美国生物技术：过去一周各团队的一个有趣亮点及未来展望。

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

15 August 2026

US Biotechnology

One Interesting Nugget from Each Team in the Last

Week & Looking Ahead

We wanted to provide one interesting nugget from each team’s coverage universe

from the last week as well as highlight upcoming calls and prior conference call

replays. Please see below.

The J.P. Morgan Biotech Team

One interesting nugget from each team’s coverage universe in the last week

Anupam Rama AC

Jazz Pharmaceuticals (JAZZ- Fye): We heard positive investor reception

this week to JAZZ's announced plan to buy Actio for rare epilepsy drug ABS1230 for $820mm up front and up to $500mm in approval/sales milestones.

ABS-1230 is currently in a phase Ib/IIa trial for KCNT1+ epilepsy which is

designed to be registrational and Jazz plans to share yet-to-be presented clinical

data at an upcoming conference (we think potentially AES).

Legend Biotech (LEGN- Fye): Coming off of LEGN’s 2Q results this week,

we see the disclosure that LEGN plans to conduct an investigator-initiated

Multiple Myeloma trial in China for LB2505 (in vivo BCMA CAR-T) as

incrementally positive, potentially signaling progress toward alignment with

JNJ on a path forward. While LEGN mgmt still cannot say they have reached

full agreement with JNJ, they noted JNJ is not in disagreement with the trial

initiation. This update comes on the heels of JNJ’s Sail collab that we think

created tough optics around where JNJ wants to invest behind in vivo.

Annexon (ANNX – Rama): Even with 2 approved agents for the treatment of

geographic atrophy (Syfovre / Izervay), a significant unmet need still remains.

Indeed, we do see Annexon’s ARCHER II study of vonaprument as rationally

designed and one that can give a clear answer on the key endpoint of BCVA

(≥15-letter loss), an assessment that will resonate with patients / physicians

(versus GA lesion size primary endpoint for the competition). GA has

historically been a difficult to treat indication, with many past setbacks and

failures. Prudently, the company has now given itself two shots-on-goal for a

win with the 15 and 24 month primary endpoints assessments in ARCHER II

(disclosed earlier this week).…