UroGen Pharma (URGN): New patent potentially provides longer exclusivity in NMIBC; raise PT to $44

研报英文原文证据摘录

UroGen Pharma (URGN): New patent potentially provides longer exclusivity in NMIBC; raise PT to $44

Equity Research

15 July 2026 | 3:43PM EDT

UroGen Pharma (URGN): New patent potentially provides longer

exclusivity in NMIBC; raise PT to $44

Gel-based mitomycin generics in NMIBC could be held off until 2044; early Paul Choi

+1(212)902-5217 | paul.k.choi@gs.com

Zusduri launch progress remains encouraging. This morning, URGN announced Goldman Sachs & Co. LLC

(link) that it has received a notice of allowance from the USPTO for patent Daniel Ni, Ph.D.

application no. 18/784,354 entitled, Treatment of Low-Grade Intermediate-Risk +1(212)902-2365Goldman Sachs & Co.| daniel.ni@gs.comLLC

Non-Muscle-Invasive Bladder Cancer With a Thermally Gelling Pharmaceutical

Composition Containing Mitomycin. Our initial review of the patent indicates that it is

a method patent with claims for reducing the risk of bladder cancer recurrence,

progression, or death or a method for increasing the probability of disease free

survival (DFS) or a complete response (CR) at 15 months post-treatment. The patent

also references the OPTIMA II, ATLAS, and ENVISION study data along with specific

amounts and ratios of mitomycin and reverse thermal hydrogel. URGN has indicated

that once issued, the patent would provide protection for Zusduri and UGN-103 (the

follow-on candidate) through July 2044. While outer year estimates are limited, we

note that Visible Alpha Consensus Data currently shows US Zusduri sales declining

beginning in 2035. While URGN and TEVA (covered by Matt Dellatorre) recently

settled the litigation relating to Jelmyto (see our takeaways here), we see the new

patent (along with practical considerations as different drug amounts and volumes)