Piper Jaffray analyst Danielle Brill maintained a Neutral rating and $42 price target on FibroGen (FGEN). After getting more color on the MACE data from a meeting with management, speaking to a lead investigator, and listening to AstraZeneca's (AZN) call, Brill continues to expect approval of the drug, but also sees aspects that will drive debate, and a lack of clarity until FDA briefing documents for an Ad Com panel are released next year, which could be 6-10 months from now depending on priority. The analyst also still questions whether the labeling for the drug, if it is approved, will include a black box safety warning.

Consensus $4.56. Backs FY24 revenue view up low double-digit to low teens percentage, consensus $50.95B. Sees FY24 core tax rate 18%-22%.