UBS Equities-Cytokinetics Inc _Transcript Replay Expert call on on HCM...-119167178

ab3 December 2025Global ResearchCytokinetics IncTranscript & Replay: Expert call on on HCM & competitive landscape – Camzyos, aficamten, EDG-7500Key takeaways from the call:
Label Differentiation: Dr. Theodore Abraham sees 30-45 pts per wk: he has ~100-120 pts currently on Camzyos, with more added weekly. He sees the split of nHCM/oHCM pts in his practice at roughly ~50/50. Dr. Abraham notes Camzyos' label change improved the maintenance ECHO burden but did not impact onboarding/dose escalation ECHOS (strictly adhered to). He believes potential differentiated aficamten (afi) label could involve 3 initiation ECHOs with 2-wk dose escalation, followed by maintenance ECHOs every 6-mo.
Afi uptake & launch: Dr. Abraham sees the eventual split of afi/Camzyos at 50/50. Pts likely to take afi include individuals with DDIs, difficulty traveling to ECHO centers, or pts with negative responses to Camzyos. Dr. Abraham believes afi uptake post-launch could be rapid compared to Camzyos launch where physicians/pharmacists/pts were very new to CMIs.
nHCM outlook: Dr. Abraham believes ACACIA/ODYSSEY share the same two fundamental problems: 1) heterogeneity in KCCQ scores, 2) nHCM population variability. He believes the trial design in ACACIA is slightly better and the more likely win could come from pVO2 improvement. ACACIA pts do not need to pause dosing following LVEF drop which Dr. Abraham believes could help bump efficacy. He notes that pts can potentially be on high dose longer in ACACIA, but this brings risk of LVEF drop which could compromise efficacy.Expert BackgroundDr. Theodore Abraham, MD, is a Professor of Clinical Medicine at the University of California, San Francisco (2017-present). Previously, he served as Director of the Johns Hopkins Hypertrophic Cardiomyopathy Center of Excellence as well as Professor of Medicine and Radiology at the Johns Hopkins School of Medicine (04/2004-2017). He was also Director of the Translational Cardiovascular Ultrasound Research Laboratory and the Cardiac Mechanics Imaging Laboratory, both at Johns Hopkins. He has expertise in cardiology, cardiovascular disease, echocardiography, heart disease, hypertrophic cardiomyopathy, and transesophageal echocardiography. Replay available until December 31st (access here)Highlights (US$m)12/2212/2312/2412/25E12/26E12/27E12/28E12/29ERevenues9581870973046821,599EBIT (UBS)(324)(496)(536)(610)(734)(535)(186)655Net earnings (UBS)(389)(526)(590)(794)(778)(585)(224)488EPS (UBS, diluted) (US$)(4.33)(5.45)(5.28)(6.58)(6.07)(4.24)(1.56)2.83DPS (net) (US$)0.000.000.000.000.000.000.000.00Net (debt) / cash(544)(504)(562)(620)(530)(422)(455)47Profitability/valuation12/2212/2312/2412/25E12/26E12/27E12/28E12/29EEBIT (UBS) margin %(342.8)<-500<-500<-500<-500(176.1)(27.4)41.0ROIC (EBIT) %(126.8)(212.5)(298.4)<-500193.2102.639.9<-500EV/EBITDA (UBS core) xNMNMNMNMNMNMNM13.0P/E (UBS, diluted) x(9.6)(6.8)(11.6)(10.0)(10.9)(15.6)(42.4)23.3Equity FCF (UBS) yield %(8.3)(11.9)(6.6)(8.5)(8.6)(7.7)(4.7)