Enanta Pharmaceuticals: Promising Pipeline and Strong Financial Position Justify Buy RatingValuation and Risks. We base our valuation on our discounted cash flow (DCF), where we use a weighted average cost of capital (WACC) of 15.1%, and an exit multiple of 10.0x on our 2034 estimates. We assign a 50% probability of success to Zelicapavir in RSV and take a conservative approach in ascribing value to the rest of the company’s pipeline at this stage. We assume a late 2029 or early 2030 launch for Zelicapavir in RSV. Risks include: 1) Clinical development risk, 2) Regulatory risks, 3) Commercial risk, and 4) Intellectual property risk.