Johnson & Johnson: Tecvayli+Talvey bispec combo delivers win on PFS/OS in earlier-line RRMM

研报英文原文证据摘录

Johnson & Johnson: Tecvayli+Talvey bispec combo delivers win on PFS/OS in earlier-line RRMM

Update

July 23, 2026 02:05 PM GMT

Morgan Stanley & Co. LLCMJohnson & Johnson | North America Terence C Flynn, Ph.D.

Equity Analyst

Tecvayli+Talvey bispec combo Terence.Flynn@morganstanley.comAlexander Yevdokimov, Ph.D. +1 212 761-2230

Research Associate

Alexander.Yevdokimov@morganstanley.com +1 212 761-2167

delivers win on PFS/OS in Hailey Horowitz

Hailey.Horowitz@morganstanley.com +1 212 761-5264

earlier-line RRMM Chris Yu, J.D., Ph.D.

Chris.L.Yu@morganstanley.com +1 212 761-2535

JNJ announced positive topline results from the Ph3 MonumenTAL-6 study,

Connor M Massari

which evaluated Tecvayli (Tec; BCMAxCD3 bispecific) + Talvey (Tal; GPRC5DxCD3 Equity Analyst

bispecific), and Talvey + Pomalyst (Tal-P), vs. Empliciti+Pomalyst+dexamethasone Connor.Massari@morganstanley.com +1 212 761-2417

Damien H Kerner

(EPd) or Pomalyst+Velcade+dex (PVd) in RRMM patients who had received 1-4 prior Research Associate

lines of therapy, including an anti-CD38 antibody (i.e., Darzalex) and Revlimid (LINK). Damien.H.Kerner@morganstanley.com +1 212 761-3829

Morgan Stanley India Company Private Limited+

The MonumenTAL-6 data bolster our confidence in JNJ’s dominant position in Saket Agarwal

multiple myeloma (and our outer year estimates), and we continue to see Tecvayli Research Associate

Saket.Agarwal@morganstanley.com +91 22 6995-4012

as one of the company’s key new product cycles and expect upward revisions to

cons estimates as the drug becomes further entrenched in the 2L setting. Johnson & Johnson (JNJ.N, JNJ UN)

Major Pharmaceuticals | United States of America

For reference, we model Tecvaily 2028/2030 WW revenues of $3.6bn/$8.1bn vs

Stock Rating Overweight

cons of $2.3bn/$3.8bn.