Pharvaris Drug Success Introduces New Demand Risk to Haemonetics's Plasma Business

What happened

Pharvaris announced positive topline data for Deucrictibant, an on-demand treatment for Hereditary Angioedema (HAE) attacks, which could reduce reliance on plasma-derived therapies. This development threatens plasma collection demand, a key end-market for Haemonetics's Plasma segment technologies. Haemonetics's Plasma business is already facing a near-term revenue step-down from the CSL Plasma transition in fiscal 2026, as noted in the master report. While the Hospital segment shows solid growth from electrophysiology and PFA adoption, the company's overall risk profile is heightened by this potential demand erosion. Investors must now consider pharmaceutical advances as an additional headwind to Plasma, compounding existing customer concentration and regulatory challenges.

Implication

The positive data for Deucrictibant signals a shift toward pharmaceutical treatments for HAE, potentially reducing plasma-derived therapy demand and pressuring Haemonetics's Plasma revenues over time. Haemonetics's Plasma segment, which accounted for 39% of FY2025 revenue, now faces layered risks beyond the CSL transition, including this new demand threat. Although Hospital growth from procedure tailwinds offers some offset, earnings quality could degrade if Plasma weakens further, impacting valuation multiples. Management's $500 million buyback and balance sheet flexibility provide temporary support but do not address the fundamental business risk. Consequently, investors should scrutinize Plasma segment metrics more closely and adjust growth assumptions downward in their models.

Thesis delta

The master report's Watch/Neutral thesis, which highlighted Plasma uncertainty from the CSL transition, now incorporates an added demand risk from advancing pharmaceutical treatments for conditions like HAE. This reinforces the cautious stance on Plasma and suggests that any rerating potential may be delayed until clear evidence of demand resilience emerges, beyond just operational stabilization.