Rx Dry Eye Tracking Report—Data Week Ended 5/8/26

研报英文原文证据摘录

Rx Dry Eye Tracking Report—Data Week Ended 5/8/26

Equity Research

Multi Company Update — May 18, 2026

Med Tech - Ophthalmology

Rx Dry Eye Tracking Report—Data Week

Ended 5/8/26

Our Call Larry Biegelsen

For w/e 5/8/26, BLCO’s Miebo TRx was 32K (-5% wk/wk) and Xiidra TRx was 20K (-0.1% Equity Analyst | Wells Fargo Securities, LLC

Lawrence.Biegelsen@wellsfargo.com | 212-214-8015

wk/wk). ALC’s Tryptyr TRx was 1,933 (-13% wk/wk).

Lei Huang

Associate Equity Analyst | Wells Fargo Securities, LLC

Miebo's 4-week TRx trending >32K. Applying implied discounting from 1Q results Lei.Huang@wellsfargo.com | 212-214-8039

to WAC and the recent 4-week avg Miebo TRx implies annualized sales approaching Simran Kaur

$400MM. This is directionally in line with consensus of $391MM and our $419MM Equity Analyst | Wells Fargo Securities, LLC

estimate in 2026. We use 4-week run-rate data to help minimize weekly data volatility. SimranKaur@wellsfargo.com | 212-214-5973

Nathan TreybeckXiidra sales resilient despite formulary loss. While Xiidra's TRx declined after losing Equity Analyst | Wells Fargo Securities, LLC

CVS Tier 1 coverage to HROW’s Vevye on 1/1/26, magnitude of decline has been more Nathan.Treybeck@wellsfargo.com | 212-214-8042

modest.

Coupled with a gross-to-net (GTN) improvement from the high-70s to low-70s and lower

couponing, Q1 Xiidra sales rose 30% yr/yr to $87MM, to beat our $70MM est. As such,

BLCO now sees LDD Xiidra sales growth in 2026 (vs. prior MSD), assuming no material

GTN change.

Xiidra’s dry eye NRx share fell 2 pts to ~14% in 1Q, while Vevye rose 2 pts to ~6%. Xiidra’s

April NRx share was ~flat m/m, with rolling 4-wk (w/e 5/8) NRx down 20% yr/yr. We model

flat Q2 Xiidra sales of $87MM vs. consensus $91MM.

BLCO reported Q1 Xiidra sales ahead of expectations.