CRMD - Defencath Beat Prompts 2026 Guidance Raise; Expect Rezzayo sNDA Submission In 2H26

研报英文原文证据摘录

CRMD - Defencath Beat Prompts 2026 Guidance Raise; Expect Rezzayo sNDA Submission In 2H26

Truist Securities

Equity Research Report May 14, 2026

HEALTHCARE: Biopharmaceuticals CorMedix Inc. (CRMD)

CRMD - Defencath Beat Prompts 2026 Guidance Raise; Expect Les Sulewski

212-303-1745 Rezzayo sNDA Submission In 2H26

Leszek.Sulewski@truist.com

Mahdi Goudarzi, Ph.D. CRMD delivered a strong 1Q with Defencath demand underpinning 2026 guidance raise on

212-326-6157 top/bottom line. While near-term dynamics will be impacted by TDAPA pricing pressure and

Mehdi.Goudarzi@truist.com inventory adjustments into 2H26, we look to potential upside in patient volumes ahead of an

expected pricing step-up in 2027. Separately, positive Rezzayo Ph3 data adds a meaningful

Jeevan Larson late-stage growth lever. Overall, we think the story for CRMD continues to shift towards a

212-326-4881 cash-generative platform with improving medium-term visibility.

Jeevan.Larson@truist.com

Defencath

ESRD

Stock Rating BUY • 1Q Defencath sales of $97.5M beat by +25%; +13% beat excluding ~$9M one-time

Unchanged benefit (rebates/returns true-up)

Price Target • Performance supported by demand and continued rollout with LDO $16.00

Unchanged • 2026 guidance raised to $175M–195M on solid utilization trends

• 2027 guidance reiterated, with potential upside as visibility improves in 2H26

• Guidance excludes potential upside from Medicare Advantage (MA) and new customer

adds

TR to Target 113.3%

Price (May 13, 2026) $7.50 • Real-world data continues to support MA discussions

52-Wk Range $16.56-$6.25 • Expect 2Q sales in ~$60M range due to June shelf stock adjustment ahead of July TDAPA

step-down Market Cap ($M) $698

ADTV 875,888 • Pricing declines in 2H26 post-TDAPA, with meaningful price uplift expected in 2027