The average market cap to sales is 12.16. Many of the companies in this list do not produce a penny in profit. The market seems to value them based on future prospects. For a mature company like AMGN that produces very little growth in sales, the multiple is very low. The multiple depends on implied growth, pipeline etc. Only the companies trading in US with market cap of more than 2 billion were considered.
This is not a prediction of sales for Afrezza/stock price of MNKD, but just a thought experiment. What would be the future stock price of MNKD, if partner gets 20%?
The table below shows the numbers. This method is not very scientific and ignores dilution risk. What is very clear is that the stock/market cap wont move up without increase in sales.