Takeaways From Our Management Call on ESC-HF Congress

研报英文原文证据摘录

Takeaways From Our Management Call on ESC-HF Congress

ler & Co.

Ph2 Re-PHIRE (NCT05737940; n=259 patients with HF and PH due to left heart 212 284-9348, emma.nesson@psc.com

disease) was "discontinued due to efficacy" as detailed at AZN's 4Q/FY25 earnings. As Liam Hiester

such, AZD3427's Ph2 Re-PHIRE presentation at the ESC-HF conference demonstrated Research Analyst, Piper Sandler & Co.

no improvements across hemodynamic (PVR, mPAP, PAWP) or clinical parameters 646 656-5259, liam.hiester@psc.com

(6MWD, KCCQ-TSS, NT-proBNP) at Week 25 which is likely due to the heterogeneous Dominic Lorenzi

enrolled population. Notably, while the efficacy was underwhelming, AZD3427 showed Research Analyst, Piper Sandler & Co.

a strong safety/tolerability profile with no meaningful imbalances across CV death, HF 646 951-0692, dominic.lorenzi@psc.com

hospitalizations, outpatient HF visit, and non-CV deaths. Accordingly, this is in contrast Changes Previous Current

to LLY's volenrelaxin which showed an increased incidence of HF hospitalizations in Ph2 Rating — Overweight

(NCT05592275; n=332 HFpEF patients with worsening CHF; Borlaug BA, et al. Nat Med. Price Tgt — US$76.00

2025 Nov;31(11):3853-3861). Thus, Ph2 Re-PHIRE de-risks relaxin as a safe/tolerable FY26E EPS — US$(5.30)

target where the safety issues observed in volenrelaxin's Ph2 may be drug specific or FY27E EPS — US$(5.93)

due to the enrolled patient population. To further substantiate this, hypotension was the FY26E Rev (mil) — US$0.0

FY27E Rev (mil) — US$0.0 most common AE assessed by investigators as possibly related to study intervention in

AZD3427's Ph2 Re-PHIRE. Additionally, placebo rates were higher across SAEs (17% 52-Week High / Low US$36.03 / US$14.38