Citi US Biotech & Pharma: Johnson & Johnson 3Q26 EPS Call Recap—Innovative Medicine Carries the Quarter
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
Key Points
- Tremfya's sharp sales increase is driving expansion of the IL-23 market.
- Multiple myeloma drugs Carvykti and Tecvayli delivered standout growth.
- Spravato demand is rising, and management is constructive on psychedelic therapies.
- Icotyde mainly attracts systemic-treatment-naive patients and shows no meaningful cannibalization of Tremfya; management set a US$10 billion peak sales target, though its potential in IBD still requires clinical validation.
Recommended Names
- AbbVie (ABBV.N): target price US$260
- Amgen (AMGN.O): target price US$405
- Bristol Myers Squibb (BMY.N): target price US$70
- Gilead Sciences (GILD.O): rating 1