Earlier Than Expected Results from VOICE Could Accelerate Vafseo's Commercial Uptake

研报英文原文证据摘录

Earlier Than Expected Results from VOICE Could Accelerate Vafseo's Commercial Uptake

June 30, 2026 Akebia Therapeutics, Inc.

(AKBA, Buy, $4 PT)

Julian Harrison

Earlier Than Expected Results from VOICE Could Accelerate Vafseo's (617) 345-4055 jharrison@btig.com

Commercial Uptake Andrew Kassin

(617) 345-4042 akassin@btig.com

WHAT YOU SHOULD KNOW: Following a planned interim analysis, the VOICE study Company DataBIOTECHNOLOGY has shown that Vafseo dosed three times weekly (TIW) improved safety outcomes vs. Closing Price $1.11

ESAs in CKD patients on dialysis (DD-CKD), with a statistically significant 10% reduction

Price Target $4.00 in annual hospitalizations vs. ESAs. CKD patients typically receive dialysis three times

a week, so implementing a TIW dosing regimen for Vafseo, which should improve Market Cap (M) $297.77

Enterprise Value (M) $305.67EQUITY compliance and is supported by the VOICE data, could facilitate increased Vafseo

uptake, particularly post-TDAPA in 2027, in our view. Vafseo resulted in a statistically Shares Out (M) 268.26

significant and clinically meaningful reduction in the primary composite endpoint Avg Daily Vol-3 Months (M) 4.52

of all-cause mortality and hospitalization (p=0.0016), and this result was driven by

Revisions reduction in hospitalization in patients treated with Vafseo vs. ESAs (1.11 vs. 1.23

hospitalizations per year); Vafseo showed non-inferiority and superiority relative to Previous Current

Rating Buy BuyRESEARCH ESAs in the primary composite endpoint. We note these results replicate what was seen

in the INNO2VATE trial from a safety perspective, reinforcing Vafseo's overall profile. Price Target $4.00 $4.00

VOICE data are expected to be shared at an upcoming scientific meeting. US Renal Care FY26E NI (83.61) (83.61)