Raymond James Downgrades BridgeBio Pharma amid Payer Risks

Raymond James downgraded BBIO to Market Perform from Outperform and removed its $89 price target, sending the stock lower in premarket trading. Analyst Martin Auster cited mounting payer and competitive risks for Attruby, BridgeBio's treatment for transthyretin amyloid cardiomyopathy (ATTR-CM).

At the center of the call is the looming loss of exclusivity for Pfizer's Vyndamax, a rival ATTR-CM therapy. Auster argued that once Vyndamax generics arrive, formularies are likely to favor the lower-cost options, making it harder for Attruby to win new patient starts beyond 2031. He also flagged that adoption of combination therapy with a TTR silencer could further steer share toward cheaper alternatives.

Reflecting those pressures, Raymond James cut its 2035 Attruby sales estimate to $1.7 billion from $2.1 billion. The downgrade reframes the debate around BridgeBio from clinical execution to commercial durability: investors will watch payer formulary decisions, the timing of Vyndamax generic entry, and Attruby prescription trends for signs of whether the competitive threat is as steep as the firm fears.

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