2Q26 Sephience survey highlights continued strong uptake trends; Reit. Buy

研报英文原文证据摘录

2Q26 Sephience survey highlights continued strong uptake trends; Reit. Buy

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PTC Therapeutics

2Q26 Sephience survey highlights

continued strong uptake trends; Reit. Buy

Reiterate Rating: BUY | PO: 95.00 USD | Price: 78.06 USD

HCP survey supports long-term Sephience adoption 15 July 2026

PTCT reported 1Q26 Sephience sales of $113mn. For 2Q26, we model Sephience sales Equity

of $146mn (+17% q/q; cons: $144mn). We conducted a survey of 20 neurologists and

geneticists who collectively manage >1.4K PKU patients to obtain updated insights into

Sephience usage trends (see inside). Our respondents estimate Sephience now accounts

for ~29% of managed PKU patients. While future script expectations suggest a more

measured pace of growth than observed immediately following launch, we do not find

this particularly surprising given management commentary that patient start forms have

stabilized around ~140 per month. Importantly, respondents continue to expect

meaningful long-term adoption, with peak penetration expectations of ~51%, which is Key Changes

above the ~43% reported in our 1Q26 survey though in a different physician population. (US$) Previous Current

We continue to view the survey as supportive of PTCT's long-term commercial Price Obj. 93.00 95.00

opportunity and cite focus on updated launch metrics during the 2Q call. We reiterate 2026E Rev (m) 1,090.3 1,136.2

our Buy rating and raise our PO to $95 PO (from $93; see model changes). 2027E Rev (m) 1,327.3 1,370.4

2028E Rev (m) 1,605.8 1,647.5

Focus remains on votoplam regulatory path 2026E EPS -0.77 -0.07

Following the April PIVOT-HD update, we remain focused on any commentary regarding 2027E EPS 1.55 2.26

future FDA interactions and a potential accelerated approval pathway for votoplam. 2028E EPS 4.19 4.88