Avantiavanti merci:
DeGroof Petercam:
The psoriatic arthritis safety and efficacy data appear strong. We were looking for ACR20 responses of at least 40% higher vs placebo to deem filgotinib competitive in the treatment of psoriatic arthritis. Additionally, the ACR50 score, which is clinically more relevant, is also in line with our expectations. As a comparison, tofacitinib, approved for the treatment of psoriatic arthritis, demonstrated ACR20 response rates at month 3 of 50%-61% (5mg/kg-10mg/kg), as compared to 33% in the placebo group.
Investment conclusion
These results open up the potential for filgotinib to move into Phase III for psoriatic arthritis, ultimately targeting a 1 million patient population in the US and Europe. Following the successful data, we increase the probability of success of filgotinib reaching this market to 30%. As such, our target price increases to EUR 103 (vs 98). The remainder of the year will bring additional news flow on filgotinib, including the first Phase III results in rheumatoid arthritis. We reiterate our Buy recommendation.