Kidney Doctor Survey—Bullish for TVTX, VERA and VRTX

Research evidence excerpt

Kidney Doctor Survey—Bullish for TVTX, VERA and VRTX

Equity Research

Multi Company Update — June 11, 2026

Biotechnology

Kidney Doctor Survey—Bullish for TVTX,

VERA and VRTX

Survey Supports >$10B Oppty for ERAs & B-cells Drugs in

IgAN; Webinar Tomorrow at 10:30am ET

Our Call Mohit Bansal

Key takes: 1) ERAs, incl. TVTX's Filspari, have pot'l to become largest category by Equity Analyst | Wells Fargo Securities, LLC

Mohit1.Bansal@wellsfargo.com | 212-214-8025

penetration in IgAN; 2) VERA could capture similar share as VRTX; 3) survey implies large

Sadia Rahman, PhDupside to our ests for all 3 cos; we raise ests for TVTX across IgAN & FSGS.

Equity Analyst | Wells Fargo Securities, LLC

Sadia.Rahman@wellsfargo.com | 646-584-6948

Survey is bullish for ERA & B-cell players. Our survey of 25 US nephrologists (11 Zhengxi Sun, PhD

academic & 14 community) suggests heavy branded uptake: docs expect to use new Associate Equity Analyst | Wells Fargo Securities, LLC

agents in 75% of their IgAN pts (incl. combo use). ERAs and B-cell agents are expected to Zhengxi.Sun@wellsfargo.com | 929-793-1007

be the largest categories, each projected to reach 35-40% of pts in 5 years. The survey William Zhang

supports higher estimates for TVTX for our new DCF-based PT of $65 (prior $50), and is Associate Equity Analyst | Wells Fargo Securities, LLC

also bullish for VERA and VRTX. Link to survey results here. William.Zhang@wellsfargo.com | 929-697-5075

Susan Chor

Filspari/TVTX oppty in IgAN looks underappreciated. More docs say they would use Associate Equity Analyst | Wells Fargo Securities, LLC Susan.Chor@wellsfargo.com | 212-214-5010

ERAs ahead of B-cell agents. Importantly, community docs, who treat the bulk of IgAN,

favor ERAs, estimating 46% of IgAN pts would be on ERAs, vs. 33% on B-cells.