Aug. 8 at 7:17 PM
Guggenheim⬆️
$URGN's PT to
$32 was
$30, reit'd at a Buy and said, "We caught up with
$URGN mgmt. after the company reported 2Q25 earnings."
$JNJ $MRK
Guggenheim added, "Near-term focus for the company is on execution for the launch of Zusduri (UGN-102, mitomycin intravesical solution), which was approved in June (here) for recurrent low-grade intermediate-risk non-muscle invasive bladder cancer (LG-IR-NNMIBC) which
$URGN sees as a potential
$5BN US TAM where Zusduri could achieve in excess of
$1BN US peak sales.
Mgmt reiterated expectations for a phased launch following product availability (which began July 1) in which a miscellaneous J-code will be used, and anticipates an inflection point in 1Q26 after the
permanent J-code is assigned.
$URGN has not yet seen paid claims to date, but mgmt highlighted progress in sales force expansion, treatment site activation, and provider outreach, and also remains confident in payer engagement and the reimbursement process.
Guggenheim went on to say:
