EUR 4351.14 For Business Accounts Only

Cosentyx Strength Continuing

Since upgrading our Novartis PT last week we’ve heard
numerous concerns of a possible slowdown in Cosentyx
due to the launch of Tremfya and AbbVie’s IL-23.
However, we show Cosentyx has actually benefitted from
Tremfya’s launch as the additional marketing efforts
could have encouraged doctors to switch from the TNF’s
or Stelara. Tremfya’s launch has also been materially
slower than Cosentyx’s. Moreover, we show that the 16-
week data is similar for Cosentyx when compared to
Tremfya and Rizankizumab, and that Cosentyx has strong
5-year data although the Cosentyx dosing schedule is
worse. We also show that modest Cosentyx rebates have
helped to solidify its position on formularies.

Cosentyx Boosted by Tremfya’s Launch – The latest scrip
data shows that Cosentyx NRx scrips have accelerated since
Tremfya launched (see below).

Cosentyx Rebates Solidify Formulary Position – We show
that Novartis have taken low-single digit rebates over the
last few quarters likely garnered strong tier 2 access.

PsA and AxSpa Likely to be Bigger than Psoriasis –
Psoriatic arthritis and Axial Spondyloarthritis could sell
more than Psoriasis according to Novartis. There is limited
competition in the next few years in these indications,
which will help Novartis to solidify Cosentyx’s position.