Biopharma: Key Takeaways from RBC’s Doctor Day Series – Baltimore

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Biopharma: Key Takeaways from RBC’s Doctor Day Series – Baltimore

RBC Capital Markets, LLC

Brian Abrahams, M.D.

(Head of Global Healthcare

Research)

(212) 858-7066,

brian.abrahams@rbc.com

Trung Huynh (Analyst)

(415) 212-0012,

June 17, 2026 trung.huynh@rbccm.com

Leonid Timashev, Ph.D.

(Analyst) Biopharma: Key Takeaways from RBC’s Doctor Day (212) 437-9931,

leonid.timashev@rbccm.comRESEARCH Series – Baltimore Lisa Walter, Ph.D. (Analyst)

(212) 858-6021,

Our view: Yesterday, we hosted 5 KOLs with a primary focus on Pulmonary Hypertension, Nephrology, lisa.a.walter@rbccm.com Luca Issi, Ph.D. (Analyst)

Depression, Obesity and Breast Cancer. (212) 266-4089,

luca.issi@rbccm.com

Our key takeaways for companies under our coverage from each session include:

• Our PAH KOL primarily uses UTHR's Tyvaso in both his PAH and PH-ILD patients; he has not adoptedEQUITY LQDA's Yutrepia as he is not sure where to place it in the treatment paradigm and thinks the

tolerability benefits are overblown (he generally finds Tyvaso to be well tolerated and has had few

discontinuations due to cough). KOL agrees that PH-ILD is still underdiagnosed and thinks ~20% of IPF

patients are PH-ILD patients (however he has not seen an uptick in PH-ILD diagnoses following the

TETON results as these are relatively recent). For UTHR's SMI, he thinks a 40-50% reduction of cough

would be a meaningful difference vs DPI and would drive uptake; if cough was 90% less with SMI, he

could see 50% of DPI patients switching to SMI.

• Our nephrologist mirrored other KOLs we have spoken with in his high enthusiasm for APRIL/

BAFF drugs' roles in IgAN, and as understanding of treatment sequencing/combinations, prognosis

assessments, and ability to work through reimbursement hurdles all grow, he anticipates substantially