Q2 Preview: Robust Atruby Uptake + 3 New Launches To Drive Continued Momentum

研报英文原文证据摘录

Q2 Preview: Robust Atruby Uptake + 3 New Launches To Drive Continued Momentum

s were comparable to Q1

trends (qualitatively) - implying no Q/Q slowdown in patient uptake. (2) Anecdotally, Attruby's %

1L market share (naive) continued to rise in Q2 (up from 25%+ in Q1:26). (3) Attruby's 2L+ market

share (switch) was steadier Q/Q, since Vyndaqel's Dec 2025 discontinuation had caused a one-time

bolus in the switch market during Q1. (4) Also, since Q1:26 did not see any net price seasonality

(e.g. compliance rates, GTN were similar Q/Q), Q2 sales will be driven largely by volume (no pricing

tailwind). (5) We model 10,000+ cumulative patients treated by June-end (a linear Q/Q growth from

8,400 in March).(6) For 2026, our $915M+ Attruby estimate (vs cons $896M) assumes a linear

Q/Q sales trajectory, corroborating mgmt's 2026 WW sales guidance of $1B+ (US sales + ex-US

royalties).

We have increased visibility on Attruby's $3-4B+ peak sales, as fears of competition from PFE

(tafamidis), ALNY (Amvuttra) and IONS/AZN (eplotersen) are subsiding. (1) We think mgmt's

30-40% 1L share target for Attruby is achievable, following PFE Vydamax's (oral stabilizer) recent

mid-2031 settlements with 3 generics and AZN/IONS eplontersen's (subQ silencer) Phase III

CARDIO-TTRansform failure. (2) We are curious what add'l details IONS will share at ESC 2026

(Aug 28). The outcome suggests that stabilizers are the go-to 1L choice (given % baseline use)

and combining a silencer with a strong stabilizer offers no meaningful additive benefit. The use of Andrew Tsai * | Equity Analyst

Attruby (a pot'l stronger stabilizer than PFE) would further augment these findings. (5) Meanwhile, +1 (415) 229-1566 | atsai@jefferies.com