RVMD - The Revolution Premium; Capturing Daraxonrasib's Paradigm Shifting Value

研报英文原文证据摘录

RVMD - The Revolution Premium; Capturing Daraxonrasib's Paradigm Shifting Value

Truist Securities

Equity Research Report June 30, 2026

HEALTHCARE: Biotech Revolution Medicines, Inc. (RVMD)

RVMD - The Revolution Premium; Capturing Daraxonrasib's Gregory Renza, M.D.

212-419-4617 Paradigm Shifting Value

Gregory.Renza@truist.com

Supawat Thongthip, Ph.D. We revisited daraxon’s pricing assumptions following the RASolute 302 data to

212-401-4429 better reflect its transformative commercial value. Our updated bottom-up pricing

Supawat.Thongthip@truist.com framework incorporates the clinical benefit (+6.5-mo OS), quality-of-life improvement,

and precedents set by other paradigm shifting drugs. Our analysis supports a higher

Anish Nikhanj, Ph.D. monthly WAC of $25.5k/month, an ~11% increase in blended franchise net pricing

212-326-3106 across indications. Incorporating the revised pricing, our peak revenue potential for

Anish.Nikhanj@truist.com RVMD is now $17.9B (from $16.2B), lifting our PT to $210 (from $179). We reiterate Buy

and note further potential upside from a plausibly broader initial label with 1L setting.

Stock Rating BUY Revisiting daraxon's pricing power. We note investor debate around daraxonrasib’s

Unchanged (“daraxon”) commercial opportunity has increasingly centered on its launch pricing strategy.

Following the paradigm-shifting survival data from the RASolute 302 trial in 2L+ PDAC

Price Target $210.00 (see RASOLUTE-ly Delivered), we believe RVMD's pricing power has fundamentally

↑ strengthened. Our analysis indicates that the 6.5-month OS improvement translates

from into a clinically meaningful gain of quality-adjusted life-year (QALYs; Exhibit 1). When

$179.00 benchmarked against historical pricing by oncology therapeutics that redefined standards