DRI Healthcare Trust "Solid momentum on portfolio diversification - broader..."

研报英文原文证据摘录

DRI Healthcare Trust "Solid momentum on portfolio diversification - broader..."

ons.

intact. REVEAL-2 for eligrobart also had read out in early May, with cleaner data vs

Q1 0.75 0.98 29 0.68

REVEAL-1 (see note). Key near-term catalysts for DRI include VRDN’s veligrotug (IV,

Q2E 0.81 0.73 -10 0.61

PDUFA Jun’26) and eligrobart (subQ, BLA filing expected 1Q27). If approved, both could

Q3E 0.77 0.68 -11 0.58

be meaningful topline contributors in an attractive thyroid eye disease (TED) market with Q4E 0.59 0.50 -16 0.59

limited competition; we model peak royalties of ~$54m based on risk-adj consensus 12/26E 2.42 2.70 12 2.30

sales. 12/27E 2.44 2.43 -0 2.45

12/28E 2.48 2.47 -0 2.80

Lower cost of capital and disciplined capital allocation support the equity story

Ashwani Verma

The company executed a number of refinancing initiatives and capital allocation actions

Analyst

in 1Q. The refinancing actions are overall +ve, lowering cost of capital, extending ash.verma@ubs.com

maturities, and reducing refinancing risk. It also sets the stage for a more balanced +1-212-713 4059

capital deployment approach, with a mix of royalty generating assets and pre-approval

Di Zhao

deals. The company is also maintaining disciplined capital allocation via distributions and Analyst

opportunistic buybacks. di.zhao@ubs.com

+1-212-713 5953 Senior secured notes ($250m issuance): This transaction marks the company’s

first US private placement, broadening and diversifying funding sources. Proceeds So Youn Shim

were largely used to repay existing credit facilities, extending the maturity profile Analyst

(2031/2033) and lowering cost of debt to ~5.35-5.65% (~100-125bps savings). so-youn.shim@ubs.com

+1-212-713 4331

Net impact is +ve from improved funding diversification and reduced refinancing

risk.