Halister News

(Bloomberg) -- Keryx rises to $6.50 pre-mkt on 2.4k shares after Citi analyst Yigal Nochomovitz upgraded to neutral from sell (PT $6.50 from $4).

• Auryxia 4Q re-launch data are coming in "substantially higher than our expectations"
• • Auryxia 4Q16 TRx demand was ~8,700 and Dec. TRx was ~4,500 or 90% of the TRx peak in July 2016 before the supply interruption
• Sales poised to grow in 2017 and beyond; raised sales estimates
  • 2017 Auryxia dialysis est. $45m from $19m
  • U.S. peak sales in dialysis $160m from $60m (by 2024); peak share revised to 4% vs 1.5% currently
  • Reinstated 10% discount rate from 12.5% to reflect a "more commercially appropriate" level
• Sees FDA approval/launch in 4Q16
  • NOTE: Jan. 9, KERX submitted supplemental new drug application (sNDA)
• NOTE: KERX to present at JPMorgan Healthcare conference at 5:30pm
• Stock 4 buys, 5 holds, 0 sells, avg PT $7: Bloomberg data
• NOTE: Jan. 9, KERX said 2016 revenue will reach $31.9m vs est. $28.6m.

To contact the reporter on this story: Tatiana Darie in New York at tdarie1@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Scott Schnipper