Thoughts On Neffy Coverage Update - Lots to Unpack

Research evidence excerpt

Thoughts On Neffy Coverage Update - Lots to Unpack

June 24, 2026

30-45% higher than 1Q on a historical basis. This same boost to

Neffy could get them to consensus.

●While the company awaits the coverage decision from the large PBM,

it can still drive meaningful adoption, with a couple of strategies:

●Providing Neffy for $199/kit at the pharmacy for those whose

claims are denied is more palatable for both patients and more

importantly for prescribers.

●Using AI software for doctors to autopopulate prior auths

alleviates the workload which has been a historic significant

obstacle. SPRY notes that prior auth approval rates have

been exceptionally high, so the AI effort combined with the

manageable out-of-pocket cost for those denied coverage

should continue to drive shares higher.

●The company is pursuing additional options to optimize

coverage. And it's not impossible that the large outstanding PBM

decides to add Neffy to the formula, under pressure from patient

advocacy groups and politicians, prior to Jan 1.

●While many may view the lack of formulary inclusion as a meaningful

setback (shares were down ~25% after hours which we view as an

over-reaction), it is important to note that physician bandwidth was

arguably the larger constraint last back to school season. Increased

patient volumes left little time for physicians to educate patients about

neffy as an alternative solution to auto-injectors.

●If those conditions repeat this year, the absence of expanded

coverage may prove less consequential than many expect. That

said, we continue to closely monitor neffy scrip data, and should

have more clarity within the coming weeks on the trajectory

of this year's back to school bolus. And of course, if Neffy isn't

added to the large PBM's formulary until Jan 1, this headwind