VRDN: We Refresh Our Thinking On The Lumvoa Launch and Remain Buyers as Revenue Potential Appears Underappreciated

研报英文原文证据摘录

VRDN: We Refresh Our Thinking On The Lumvoa Launch and Remain Buyers as Revenue Potential Appears Underappreciated

RBC Capital Markets, LLC

Lisa Walter, Ph.D. (Analyst)

(212) 858-6021, lisa.a.walter@rbccm.com

Luca Issi, Ph.D. (Analyst)

(212) 266-4089, luca.issi@rbccm.com

Shelby Hill, Ph.D. (Senior Associate)

(332) 204-2106, shelby.hill@rbccm.com

Cassie Yuan, Ph.D. (Senior Associate)

June 29, 2026 (332) 237-0054, cassie.yuan@rbccm.com

Viridian Therapeutics, Inc.RESEARCH We Refresh Our Thinking On The Lumvoa Launch Outperform

and Remain Buyers as Revenue Potential Appears Speculative Risk

Underappreciated NASDAQ: VRDN; USD 18.79 Price Target USD 35.00 ↑ 34.00

Our view: VRDN announced on June 26th that the FDA granted approval Scenario Analysis* to Lumvoa for the treatment of TED. We caught up with the Mgmt team

to reflect on pricing (~$450k per course, on parity with Tepezza), and Downside Current Price Upside

commercial launch dynamics (payer coverage will take 6-9 months to ramp, Scenario Price Target ScenarioEQUITY medical exemption can be used in the interim). We refresh our model to 13.00 18.79 35.00 46.00

update our thinking on the Lumvoa launch, which we think could start to 31% 86% 145%

generate more meaningful revenue in 2027 once payer dynamics, J-codes, *Implied Total Returns

prior auth., begins to convert patient starts into revenue. Overall, we would Key Statistics

remain buyers into the VRDN launch as shares have not fully recovered Shares O/S (MM): 110.1 Market Cap (MM): 2,068 Dividend: 0.00 Yield: 0.0%

to pre REVEAL-1, and we think the TED franchise opportunity is overly Avg. Daily Volume: 1,925,727

discounted at current levels. PT to $35 from $34, Reiterate OP, Spec.Risk.

RBC Estimates

Key points: FY Dec 2025A 2026E 2027E 2028E