Biopharma: Takeaways from gMG KOL call

Research evidence excerpt

Biopharma: Takeaways from gMG KOL call

Idea

June 12, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMBiopharma | North America Terence C Flynn, Ph.D.

Equity Analyst

Takeaways from gMG KOL call Terence.Flynn@morganstanley.comSean Laaman, Ph.D. +1 212 761-2230

Sean.Laaman@morganstanley.com +1 212 761-4947

We hosted a call with a neurologist/neuromuscular specialist Chris Yu, J.D., Ph.D.

who has over 20 years of experience treating patients with EquityChris.L.Yu@morganstanley.comAnalyst +1 212 761-2535

myasthenia gravis. He currently treats 125 generalized Connor M Massari

myasthenia gravis (gMG) patients. Below are our key takeaways. Connor.Massari@morganstanley.com +1 212 761-2417

Damien H Kerner

The KOL is an early adopter of biologics for treating gMG, and expects guideline Research Associate

updates in 2H27 could increase biologic penetration by his peers and double the Damien.H.Kerner@morganstanley.com +1 212 761-3829

Morgan K Gryga

market over the next 3-5 years. Specifically, he uses biologics for 60-65% of his Research Associate

patients vs ~30% of gMG patients nationally per his estimate. He noted that some Morgan.Gryga@morganstanley.com +1 212 761-0824

Alexander Yevdokimov, Ph.D.

of his peers use older drugs, reserving biologics in 2L+. For reference, various

Research Associate

company estimates indicate biologic penetration in the range of 15-20% (see our Alexander.Yevdokimov@morganstanley.com +1 212 761-2167

recent deep dive on gMG HERE). He expects updated guidelines around 2H27, to Hailey Horowitz

recommend consideration of a biologic in the 1L setting, without specifying a Hailey.Horowitz@morganstanley.com +1 212 761-5264

preferred agent and without limiting biologics to refractory patients. In his view, this Morgan Stanley India Company Private Limited+