JNJ: Highlights from the RBC Healthcare Conference

研报英文原文证据摘录

JNJ: Highlights from the RBC Healthcare Conference

ial cases globally and strong real-world safety/efficacy data, with U.S. PFA penetration now

exceeding 75% (lower in Europe and just starting in Asia; note switching from RF and Cryo to PFA has a notable price premium);

(4) key pipeline catalysts include the Dual Energy THERMOCOOL SMARTTOUCH SF U.S. launch later in 2026 (our checks suggest

it could help JNJ revive its share position in the more complicated end of the procedure spectrum), OMNYPULSE IDE progress

(JNJ believes this large focal catheter will redefine PFA), and VARIPULSE Pro European adoption following its March 2026 launch

(U.S. launch to follow, and not dependent on PERSIGMA RCT); (5) the neurovascular franchise is advancing with the CEREGLIDE

aspiration catheter launch and TRUFILL indication expansion, and management's commentary suggests to us there could be room

to fill portfolio gaps or add adjacencies). Overall, we came away incrementally positive on JNJ’s EP innovation focus that is also

backed by our checks as it builds one of the most comprehensive EP portfolio offerings, albeit late. We also came away with the

view that JNJ is looking to do more on the vascular front to boost its competitive positioning by filling portfolio gaps or adding

adjacencies. We remain confident in JNJ MedTech growth acceleration thesis that management indicated on the Q1'26 call will

transition from MSD to HSD by the end of the decade. As such, we reiterate our Outperform rating and $265PT implying a ~23x

P/E on 2027E EPS vs. the stock at 20x. See our HRS 2026 update, including commentary on JNJ here.

JNJ has a vast Electrophysiology (EP) market opportunity where it is looking to maintain leadership by offering the most

comprehensive portfolio.