SVRA: Looking to OLE Data at ATS to Inform on Long-Term Effects of Treatment (1Q26 Update)

研报英文原文证据摘录

SVRA: Looking to OLE Data at ATS to Inform on Long-Term Effects of Treatment (1Q26 Update)

Equity Research

Earnings Revised — May 12, 2026

Biotechnology

Savara Inc.

Looking to OLE Data at ATS to Inform on Long-Term Effects Overweight

of Treatment (1Q26 Update) Price Target: $9.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

We continue to believe the efficacy/safety data of MOLBREEVI in aPAP are good, and Rev. (MM) 2026 6.2 18.2 -65.8%

should support FDA approval. Ahead of that, we're looking for insight into durability with Rev. (MM) 2027 86.9 86.7 0.1%

OLE data at ATS. Reiterate OW, and $9 PT EPS 2026 (0.49) (0.45) -9.0%

EPS 2027 (0.27) (0.21) -25.8%

Stock setup. We believe sentiment leans positive on approval, though we still think there's

upside given the binary risk, and challenges of vetting CMC (the nature of the prior CRL). Ticker SVRA

After which, we think there will be appetite to own the launch, especially as SVRA has Upside/(Downside) to Target 77.2%

devoted effort towards identifying potential patients. ATS data this weekend could inform

Price (05/12/2026) $5.08

on the longer term benefits of MOLBREEVI beyond 48 weeks.

52 Week Range $1.89 - 7.00

At ATS (May 15-20), SVRA will present new data from IMPALA-2, incl. data from Market Cap (MM) $1,221

the trial's OLE. In addition to the OLE disclosure, SVRA is also expected to hold an oral Enterprise Value (MM) $1,393

presentation on MOLBREEVI's impact on exercise distance/duration and a poster on the Average Daily Value (MM) $8

relationship between pulmonary gas transfer & biomarker levels in aPAP pts. The co. will Dividend Yield 0.0%

also hold an industry theater. We think the OLE poster will be interesting (this is the first

time we get OLE data) & informative on MOLBREEVI's LT benefits.