EC Grants Marketing Authorization for REDEMPLO in FCS; SHTG Data in 3Q

研报英文原文证据摘录

EC Grants Marketing Authorization for REDEMPLO in FCS; SHTG Data in 3Q

H O T C O M M E N T

J u n e 2 2 , 2 0 2 6

Arrowhead Pharmaceuticals (ARWR) Overweight

CONCLUSION PRICE: US$81.82

The European Commission granted marketing authorization for Redemplo to reduce TARGET: US$110.00

triglycerides in FCS patients without the need for genetic testing. Arrowhead will report Proj EV of $15.56B + CY:26E net cash

Phase III SHASTA-3, SHASTA-4 and MUIR-3 data in 3Q:26 for potential blockbuster

SHTG label expansion. Recently, Arrowhead reported interim Phase I/IIa data showing Edward A. Tenthoff

Sr Research Analyst, Piper Sandler & Co.200mg ARO-INHBE and 5mg weekly Zepbound (tirzepatide) achieved placebo-adjusted 212 284-9403, edward.tenthoff@psc.com

reductions of 16.2% in visceral adipose tissue and 33.9% in liver fat in obese diabetic

Thad Barney, Ph.D.

patients at 24 weeks. Arrowhead should report more Phase I/IIa data on ARO-ALK7 Research Analyst, Piper Sandler & Co.

this year. Arrowhead is conducting a Phase I/II studies of ARO-DIMER-PA in mixed 212 284-9450, thad.barney@psc.com

hyperlipidemia patients and ARO-MAPT in healthy volunteers and Alzheimer's patients with

initial data in 2H:26. We estimate Arrowhead has pro forma cash of $1.81 billion and owes RISKS TO ACHIEVEMENT OF

debt of $882 million. We reiterate our Overweight rating and $110 price target. PT & RECOMMENDATION

Arrowhead's TRiMs may fail in the clinic or to

• EC Authorized Redemplo for FCS in Europe. The European Commission (EC) gain approval. Arrowhead's partnerships may falter. The company may need additional capital

approved Redemplo (plozasiran) to reduce triglycerides (TGs) in patients with familial or face future litigation.

chylomicronemia syndrome (FCS), without the need for genetic testing. Redemplo is