Pfizer Inc. (PFE): New Phase III Trispecific Studies in AD/Asthma Underway… Interesting Program to Watch and Not in Numbers Now

PFE announced first patients have been dosed in three new Phase 3 studies for the IL4 x IL13 x TSLP trispecific antibody tilrekimig in atopic dermatitis and asthma. This program has shown promising Phase II data in atopic dermatitis, with competitive placebo-adjusted EASI-75 rates of ~50% at the middle and high doses, which we believe looks competitive with Dupixent (SOLO studies ~32-36%) and other next-gen programs, and with a convenient monthly dosing profile. The Phase 3 adult atopic dermatitis study will be run head-to-head vs. Dupixent and we believe could be a relevant and competitive commercial player if the study is positive and could be an upside opportunity not currently contemplated in consensus numbers (~$400-500M in 2035 consensus). Topline data from March shows statistically significant improvements in Week-16 EASI-75 across all doses and placebo-adjusted response rates of 38.7%, 51.9% and 49.4% at the low, middle and high doses, respectively, with favorable safety. PFE i