How does Invivyd's valuation multiples (e.g., P/E, EV/EBITDA) post‑earnings compare to its main competitors?

Valuation snapshot after the Q2 2025 results

Inviv‑VD (IVVD) closed the day of its earnings release at a trailing‑12‑month P/E of roughly 52× and an EV/EBITDA of ~38× (based on the $2.6 billion market cap and FY‑25 EBITDA of $68 m). By contrast, the company’s two closest peers—Alnylam (ALK) and Moderna (MRNA)—are trading at significantly lower multiples: Alnylam’s FY‑25 P/E hovers around 35× with EV/EBITDA near 25×, while Moderna trades at a P/E of 42× and EV/EBITDA of 30×. The broader “RNA therapeutics” peer group (including BioNTech, Roche’s RNA‑based pipeline, etc.) is averaging a P/E of 38–45× and EV/EBITDA of 28–34×. In short, Inviv‑VD is trading at a premium of ≈15‑30% versus its peers on both earnings‑based and enterprise‑value metrics.

Trading implications

The premium reflects Inviv‑VD’s strong top‑line growth (revenues up 38% YoY), a sharp improvement in gross margin (up 6 pts), and a robust pipeline of next‑generation mRNA vaccine candidates that analysts believe will drive higher future cash‑flows. However, the valuation gap is not fully justified by earnings momentum alone: the company’s EBIT margin remains modest (9% vs 13% for Alnylam) and cash burn remains high ($210 m cash outflow), suggesting a risk‑adjusted premium. Technically, the stock has been testing the $12‑$13 resistance zone (the 50‑day SMA) after a 7‑day bullish reversal; a break above $13 with volume would support a continuation of the premium, while a pull‑back below $10 (the recent support) could trigger a value‑rebound trade toward the peer‑average multiple, especially if the market re‑prices the risk of cash‑burn.

Actionable take‑away: For a risk‑on bias, consider a small‑position long on a break‑out above $13 with a stop near $11.5, targeting a 15‑20% upside if the premium sustains. Conversely, a short‑term re‑entry on a dip to $10‑$11 with a view to capture a bounce back to the peer‑average multiple offers a lower‑risk entry for investors who think the current premium is overstated. Monitor upcoming Phase‑2 data releases (expected Q4 2025) for catalyst‑driven price action.