JPM | US Healthcare: First Takes: MRK, PFE, IDXX, BRKR, WAT, RVTY, RYTM, BNTX, HSIC. Recaps: JAZZ Mgmt Call Today, VRXT, DHR CEO Change, MedTech Deals, INSP, ALHC, CNC, Facilities, MRNA. MIRM/BCRX, ACAD, CYTK, IMVT, TGTX, ROIV, ORIC, VERA, Upcoming Mgmt C

Research evidence excerpt

JPM | US Healthcare: First Takes: MRK, PFE, IDXX, BRKR, WAT, RVTY, RYTM, BNTX, HSIC. Recaps: JAZZ Mgmt Call Today, VRXT, DHR CEO Change, MedTech Deals, INSP, ALHC, CNC, Facilities, MRNA. MIRM/BCRX, ACAD, CYTK, IMVT, TGTX, ROIV, ORIC, VERA, Upcoming Mgmt C

but if the withdrawal period data are indeed robust, we do see the door opening for a potential

filing. Separately, heading into Graves' topline next year, we see the Graves’contribution in the SOTP gaining traction. We

continue to view Graves' as the major driver in the story, with the potential to be the first FcRn asset to disrupt a space that has

been largely untouched for decades. Riding on ROIV’s coattails, we continue to see IMVT outperforming through the rest of the

year. CLE readout later this year could also offer meaningful upside, though demonstrating success could be tricky based on our

initial work.

TG Therapeutics (TGTX): Briumvi SubQ Data on Track; 2Q Key Takes. - Cheng Note

TGTX’s 2Q Briumvi US sales came in at $228mn (+17% q/q), which is a step up above co. guidance of ~$220mn from 1Q. The

weakness in TGTX shares today (-11% vs. +0.2% XBI) appeared to be driven by two factors: 1) expectations heading into TG’s

2Q print were high as investors pointed to mgmt’s bullish stance heading into the print. The number was slightly short of the

buyside’s bogey of $230mn-$240mn (note); 2) mixed feedback on the updated FY guidance for US Briumvi sales to $890mn-

$905mn (from $885mn-$900mn). The magnitude of the increase prompted some questions on the trajectory, noting 3Q

historically is often a choppy quarter impacted by seasonality. Net-net, the short-term focus revolving around the q/q dynamic

may not be as relevant at this juncture given the approaching SubQ data late this year or early next.