Vera Therapeutics, Inc: PO to $70: clean IgAN label, Trutakna looks poised to launch well

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Vera Therapeutics, Inc: PO to $70: clean IgAN label, Trutakna looks poised to launch well

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Vera Therapeutics, Inc

PO to $70: clean IgAN label, Trutakna looks

poised to launch well

Reiterate Rating: BUY | PO: 70.00 USD | Price: 43.79 USD

PO to $70 reflecting Trutakna-IgAN approval 07 July 2026

Following Trutakna’s (atacicept) conditional approval for the treatment of IgAN, we Equity

increase our PO to $70 (from $65) to reflect a fully derisked asset (POS now 100% vs

prior 90%). In our view, there is nothing surprising in the label which is in-line with the

Key ChangesBAFF/APRIL class and positively differentiated from prior approved drugs, hence we

make no changes to our $2.2bn in peak sales. We expect Trutakna to be commercially (US$) Previous Current

available very soon and model $48m in FY26 revenue, which reflects our view that Price Obj. 65.00 70.00

Trutakna will launch favorably; huge TAM, impressive clinical profile. We reiterate Buy on 2026E Rev (m) 47.9 47.8

Vera’s underappreciated sales opportunity relative to current trading levels 2027E Rev (m) 279.6 286.5

2028E Rev (m) 473.6 486.6

Clean label – clinical profile unaffected by ADAs 2027E EPS -3.68 -3.60

Trutakna’s IgAN label looks more-or-less in-line with first-in-class Otsuka’s Voyxact and 2028E EPS -2.40 -2.23

importantly also captures a broad eligible population, which does not require a minimum

uPCR. As far as atacicept’s clinical profile characterization, the label is clean: a) safety – Dina Ramadane

Research Analyst

no major concerns outside of normal infection risk (known) and ADAs (43%) BofAS

characterized as not impacting clinical profile; b) efficacy – proteinuria benefit reflects +1 646 556 0492 dina.ramadane@bofa.com

Origin-3 interim endpoint.

Jason M. Gerberry