Palatin Technologies, Inc.

PTN

HealthcareBiotechnologyAMEX

$16.55

Market Cap: $430.40M

Palatin Technologies, Inc. (PTN) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$1.63 – $65.43	$10.98	-39.1%
▸ Trading Multiples
EV/Revenue	$2.81 – $4.28	$3.28	-81.8%

Valuation History

DCF Analysis

Palatin Technologies, Inc. (PTN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$10.98

Market Price

$16.55

Upside / Downside

-33.7%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -501.0% to a target of 13.3% over 5 years, discounted at a WACC of 8.7%, Palatin Technologies, Inc. (PTN) has an intrinsic value of $10.98 per share (range: $1.63 – $65.43).

Key Assumptions

Current Operating Margin

-501.0%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.2%

Target CapEx/Rev

11.1%

D&A/Revenue

7.4%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	5	16.9%	-398.1%	-21	-21	0	(0)	2	-23	-22
2026	74	1318.8%	-295.3%	-220	-220	5	(7)	-32	-190	-167
2027	152	104.6%	-192.4%	-293	-293	11	(15)	-36	-261	-212
2028	111	-27.0%	-89.5%	-100	-100	8	(11)	19	-122	-91
2029	145	30.0%	13.3%	19	15	11	(15)	-15	27	18
2030	188	30.0%	13.3%	25	20	14	(19)	-20	34	22
2031	245	30.0%	13.3%	33	26	18	(26)	-26	44	26
2032	318	30.0%	13.3%	42	33	23	(34)	-34	57	30
2033	404	27.0%	13.3%	54	43	30	(44)	-40	68	33
2034	464	15.0%	13.3%	62	49	34	(51)	-28	60	27

Enterprise Value Bridge

Sum of PV(FCFF)-335

Terminal Value (Gordon Growth at 3.0%)1,077

PV of Terminal Value487

Enterprise Value152

(–) Net Debt-9

Equity Value161

(÷) Shares Outstanding15

Fair Value per Share$10.98

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$12	$26	$39	$52	$65
7.7%	$2	$12	$22	$32	$42
8.7%	$-5	$3	$11	$19	$27
9.7%	$-9	$-3	$4	$10	$17
10.7%	$-12	$-7	$-2	$4	$9

Current price: $16.55. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -46.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.28

Market Price

$16.55

Upside / Downside

-80.2%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Palatin Technologies, Inc. (PTN) has a fair value of $3.28 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Palatin Technologies, Inc.PTN	243	52.2x	56.9x
Vertex Pharmaceuticals IncorporatedVRTX	110,312	9.0x	8.4x
Regeneron Pharmaceuticals, Inc.REGN	79,282	5.5x	5.0x
argenx SEARGX	46,304	10.3x	7.2x
Alnylam Pharmaceuticals, Inc.ALNY	43,811	11.7x	7.8x
Insmed IncorporatedINSM	35,310	58.7x	21.0x
United Therapeutics CorporationUTHR	24,528	7.2x	6.9x
Royalty Pharma plcRPRX	20,273	12.0x	8.8x
Industry Median		10.3x	7.8x
(*) Revenue		4	4
= Enterprise Value		46	32
(-) Net Debt		-9	-9
Equity Value		55	41
(/) Outstanding shares		15	15
Fair Price		$4	$3

Selected Fair Value (avg of trailing + forward)

$3.28

-80.2%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$1.63 – $65.43

$10.98

-39.1%

▸ Trading Multiples

EV/Revenue

$2.81 – $4.28

$3.28

-81.8%

DCF Analysis

Palatin Technologies, Inc. (PTN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$10.98

Market Price

$16.55

Upside / Downside

-33.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-501.0%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.2%

Target CapEx/Rev

11.1%

D&A/Revenue

7.4%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	5	16.9%	-398.1%	-21	-21	0	(0)	2	-23	-22
2026	74	1318.8%	-295.3%	-220	-220	5	(7)	-32	-190	-167
2027	152	104.6%	-192.4%	-293	-293	11	(15)	-36	-261	-212
2028	111	-27.0%	-89.5%	-100	-100	8	(11)	19	-122	-91
2029	145	30.0%	13.3%	19	15	11	(15)	-15	27	18
2030	188	30.0%	13.3%	25	20	14	(19)	-20	34	22
2031	245	30.0%	13.3%	33	26	18	(26)	-26	44	26
2032	318	30.0%	13.3%	42	33	23	(34)	-34	57	30
2033	404	27.0%	13.3%	54	43	30	(44)	-40	68	33
2034	464	15.0%	13.3%	62	49	34	(51)	-28	60	27

Enterprise Value Bridge

Sum of PV(FCFF)-335

Terminal Value (Gordon Growth at 3.0%)1,077

PV of Terminal Value487

Enterprise Value152

(–) Net Debt-9

Equity Value161

(÷) Shares Outstanding15

Fair Value per Share$10.98

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$12	$26	$39	$52	$65
7.7%	$2	$12	$22	$32	$42
8.7%	$-5	$3	$11	$19	$27
9.7%	$-9	$-3	$4	$10	$17
10.7%	$-12	$-7	$-2	$4	$9

Current price: $16.55. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$3.28

Market Price

$16.55

Upside / Downside

-80.2%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Palatin Technologies, Inc. (PTN) has a fair value of $3.28 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Palatin Technologies, Inc.PTN	243	52.2x	56.9x
Vertex Pharmaceuticals IncorporatedVRTX	110,312	9.0x	8.4x
Regeneron Pharmaceuticals, Inc.REGN	79,282	5.5x	5.0x
argenx SEARGX	46,304	10.3x	7.2x
Alnylam Pharmaceuticals, Inc.ALNY	43,811	11.7x	7.8x
Insmed IncorporatedINSM	35,310	58.7x	21.0x
United Therapeutics CorporationUTHR	24,528	7.2x	6.9x
Royalty Pharma plcRPRX	20,273	12.0x	8.8x
Industry Median		10.3x	7.8x
(*) Revenue		4	4
= Enterprise Value		46	32
(-) Net Debt		-9	-9
Equity Value		55	41
(/) Outstanding shares		15	15
Fair Price		$4	$3

Selected Fair Value (avg of trailing + forward)

$3.28

-80.2%