SAN/ ARGX/ GRF: SAN halts first riliprubart C1 CIDP P3 trial, 2nd ongoing, being evaluated. No impact on our SAN forecasts, but +ve read to ARGX and GRF, competitive threat diminished

研报英文原文证据摘录

SAN/ ARGX/ GRF: SAN halts first riliprubart C1 CIDP P3 trial, 2nd ongoing, being evaluated. No impact on our SAN forecasts, but +ve read to ARGX and GRF, competitive threat diminished

Equity Research

10 June 2026

SAN/ ARGX/ GRF

SAN halts first riliprubart C1 CIDP

P3 trial, 2nd ongoing, being First Look

GRLS.MC/GRF SM OVERWEIGHTevaluated. No impact on our SAN

European Pharmaceuticals,

Biotechnology & Life NEUTRAL

Sciencesforecasts, but +ve read to ARGX

Price Target EUR 12.50

Price (09-Jun-26) EUR 8.93and GRF, competitive threat Potential Upside/Downside +40.0%

Source: Bloomberg, Barclays Researchdiminished

Riliprubart (anti-C1) P3 MOBILIZIE refractory CIDP trial halted EuropeanARGX.BR/ARGXPharmaceuticals,BB OVERWEIGHT

on efficacy interim futility, 2nd P3 in Ig stable, VITALIZE BiotechnologySciences & Life NEUTRAL

ongoing, though being evaluated. News implies less chance Price Target EUR 900.00

Price (09-Jun-26) EUR 758.00

C1 CIDP competition, +ve read for ARGX and GRF Potential Upside/Downside +18.7%

incumbents. Source: Bloomberg, Barclays Research

SASY.PA/SAN FP EQUAL WEIGHT

Sanofi today announced the discontinuation of the Phase 3 MOBILIZE study of riliprubart in European Pharmaceuticals,

refractory to standard-of-care chronic inflammatory demyelinating polyneuropathy (CIDP). The Biotechnology & Life NEUTRAL

Sciences

decision was made following an interim analysis by the IDMC suggesting low likelihood of Price Target EUR 85.00

sufficient efficacy from the study. No safety concerns were identified as part of the interim. The Price (09-Jun-26) EUR 77.04

company also noted that the continuation of other ongoing studies, including the Phase 3 Potential Upside/Downside +10.3%

VITALIZE trial in IVIg-treated CIDP, "will be evaluated accordingly".