BridgeBio (BBIO) TD Cowen 46th Annual Health Care Conference summary

Market and stock performance

• Recent stock pullback attributed to TAF IP overhang, not fundamentals, with three Phase 3 readouts meeting or exceeding expectations in ADH1, LGMD2I, and achondroplasia.

• TAF IP trial set for late April, with a decision expected between late summer and November; strong belief in patent validity and infringement arguments.

• Pediatric exclusivity ends in 2028, with generics potentially launching in 2029, but a strong likelihood that TAF IP holds until 2035.

• ATTR franchise expected to sustain multi-year growth due to clinical differentiation and ongoing research.

Product launches and commercial strategy

• Three new NDA filings and launches planned over the next year or two, with launches expected to be less costly than Atrubie due to established infrastructure.

• Commercial leaders and medical affairs teams are in place for upcoming launches; preparations are ongoing pending regulatory approvals.

• Field force for rare diseases like LGMD2I and ADH1 will be much smaller than for TTR, with some launches potentially using MSLs as half the headcount.

• Over $1 billion in cash provides a strong runway to profitability.

ATTR and competitive landscape

• ATTR launch momentum driven by improved patient identification, AI-driven diagnostics, and strong clinical data in subpopulations.

• Market opportunity for ATTR could reach $20 billion, with continued quarter-over-quarter growth expected.

• Competition from Pfizer and Alnylam seen as complementary, with all sponsors contributing to market growth.

• Bayer’s ex-US launch of Beontra expected to contribute meaningfully to financials this year.