US Large Cap BioPharma Takeaways From Recent Dermatology Expert Call

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US Large Cap BioPharma Takeaways From Recent Dermatology Expert Call

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

15 May 2026

US Large Cap BioPharma

Takeaways From Recent Dermatology Expert Call

We recently hosted a call with Dr. Brian Lester (Brookline Dermatology Pharmaceuticals — Major &

Associates) on the derm space, with key takeaways including 1) expectations for Specialty

a strong launch for JNJ’s Icotyde in PsO, although with 2) a relatively modest Chris Schott, CFA AC

impact to Skyrizi (with Icotyde usage focused on new patient starts vs switches). (1-212) 622-5676

Looking to atopic dermatitis, 3) Dupixent remains the clearly preferred agent for christopher.t.schott@jpmorgan.com

a majority of patients while, longer term, 4) an agent with Dupixent-like efficacy Hardik Parikh, CFA

with less frequent / oral dosing / new MOA would be considered meaningful for (1 212) 622-2875

the field. Here, among the various assets in development for atopic derm, we will hardik.k.parikh@jpmorgan.com

be watching for updates from REGN’s life-cycle management strategy for Taylor Hanley

(1-212) 622-0790

Dupixent (which includes collaboration opportunities with SNY as well as several taylor.hanley@jpmchase.com

internal pipeline agents).

Ethan Brown

(1-212) 622-4928

More broadly, we continue to see immunology as one of the most important growth ethan.brown@jpmchase.com

drivers for the Large Cap Biopharma group, with ABBV and JNJ optimally Ekaterina V Knyazkova, CFA

positioned within the space. For ABBV, growth from Skyrizi/Rinvoq supports one (1-212) 622-9576

of the healthiest growth profiles in the sector (8-9% topline CAGR) for a name ekaterina.v.knyazkova@jpmchase.com

trading at only ~13x 2027E EPS. And while potential competition in the space has J.P. Morgan Securities LLC