Biopharma: Noteworthy Weekly Rx Trends/Forecast

研报英文原文证据摘录

Biopharma: Noteworthy Weekly Rx Trends/Forecast

Key drugs (cont’d):

• Biktarvy (GILD) TRx/NRx -3.8%/-3.1%

o Biktarvy TRx are down, posting 59,944 after 62,333 last week. Biktarvy 1Q26 sales

came in at $3.36B, slightly above cons. and reassuring given Rx data pointing less

favorably into the print. (Dovato continues to track at ~1/5 of Biktarvy).

o Our KOL checks suggest Biktarvy will remain well entrenched for the near- to medium-

term, though we still see potential for daily bic/len, weekly isla/len, and weekly

isla/ulo to take incremental share, and see underappreciated longer term risks to the

franchise.

• Opzelura (INCY) TRx/NRx +1.6%/+0.6%

o Opzelura TRx are up slightly. Opzelura 1Q26 sales missed expectations, and though

while guidance was maintained, we sense investors are looking to the potential HS

launch as next meaningful growth catalyst for the franchise. Our KOL feedback

suggests there is an unmet need for Opzelura, esp in milder HS, though use patterns

may be variable so degree of compliance and use will likely be critical longer term.

o Mgmt has reiterated their enthusiasm on ‘989’s potential to be disease modifying,

and we believe securing a 24-week ET trial signals regulatory openness to targeted

MoAs in MPNs, though starting from a lower dose may prove more challenging for

development in MF given the lack of an apparent biomarker of response, contrary to

rapid heme responses seen in ET, in our view. We believe EHA data showed validation

for the target, though subQ development appears to need additional steps beyond

the ongoing bridging studies, and dosing convenience will ultimately matter given a

potentially improved mCALR antibody from DMRA and potential next-gen Jak options