First Read Revolution Medicines Inc NDA acceptance for daraxonasib in 2L+ PDAC - expect fast approval and launch pot‘l by YE

研报英文原文证据摘录

First Read Revolution Medicines Inc NDA acceptance for daraxonasib in 2L+ PDAC - expect fast approval and launch pot‘l by YE

Global Research

22 July 2026ab

First Read

EquitiesRevolution Medicines Inc

NDA acceptance for daraxonrasib in 2L+ PDAC - United States

expect fast approval and launch pot'l by YE Biotechnology

12-month rating Buy

12m price target US$220.00

RVMD announced FDA acceptance of the application of daraxonrasib for

previously treated metastatic PDAC. We think approval could be very fast given this

has the CNPV and the FDA and scientific community have been strong supporters of Price (22 Jul 2026) US$183.09

daraxonrasib's profile. Also co never publicly announced when they completed filing the RIC: RVMD.O BBG: RVMD US

rolling application only FDA acceptance thus it's possible the turnaround from

completion of filing to acceptance was very short. Trading data and key metrics

52-wk range US$192.62-34.70

Note that although the press release states acceptance for "previously Market cap. US$34.8b

treated" PDAC there is some speculation that RVMD could get full approval for 2L+ Shares o/s 190m (COM)

patients as well as accelerated approval in 1L PDAC based on the data released to date. Free float 93%

We continue to believe this is a bull scenario and not in our base case expectations but Avg. daily volume ('000) 2,919

would obviously be a positive for RVMD whose 1L PDAC trial is enrolling and could read Avg. daily value (m) US$469.2

out late 2027/early 2028 by our estimates. Note EMA also started a rolling submission- Common s/h equity (12/26E) US$2.32b

type review of daraxonrasib which could set up pot'l EU launches as well in 2027 and P/BV (12/26E) 17.0x

again speaks to the strength of the Phase III data. Net debt to EBITDA (12/26E) 2.1x