Thoughts Ahead of Eneboparatide's Update; Maintain OP

研报英文原文证据摘录

Thoughts Ahead of Eneboparatide's Update; Maintain OP

May 11, 2026

Investment Conclusion

While AZN's eneboparatide hit is primary endpoint and may show good 52 week-data, we don't think enebo

will differentiate from Yorvipath. Ascendis has collected multi-year data and is already an established standard in

chronic hypoPTH -- and we think it will be difficult for AZN to promote switching from Yorivpath (esp as the drug has

previously hit on all of its clinically relevant endpoints in the Phase II/III studies. Our long-term outlook for Yorvipath

is unlikely to change following AZN's upcoming update.

Yorvipath also stands out on overall response rates against canvuparatide, and the overall product profile

encompassing safety, QoL, adjunct vitamin D and calcium supplementation support its ongoing dominance in the

space. Comparing apples to apples, Yorvipath showed an 86% response rate at 6M in the Ph2 (vs. 71% shown by

MBX) – which we believe implies (a) Yorvipath is superior to canvu and (b) response rates generally decline in Ph3.

On top of this, ASND is developing a higher-dose formulation (≥30 μg/day) in a Ph3 study that could drive further

improvements in efficacy.

Yuviwel may serve as the next growth driver with a burgeoning achondroplasia/hypochondroplasia franchise.

Following Yuviwel's approval in ACH, the franchise has strong potential in the future as ASND advances the combo

agent (TransCon CNP/hGH). We see unadjusted peak sales of ~€790 vs. ~€800M Street for Yuviwel.

We see upside to $260. Given the upcoming derisked catalysts and line of sight to growth, we see the stock

performing well in the near-term (0-3 months). Specifically, our thesis is supported by (1) catalysts in achondroplasia