The Valuation Question
AstraZeneca trades at a 20% discount to Roche (19x vs 24x PE) despite owning 14 times more genomic data (1.4M vs 100K patient profiles).
Markets value Roche's data at $2.3M per profile versus AstraZeneca's $192K per profile—a 12x premium per data point.
Possible explanations: Roche's Foundation Medicine diagnostics business monetizes genomic data directly. Database quality vs quantity—Roche's 100K profiles might be deeper, better phenotyped, more strategically curated. But does this justify a 12x valuation gap for 1/14th the data?