Nemluvio Navigator Strong Prescription Trends Support Blockbuster Run Rate Guide

Goldman Sachs maintains a BUY rating on Galderma as recent IQVIA data shows Nemluvio gaining significant market share in AD and PN markets. The drug's strong prescription trajectory supports the company's goal of achieving a blockbuster run-rate by the third quarter of 2026.

Key Takeaways

• 1.Nemluvio is on track to reach a blockbuster run-rate by 3Q 2026, supported by strong prescription trends in both Atopic Dermatitis (AD) and Prurigo Nodularis (PN).
• 2.Updated sensitivity analysis indicates US sales potential of $790mn to $1,070mn in 2026, even accounting for pricing headwinds from government channel entry.
• 3.Nemluvio is successfully gaining market share against incumbents like Dupixent, particularly in PN where TRx share reached 31% by February 2026.

Table of Contents

• Nemluvio prescription analysis
• Sensitivity analysis based on absolute weekly TRx/EUTRx additions
• Market share dynamics across PN and AD
• Valuation and risks
• Disclosure Appendix

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