The Pilot Episode: SMIDigging for Gold

Research evidence excerpt

The Pilot Episode: SMIDigging for Gold

EUROPE | Biotechnology EquityJulyResearch14, 2026

We provide incremental news flow and views on key catalysts, commercial

trends and debates across our European SMID-cap Biotech & Biopharma

coverage universe in a new monthly series.

*Click the thumbnail below to watch our video*

.

[Almirall] Dermatologist adoption trends remain encouraging for Ebglyss: We continue

to believe the growth trajectory for Ebglyss (anti-IL-13) in atopic dermatitis (AtD) is

underappreciated. Physician adoption is building across Europe and the US (via partner Eli

Lilly), with feedback consistently highlighting its rapid onset of action and strong skin clearance

profile. Supporting this view, our US analyst Roger Song's US dermatology survey (n=40)

found Ebglyss to be the leading recently launched therapy, accounting for c.18% of treated

patients across any line of therapy. Importantly, utilisation increases further in 2nd+line,

although Galderma's Nemluvio (anti-IL-31) is also capturing meaningful share. More broadly,

we continue to view the AtD market as highly dynamic, with heterogeneous patient needs

supporting the coexistence of multiple mechanisms and leaving ample runway for Ebglyss to

continue gaining share.

[Camurus] Expert views reinforce confidence ahead of Phase III SORENTO data: Recent

investor-led expert calls that we found on AlphaSense with two US NET specialists were

broadly supportive of CAM2029's underlying rationale. One expert viewed HR of 0.75-0.80

as sufficient to consider CAM2029 practice-changing. The second was more cautious on

the magnitude of benefit and believes the trial's powered HR of 0.65 sets a high bar.

Importantly, however, both docs indicated that a positive SORENTO outcome would likely