US Biopharmaceuticals: Vegas Day 2: What caught our attention from our SMID-cap biopharma coverage

Research evidence excerpt

US Biopharmaceuticals: Vegas Day 2: What caught our attention from our SMID-cap biopharma coverage

ie.fong@bofa.com

commercial launch. On the commercial side, mgmt's confidence in 160k US Richard Wagner >>

epidemiology estimate is rooted in literature, claims data and endocrinologist market Research Analyst

MLI (UK)

research and view avexitide's mid to long term growth to driven by expansion into +44 20 7995 9925

adjacent surgical populations, ex-U.S. geographies, and a long-acting formulation. richard.wagneriii@bofa.com

AMPH: base business, Baqsimi, and pipeline

We hosted AMPH's Bill Peters (CFO) and Tony Marrs (EVP Clinical and Regulatory), with PO change

the discussion focused on the base business, Baqsimi 1Q dynamics, and pipeline ROIV: to $29.50 (from $29.00)

development. On the base business, management expects the rate of decline for

glucagon and epinephrine multi-dose vial to soften, with potentially offset by some Acronyms

growth in epinephrine PFS. On margin headwinds, management sees the Baqsimi impact PBH: post bariatric hypoglycemia

as more transient, while glucagon is structural; management flags ipratropium as a RCT: randomized control trial

margin growth driver. AMPH expects Baqsimi pricing pressure to largely be alleviated by FDA: food & drug administration

the end of the year. To ensure Baqsimi duplicate rebating issues (340B hospitals) won't Stat sig: statistical significance

reemerge, management noted they will continue to engage the third-party firm helping Pbo: placebo

validate claims (leading to slight increase in G&A). On their insulin aspart program, NDA: New drug application

management notes that they are in a unique position where their capabilities enable PFS: pre-filled syringe

them to develop insulin (vs biotechs/Gx companies).