Amylyx Pharmaceuticals Inc. (AMLX): Notes from the road: Takeaways from our meetings with management

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Amylyx Pharmaceuticals Inc. (AMLX): Notes from the road: Takeaways from our meetings with management

Goldman Sachs Amylyx Pharmaceuticals Inc. (AMLX)

more relevant than health economics to those conversations with payers on

appropriate pricing. Further, AMLX highlighted that PBH is perhaps a more severe

indication than these other diseases, with the potential for hypoglycemia events to

cause injury (falls/fractures, auto accidents) and even death, supporting a higher

price point. Finally, management highlighted that hypoglycemia is a familiar

condition for payers that does not require significant education, despite that PBH

itself is a new disease for most.

n Market tiering / commercial infrastructure to be sized for rare disease launch,

with digital strategy to complement. AMLX is in the process of building out its

commercial infrastructure (medical sales liaisons hired first), and has not disclosed

the likely size of sales force required to support its initial launch efforts. However, the

company points to a reasonable degree of concentration in the market with some

centers caring for ~100+ patients (across multiple providers) and emphasized that

these centers would be the focus of early commercial efforts. Management also

described the role of digital marketing and its general effectiveness, particularly for

reaching lower volume prescribers.

n ENDO meeting highlighted unmet need. We hosted these meetings on the back of

the ENDO meeting in Chicago, where AMLX hosted its first booth dedicated to PBH

disease state awareness. Per management, the booth saw significant physician

engagement meaningfully exceeding expectations, and with doctors expressing

familiarity with the disease and frustration with current standard-of-care options.