Valuation and Risks. We are raising our PT to $518 from $478 as the JOURNAVX launch reaches a critical tipping point, validated by Q4 prescription volume matching the prior three quarters combined and the strategic 1Q26 unlock of all three national PBMs covering >200M lives. Our increased penetration assumptions are underpinned by robust KOL enthusiasm for suzetrigine’s 76–90% opioid-free success rates in real-world procedures, providing high visibility into management's guidance to triple annual scripts as they double the field force to 300 representatives.