JnJ Earnings Readthrough - Icotyde Launch, Tremfya in IBD, MM and Milvexian

Research evidence excerpt

JnJ Earnings Readthrough - Icotyde Launch, Tremfya in IBD, MM and Milvexian

July 15, 2026 | 10:30 ET~

BioPharma

JnJ Earnings Readthrough - Icotyde Launch, Tremfya BioPharma

in IBD, MM and Milvexian Evan David Seigerman Analyst

evan.seigerman@bmo.com (212) 444-4328

Conor MacKay VP Associate

Bottom Line: conor.mackay@bmo.com (347) 988-4235

A strong quarter for JnJ's Pharma business +8% YoY on a reported basis, coupled Malcolm Hoffman, CFA VP Associate

with a guidance raise reads through positively to our coverage as we enter malcolm.hoffman@bmo.com (646) 438-2627

earnings season. Commentary on the strength of Tremfya's performance in IBD Legal Entity: BMO Capital Markets Corp.

and Icotyde in the early days of its launch could present medium term headwinds to

AbbVie's business. Still, despite the positive commentary from JnJ, we have yet to see

headwinds to AbbVie's business show up in script trends for Skyrizi or Rinvoq. Multiple

myeloma commentary was also constructive, with continued growth and broader

community adoption across Carvykti, Tecvayli and Talvey, while Carvykti’s durability

amid bispecific competition supports the broader cell-therapy market and Gilead’s

anito-cel opportunity. JnJ was cautiously optimistic on milvexian, on today's call with

management underscoring that the studies are event-driven meaning we will likely get

a readout either late 2026 or early 2027.

Key Points

Multiple myeloma commentary was directionally positive across Carvykti,

Tecvayli and Talvey, although we continue to see room for Gilead’s anito-cel

to differentiate. Carvykti generated $657M in 2Q sales, reflecting 47.7% operational

growth YoY, driven by continued share gains and treatment-site expansion. Tecvayli