Nov. 24 at 3:20 PM
Truist🏁
$VRDN Buy-
$41 and said—We think VRDN is well-positioned following veligrotug's (Veli') BLA submission and potential launch in thyroid eye disease (TED).
$AMGN $NVS $ALPMY $RHHBY
Truist additionally said in its initiation report—Our valuation is driven by Veli', a full IGF-1R antagonist, which has shown differentiated efficacy — with markedly reduced treatment burden — in active and chronic TED, with support from KOLs, justifying our est. of a WW peak sales opportunity of ~
$730M by 2031.
We also see the layering of a larger opportunity for VRDN-003, a half-life extended subcutaneous (SC) formulation, which we est. could command a WW peak sales opportunity of
$1.5B in 2034. An early autoimmune pipeline diversifies the opportunity.