Could Dazo dazzle in Sjogren‘s disease?

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Idea

August 19, 2026 04:01 AM GMT

Morgan Stanley & Co. LLC

Amgen Inc. | North America

Terence C Flynn, Ph.D.

Equity Analyst

Could Dazo dazzle in Sjogren's

disease?

Chris Yu, J.D., Ph.D.

Equity Analyst

Connor M Massari

Equity Analyst

What’s Changed

Amgen Inc. (AMGN.O)

From

To

Price Target

$351.00

$362.00

Alexander Yevdokimov, Ph.D.

Research Associate

Hailey Horowitz

Dazodalibep (CD40L) Sjogren's disease Ph3 data are expected in

2H26, representing a near-term catalyst for AMGN. We believe

investor expectations are measured, due to the historical

challenges associated with this disease. We see potential LSD%

stock moves on success/failure.

AMGN's dazodalibep (Dazo; anti-CD40L; acquired as part of Horizon deal) is in

Research Associate

Damien H Kerner

Research Associate

Morgan Stanley India Company Private Limited+

Saket Agarwal

Research Associate

two Ph3 trials, targeting two overlapping Sjogren's disease (SD; autoimmune

Amgen Inc. (AMGN.O, AMGN US)

disease) subpopulations and data are expected in 2H26, representing the next

Biotechnology | United States of America

catalyst for the stock. CD40/CD40L are implicated in disease biology, but prior

clinical data targeting this pathway have been mixed so far (see inside for additional

details). Following positive Ph2 data (ESSDAI for systemic subpopulation and

ESSPRI for symptomatic), Dazo is being studied in two Ph3 trials - one in patients

with moderate-to-severe systemic disease activity (PCD 8/19/26; ESSDAI at Week

48 as the primary endpoint), and the other in patients with moderate-to-severe

symptoms (PCD 10/22/26; ESSPRI and DASPRI at Week 48 as co-primary

endpoints). AMGN previously noted that the systemic population represents ~30–

40% of the diagnosed SD population, while the symptomatic population is ~60–

85%. AMGN has not provided any additional details on Ph3 timing or on disclosure

plans (report sequentially vs. simultaneously). Further, AMGN has not commented if

it would need two positive trials for regulatory approval. As discussed within, the

Stock Rating

Industry View

Price target

Shr price, close (Aug 17, 2026)

Mkt cap, curr (mm)

…