Vivoryon - Varoglutamstat to be AD Blockbuster (Sponsored Research, TP EUR 33 [17], 13 pgs)
Following updated trial designs for varo’s P2 studies and several new AD datasets, which favour varo, in our view, we almost double our peak sales forecasts to €1.1bn in 2033. We believe the extended treatment duration and expanded data collection makes a positive P2 readout more likely, increases the probability of an accelerated approval in the US and de-risks the P3 programme. Varo’s recent P2 interim data showed no ARIA, which is becoming a key differentiating factor vs the plaque-clearing mAbs. We see no readthrough from the gantenerumab failure and upgrade our TP to €33 [€17].For access to the full note, please contact Naresh Chouhan ( )
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