US Biopharmaceuticals: Summary of rating changes in our coverage: ALKS, AMPH, BHVN, LQDA

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US Biopharmaceuticals: Summary of rating changes in our coverage: ALKS, AMPH, BHVN, LQDA

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We downgrade AMPH to Underperform and reduce our PO to $20 (from $25) on lower +1 646 855-5732

melanie.fong@bofa.com

estimates & revised valuation methodology (now hybrid P/E and EV/EBITDA). AMPH is

looking to transition from generic focused company to proprietary brands and biosimilar

provider; we see this transition taking time as proprietary pipeline offers no launches DRG: NYSE Pharmaceutical Index

until ’28+. On legacy generic biz, AMPH has secured a few recent approvals, but revenue XBI: S&P Biotech ETF

opportunity either constrained by number of concurrent competitors or niche TAM. Lead NT2: narcolepsy type-2

brand, Baqsimi (glucagon rescue) has delivered okay volume growth but near-term

IH: idiopathic hypersomnia

revenues constrained by temp 340B channel issues & long-term by TAM limitations.

LOE: loss of exclusivity

BHVN: near-term Kv7 catalyst risky, very high bar KOL: expert

We downgrade Biohaven (BHVN) to Underperform (from Neutral) and lower our PO to Biz: business

$11/sh (from $12/sh) to reflect our bearish view on risk-reward into BHVN’s next major TAM: total addressable market

near-term catalyst – Ph3 data (2H26) for kv7 in epilepsy. We expect, best case, Ph3 data Kv7: potassium channel

that is undifferentiated relative to XENE’s azetukalnar. With Biohaven at least 2-years XENE: Xenon

behind XENE, we see downside risk to consensus’s $1bn peak sales absent clinical IgAN: immunoglobulin A nephropath

differentiation (BofA now $740m vs prior $900m); supportive data for ‘7000 is limited, PH-ILD: pulmonary hypertension

in our view. Last, uncompelling Kv data could pressure shares given the company’s cash related to interstitial lung disease