May 6th, 2026

The call conveyed a strongly positive commercial and scientific momentum: Rezdiffra has achieved blockbuster status with rapid patient growth, a materially expanding addressable market, and an increasingly diverse pipeline (including a promising siRNA asset). These positives are balanced by elevated operating expenses, one‑time business development costs, a material gross‑to‑net discount, and near‑term non‑profitability with cash modestly reduced by strategic uses. Management emphasized durable long‑term opportunity, upcoming outcomes milestones (2027–2028), and disciplined, data‑driven pipeline advancement.

Company Guidance

The company reiterated growth and financial guidance for 2026: Q1 net sales were $311.3M (+127% YoY) and trailing 12‑month net sales exceed $1.1B, with >42,250 active patients on therapy at quarter end (2.5x YoY) and the U.S. addressable F2/F3 market having grown ~50% from 315,000 (end‑2023) to 460,000 (end‑2025) while diagnosis is just over 10% and Rezdiffra penetration is just under 10%; management expects to steadily add patients through 2026, F4C represents ~245,000 specialists’ patients and the event‑driven outcomes readout is expected in 2027 (F2/F3 histology readout in 2028); financials include Q1 cost of sales $26.8M, R&D $108.7M (including $54.3M one‑time BD expense), SG&A $268.5M, $34M noncash stock‑based comp, and a Q1 net loss of $94.4M; they expect gross‑to‑net in the mid‑ to‑high‑30s% for the rest of 2026, full‑year R&D roughly flat with 2025, higher full‑year SG&A (with a Q2 spike tied to DTC/timing), a Q2 recording of the $25M ARO‑PNPLA3 upfront, ending Q1 cash of $817.9M, and do not expect profitability in 2026 (though they say profitability is “inevitable” thereafter).