EU BioVoyage: Strategic Focus On Maximizing Value, With Bimzelx Well-Positioned

研报英文原文证据摘录

EU BioVoyage: Strategic Focus On Maximizing Value, With Bimzelx Well-Positioned

TD Cowen UCB SA

Global Research July 1, 2026

HS KOL Commentary Suggests High Competitive Moat For Bimzelx

We hosted a dermatology KOL dinner, including a discussion on hidradenitis suppurativa (HS)

with a leading EU HS expert and a leading EU dermatologist with high volume of AD and HS

patients.

KOLs Highlight Growing HS Market, With Increased Patient Awareness

Both the KOLs highlight increasing awareness of HS, with patients often presenting at the initial

visit aware of the disease - which was not the case in the past. Our dermatology KOLs see

higher HS patient volumes, with long HS-specific wait lists for both KOLs (6-12 months for HS

expert, 3-6 months for AD/HS KOL). For new patients, our HS expert KOL prioritizes juvenile

HS patients, or severe HS patients with other inflammatory comorbidities such as other skin

diseases, Crohn's disease, or axial spondyloarthritis. We believe these early signs bode well for

the HS market expansion, with ongoing efforts from large pharmaceutical companies (AbbVie,

Novartis, and UCB) to raise awareness.

Strong Prescribing Preference For Bimzelx As The Most Effective Agent

As for the treatment paradigm, the HS expert KOL overwhelmingly prefers Bimzelx as the

most efficacious agent, but limits it to later line given the lack of options. She usually initiates

treatment with aggressive antibiotics (including IV). For uncontrolled patients, she will start

biologic treatment with adalimumab with evaluation after three months of treatments. If

patients' disease burden is reduced to local inflammation, she opts for surgical intervention. If

patients continue to have systemic disease, she will opt for higher dose adalimumab for another