Jan. 9 at 12:33 PM
Needham⬆️
$KALV's PT to
$35, reit'd at Buy & said that it 'Believes Ekterly is the New HAE On-Demand Standard-of-Care.'
Here's what Needham had to say: KALV reported prelim 4Q25 Ekterly sales of
$35MM, significantly above the Street's expectations of
$20.7MM. Ekterly generated sales of
$49MM in sales since approval on 7/7/25.
The main growth driver of Ekterly's 4Q25 sales were Rx refills, which surpassed initial Rxs, potentially benefitting from pulled forward demand ahead of yr-end holidays. Thru yr-end 2025, KALV reported 1,318 patient start forms (up from 937 thru 10/31/25), representing >15% of the 8,500 U.S. HAE patient pop.
Based on Ekterly sales exiting 2025 annualizing at
$140MM, we are revising our sales ests upwards (2026 sales now at
$170.8MM, from
$116.6MM) to reflect a stronger uptake and refill rate than expected. We maintain our Buy rating on the belief that Ekterly is the new HAE on-demand std of care, and increase our
$PT to
$35 (from
$32) on higher Ekterly sales ests.
