1、Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companiescovered in its research reports.As a result,investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report.Investors should consider thisreport as on

2、ly a single factor in making their investment decision.This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA.Please see analyst certifications and important disclosures beginning on

3、page 16.Global Pharmaceuticals2Q25 dynamic US TRx data:ImmunologyHere we cover the immunology subset of IQVIAs dynamicretail data,encompassing switch and NTBx(truly“new tobrand”)US patient Rx data.While GALDs Nemluvio hasalmost doubled its NTBx in 2Q25,Bimzelx continues strongTRx growth as NTBx grow

4、th.One of the more proprietary(and expensive)components of the data we publish is IQVIAsdynamic retail data,encompassing switch and NTBx(truly“new to brand”)patientprescription datasets.This data elucidates which companies are taking or losing share(i.e.patients)and gives unique insight into markets

5、 undergoing significant share changeand/or markets where new entrants are disrupting the status quo.In this note,we providean update for data as of Jun 25.We present the immunology subset of that data,with theup-front caveat that the datas robustness varies(principally as a function of channel mix a

6、ndlack of non-retail channel capture)and should be regarded as indicative.Our key takeaways by product are:GALDs Nemluvio:Launched in Aug24 in PN and Dec24 in AD,Nemluviostarted off to astrong traction in TRx data(grew by+11.9k scripts/+119%to 21.9k during the quarter vs.agrowth of 6.1k scripts in 1