J.P 摩根-美股-生物科技行业-北美中小型生物科技公司研究-2019.3-28页.pdfVIP免费

1J.P.MorganSMIDBiotechResearchMyovant(MYOV)/ObsEva(OBSV):ResultsfromOurUSPhysicianSurveyontheGnRH-RAntagonistLandscapeSeetheendpagesofthispresentationforanalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.NorthAmericaEquityResearchMarch2019J.P.MorganSecuritiesLLCEricJosephAC212-622-0659eric.w.joseph@jpmchase.comUSSMIDBiotechnology2KeyGnRHSurveyTakeawaysSource:J.P.MorganResearchEarlybutpromisingoutlookfortheGnRHReceptorAntagonistlandscapeinendometriosisWhilestillearlydaysintotheOrilissalaunch,physiciansindicatemoderate-to-highlevelofsatisfactionwithproductprofileinendometriosis(EM)SurveyedpatientbaseimpliescurrentOrilissashare~6-8%Greateroverallsatisfactionwiththehigherdose(200mgBID)regimen,drivenbyonsetandoverallefficacyNearlyallsurveyedphysiciansexpectingtoincorporateGnRH-RAuseintopracticeovernext6to12monthsOnthepayerside,only35%havecompletedformularyreviewstodate,ofthose>75%offeringcoveragewith/withoutPAAnticipatingrobustuptakeacrosstheGnRH-RAlandscapeasthemarketexpandswithnewentrants(relugolix,linzagolix)Directionalsupportforimmediateuptakeofrelugolix(Myovant)andlinzagolix(ObsEva)attheirrespectivelaunchesOverallGnRH-RAuptakeexpectedtohappenlargelyattheexpenseoforalcontraceptiveuseSomewhatsurprisingly,surgery/invasiveproceduresareexpectedtomaintainstrongfootholdintreatmentparadigmFavorableoutlookonaveragedurationoftherapy–about1-2yearsExpectationsforanaverage1-2+yeardurationoftherapy,descendingwithdegreeofestrogensuppressionMeaningfullyhigh(~45%)expectationof1+yeardurationofhigher-dose/potencyregimensincombinationwithABT(aheadofourcurrentmodelat<4-6months)…aswellasinuterinefibroidsHealthyenthusiasmforGnRH-RAuseintheUFtreatmentparadigm…>70%o...