Biopharma: Evolving Myasthenia Gravis Landscape - AMGN, ARGX, JNJ, REGN and VRTX

研报英文原文证据摘录

Biopharma: Evolving Myasthenia Gravis Landscape - AMGN, ARGX, JNJ, REGN and VRTX

Idea

June 9, 2026 08:30 PM GMT

Morgan Stanley & Co. LLCMBiopharma | North America Terence C Flynn, Ph.D.

Equity Analyst

Evolving Myasthenia Gravis Terence.Flynn@morganstanley.comChris Yu, J.D., Ph.D. +1 212 761-2230

Chris.L.Yu@morganstanley.com +1 212 761-2535

Landscape - AMGN, ARGX, JNJ, Sean Laaman, Ph.D.

Sean.Laaman@morganstanley.com +1 212 761-4947

REGN and VRTX Morgan K Gryga

Research Associate

Morgan.Gryga@morganstanley.com +1 212 761-0824

What’s Changed Alexander Yevdokimov, Ph.D.

Amgen Inc. (AMGN.O) From To Research Associate

Alexander.Yevdokimov@morganstanley.com +1 212 761-2167

Price Target $332.00 $340.00

Connor M Massari

We project that the MG market could potentially double to Equity Analyst

Connor.Massari@morganstanley.com +1 212 761-2417

$10bn+ as new therapies/MOA's enter the market - we raise our Hailey Horowitz

estimates for AMGN's Uplizna and await POC data for VRTX's Research Associate

Hailey.Horowitz@morganstanley.com +1 212 761-5264

Pove in 1H27. Damien H Kerner

Damien.H.Kerner@morganstanley.com +1 212 761-3829

Morgan Stanley India Company Private Limited+

Saket Agarwal

Saket.Agarwal@morganstanley.com +91 22 6995-4012

We project that the generalized myasthenia gravis (gMG) market could

potentially double to $10bn+ within the next ~5 years, driven by entry of new

therapies and increasing adoption of biologics in 1L and 2L+ setting. We estimate

WW sales of branded biologics for gMG are currently ~$6bn, which corresponds to

penetration in the range of 15-20% (according to various company estimates);

ARGX's Vyvgart (FcRn antibody; approved Dec. 2021) commands about half of the

share. A recent survey of ~100 US patients shows there are existing unmet needs

(LINK).