ATS 2026: Takeaways from Multiple Data Releases and KOL Insights Across Our Pulmonary Coverage (MRK, INSM, SVRA, VICO-SS)

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ATS 2026: Takeaways from Multiple Data Releases and KOL Insights Across Our Pulmonary Coverage (MRK, INSM, SVRA, VICO-SS)

Biotechnology May 19, 2026

Vamil Divan, M.D.

vamil.divan@guggenheimpartners.com ATS 2026: Takeaways from Multiple Data Releases

212 823 6543 and KOL Insights Across Our Pulmonary Coverage Daniel Krizay, Ph.D.

daniel.krizay@guggenheimpartners.com (MRK, INSM, SVRA, VICO-SS)

212 823 6561

Arseniy Shabashvili Key Message: The 2026 American Thoracic Society (ATS) Conference is winding down, arseniy.shabashvili@guggenheimpartners.com

212 699 1971 and we had an opportunity to review multiple data presentations from the conference,

picking up updates relevant to several companies in the pulmonary space, including

Edouard Mullarky, Ph.D. Vicore Pharma (VICO-SS), Savara (SVRA), Insmed (INSM), Merck (MRK), and United

edouard.mullarky@guggenheimpartners.com Therapeutics (UTHR). We also spoke with a leading pulmonologist (Dr. Haider Ali; 212 518 9579

Northside Hospital in Atlanta, GA) today to get his feedback on the TETON-1 data and

other data that was presented at the conference, as well as his real-world experience

with drugs such as Insmed's Brinsupri and Arikayce, and how data presented at ATS may

Ticker Price Rating impact his use of both products. Please see below for our detailed takeaways from the

INSM 107.41 Buy conference presentations and our KOL discussion.

MRK 114.24 Buy

SVRA 4.72 Buy • Full TETON-1 Data and Integrated TETON Data Analysis Shows Meaningful Efficacy,

VICO-SS 11.02 Buy But Also Tolerability Concerns that May Limit Tyvaso's Commercial Potential in IPF:

United Therapeutics presented the complete TETON-1 results and a combined TETON-1

+ TETON-2 integrated analysis at ATS, with findings simultaneously published in the New