Invivyd (IVVD) Jefferies 2024 Global Healthcare Conference summary

Product launch and sales outlook

• PEMGARDA launched for COVID-19 prophylaxis in April, targeting immunosuppressed patients, with early sales already booked and Q2 sales expected.

• Net revenue guidance for 2024 is $150 million–$200 million, with strong initial demand and positive uptake from infusion centers and hospitals.

• Product is distributed via a dropship model to infusion centers, with a WAC price of $5,775 and net price between $4,100–$4,500.

• Approximately 50% of targeted patients have full coverage due to early CMS code assignment.

• Target market is about 500,000 moderate to severe immunocompromised patients in the U.S., a subset of the 7 million total addressable market.

Market adoption and patient access

• Major cancer and transplant centers are preparing lists of eligible patients, with some institutions already placing repeat orders.

• An online infusion center tracker was launched to help patients locate administration sites, expanding access to rural areas.

• Patient advocacy groups and hospital facilities have shown strong interest, contributing to organic demand.

• Early adoption is measured in small but growing order volumes, with more detailed metrics to be shared at Q2 earnings.

Competitive landscape and product differentiation

• AstraZeneca's competing antibody met its primary endpoint in phase III but did not include the F456L variant, which is now prevalent.

• PEMGARDA shows robust neutralization data across all tested variants, including F456L.

• The company’s platform enables rapid development and regulatory submission of updated antibodies annually, leveraging immunobridging studies.

• Full regulatory approval is not currently planned due to the serial nature of annual EUA updates, but remains an option for the future.