BridgeBio Pharma's (BBIO) heart disorder drug Attruby faces near-term tailwinds from the likely approval of the amended Medicare 340B proposal in November and UnitedHealth's (UNH) updated Medicare Advantage plan, UBS said in a Friday research note.
The proposed amendments to the 340B plan may disincentivize hospitals from prescribing Medicare Part B drugs through the 340B program, which may divert patients away from Alnylam Pharmaceuticals' (ALNY) Amvuttra in favor Attruby, according to the note.
UnitedHealth also took Amvuttra off the preferred list for new transthyretin amyloid cardiomyopathy starts in its Medicare Advantage plans starting Oct. 1, providing a modest tailwind for Attruby, UBS said.
Additionally, UBS said it believes real world evidence supporting Attruby versus Pfizer's (PFE) tafamidis should drive continued growth even after the entry of generic tafamidis in 2031.
With solid Attruby growth story, focus moves to executing on three upcoming launches, each representing over $1 billion opportunity, UBS said.
UBS maintained its buy rating on the stock with a price target of $92 per share.
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