Agios Pharmaceuticals Inc. (AGIO): Next-generation PK activator discontinued in sickle cell disease

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Agios Pharmaceuticals Inc. (AGIO): Next-generation PK activator discontinued in sickle cell disease

Equity Research

21 July 2026 | 10:34AM EDT

Agios Pharmaceuticals Inc. (AGIO): Next-generation PK activator

discontinued in sickle cell disease

AGIO shares are trading lower following the announcement that data from the Phase Salveen Richter, CFA

+1(212)934-4204 |

2 study of next-generation once-daily PK activator tebapivat do not support salveen.richter@gs.com

Goldman Sachs & Co. LLC

continued development in sickle cell disease (not in our model). Although the study

Lydia Erdman

demonstrated improvements in hemoglobin levels and hemolysis across all active +1(212)357-6383 |

dose levels, it failed to establish a sufficiently differentiated profile to support lydia.erdman@gs.comGoldman Sachs & Co. LLC

continued development per management (details within). This announcement Elizabeth Webster, Ph.D.

follows the recent discontinuation of tebapivat in low-risk myelodysplastic +1(212)357-9925elizabeth.webster@gs.com|

syndrome, now removing a key growth lever for the PK activator franchise, Goldman Sachs & Co. LLC

Dellatorre, Ph.D.particularly in the context of NVO’s once-daily PK activator tebapivat. As a result, the Matt | +1(212)855-0830

focus is now on the outlook for AGIO’s foundational PK activator, mitapivat, in: (1) matt.dellatorre@gs.com Goldman Sachs & Co. LLC

thalassemia, where we are getting inbounds into 2Q earnings, noting debates around

Tommie Reerink, CFA

the potential bolus dynamic and anticipated launch trajectory, particularly for +1(212)357-2470 |

tommie.reerink@gs.com

non-transfusion dependent patients who represent a larger (~2/3 of patients) but Goldman Sachs & Co. LLC

less active patient population, and where we view consensus as the bar Shrunatra Mishra