
Net Profit	-$111M	XXX	$8.0M	XXX	XXX	XXX
Net Margin	-137%	XXX	9%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for ARS Pharmaceuticals including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $81.3M. EBITDA for the last twelve months was -$3.0M. In the most recent fiscal year, ARS Pharmaceuticals achieved $89.1M in revenue and -$3.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$81.3M	Analyst estimates available to subscribers	$89.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$69.4M	Analyst estimates available to subscribers	$88.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	85.4% gross margin	Analyst estimates available to subscribers	98.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$3.0M	Analyst estimates available to subscribers	-$3.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-3.7% EBITDA margin	Analyst estimates available to subscribers	-3.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$122M	Analyst estimates available to subscribers	-$3.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-150.7% EBIT margin	Analyst estimates available to subscribers	-3.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$111M	Analyst estimates available to subscribers	$8.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-137.0% net profit margin	Analyst estimates available to subscribers	9.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for ARS Pharmaceuticals

This financial data table provides comprehensive performance metrics for ARS Pharmaceuticals, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

ARS Pharmaceuticals generated $81.3M in revenue over the last twelve months.
The company achieved -$3.0M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $69.4M.
Net income over the last twelve months reached -$111M.

Fiscal Year Performance

In the most recent fiscal year, ARS Pharmaceuticals reported $89.1M in total revenue.
Fiscal year EBITDA was -$3.1M.
The company maintained a gross profit margin of 98.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was -3.5%.
Net profit margin reached 9.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for ARS Pharmaceuticals. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

ARS Pharmaceuticals Stock Performance

ARS Pharmaceuticals has current market cap of $991M, and EV of $753M.

Market Cap Evolution

ARS Pharmaceuticals Stock Data

As of September 12, 2025, ARS Pharmaceuticals's stock price is $10.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$753M	$991M	XXX	XXX	XXX	XXX	$-1.10

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ARS Pharmaceuticals Valuation Multiples

ARS Pharmaceuticals's trades at 8.4x EV/Revenue multiple, and -244.2x EV/EBITDA.

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ARS Pharmaceuticals Financial Valuation Multiples

As of September 12, 2025, ARS Pharmaceuticals has market cap of $991M and EV of $753M.

Equity research analysts estimate ARS Pharmaceuticals's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

ARS Pharmaceuticals has a P/E ratio of -8.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$991M	XXX	$991M	XXX	XXX	XXX
EV (current)	$753M	XXX	$753M	XXX	XXX	XXX
EV/Revenue	9.3x	XXX	8.4x	XXX	XXX	XXX
EV/EBITDA	-250.6x	XXX	-244.2x	XXX	XXX	XXX
EV/EBIT	-6.1x	XXX	-244.2x	XXX	XXX	XXX
EV/Gross Profit	10.8x	XXX	n/a	XXX	XXX	XXX
P/E	-8.9x	XXX	123.9x	XXX	XXX	XXX
EV/FCF	n/a	XXX	58.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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ARS Pharmaceuticals Margins & Growth Rates

ARS Pharmaceuticals's last 12 month revenue growth is 109%

ARS Pharmaceuticals's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.6M for the same period.

ARS Pharmaceuticals's rule of 40 is -224958% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

ARS Pharmaceuticals's rule of X is 269% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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ARS Pharmaceuticals Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	109%	XXX	53%	XXX	XXX	XXX
EBITDA Margin	-4%	XXX	-3%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	-224958%	XXX	106%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	269%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	22%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	102%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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