What happened? We hosted Dr Charles Gropper, Chief of Dermatology at St Barnabas Hospital and Clinical Associate Professor of Dermatology at Icahn School of Medicine, Mount Sinai. Topics discussed included the current unmet need in atopic dermatitis (AD) and drivers for increased biologics penetration. Notable feedback on UCB''s galvokimig/donzakimig as well as upcoming Moonlake data in HS, Sanofi''s amlitelimab, and Galderma''s Nemluvio. Key takeaways summarised below, our detailed notes are available upon request. BNPP Exane View: Current treatment paradigm - Dr. Gropper argues all patients with moderate to severe AD should be treated with one of the three approved biologics (Dupixent, Nemluvio, or Ebglyss) as 1L treatment, versus estimated treatment rates of 15-20% across the community. This discrepancy highlights a substantial opportunity for biologics penetration to increase meaningfully, and the space for more entrants to help grow the market. The most common barriers to broader biologic use remain commercial coverage and access, resistance to adopting innovative medicines, and some patient hesitancy around injections. Key unmet need in mod-to-severe AD - Dr Gropper described ''the holy grail'' for a next generation therapy being ''oral JAKi like'' efficacy (EASI75 in 60-70% range) with a ''Dupixent-like'' side effect profile, fast onset of action, and preferably longer dosing intervals. UCB''s galvokimig/donzakimig turning heads - We note particularly bullish commentary on galvokimig in AD with Dr Gropper viewing the IL17/IL13 bispecific approach as ''very promising'' with potential to move towards, if not meet, ''the holy grail'' with its promise of faster onset of action, safety profile and efficacy approaching oral JAKi range. We note comments that evolving studies of disease pathophysiology indicates a high overlap between Psoriasis and AD diagnosed patients indicating the potential utility for an IL-17 mediated approach. We keenly await further...