Read-through from JNJ 2Q26 Print and Call

研报英文原文证据摘录

Read-through from JNJ 2Q26 Print and Call

Biopharmaceuticals

EQUITY RESEARCH Industry Report

July 15, 2026

Research Analysts:

JNJ (NC) reported a better-than-expected 2Q26 print, highlighted by a Carter Gould

212-915-1794 $246mn beat (vs VA cons) across Innovative Medicine. The $400m top-line

Carter.Gould@cantor.com guidance raise in operational sales is likely to be viewed as somewhat tepid,

Ryan Chen though we would note this should be considered in the context of some

212-294-7862 MedTech CV 2Q headwinds. Within IM, there was solid y/y growth across Ryan.Chen@cantor.com

the key TAs (Oncology: 17%; Neuro: 14%; Immunology ex-Stelara: 33%),

albeit with few surprises outside of Tremfya (+$223mn) and q/q growth

for Stelara. These results and the lack of material macro or pricing/sector

surprises on the call are directionally positive for the rest of large-cap U.S.

biopharma, particularly as we consider 2Q prints for I&I focused companies

(i.e., ABBV). We outline further relevant read-throughs to our coverage

below:

Tremfya and Icotyde

●Tremfya delivered a strong quarter, beating consensus by +$223m

WW and +$211m in the U.S., with management continuing to call

out IBD launch momentum and healthy underlying market growth.

Management cited induction share of 58% among IL-23s in UC and

>50% in CD. We note that 2Q third-party retail TRx and NRx trends show

Tremfya and Skyrizi continuing to track roughly in parallel. Longer term,

management expects the indication mix to move closer to Stelara,

where ~75% of sales came from IBD. Overall, Tremfya’s +84% y/y U.S.

sales growth versus +72% TRx growth remains supportive for Skyrizi,

where U.S. TRx are up +26% y/y against consensus implying +22% U.S.

and +25% WW sales growth.

●Icotyde messaged ~11K patients on therapy (vs.