Feb. 23 at 3:02 PM
H.C. Wainwright reiterated
$MDGL Buy/
$620
$IVA $NVO $ALGS $VKTX SGMT LLY ALT
H.C. Wainwright said in its note:
Rezdiffra is only seven quarters into its commercial launch and has already generated nearly
$1B in net
sales, an exceptional trajectory by any industry standard for a drug that created an entirely new treatment category, in our opinion.
Although we acknowledge that the near-term headwinds are real, gross-to-net resets to the high 30s and 1Q seasonal reverifications create a slight trough, but we believe these are of limited consequence relative to the long-term opportunity.
The diagnosed F2/F3 population has grown nearly 50% in two years to nearly 350,000 reaching a pool of approximately 470,000 to 525,000 patients with
double-digit growth expected to continue, yet Rezdiffra remains under 12% penetrated, in our opinion.
