Geron (GERN) TD Cowen 46th Annual Health Care Conference summary

Commercial performance and growth outlook

• Achieved $184 million in first full year of RYTELO sales, with 2025 revenue guidance of $220–$240 million, reflecting strong anticipated growth.

• Strategic focus on execution, particularly targeting second-line, low-risk MDS patients, with 80% of business in the community setting.

• Internal refinements include streamlined organization, targeted messaging, and increased investment in digital and non-personal promotion.

• Market trends, such as increased frontline use of luspatercept and updated NCCN guidelines, support RYTELO’s positioning as a preferred second-line agent.

• Key performance indicators include demand growth (9% last quarter), new account orders, and increasing share of first/second-line use (currently 30%).

Market strategy and physician engagement

• Emphasis on educating community physicians, who manage 80% of patients, through simplified messaging and targeted outreach.

• Academic centers are engaged with deeper scientific discussions and investigator-sponsored trials (ISTs), with over 10 ISTs approved.

• ASH data highlights that cytopenia is an on-target, predictable effect, serving as a clinical biomarker for robust response.

• Real-world evidence and ISTs are expanding understanding of RYTELO’s efficacy across different patient populations and indications.

• Increased funding for ISTs aims to explore broader applications, including potential use in solid tumors.

International expansion and future catalysts

• EMA approval secured for RYTELO, with ongoing country-specific funding and pricing strategies in Europe.

• Ex-U.S. markets seen as significant, with reference to luspatercept’s $500 million ex-U.S. sales.

• Engaging potential partners and optimizing pricing to reflect innovation and long-term investment.

• Phase III myelofibrosis (MF) trial interim analysis expected in H2 2025, with full analysis projected for H2 2028.

• Phase II data showed nearly tripled survival, supporting confidence in the ongoing phase III design.