Pfizer's (PFE) phase II data for its monthly IL-4, IL-13 and TSLP drug tilrekimig showed placebo-adjusted EASI-75 responses of about 40% to 50%, supporting the potential benefit of adding TSLP inhibition in atopic dermatitis, UBS Securities said.

The investment firm said in a note Thursday that the results appear competitive with next-generation agents and above Dupixent on a placebo-adjusted EASI-75 basis.

The firm also noted low rates of eye-related adverse events and consistent trends in itch reduction, while the study's placebo response was lower than in some comparable trials.

Pfizer has started phase III studies of tilrekimig in asthma and atopic dermatitis, including a head-to-head study against Dupixent. The program could become a meaningful commercial player if successful, according to the note.

UBS has a neutral rating on the company's stock, with a $27 price target.

Shares of Pfizer were down 2% in Friday afternoon trading.

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