BridgeBio (BBIO) Morgan Stanley 24th Annual Global Healthcare Conference summary

Macro and industry trends

• China-originated innovation is seen as an opportunity for faster trials, broader partnerships, and access to diverse genetic data, though IP protection remains a concern.

• AI is being leveraged for operational improvements, including commercial processes, biostatistics, and trial management, with growing impact expected.

• Regulatory and pricing dynamics, including FDA decisions and U.S. government partnerships, are shaping strategy, with priority review granted for key products.

Product performance and outlook

• Attruby's growth is driven by first-line market expansion, strong clinical data, and kidney-protective benefits, with expectations of $4 billion peak sales.

• U.S. sales are the majority, with recent quarters showing blockbuster annualization and continued market share gains.

• Stabilizers are now the clear first-line therapy, with combination therapies shown ineffective; Attruby is positioned for continued share gains.

• Second-line market is stabilizing after initial elevated switching, but first-line growth offsets this.

• Post-hoc renal data differentiates Attruby, expected to influence prescribing over a 1–3 year horizon.

Pricing, competition, and market access

• Attruby maintains premium pricing based on clinical differentiation, not chasing competitor discounts, and expects resilience post-generic entry.

• Real-world evidence supports Attruby's superiority, and access parity is maintained despite competitor rebates.