Otsuka Earnings call Updates for IgAN Launches

Goldman Sachs views Otsuka's strong launch of Voyxact as a positive indicator for the IgA nephropathy (IgAN) market, supporting optimistic outlooks for Vera Therapeutics and Vertex Pharmaceuticals.

Key Takeaways

• 1.Rapid early adoption of Voyxact (~500 start forms in 6 weeks) validates a high unmet need and a large US market opportunity (~$40bn) for IgAN treatments.
• 2.Competitive clinical timelines are shifting; Otsuka's Phase 3 eGFR results are now expected between June-August 2026, creating a competitive bar for Vera (VERA) and Vertex (VRTX).
• 3.Administration convenience is becoming a key battleground, with competitors moving toward once-monthly autoinjectors to differentiate from existing syringe-based treatments.

Table of Contents

• Key takeaways
• Valuation and Risks
• Disclosure Appendix

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