The Phase II trial start for PR022 in Atopic Dermatitis (AD) is an expected but nevertheless very positive development for Realm Therapeutics. In our view, AD represents a significant commercial opportunity, as highlighted by the recent approvals and current sales projections for Pfizer’s EUCRISA® and Sanofi/Regeneron’s Dupixent® ($0.7bn and $3.5bn respectively by 2021). We look forward to top-line results in Q3 2018 with anticipation, and reiterate our highly positive stance on Realm Therapeutics.
