Otsuka Holdings (4578): Vertex Pharmaceuticals: Key takeaways from ASN 2026 event: We see limited likelihood that Pove will become a competitive threat to Voyxact

Vertex Pharmaceuticals (covered by Jessica Fye) held an investor event on October 24 to discuss its presentations at ASN 2026, including results from the pre-specified Week 36 interim analysis of the Phase 3 RAINIER trial for povetacicept (Pove), a dual APRIL/BAFF inhibitor. Vertex expressed confidence that Pove will win FDA approval and highlighted its strong efficacy and convenient dosing (a low-volume autoinjector every four weeks) as competitive advantages. Comparing Pove with competing APRIL/BAFF agents, Dr. Richard Lafayette said they have all shown good reductions in proteinuria and Gd-IgA1 levels, as well as improvements in hematuria, and also rated Pove's efficacy as good. However, he cautioned that it is too early to say whether any one drug is better than the others, and that long-term eGFR data will be key. Vertex expects concrete progress on US reimbursement in 1H 2027 and does not anticipate step therapy. Given the results released at the conference, we believe it is unli