Johnson & Johnson (JNJ.N): Well-Owned For A Reason

研报英文原文证据摘录

Johnson & Johnson (JNJ.N): Well-Owned For A Reason

Johnson & Johnson (JNJ.N)

15 July 2026 Citi Research

over 50% share in Crohn’s. For psoriatic disease, while there was a question on

market positioning given the advent of JNJ’s oral IL-23 inhibitor Icotyde (more

below), management has not experienced a slowdown in Tremfya adoption.

Tremfya is positioned as the “first choice” biologic for these patients especially

for more advanced disease, structural damage, and psoriatic arthritis (PsA).

n Icotyde is expanding rapidly, with over 18k prescriptions written since launch

covering a total of 11k patients. Additionally, commercial coverage sits at over

50% and there are now 6k unique prescribers in the U.S. across a diverse base

including 50% advanced practitioners, 40% dermatologist, and 10% PCP and

other. While the initial opportunity in psoriasis (PsO) remains nascent, there are

several catalysts to look forward to including pivotal data later this year in PsA

and a direct-to-consumer campaign which began this month.

n Tecvayli continues to benefit from broader physician use and now

combination therapy with Darzalex. Sales grew 56.1% y/y in the quarter driven

by expansion into community settings, with sites up 25% q/q. Additionally,

Tecvayli is began benefitting this quarter from shares gains in earlier lines of

therapy driven by combination therapy with Darzalex which was recently

approved in the U.S. Later in the year, management expects to have data on

Tecvayli and Talvey in combination to treat relapsed refractory multiple myeloma

(RRMM) in patients who have received 1-4 prior lines of therapy.

n With the permanent J-code established, it is full steam ahead with Inlexzo.

While management has not yet broken out sales, it commented that sales this