JPM | US Healthcare: ARWR/IONS, INSM, ALNY Key Debates, DHR Recap, ROIV, NBIX / BBIO / COGT / ERAS / TVTX / VERA, EYPT, VOR, GPCR, Generics: US Healthcare Sector Specialist Commentary

Research evidence excerpt

JPM | US Healthcare: ARWR/IONS, INSM, ALNY Key Debates, DHR Recap, ROIV, NBIX / BBIO / COGT / ERAS / TVTX / VERA, EYPT, VOR, GPCR, Generics: US Healthcare Sector Specialist Commentary

aning negative. in sHGT, ARWR data is very competitive to IONS and it will have a dosing

advantage. However, IONS will have a head start with Tryngolza in sHTG launch starting this month v est 3Q best (or 2H27) for

ARWR. This is a market that the company has upgraded several times (>$3bn global) and our long term est at this stage has a 60-

40 split favoring IONS. This market could also be larger than people realize for both plaers given premium pricing and large

patient numbers. In Jess Fye’s model #s on Tryngolza for sHTG reach $1bn in 2029 globally and our numbers are slightly

conservative v the street. When we hosted a catch up with IONS CEO/CFO - commentary remained bullish on Tryngolza for

sHTG, and they reiterated that the $3bn peak sales guidance in the US assumes a competitor with similar data. IONS mgmt have

specifically said they are not anticipating providing launch metrics in terms of how many HCPs are prescribing or how many

patients are receiving prescriptions yet. However, some investors think providing these could help the buying and investors

wanting to own this for 3Q, post ESC (likely modest net negative if ARWR full AE table is clean) and pelacarsen.

For IONS – I would be curious to hear any views on how the shares trade from these levels – and if ARWR could be an overhang

removal – as the next catalyst pelacarsen already has a low probability of success in a lot of investors minds - or if investors

would want to see how the next catalysts play out first (pelacarsen + potentail read through from RARE’s Angelmans to IONS

program).

INSM Spec View: