BridgeBio (BBIO) UBS Global Healthcare Conference 2025 summary

Commercial performance and market dynamics

• Sales volume accelerated in 3Q with stable pricing and robust uptake across patient and physician segments.

• Majority of new patients are treatment naive, with this segment driving ongoing growth and comprising a significant share.

• Market expansion is attributed to increased disease awareness, more players, and strong clinical data supporting product adoption.

• Attruby aims for 30%-40% market share, with ambitions to exceed this based on strong European performance.

• No current pricing pressure observed; strategy focuses on clinical data rather than preferred access or rebates.

Competitive landscape and future outlook

• Market is not viewed as zero-sum; all players expected to perform well as overall demand grows.

• Combination therapy offers no added benefit and is unlikely to impact future positioning.

• Generic entry for Tafamidis is not expected until 2035, with differentiated products maintaining growth.

• Volume growth is expected to continue, with only minor price adjustments anticipated.

• Depleter therapies are seen as complementary, not competitive, to stabilizers.

Clinical data highlights and pipeline updates

• Recent AHA data showed significant mortality and hospitalization reduction in the variant population, with peer-reviewed publication.

• Encaloret phase 3 in ADH1 showed 76% normalization of calcium at 24 weeks, with durable effects up to 3.5 years.

• Nearly all Encaloret trial completers rolled into long-term extension, supporting robust safety and durability.

• BBP-418 in LGMD2i demonstrated significant biomarker and clinical improvements, including ambulation and pulmonary function.

• Both Encaloret and BBP-418 are positioned as potentially disease-reversing therapies.