We have updated several of our model inputs following the company's latest earnings and updated guidance. Most notably, we revised estimates for Bimzelx, including commercial ramp-up & peak penetration, and net pricing based on expected evolution of gross-to-net and pay-to-bridge ratio. As a result thereof, our Bimzelx sales revenue estimate now amounts to EUR 7.3bn by 2030 (+15% vs. VA CSS), excluding contributions from potential follow-on indications. We are especially bullish on hidradenitis suppurativa (EUR 3bn at peak) and consider this opportunity to be underappreciated by the market. With sonelokimab's Ph3 ‘VELA' readout expected in Sept, competition within the anti-IL17
