Vera Therapeutics, Inc: Recent catch-up w/mgmt: commercial team gearing up for strong ataci-IgAN launch

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Vera Therapeutics, Inc: Recent catch-up w/mgmt: commercial team gearing up for strong ataci-IgAN launch

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Vera Therapeutics, Inc

Recent catch-up w/mgmt: commercial team

gearing up for strong ataci-IgAN launch

Reiterate Rating: BUY | PO: 65.00 USD | Price: 34.35 USD

Ataci well positioned for launch heading into PDUFA 22 May 2026

Following our catch-up with Vera’s CCO, we lower our FY26 atacicept revenue estimates Equity

to reflect a more realistic launch ramp (prior $69m vs now $48m), which has no impact

to our PO or view on ataci’s prospects in IgAN. Our numbers now reflect revenue

Key Changesrecognition being back-end loaded given ~3-4-week channel fill time post-approval (on

track for July 7th PDUFA), reimbursement timeline, thus patients will likely be on therapy (US$) Previous Current

for an average of ~1.5 months (vs higher in previous modeling). Below are detailed 2026E Rev (m) 69.4 47.9

discussion points with CCO, which support our view that ataci is poised to deliver solid 2027E Rev (m) 309.4 279.6

PSF #s on EPS updates. We reiterate Buy on our view that Vera’s assets are undervalued. 2026E EPS -5.99 -6.25

2027E EPS -3.32 -3.68

IgAN launch strategy: 82 reps targeting 6.3k nephrologists

We expect atacicept’s label to be in line with Voyxact (no proteinuria threshold) and Dina Ramadane

clean safety. Commercially, atacicept appears well positioned ahead of PDUFA, with 82 ResearchBofAS Analyst

sales reps deployed targeting ~6.3k high-prescribing nephrologists (concentrated “upper +1 646 556 0492

decile” approach). Feedback from the field has been positive, with growing BAFF/APRIL dina.ramadane@bofa.com

Jason M. Gerberry

recognition and favorable tailwinds from KDIGO guidelines. Early category signals are Research Analyst