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Merus Valuation Multiples

Discover revenue and EBITDA valuation multiples for Merus and similar public comparables like Vivoryon Therapeutics, Julphar, and Benevolent AI.

Merus Overview

About Merus

Merus NV is a clinical-stage immuno-oncology company. It develops bispecific antibody therapeutics. The company is developing full-length human multispecific antibody therapeutics, referred to as Biclonics. Merus has only one reportable segment comprising the discovery and development of bispecific therapeutics. Some of its products in the pipeline include MCLA-128; MCLA-117; MCLA-158 and others.


Founded

2003

HQ

United States of America
Employees

260

Website

merus.nl

Financials

LTM Revenue $38.0M

LTM EBITDA -$273M

EV

$2.4B

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Merus Financials

Merus has a last 12-month revenue of $38.0M and a last 12-month EBITDA of -$273M.

In the most recent fiscal year, Merus achieved revenue of $36.1M and an EBITDA of -$270M.

Merus expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Merus P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $43.9M $36.1M XXX XXX XXX
Gross Profit n/a n/a XXX XXX XXX
Gross Margin NaN% NaN% XXX XXX XXX
EBITDA -$154M -$270M XXX XXX XXX
EBITDA Margin -350% -746% XXX XXX XXX
Net Profit -$131M -$155M XXX XXX XXX
Net Margin -299% -429% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Merus Stock Performance

As of April 15, 2025, Merus's stock price is $42.

Merus has current market cap of $2.9B, and EV of $2.4B.

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Merus Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$2.4B $2.9B XXX XXX XXX XXX $-3.63

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Merus Valuation Multiples

As of April 15, 2025, Merus has market cap of $2.9B and EV of $2.4B.

Merus's trades at 63.3x LTM EV/Revenue multiple, and -8.8x LTM EBITDA.

Analysts estimate Merus's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Merus Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $2.4B XXX XXX XXX
EV/Revenue 66.5x XXX XXX XXX
EV/EBITDA -8.9x XXX XXX XXX
P/E -13.6x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF -12.8x XXX XXX XXX

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

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Merus Valuation Multiples

Merus's NTM/LTM revenue growth is 29%

Merus's revenue per employee for the last fiscal year averaged $0.1M, while opex per employee averaged $1.2M for the same period.

Over next 12 months, Merus's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Merus's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Merus Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -18% XXX XXX XXX XXX
EBITDA Margin -746% XXX XXX XXX XXX
EBITDA Growth 75% XXX XXX XXX XXX
Rule of 40 (SaaS-only) -717% XXX XXX XXX XXX
Revenue per Employee $0.1M XXX XXX XXX XXX
Opex per Employee $1.2M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue 229% XXX XXX XXX XXX
R&D Expenses to Revenue 624% XXX XXX XXX XXX
Opex to Revenue 853% XXX XXX XXX XXX

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Merus Public Comps

See public comps and valuation multiples for Drug Development & Therapeutics comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Julphar XXX XXX XXX XXX XXX XXX
Benevolent AI XXX XXX XXX XXX XXX XXX
Galapagos XXX XXX XXX XXX XXX XXX
Pharming XXX XXX XXX XXX XXX XXX
Vivoryon Therapeutics XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Merus M&A and Investment Activity

Merus acquired  XXX companies to date.

Last acquisition by Merus was  XXXXXXXX, XXXXX XXXXX XXXXXX . Merus acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Merus

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Merus

When was Merus founded? Merus was founded in 2003.
Where is Merus headquartered? Merus is headquartered in United States of America.
How many employees does Merus have? As of today, Merus has 260 employees.
Who is the CEO of Merus? Merus's CEO is Dr. Sven Ante Lundberg, M.D..
Is Merus publicy listed? Yes, Merus is a public company listed on NAS.
What is the stock symbol of Merus? Merus trades under MRUS ticker.
When did Merus go public? Merus went public in 2016.
Who are competitors of Merus? Similar companies to Merus include e.g. Julphar, Benevolent AI, Galapagos, Pharming.
What is the current market cap of Merus? Merus's current market cap is $2.9B
What is the current revenue of Merus? Merus's last 12-month revenue is $38.0M.
What is the current EBITDA of Merus? Merus's last 12-month EBITDA is -$273M.
What is the current EV/Revenue multiple of Merus? Current revenue multiple of Merus is 63.3x.
What is the current EV/EBITDA multiple of Merus? Current EBITDA multiple of Merus is -8.8x.
What is the current revenue growth of Merus? Merus revenue growth between 2023 and 2024 was -18%.
Is Merus profitable? Yes, Merus is EBITDA-positive (as of the last 12 months).

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