US Diversified Biopharma Takeaways From Recent Multiple Myeloma Expert Call

Research evidence excerpt

US Diversified Biopharma Takeaways From Recent Multiple Myeloma Expert Call

J P M O R G A N North America Equity Research

28 May 2026

US Diversified Biopharma

Takeaways From Recent Multiple Myeloma Expert

Call

Pharmaceuticals — Major &

Specialty

Chris Schott, CFA AC

(1-212) 622-5676

christopher.t.schott@jpmorgan.com

J.P. Morgan Securities LLC

We recently hosted a call with Dr. William Matsui (Dell Medical School at UT

Austin) on the multiple myeloma treatment landscape. Here, key takeaways

included 1) CARTs have seen strong uptake at academic centers with room to

further expand going forward, 2) GILD’s anito-cel could see meaningful uptake in

myeloma given its lack of delayed neurotox once data is available in earlier lines

of therapy (2027)/assuming efficacy remains comparable to Carvykti, and 3) the

recent JNJ Tec-Dara approval has already seen some uptake with more significant

uptake expected in the community setting over time.

Taking a step back, recent key debates within the multiple myeloma space have

centered on 1) how BCMA bispecs will be positioned vs. CARTs (we continue to

see a role for both modalities across lines of therapy with selection driven by

physician/patient preference) and 2) where anito-cel will play a role in the BCMA

CART space (we believe the lack of delayed neurotox with the product supports

share gains despite Carvykti’s first mover advantage). More broadly, we forecast

very healthy growth for newer agents in the myeloma market, including JNJ’s

Darzalex, BCMA CARTs (GILD/JNJ), and BCMA bispecs (JNJ/PFE) currently as

well as CELMoDs (BMY) and trispecs (JNJ) in the future.

• CARTs have had strong uptake at academic centers. Dr. Matsui noted

most physicians still do not consider a standard-risk 2L patient a candidate