# Long Range Advisory — full text

Long Range Advisory helps small and mid-sized biotechnology and pharmaceutical companies make smarter investment decisions through long-range planning, valuation modeling, and executive decision support.

Retrieved from https://longrangeadvisory.com. Illustrative figures only; not investment advice.

## https://longrangeadvisory.com/

Long Range Advisory. Turning financial strategy into capital allocation. Long Range Advisory helps small and mid-sized biotechnology and pharmaceutical companies make smarter investment decisions through long-range planning, valuation modeling, and executive decision support.

What does Long Range Advisory do? Long Range Advisory provides long-range planning, valuation modeling and executive decision support to small and mid-sized biotechnology and pharmaceutical companies — building the DCF, NPV, IRR and scenario models leadership uses to allocate capital.

Who is Long Range Advisory for? Executive teams at emerging biotech and pharma companies: CFOs, VPs of Finance and CEOs facing a pipeline, licensing, manufacturing or commercial investment decision that needs a defensible valuation behind it.

What is the difference between adjusted and unadjusted NPV? Unadjusted NPV assumes technical success. Adjusted NPV risk-weights every cash flow by the probability of success. In the worked example on this site the same pipeline is worth $5.54B unadjusted and $4.08B adjusted — a $1.46B risk discount.

How much does an engagement cost? Fixed fee against a written scope, agreed before work starts, and sized to the decision. Initial consultations are complimentary and focused on understanding your objectives before recommending next steps.

Step 01: Scope the decision. One call to establish what is being decided, by whom, and by when.

Step 02: Fix the assumptions. Commercial forecast, development cost, timing and probability — agreed and documented.

Step 03: Build the model. An integrated long-range plan and valuation your team can open, read and maintain.

Step 04: Present to the board. The recommendation, the scenarios behind it, and the questions it must survive.

## https://longrangeadvisory.com/model-lab

At a 10.0% discount rate the illustrative five-asset pipeline is worth $4.08B on a risk-adjusted basis and $5.54B unadjusted. The $1.46B difference is the price of development risk. Implied share price is $9.34 on 450M shares with $125M net cash.

## https://longrangeadvisory.com/answers

What is risk-adjusted NPV (rNPV) in biotech? Risk-adjusted net present value weights every projected cash flow by the probability that the program actually reaches market. An unadjusted NPV shows what an asset is worth if the science works; rNPV shows what it is worth today given that it might not. The gap between the two is the price of the development risk the company is carrying.

How do you value a biotech pipeline? Value each program separately, then sum the parts. For each asset you need peak sales, the probability of technical and regulatory success, the launch year, the development cost still to be spent, and a discount rate. Discount the projected free cash flows to today, subtract remaining development cost, multiply by probability of success, and add net cash to reach an equity value.

What discount rate should a biotech use? Emerging biotechs commonly use 10% to 14%, rising with the cost of capital and falling as the portfolio de-risks toward commercial stage. The rate matters less than applying it consistently: what leadership needs to see is how the ranking of programs changes across a range, not a single point estimate.

What is a long-range plan (LRP)? A long-range plan is a multi-year financial model, typically covering five to ten years, that connects the product pipeline, commercial forecast, R&D and manufacturing spend, headcount and cash flow into a single view. In life sciences it functions as a capital allocation instrument rather than a forecast.

How is a long-range plan different from a budget? A budget commits money for the coming year and is measured against actuals. A long-range plan tests whether the strategy is fundable at all — it asks which programs survive, what the company is worth if they do, and what has to be true for the cash to last.

Who does Long Range Advisory work with? Small and mid-sized biotechnology, pharmaceutical and healthcare organizations — typically the CFO, VP Finance, or CEO of a company preparing for commercialization, a financing event, or a portfolio decision that needs a defensible number behind it.

How does an engagement with Long Range Advisory start? With a complimentary initial consultation focused on understanding the decision you are working through. From there the sequence is: scope the decision, agree the assumptions in writing, build the model, and present it to the board.

What do you receive at the end of an engagement? An executive-ready financial model your own team can open and maintain, a written recommendation with the numbers behind it, and the scenarios leadership can stress-test in the room.

## https://longrangeadvisory.com/advisory-services/long-range-planning

Long-Range Planning & Valuation. Long-range planning and valuation builds one integrated financial model — commercial forecast, R&D investment, manufacturing, operating expense and cash flow — that a biotech leadership team uses to decide which programs to fund and what the portfolio is worth. Long Range Advisory partners with emerging biotechnology and pharmaceutical companies to develop long-range financial plans, valuation models, and strategic finance solutions that improve capital allocation and maximize long-term enterprise value.

Long Range Advisory develops integrated long-range financial plans and valuation models that help biotechnology and pharmaceutical companies evaluate strategic investments, prioritize capital allocation, and make confident executive decisions. Our integrated financial models combine commercial forecasts, R&D investment planning, manufacturing assumptions, operating expenses, cash flow forecasting, and valuation analysis into a single executive planning model.

DCF, IRR & NPV investment analysis. We evaluate strategic investments using discounted cash flow (DCF), net present value (NPV), internal rate of return (IRR), sensitivity analysis, and scenario modeling. These analyses allow executive teams to compare competing investment opportunities, quantify financial risk, and allocate capital toward investments that maximize long-term shareholder value.

How we build long-range financial plans. Every engagement begins with a deep understanding of your commercial strategy, product pipeline, operating assumptions, and capital priorities. We build integrated long-range financial models that connect revenue, operating expenses, clinical development, manufacturing, and cash flow into a single executive planning model used to support strategic decisions.

Capital allocation & investment analysis. Our investment models allow leadership teams to evaluate acquisitions, internal investments, manufacturing expansion, commercialization strategies, and R&D initiatives using objective financial metrics. We help executives make confident capital allocation decisions backed by rigorous financial analysis.

Why long-range planning matters. Biotechnology companies operate in an environment where capital is limited and investment decisions have long-term consequences. Effective long-range planning provides executive teams with the visibility needed to balance growth opportunities, manage financial risk, and maximize enterprise value while preparing for commercialization, future financing events, strategic partnerships, and potential M&A opportunities.

Typical engagements: Long-Range Financial Planning (LRP), Commercial Forecasting, DCF / IRR / NPV Valuation Models, Capital Allocation Analysis, Scenario & Sensitivity Modeling, Budgeting & Forecasting, Board & Investor Presentation Support, Strategic Finance Support for Commercialization.

What is a long-range plan in biotech? A long-range plan is a multi-year financial model — usually 5 to 10 years — that connects the product pipeline, commercial forecast, R&D and manufacturing spend, and cash flow into one view. In biotech it is primarily a capital allocation instrument: it decides which programs get funded, which get delayed, and which get partnered.

How long does a long-range planning engagement take? A focused valuation or long-range plan typically runs four to eight weeks: one week to scope the decision and agree assumptions, three to five weeks to build and review the model, and a final week preparing the board or investor presentation.

Who owns the model at the end? You do. Every model is built to be opened, read and maintained by your own finance team — no black boxes and no ongoing dependency.

## https://longrangeadvisory.com/advisory-services/financial-planning-decision-support

Financial Modeling & Decision Support. Financial modeling and decision support combines revenue forecasts, operating expenses, R&D investment, manufacturing assumptions and cash flow into a single framework leadership uses to test a decision before capital is committed. Build integrated financial models that support executive decision-making, capital planning, forecasting, and long-term business growth.

We build integrated financial models that help biotechnology and pharmaceutical leadership teams evaluate strategic decisions with confidence. Our models combine revenue forecasts, operating expenses, R&D investments, manufacturing assumptions, and cash flow projections into a single decision-support framework.

Scenario & sensitivity analysis. We develop flexible scenario models that allow leadership teams to understand risk, evaluate strategic alternatives, and make informed decisions before capital is committed.

Built for executive decision-making. Every model is designed to give leadership a clear understanding of financial outcomes, capital requirements, and long-term value creation.

What our models include: Revenue & Commercial Forecasting, Operating Expense Planning, R&D Investment Modeling, Manufacturing & Supply Chain Assumptions, Cash Flow Forecasting, DCF, IRR & NPV Analysis, Scenario & Sensitivity Modeling.

What makes a financial model executive-ready? An executive-ready model states its assumptions on one page, re-solves when any of them change, and produces the two or three numbers the decision actually turns on. If leadership cannot follow the logic from assumption to conclusion in a single sitting, the model is not ready.

Do you work in Excel or in a modeling platform? Excel, unless you already run something else. It is the format your finance team can maintain, audit and hand to a board without a licence or a migration.

## https://longrangeadvisory.com/advisory-services/capital-allocation-investment-analysis

Capital Allocation & Investment Analysis. Capital allocation analysis ranks competing investments — pipeline programs, licensing deals, manufacturing capacity, commercial launch spend — by the risk-adjusted value each one creates per dollar committed. Evaluate investment opportunities, quantify financial risk, and allocate capital to maximize long-term enterprise value.

We help biotechnology and pharmaceutical leadership teams evaluate competing investment opportunities using objective financial analysis. Every recommendation is aligned with long-term strategic priorities and shareholder value creation.

Investment evaluation. Our analyses incorporate DCF, NPV, IRR, scenario modeling, and sensitivity analysis to compare investment alternatives and support confident capital allocation decisions.

Financial risk management. Every growing company faces financial risks, including market fluctuations, economic uncertainty, and unexpected operational challenges. Strategic financial planning involves identifying these risks and developing strategies to mitigate them. Companies can protect themselves by maintaining emergency reserves, diversifying revenue streams, and implementing strong financial controls.

Long-term financial planning. Sustainable growth requires a long-term perspective. Companies must look beyond immediate profits and consider how their financial decisions will impact the future. By aligning financial strategies with their overall business vision, companies can create a road map that supports continuous expansion and stability.

Decisions we help price: Pipeline prioritization, In-licensing & business development, Manufacturing & capacity investment, Commercial launch investment, Portfolio rationalization, Build vs. buy vs. partner.

How do you decide which program to fund first? By risk-adjusted value created per dollar of capital required. A program with a smaller headline NPV can still rank first if it needs far less capital to reach its next value inflection point.

What happens when the budget will not cover every program? That is the normal case, and it is the point of the analysis. The model shows what the portfolio is worth at each funding level, so leadership can choose deliberately rather than by seniority or momentum.

## https://longrangeadvisory.com/advisory-services/executive-fpa-advisory

Executive FP&A Advisory. Executive FP&A advisory raises the quality of the numbers leadership decides on — budgets, quarterly forecasts, long-range plans, KPI reporting — and the speed at which they arrive. Strengthen FP&A capabilities through budgeting, forecasting, long-range planning, executive reporting, and financial decision support.

FP&A partnership that raises the quality of the numbers leadership decides on — and the speed at which they arrive.

Budgeting & forecasting. We build annual budgets, quarterly forecasts, and long-range plans that improve financial visibility and support better business decisions.

Executive reporting & KPI dashboards. Develop clear financial reporting, KPI dashboards, and executive presentations that help leadership understand business performance and key financial drivers.

Finance business partnering. Work alongside commercial, R&D, manufacturing, and executive leadership teams to translate business strategy into actionable financial plans and measurable results.

Where we start: Annual budget build, Quarterly forecast cadence, Long-range plan refresh, Executive & board reporting pack, KPI dashboard design, Variance & driver analysis.

We already have an FP&A team. Where do you fit? Alongside them, on the work that does not fit the calendar: a long-range plan refresh, a board pack that has to survive scrutiny, or a valuation nobody has capacity to build during budget season.

## https://longrangeadvisory.com/advisory-services/interim-finance-leadership

Interim Finance Leadership. Interim finance leadership places an experienced finance executive inside the business for a defined period — establishing financial discipline, reporting and decision support without the commitment of a permanent hire. Experienced finance leadership for organizations in transition — without the commitment of a permanent hire.

Experienced finance leadership, available immediately.

Immediate business impact. Quickly integrate with executive leadership, establish financial discipline, improve reporting, and support critical business decisions without the commitment of a permanent hire.

Flexible executive support. Whether filling a temporary leadership gap or supporting a growing finance organization, we provide experienced financial leadership that helps businesses maintain momentum and execute with confidence.

Typical engagements: Interim FP&A Leadership, Finance Team Development, Budgeting & Forecasting Oversight, Long-Range Planning, Executive Reporting, Board & Investor Support.

How quickly can an interim engagement start? Usually within two weeks of scoping, and the first month is spent establishing reporting and decision cadence rather than reorganizing the team.

## https://longrangeadvisory.com/advisory-services/strategic-finance-initiatives

Strategic Finance Initiatives. Strategic finance initiatives are scoped, project-based engagements — a launch plan, a board presentation, a KPI dashboard, a one-off analysis — delivered without adding headcount. Project-based finance leadership for the initiatives that do not fit an existing team’s capacity.

Every engagement is customized to the organization’s objectives, providing practical financial insights and actionable recommendations that create measurable business value.

Tailored financial solutions. Every engagement is customized to the organization’s objectives, providing practical financial insights and actionable recommendations that create measurable business value.

Flexible project support. Whether supporting a single initiative or partnering through a complex business challenge, we provide experienced finance leadership that helps organizations make better decisions with confidence.

Examples of strategic finance projects: Commercial Launch Planning, Financial Process Improvement, Scenario & Sensitivity Analysis, Executive & Board Presentation Support, KPI Dashboard Development, Ad Hoc Financial Analysis.

How are project engagements priced? Fixed fee against a written scope, agreed before the work starts. Initial consultations are complimentary.

## https://longrangeadvisory.com/meet-the-founder

Nick Thakkar, Founder · Strategic Finance Executive. Nick founded Long Range Advisory (LRA) to provide growing biotechnology, pharmaceutical, and healthcare organizations with access to executive-level financial strategy typically reserved for large enterprises and investment banks.

With more than 15 years of experience across Fortune 500 and high-growth life sciences organizations, he partners with executive leadership to evaluate strategic investments, optimize capital allocation, and build financial models that support confident long-term decision-making.

His expertise spans long-range planning, valuation modeling, forecasting, and investment analysis, helping organizations maximize enterprise value through data-driven financial strategy.

Why I started Long Range Advisory. Every company I worked for made the same decision over and over: which programs get funded, which get delayed, and which get partnered out. The teams that got it right had one thing in common — a long-range plan their leadership actually believed in. Most emerging biotechs cannot justify a full corporate FP&A function to build one. Long Range Advisory exists to close that gap.

How I work. Engagements start with the decision, not the spreadsheet. I sit with the leadership team, agree the assumptions in writing, then build a model your team can open, read and maintain after I leave. No black boxes, and no dependency on me to run it.

Corporate Finance, AbbVie, from 2010. Helped establish FP&A capabilities for a $500M business unit, creating the budgeting processes, reporting structures and financial ownership behind them. Supported SEC reporting — 10-Q, 10-K, 8-K and quarterly earnings releases.

Sr. Financial Analyst, Razorfish, from 2016. Implemented an AI-driven CRM tool for revenue and profitability forecasting, and redesigned the reporting and analysis processes behind margin, cost and client profitability.

Finance Manager, Addus HomeCare, from 2017. Supported an ERP implementation and standardised global reporting processes, improving data consistency and operational visibility across the business.

Finance Lead, AbbVie, from 2018. Built the FP&A function from the ground up for a $500M business unit, then led annual budgeting, long-range planning and quarterly forecasting across a $750M+ portfolio. Prepared public-company reporting and automated the recurring packages behind it.

Finance Manager, Neurocrine Biosciences, from 2020. Led enterprise financial planning — annual budgeting, long-range planning and latest estimates for executive leadership. Built an award-winning long-range planning model incorporating valuation, ROI, DCF, IRR and NPV analysis.

Finance Manager, Regeneron, from 2024. Leads enterprise FP&A across SG&A, R&D and Corporate functions, covering more than $1B in operating expense. Provides scenario modeling and strategic analysis to the C-suite and Board on more than $1B in capital allocation decisions.

Founder, Long Range Advisory, from Today. Founded Long Range Advisory to give growing biotech and pharmaceutical organizations the executive-level planning, valuation and capital allocation work that normally sits inside a full corporate FP&A function.

## https://longrangeadvisory.com/board

Long Range Advisory is advised by 6 senior finance and operations leaders. Arslaan Saleem — Executive Director, Commercial FP&A, BridgeBio: Commercial finance leader with 14+ years across biotech and Fortune 100 environments. At BridgeBio he owns Commercial FP&A and P&L across launched and pipeline assets, including financial leadership for the launch of Attruby. He previously led commercial FP&A for Reata’s first U.S. launch, Skyclarys, and spent nine years at AbbVie, where he managed the U.S. Rheumatology P&L supporting roughly $7B in net sales across Humira and Rinvoq. Hamad Ejaz, CPA — Controller, Fennec Pharmaceuticals: Controller at Fennec Pharmaceuticals and a Certified Public Accountant. He spent four years at SpringWorks Therapeutics as Director of External Reporting and Technical Accounting, and before that held technical accounting and commercial alliance accounting roles at AbbVie. His work centres on external reporting, technical accounting positions, and the treatment of business acquisitions and licensing agreements. Brian Delaney — Director, Global Transparency (Retired), AbbVie: Retired from AbbVie, where he led Global Transparency — the systems and processes used across more than 40 countries to capture, verify and disclose transfers of value to healthcare professionals and organizations. Earlier, at Abbott Laboratories, he ran ERP strategy and deployment for ex-U.S. pharmaceutical commercial operations and led IT integration for the BASF-Pharma acquisition. Jason Elkins, MBA, MSA — FP&A Consultant, Director level, Sonova Group: FP&A leader who has built and run planning functions across med tech, pharmaceuticals, CPG manufacturing and insurance. He led North America FP&A for Sonova Group across a $1B+ P&L, and before that ran planning and controlling for a family office spanning ten-plus portfolio companies. Earlier roles include global FP&A at Vantive and corporate FP&A and business intelligence at Kemper. Vinod Choudhary, CA — AI & Finance Systems, Reliance Retail: Chartered Accountant who builds the AI layer over finance systems: conversational agents that answer questions against live financial data, automated insight tooling for FP&A, and 50+ finance and audit automation tools spanning investment valuation, journal-entry completeness testing and interest computation across 1,000+ customers. Works in Python, SQL and machine learning. Senior Treasury Manager at Reliance Retail, after four years at Walker Chandiok & Co. LLP, Grant Thornton’s member firm in India. Shraddha Dubal, M.D., CCRP — Clinical Research Consultant, Independent: Clinical research consultant with 15+ years across pharma, biotech, medical devices and in-vitro diagnostics. She is a Principal Investigator for usability studies and a former CRO leader: at MDC Associates she was Director of CRO Services, running clinical affairs, clinical operations and data management, and she previously directed clinical research sites for Accel Clinical Services and M3 Wake Research. Her work centres on study designs that meet regulatory expectations, and on building and scaling site networks.

## https://longrangeadvisory.com/leadership/strategic-planning-techniques-for-business-growth

Strategic planning techniques for business growth. The planning horizon is not a calendar exercise. It is the mechanism that decides which programs get funded, which get paused, and which get partnered.

Most long-range plans fail for the same reason: they are built as a forecast when they should be built as a decision instrument. A forecast asks what will happen. A plan asks what we should fund, in what order, and what we will stop doing to pay for it.

Start with the asset, not the calendar. Every program in the pipeline carries three numbers that matter more than the rest: the peak revenue it can plausibly reach, the probability it survives to launch, and the year it arrives. Get those three defensible and the rest of the model is arithmetic.

Then risk-weight everything. An unadjusted net present value tells you what an asset is worth if the science works. An adjusted net present value tells you what it is worth today, given that it might not. The gap between those two numbers is the honest price of the risk your board is carrying — and it is usually the most useful line in the entire model.

Finally, make the model argue back. If a 200 basis point change in the discount rate reorders your funding priorities, leadership needs to see that before the capital is committed, not after.

## https://longrangeadvisory.com/leadership/how-to-build-a-scalable-business-model-successfully

How to build a scalable business model successfully. Scalability shows up in the gross margin line long before it shows up anywhere else. Here is how to model it honestly.

Scalability is a margin question before it is a revenue question. If gross margin does not improve as volume grows, the business is not scaling — it is just getting bigger.

Model the cost side at the same resolution as the revenue side. Manufacturing, distribution and medical affairs all move with volume, but not proportionally, and the difference between those curves is where operating leverage actually lives.

Then test the plan at half the revenue. A model that only works at the base case is not a plan; it is a hope with a spreadsheet attached.

## https://longrangeadvisory.com/leadership/key-financial-strategies-every-growing-company-needs

Key financial strategies every growing company needs. Cash runway, capital discipline, and a forecast the executive team actually believes in — in that order.

Runway first. Every other financial decision in an emerging company is downstream of how many months of cash remain and what has to be true before the next raise.

Capital discipline second. The question is never whether a program is good — it is whether it is better than the program it displaces.

A believed forecast third. A forecast leadership does not believe is worse than no forecast, because it still gets used.

## https://longrangeadvisory.com/leadership/leadership-development-tactics-for-modern-organizations

Leadership development tactics for modern organizations. Finance business partnering is a leadership skill long before it is a technical one.

The finance business partner who changes decisions is rarely the one with the most detailed model. It is the one who understood what the commercial team was worried about before building anything.

Technical depth earns you the meeting. Framing the trade-off in the language of the person who has to make the call is what earns you the decision.

## https://longrangeadvisory.com/leadership/market-expansion-strategies-for-competitive-advantage

Market expansion strategies for competitive advantage. New indications are capital allocation decisions wearing a commercial costume. Price them accordingly.

A new indication looks like a commercial opportunity and behaves like a capital allocation decision. It consumes development spend, delays other programs, and only pays back if the incremental population is both reachable and reimbursed.

Price it the same way you would price an in-licensing deal: risk-adjusted, against the program it displaces.