AMLX: BEST IDEA Mgmt Dinner Highlights Confidence in LUCIDITY and AMLX's Path to Multi-Blockbuster Sales in PBH (and Beyond)

研报英文原文证据摘录

AMLX: BEST IDEA Mgmt Dinner Highlights Confidence in LUCIDITY and AMLX's Path to Multi-Blockbuster Sales in PBH (and Beyond)

stric/Esophageal Surgery in the

US and Abroad

The ~160,000 US PBH TAM triangulates across multiple independent data sources: (1)

claims-based analysis; (2) bottom-up estimates from Centers of Excellence (which carry

hundreds of PBH patients each); (3) epidemiology applied to the >2M bariatric surgeries

performed in the US over the past 20 years; (4) retrospective and prospective PBH

publications. RYGB represents ~120,000 of the ~160,000 PBH TAM, with vertical sleeve

gastrectomy (VSG) comprising the remainder; mgmt noted that the pathophysiology is

the same across surgical etiologies, and an argument for a broad label inclusive of VSG

could be made during the labeling discussion and is supported by Phase 2b data. Bariatric

surgery itself remains a young, growing population — most patients receive bariatric surgery

at a relatively young age and the disease is chronic. Further, ~30M Americans carry a

BMI >40, and bariatric surgery (often viewed by endocrinologists as the "one-and-done"

option for severely obese, incretin-intolerant patients) will continue to be a tool in weight

management. Other gastric/esophageal surgeries are another major opportunity; the more

substantial the gut alteration, the higher the PBH risk. Total gastrectomy in Japan represents

~100,000 cases per year (primarily for gastric cancer), and patients are warned of post-

surgical hypoglycemia in advance. While AMLX conducts work on additional indications and

markets, the team noted many academic groups are independently studying avexitide in

their surgical populations. There are a substantial number of investigator-initiated studies

underway.