Guggenheim optimistic about Impel NeuroPharma's migraine drug uptake

IPI Legacy Liquidation Co

07/04/2022 14:43

** Guggenheim analysts say early trends for drugmaker's
 IMPL.O  migraine treatment Trudhesa are encouraging 
    ** Trudhesa, which launched late last year in a market
dominated by Biohaven  BHVN.N 's Nurtec and Abbvie's  ABBV.N 
Ubrelvy, is currently expected to make $800 mln - $900 mln sales
in 2022 - brokerage
    ** Adds that Trudhesa's penetration continues to increase
among high prescribers, as both Ubrelvy and Nurtec prescriptions
are down in that segment, suggesting a possible shift in
preference 
    ** Brokerage says it is encouraging to see that Trudhesa is
not being used as a rescue-only therapy, with a 63% refill rate
reported by IMPL, suggesting that patients are using the product
and requiring additional doses 
    ** Adds that Trudhesa's use is not dominated by one type of
patient as it is being prescribed to patients adding on to prior
therapy, those switching therapies, as well as a first-line
treatment
    ** All three brokerages covering stock rate it "buy" or
higher; their median PT is $35 - Refinitiv 
    ** Up to Wednesday's close, IMPL down ~21% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))