This morning, UCB released additional Ph3 PHOENYCS GO data of dapirolizumab pegol (DZP) + standard of care (SoC) from the EULAR conference. Remember that 1/ primary endpoint detail was already shared in '24 (BICLA delta vs. SoC of 15%, in line with AZ's approved Saphnelo), and 2/ a confirmatory Ph3 PHOENYCS FLY is currently ongoing with readout expected late '27 (we model a '29 launch for now).In short, DZP showed statistically significant improvements across a series of fatigue and disease activity-related secondary measures, thereby further strengthening its competitive profile for this hard-to-beat indication. Discontinuations due to TEAEs in line with
