UroGen Pharma's (URGN) investor event reinforced the commercial thesis for Zusduri in low-grade intermediate-risk non-muscle invasive bladder cancer, with the physician panel suggesting that peers may face tough competition unless they can offer overwhelmingly better efficacy, Oppenheimer said Tuesday.

The physician panel said Zusduri has a competitive advantage since it is first to market, requires no biomarker testing, can be used without transurethral resection of bladder tumor or TURBT surgery, and has a finite six-dose treatment course, according to the note.

One panelist argued that Zusduri offers better long-term durability than surgery, with roughly a 65% chance of no tumor recurrence at three years, something TURBT cannot offer, the brokerage said.

The treatment seems operationally feasible and reimbursement concerns are easing, but Medicare Advantage plans remain a risk because clinics could still lose money despite the drug being officially covered, the brokerage added.

Oppenheimer's above-consensus Zusduri revenue estimates for 2026 to 2030 of $204 million, $411 million, $595 million, $771 million, and $931 million remain unchanged.

The brokerage kept an outperform rating on UroGen Pharma with a price target of $40.

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