Biopharma: Noteworthy Weekly Rx Trends/Forecast

研报英文原文证据摘录

Biopharma: Noteworthy Weekly Rx Trends/Forecast

Key drugs (cont’d):

• Biktarvy (GILD) TRx/NRx -2.4%/-1.1%

o Biktarvy TRx are down, posting 59,623 after 61,116 last week. Biktarvy 1Q26 sales

came in at $3.36B, slightly above cons. and reassuring given Rx data pointing less

favorably into the print. (Dovato continues to track at ~1/5 of Biktarvy).

o ARTISTRY-1 and -2 studies demonstrate potential for a bic/len regimen to help defend

share over time (data from CROI was consistent with prior topline disclosure), though

we do note data from MRK’s (covered by RBC Capital Markets analyst Trung Huynh)

dual combo from both switch and treatment-naïve studies – the latter disclosed in

more detail at CROI – suggest to us that MRK could emerge as an under-the-radar

competitor, having just been approved recently and with data from several once-

weekly oral regimens expected this year.

• Opzelura (INCY) TRx/NRx -2.3%/-5.1%

o Opzelura TRx are down. Opzelura 1Q26 sales missed expectations, and though while

guidance was maintained, we sense investors are looking to the potential HS launch

as next meaningful growth catalyst for the franchise. Our KOL feedback suggests

there is an unmet need for Opzelura, esp in milder HS, though use patterns may be

variable so degree of compliance and use will likely be critical longer term.

o Mgmt has reiterated their enthusiasm on ‘989’s potential to be disease modifying,

and we believe securing a 24-week ET trial signals regulatory openness to targeted

MoAs in MPNs, though starting from a lower dose may prove more challenging for

development in MF given the lack of an apparent biomarker of response, contrary to

rapid heme responses seen in ET, in our view. We believe EHA data showed validation