US Pharmaceuticals & Biotechnology: VRTX, JBIO: Otsuka eGFR Likely Stabilized, Still a TBD on Other Details including eGFR Slope Levels

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US Pharmaceuticals & Biotechnology: VRTX, JBIO: Otsuka eGFR Likely Stabilized, Still a TBD on Other Details including eGFR Slope Levels

Global Research

2 July 2026ab

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EquitiesUS Pharmaceuticals & Biotechnology

VRTX, JBIO: Otsuka eGFR Likely Stabilized, Still a Americas

TBD on Other Details including eGFR Slope Pharmaceuticals

Levels MichaelAnalystYee

michael.yee@ubs.com

+1-305-536 9101

Dina ElmonshedOtsuka reported top line 2-year eGFR data for Voyxact (sibeprenlimab) APRIL-

Analyst

only antibody which shows statistically significant two-year eGFR stabilization

dina.elmonshed@ubs.com

with evidence of improvement over placebo at two years. Big picture: we think +1-212-649 8276

this is an important result and should translate to other APRIL and APRIl/BAFF inhibitors

Kyle Yang, CFAin the class including VRTX povetacicept (APRIL/BAFF) and JBIO JADE101 (APRIL-only)

Associate Analyst

which have shown comparable levels of placebo-adjusted UPCR reduction (for VRTX)

kyle.yang@ubs.com

and ultimately shows APRIL and APRIL/BAFF drugs are showing clinically meaningful +1-212-713 1458

kidney function preservation. We don’t yet know the actual slope for the treatment arm

Matthew Hagoodthough a key detail in the PR notes data were consistent with KDIGO 2025 IGAN

guidelines of <1 mL/min/1.73 m^2; so while there may have effectively been

matthew.hagood@ubs.com

stabilization, the slope may still be declining slightly but at a low level. We believe Otsuka +1-212-713 1107

could potentially show full data details at the ASN Conference in October.

Madeleine Lee

We would expect this reads through (+) to key players including VRTX and JBIO madeleine.lee@ubs.com

and would expect both drugs could also show eGFR stabilization. Key question +1-212-713 1476