Biotechnology: Takeaways from our KOL Discussion on HDV

研报英文原文证据摘录

Biotechnology: Takeaways from our KOL Discussion on HDV

Idea

June 9, 2026 08:26 PM GMT

Morgan Stanley & Co. LLCMBiotechnology | North America Michael E Ulz

Equity Analyst

Takeaways from our KOL Mike.Ulz@morganstanley.comRohit Bhasin +1 212 761-4650

Research Associate

Rohit.Bhasin@morganstanley.com +1 212 761-0534

Discussion on HDV Avraham Novick

Avi.Novick@morganstanley.com +1 212 761-2231

We hosted a KOL discussion with a leading hepatologist to

discuss the evolving treatment landscape in Hepatitis Delta

(HDV) and expectations ahead for Ph3 data readouts for next

generation treatments from VIR and MIRM expected later this

year. Biotechnology

North America

Industry View Attractive

Key Takeaways

KOL highlights HDV diagnosis and patient finding is improving as testing (incl.

reflex) is expanding and he estimates ~65–75K viremic pts in US.

VIR/MIRM seen as step-ups vs. bulevirtide with higher TND and ALT

normalization although bulevirtide will have an advantage with more real world

data.

Based on available data, KOL believes VIR drives a deeper viral response but adds

complexity, while MIRM offers better tolerability.

Expects patient adoption between approved and emerging agents to likely be

individualized by comorbidities, tolerability, and goals.

How to vote: To request a ballot, please go to https://www.extelinsights.com/voting

and select “All-American Research Team”.

Our KOL is a hepatologist with extensive experience managing HDV. Our KOL is a

hepatologist and liver transplant physician based in the West Coast with more than

35 years of experience in clinical practice, research, and medical leadership. His areas

of expertise include viral hepatitis, hepatitis delta virus (HDV), hepatitis B (HBV), liver