Structure Therapeutics Inc. American Depositary Shares Morgan Stanley 24th Annual Global Healthcare Conference
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In yesterday? I got in last night, yeah.
Okay. All right. Then flying home tomorrow?
Bright and early. Bright and early.
I wanted to get out tonight. Oops. Oops. Are we live?
Yep. All right. Got to be careful what I say.
Go into it. So thanks for joining us. I'm Terence Flynn, Morgan Stanley's U.S. biopharma analyst. For important disclosures, please see Morgan Stanley's research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. Very pleased to be hosting Structure Therapeutics this afternoon, or this morning, I guess. We're still in the morning. We have the company's CEO, Ray Stevens. Ray, thanks so much for joining us. Really appreciate the time today.
Yep. Thank you, Terence. I think we'll focus a lot on some of the recent pipeline developments.
Obviously, you guys had some data out for both aleniglipron and your oral amylin. Maybe first, just to start on aleniglipron. Obviously, the obesity market is growing rapidly here. We're seeing the first two orals enter the market and seeing market expansion. As you think about the profile of aleniglipron that you guys have generated so far, what are kind of the key features we should think about on differentiation?
Yeah, I think one of the big key differentiators is our dynamic range. We can go from 2.5 milligrams to 180 milligrams. What this really translates into is potentially best-in-class efficacy. The data that we showed last week was up to 16% weight loss. We are starting to see a separation of the pack, where many of the competing molecules are in that 11%-12% range, and we are out at 16%. That 16% is after only seven to eight weeks median on the top dose. I am excited about the phase III when we have been out to 52 weeks. Hopefully, we will see even more efficacy. I think dose range and potentially best-in-class efficacy is really what separates aleniglipron from everybody else right now.
Great. I kind of alluded this in my opening remarks, but as we look at the launches of the existing orals, what have been your kind of impressions of what we have seen so far, just from a high-level takeaway side?
It was about a year ago, I was on stage with you at this same conference. A year ago, the conversation was, is there room for oral GLP-1s? People were still debating this a year ago. Fast-forward only a few months, it was January, JP Morgan conference, or Wegovy came out. Then in April, we had Mounjaro come out. Now it has only been seven, eight months of data that we have. The orals have already taken 17% of the market, and it is still ramping up. I think the number is 80% are new entrants into the market. That means that it is all about expansion. What we are seeing is, with the orals coming on, there was a big pent-up demand. We are seeing then really good launches. Big question we get is with Mounjaro, has the launch been slower? My attitude is give it time.
I think let us keep in mind, this has only been a few months. They have been fantastic launches. The estimate is market analysis, by 2030, 50% of the market is going to be oral GLP-1s.
Great. Maybe talk to us about scalability. I know that is something else that you guys have highlighted. As we think about not just the U.S. opportunity, but also as a global opportunity and why scalability is so important.
Yeah. This is somewhat of a sort of reminder to the previous question. In this space, in GLP-1's class of medicines, one of the other things that is really starting to be appreciated is ex-U.S. market is just as big as the U.S. market. We are really seeing that this is unique from, I think, a lot of other medicines. Now, to aleniglipron, we designed this molecule at the very beginning. We thought about manufacturing, cost of goods. We thought very carefully about that. Our tagline for the company is making medicines accessible to all. So when we designed the molecule, obviously efficacy, safety, tolerability was top of mind. What was also on our mind was manufacturing.
Could we make the manufacturing as streamlined and as simple as possible so we could truly get the cost of goods down as low as possible, so we could address a very large global unmet need? I am really proud of our CMC team. They have done a phenomenal job at really making these medicines at the right point.
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