Sabadell - Grifols (GRF SM) (GRF SM) GRIFOLS: VERTEX STOPS PHASE II TRIAL FOR THE TREATMENT OF ALPHA-1 ANTITRYPSIN DEFICIT (ANÁLISIS BANCO SABADELL)

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Sabadell

Luis Arredondo

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GRIFOLS: VERTEX STOPS PHASE II TRIAL FOR THE TREATMENT OF ALPHA-1 ANTITRYPSIN DEFICIT (ANÁLISIS BANCO SABADELL)

The US laboratory Vertex announced yesterday that it abandons its phase II trial VX-814 for the treatment of alpha 1 antitrypsin deficiency for safety reasons (elevated liver enzimes in patients). The alpha 1 antitrypsin deficit is one of the main causes of Chronic obstructive pulmonary disease (COPD).
MARKET IMPACT
Very positive news, as shown by the positive share price reaction (+7% vs. IBEX). We recall that VX-814 was the main competitive threat for GRF, as alpha 1 antitrypsin sales account for 15%-16% of its total sales BS(e) and, probably, an even larger portion of its EBITDA. GRF is a market leader in this segment thanks to Prolastin, and we estimate it has a global market share of ~67%.

15/10/2020 3 EN

Underlying

Grifols (GRF SM)

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Provider

Sabadell

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Analysts

Luis Arredondo

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GRIFOLS: VERTEX STOPS PHASE II TRIAL FOR THE TREATMENT OF ALPHA-1 ANTITRYPSIN DEFICIT (ANÁLISIS BANCO SABADELL)

GRIFOLS: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

GRIFOLS: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 13 MAY + 1Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

VISIÓN TÁCTICA DE LOS MERCADOS 19 MAYO (ANÁLISIS BANCO SABADELL)

ESTRATEGIA SEMANAL DE CRÉDITO: LOS CÍCLICOS TOMAN LA DELANTERA (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 19 MAY (ANÁLISIS BANCO SABADELL)

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