Post EPS Huddle: Zusduri Demand Builds As The Launch Is Off To A Strong Start

研报英文原文证据摘录

Post EPS Huddle: Zusduri Demand Builds As The Launch Is Off To A Strong Start

Biotechnology

UroGen Pharma

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

May 11, 2026

Price: $29.40 (05/8/2026) Post EPS Huddle: Zusduri Demand Builds As

Price Target: $35.00 The Launch Is Off To A Strong Start

BUY (1)

ESG SCORE: 62/100

Tara Bancroft, Ph.D. THE TD COWEN INSIGHT

646 562 1410

We were joined by URGN mgmt following Q1 EPS (note here). The company highlighted strong

tara.bancroft@tdsecurities.com

early Zusduri uptake post the perm J-code, with accelerating PEFs, new patient starts and no

Nicholas Lorusso bolus-driven dynamic. Repeat prescribing is strong, reimbursement timelines are improving,

646 562 1390 and mgmt is confident in durable, linear growth in '26. Zusduri also remains the most patient-

nick.lorusso@tdsecurities.com

friendly approach in IR NMIBC.

Sam Rollenhagen

212 468 7785 Strong Zusduri Adoption Observed Post The Perm J-Code With Steady Growth Throughout

samuel.rollenhagen@tdsecurities.com The Quarter And Heading Into Q2

Greg W. Torres, Ph.D. Management reiterated that the permanent J-code represented a meaningful inflection for

646 562 1351

Zusduri adoption leading to the strong $29.2MM of Q1 sales. Upon J-code activation on Jan 1,

gregory.wiessner@tdsecurities.com

the company observed a rapid acceleration across key metrics, including patient enrollments,

Ikenna Okafor, Ph.D. new patient starts, and doses administered. Multiple physicians indicated they were waiting

646 562 1395 for the perm J-code before initiating therapy to remove reimbursement uncertainty.

ikenna.okafor@tdsecurities.com

By February, Zusduri had already surpassed Jelmyto in all key metrics levels, with durable

Key Data

growth continuing through the remainder of Q1 and into Q2.