Roche: GALLIUM positive is very good news for Gazyva and CD20 franchise
BUY, Fair Value CHF293 (+16%)
The investment community usually sees GOYA as the key remaining phase III study to determine whether Gazyva can be an effective line of defense for the rituximab franchise. This is partially because results were anticipated earlier than GALLIUM’s. But actually the latter phase III trial met its primary endpoint (PFS) early, which now makes it possible to file sooner than anticipated and may be to get a first-line iNHL indication on label before the first biosimilar comes out next year. So far, Gazyva has had a slow start because its scope of indications is limited to a small subset of the total CD20 addressable market. This could change and our CHF1.6bn peak sales look achievable.
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