[2Q26 EPS Preview] We Want to See Double Digit Growth Support for Upside Potl

Research evidence excerpt

[2Q26 EPS Preview] We Want to See Double Digit Growth Support for Upside Potl

e case as losing (mostly priced in) and key is to see actual commercial durability. Model PREV 7.54 7.86 8.10 29.78

update. We tweaked rev estimates and PT to $714 from $733.

Tyvaso likely back on growth, driven by DPI. We model 2Q26 Tyvaso total +~5%/ DPI +~12/ neb

-~9%, relatively in line with Cons although more bullish on DPI, which could be driven by referral

rebound, high dose kit, more reps, and neb switching. Note, while referral at pre-Yutrepia-launch

levels exiting 1Q per mgmt, we've not seen structural DPI displacement as Yutrepia's ~$130M 1Q/

+~44% Q/Q growth, suggesting market expansion potential so far with two players and competitive

share TBD. See Content for more on commercial franchise.

TETON franchise would be '27-'28+ growth engine. ATS26 TETON-1 detailed data showed

subgroup consistency, early separation, and supportive 2EPs. 40.5% d/c (vs 32.8% pbo) was in line

with IPF drugs, largely driven by nebulizer fatigue not cough (cough-d/c only ~7%) and could be

improved in real world with approval and clear efficacy NOTE. Integrated data support sNDA and

potential to become part of future IPF SoC, as an ~$5-10B+ franchise. We will look for IPF filing

strategy/ timeline and PPF pivotal enrollment update (~75% enrolled per Fireside) to support our

confidence.

Ralinepag super-prostacyclin platform could add under-appreciated growth leg. ADV Roger Song, MD, CFA * | Equity Analyst

OUTCOMES ATS26 (NOTE) meaingful HR, subgroup consistency, 6MWD benefit, etc were not +1 (617) 342-7955 | rsong@jefferies.com

appreciated, and could be reflected getting into launch. Ralinepag based QD DPI, triple pill could Nabeel Nissar * | Equity Associate