Aug. 14 at 11:49 AM
$SVRA Jefferies TSai:
"Q2 EPS: Likely Approval in Nov 2026 for Lung Disease, Robust Launch Thereafter
We remain 90%+ confident in Molbreevi's (inhaled GM-CSF) US approval in aPAP rare lung disease by Nov 22, 2026 PDUFA (
$500M+ oppty), supporting a Q1:27 launch. Mgmt's patient-finding efforts offer line-of-sight to well over 1000+ patients, indicating an initial launch bolus. A hypothetical
$400K net price (our est) suggests 2027 cons of
$70M+ is achievable. Net-net,
$500M US sales x 4-5x multiple (biosimilars are unlikely) =
$2.0-2.5B valuation (vs
$1.3B+ cap)."