Evommune's Skin Disorder Candidate Has 'Blockbuster Commercial Opportunity': Analyst Projects $5 Billion Peak Sales

William Blair initiated coverage on Evommune, Inc. (NYSE:EVMN) highlighting the potential of its first-in-class MRGPRX2 inhibitor EVO756 for chronic urticaria.

The firm noted strong early data and a sizable market opportunity for a safe, effective oral therapy. Evommune completed a 10.8 million-share IPO at $16 in November.

Earlier this year, topline Phase 2 data in chronic inducible urticaria showed a 30% complete response rate after four weeks, with half of responders testing IgE-high.

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Forty-one percent achieved a clinically meaningful ≥2-point reduction in itch scores.The company is also advancing EVO756 into atopic dermatitis, having launched a Phase 2b trial in August.

Topline results are expected in the second half of 2026. Analyst Matt Phipps wrote that achieving a 25%+ complete response rate with good safety would support a differentiated profile in chronic spontaneous urticaria, especially as recent approvals—Rhapsido and Dupixent—leave room for oral alternatives.

He sees significant unmet need for an effective, well-tolerated oral option that can be widely prescribed.

William Blair started Evommune at Outperform, estimating peak EVO756 sales of $5 billion across urticaria and atopic dermatitis, with a risk-adjusted NPV of $1.1 billion, or $34 per share. Phipps added that oral autoimmune therapies with favorable safety profiles remain attractive acquisition targets.

Price Action: EVMN stock is up 2.9% at $21.31 at the last check on Monday.

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