Raising Our Target To $61; Who Knew Nephrology Was This Exciting

研报英文原文证据摘录

Raising Our Target To $61; Who Knew Nephrology Was This Exciting

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cost of borrowing and removes much of the 2029 converts. Finally, we incorporated Q2 Jun 114.4A 159.6E 247.5E

Previous 158.7E 238.7E the expected $113M up-front payment to Everest Medicines for civorebrutinib. The

Q3 Sep 164.9A 198.2E 278.1E "civo" program remains a call option in our estimates as we await further details on

Previous 193.6E 268.0E the development plan once the deal closes in 3Q26. Bottom line, we see favorable

Q4 Dec 129.7A 231.6E 297.0E risk/reward for TVTX shares and remain Outperform rated.

Previous 221.8E 292.1E

Year* 490.7A 716.6E 1,029.8E Questions we're fielding from investors (additional details in the note):

Previous 701.3E 1,004.3E ● How should we think about the pace of the Filspari FSGS launch?

EPS in $ ● Who represents the most logical FSGS candidates to receive treatment with

FYE Dec 2025A 2026E 2027E Filspari? Q1 Mar (0.19)A 0.05A 0.73E

Previous 0.75E ● What about the pace of Filspari uptake in IgAN amidst the rollout of the APRIL-

Q2 Jun 0.13A 0.33E 1.12E targeted treatments?

Previous 0.30E 1.09E ● Why does "civo" make sense as an acquisition candidate now, and what gave

Q3 Sep 0.51A 0.67E 1.30E you confidence around the safety profile?

Previous 0.60E 1.29E ● How should investors think about the potential IP runway with "civo"?

Q4 Dec 0.37A 0.94E 1.41E

Previous 0.81E 1.45E Wedbush Renal Summit [July 8th]. We're hosting the Wedbush Renal Summit in

Year* 0.91A 1.98E 4.56E Boston on July 8th, convening public and private nephrology-focused companies

Previous 1.77E 4.58E (including TVTX) and KOLs. 1x1 meetings with participating management teams

P/E 60.7x 27.8x 12.1x available; contact your Wedbush representative to register.

Certain reclassifications/restatements were