Everest Medicines (1952) Goldman Sachs 45th Annual Global Healthcare Conference summary

Strategic focus and business model

• Shifted focus to renal and infectious diseases, moving away from crowded oncology space to address unmet needs and leverage internal expertise.

• Adopted a dual approach of in-licensing and internal discovery, including mRNA platform development, to drive sustainable growth.

• Licensing model remains robust despite geopolitical uncertainties, with recent deals showing continued partner confidence.

• Supply chain independence and redundancy are prioritized, with ongoing efforts to localize manufacturing and reduce costs.

• Commercial strategies are tailored to China’s unique market, balancing online and offline channels for broader reach.

Renal disease product launch and market access

• Launched first renal product, Nefecon, in March, targeting IgA nephropathy with a significant patient base in China.

• Early access programs showed high compliance and positive outcomes, with most patients completing full treatment.

• Focused on expanding hospital coverage from 400 to 1,000, prioritizing those with kidney biopsy capabilities.

• Patient assistance programs offer discounts, but affordability remains a challenge until national reimbursement is secured.

• Preparing for NRDL negotiations to drive broader access and reduce out-of-pocket costs, aiming for inclusion by year-end.

Market size, patient profile, and competition

• Estimated 100,000 new IgA nephropathy diagnoses annually, with a total addressable market of 1–1.2 million diagnosed and up to 5 million potential patients.

• Early adopters are typically younger, financially able patients with CKD stage 2–3.

• Competitive landscape is evolving, with global and local players developing new therapies, but current alternatives face efficacy, safety, and pricing challenges.

• Nefecon is positioned as the only product targeting the disease origin, supported by a diagnostic strategy to expand patient identification.

• Long-term gross margin guidance for Nefecon is 80%, supported by manufacturing scale-up and local partnerships.