US Biopharmaceuticals: Vegas Day 1: What caught our attention from our SMID Caps

研报英文原文证据摘录

US Biopharmaceuticals: Vegas Day 1: What caught our attention from our SMID Caps

seeing the baseline as a risk to study outcome, IONS believes

positive results and combo data in a real world-like setting will offer Wainua an avenue

for differentiation and a unique ability to promote the combo data.

Acronyms: sHTG: severe hypertriglyceridemia, FCS: familial chylomicronemia syndrome,

GTN: gross-to-net, HAE: hereditary angioedema, HCP: healthcare providers.

MLYS: gearing up for lorundrostat-HTN’s US launch

We hosted CEO Jon Congelton for a fireside chat where the discussion largely was

focused on the lorundrostat-HTN commercial opportunity. Mgmt sounded confident

ahead of lorundrostat's future FDA action date, framing ongoing payer discussions as

supportive of usage in 3-4L setting and plans to target ~60k physicians treating ~50%

of 3L+ patients with HTN. A key discussion point was around competitor AstraZeneca's

baxtrostat's launching ~6mo ahead, which mgmt framed as additive to general new

product awareness (vs directly competing for share). While mgmt refrained from

commenting specifically on label expectations, we got the sense they don't expect major

differentiation vs baxtrostat where lorundrostat's comorbid (CKD) data is likely

incorporated in the back pages. Mgmt views OSA data as bolstering lorundrostat value

proposition offering important discussion points with KOLs/payers while other potential

comorbid indications could either be label expansion or label bolstering opportunities

(tbd). No updates on OUS partnership though mgmt views OUS as a key geography.

Acronyms: HTN: hypertension; mgmt.: management; FDA: Food & Drug Administration;

CKD: chronic kidney disease; OSA: obstructive sleep apnea; KOL: key opinion leader; tbd:

to be determined; OUS: outside US.