Cerus (NASDAQ:CERS) executives used a presentation and fireside chat at the TD Cowen Healthcare Conference to reiterate the company’s focus on making its INTERCEPT Blood System a global standard of care for transfusion medicine, while outlining commercial priorities across U.S. platelets, international expansion, and the company’s INTERCEPT Fibrinogen Complex (IFC) franchise. Chairman, President and CEO Obi Greenman and Chief Operating Officer Vivek Jayaraman also discussed milestones expected in 2026 for the company’s red blood cell program.
Mission and how INTERCEPT works
Greenman said Cerus has maintained a singular mission since its founding roughly three decades ago: make INTERCEPT the standard of care globally to provide a “definitive safeguard” for the blood supply, supporting safety and availability. He described the blood supply chain from donors to regional blood centers, where collected blood is processed into components and distributed to hospitals and transfusion physicians.
Business scale and 2026 revenue outlook
Greenman said Cerus’ sales have grown fivefold over the past 10 years, with products sold in more than 40 countries. He also cited the company’s 2026 revenue guidance range of $224 million to $228 million. Greenman characterized Cerus as a market leader with limited global competition and barriers to entry, describing INTERCEPT as “foundational safety technology” for many blood centers.
U.S. platelets and the Blood Centers of America agreement
Jayaraman said Cerus’ revenue mix is roughly 60% U.S. and 40% international, and described the U.S. platelet franchise as the company’s foundational business. He said INTERCEPT platelets are the standard of care in the U.S. and estimated Cerus’ current share at roughly the mid-60% range, while emphasizing there is still room to grow.
A key theme of the discussion was Cerus’ framework agreement with Blood Centers of America (BCA), which Jayaraman described as a cooperative representing roughly 50% of the U.S. market by volume. He said Cerus estimates its share within that portion of the market at roughly 30%, making it a major opportunity for further penetration. The agreement became effective January 1, and Jayaraman said that within about two months, Cerus has seen blood centers that do not currently use INTERCEPT approach the company to start adoption, as well as existing users looking to increase penetration.
Jayaraman contrasted Cerus’ approach with traditional “feet on the street” commercialization models, noting Cerus has a relatively small SG&A footprint and a “highly leverageable” sales and marketing structure. He said BCA provides leverage through its contracting, sales and marketing channels, and supply chain network. As early indicators, Jayaraman cited a presentation Cerus delivered to BCA’s board meeting in front of about 50 blood center CEOs and a webinar with about 150 blood center personnel focused on operationalizing INTERCEPT for both platelets and IFC.
On potential market share ceilings, Jayaraman said he could see Cerus reaching a 70%+ share environment in the near to midterm if BCA efforts are successful. He added that Cerus is pursuing an “extended day claim” for platelets—described as moving to a six- or seven-day claim—which he said could support incremental share capture. He also pointed to hospital demand for uniform pathogen-reduced platelet inventory and said blood centers can see a profitability increase on pathogen-reduced platelets versus conventional platelets, depending on hospital contracts.
Plasma and international opportunities
Jayaraman said plasma kit sales have been primarily an international dynamic, with historical plasma sales in France and other geographies including Belgium and Spain. He also said Cerus is partnering with Canadian Blood Services, which is exploring adoption of INTERCEPT plasma technology. In the U.S., he emphasized plasma’s role as the “foundational component” enabling the IFC platform.
In discussing international platelet and plasma growth, Jayaraman highlighted Germany as the largest market by volume in Western Europe and noted neighboring countries where Cerus is “at or very close to 100% share.” He said Germany has begun the INITIATE trial, described as a phase IV post-market registry study evaluating INTERCEPT in real-world settings. The study is expected to enroll through the balance of 2026, and Cerus anticipates that positive experience could lead to meaningful growth in Germany beginning in 2027 and beyond.
Jayaraman also referenced initiatives in China, Japan, and Brazil. In China, he said Cerus has a joint venture partner, ZBK, and is accumulating data from Chinese blood centers to resubmit a filing, with the company anticipating entering the market “in the next couple of years” as a growth driver toward the end of the decade.
Asked about exposure related to geopolitical conflict in the Middle East, Jayaraman said Cerus’ commercial efforts there are run almost entirely via distributors. He said the company maintains close communication with blood centers in the region, and that at the time of the discussion, customers were well-stocked and Cerus had no material changes to report.
IFC momentum and red blood cell milestones
Turning to IFC, Jayaraman said the franchise is currently solely a U.S. business, though Cerus is evaluating future international markets. He described the company’s evolving understanding of market size, noting Cerus had previously discussed the U.S. market as roughly a $300 million opportunity and said growing clinical appreciation for earlier fibrinogen access could expand the market. He also cited large pharmaceutical companies bringing fibrinogen concentrates to market via hospital pharmacy channels, while IFC and cryoprecipitate are supplied through hospital blood banks.
Jayaraman said Cerus’ initial hypotheses around clinical value and cost benefits—particularly reductions in wastage—are beginning to “prove out,” citing presentations from institutions including Vanderbilt, Stanford, and the University of Florida that discussed both clinical service improvements across specialties and financial benefits. He added that Cerus is focused on distribution and manufacturing capacity, and said kit volume growth and utilization growth are expected to converge in 2027.
On manufacturing and access, Jayaraman said Cerus is working to keep supply slightly ahead of demand and noted that about 12 months earlier, IFC demand outpaced supply, resulting in backorders. He said the company is not currently in that position. He added that of Cerus’ seven current manufacturing partners, six already have a biologics license application (BLA) in hand allowing distribution across the U.S., and he said BCA members that are not yet IFC producers have initiated the process of becoming producers.
Greenman and Jayaraman also discussed Cerus’ red blood cell program as a “milestone rich” area for 2026. Greenman said Cerus expects feedback from France’s ANSM or a competent authority that could support a CE mark pathway in 2027. He also said the phase III REDS study—the second of two phase III studies required for a PMA submission—is expected to read out in Q4 2026, including data on chronic transfusion recipients such as sickle cell patients undergoing red cell exchange and thalassemia patients receiving regular transfusions.
Greenman said Cerus remains excited about the red blood cell opportunity, particularly in a segment where INTERCEPT could replace irradiation, which he said damages red blood cells and shortens shelf life relative to what Cerus expects with INTERCEPT-treated components. He estimated that about 20% of overall red blood cell transfusions are irradiated and described that segment as an initial target at launch.
About Cerus (NASDAQ:CERS)
Cerus Corporation is a biomedical products company dedicated to enhancing the safety of blood transfusions worldwide. Its flagship offering, the INTERCEPT Blood System, employs pathogen reduction technology designed to inactivate a broad spectrum of viruses, bacteria, and parasites in donated platelets and plasma. This approach aims to mitigate the risk of transfusion-transmitted infections and improve blood component safety for patients.
The INTERCEPT platform integrates seamlessly into existing blood center workflows, providing a one-step treatment process for collected blood products.
