Qualitative Commentary Was High Quality, In Our View

研报英文原文证据摘录

Qualitative Commentary Was High Quality, In Our View

Pharmaceuticals (Major) & Large Cap Biotechnology

Pharmaceuticals - Major - Market Weight

JOHNSON & JOHNSON (JNJ) July 15, 2026

Qualitative Commentary Was High Quality, In Our View Rating:

Outperform

The Wolfe Byte Price: $253.85

While JNJ's 2Q print was relatively unremarkable, we'd argue the call provided a Price Target:

wealth of useful details, particularly on key topics investors sought to hear (i.e., $280

updated color on Icotyde and Inlexzo adoption). Reiterate Outperform and raise Prior: $275

% Upside:

PT to $280 (previously $275). 10.3%

View JNJ Model

Despite no revenue figure disclosed, JNJ did a solid job qualifying Icotyde's early View Comp Table

uptake. To date, over 18K prescriptions have been written for Icotyde across a total of Company Information

11K patients. While we recognize much of these are drug samples, we're encouraged 52-Week Range $155 - $267

that patients are also refilling their scripts. And what makes us more optimistic is the Market Cap. (MM) $611,072

Enterprise Value (MM) $653,650

breadth of PCPs prescribing (60% of writers), which, in our view, will be a catalyst to Shares Out. (MM) 2,407.2

Icotyde, especially with two of the three key commercial payers now on board with Avg. Value Traded (MM) $1,359.70

reimbursement (Wolfe peak $18B, cons $13B). SI% of Float 1.1% FCF Yield 5.1%

Inlexzo's launch has been robust in just its first approved indication. Given today's Dividend Yield 2.1%

commentary that sales fell above Street estimates (VA cons $45M) and doubled vs.

last quarter (recall, "slightly above $30M"), we suspect that revenues for Inlexzo fell in 280260

the ballpark of $62M after capturing 1/3 of its eligible HR-NMIBC population (~3000 240

patient TAM).