J&J(US:JNJ) Zhi Tong Cai Jing·2025-06-06 09:42Core Insights - Morgan Stanley's latest report analyzes Johnson & Johnson's (JNJ.US) strategic positioning and R&D progress in the oncology sector, highlighting the significant market potential of its multiple myeloma (MM) product portfolio and innovative pipeline, while cautioning about litigation risks and commercialization challenges [1][2][3] - The firm maintains a "Hold" rating on Johnson & Johnson with a target price of $169 [1][2] Product Pipeline and Market Potential - Johnson & Johnson anticipates that its MM treatment product matrix will contribute approximately $27 billion in sales by 2030, primarily driven by four key products: Carvykti (BCMA CAR-T therapy), Tecvayli (BCMA bispecific antibody), Talvey (GPRC5D bispecific antibody), and Darzalex (anti-CD38 monoclonal antibody) [1][2] - Carvykti shows promising long-term follow-up data, with the CARTITUDE-1 study indicating that 33% of patients maintained progression-free survival without additional treatment at a median follow-up of 60 months, and all 12 patients with sustained minimal residual disease negativity for over five years achieved long-term progression-free survival [1] - Tecvayli and Talvey's early Phase III clinical trial data further bolster Johnson & Johnson's confidence in the commercialization of this pipeline, while Darzalex continues to provide stable cash flow as a cornerstone drug in the MM field [1][2] Innovation and New Drug Potential - Johnson & Johnson's R&D pipeline demonstrates strong innovation capabilities, with JNJ-79635322 (BCMA×GPRC5D×CD3 tri-antibody) showing a 100% objective response rate and a 70.4% complete response rate in Phase I trials, offering new treatment hope for relapsed/refractory MM patients [2] - Rybrevant (EGFR/c-Met bispecific antibody) is projected to exceed $5 billion in peak sales in the first-line treatment of EGFR-mutant non-small cell lung cancer (NSCLC) [2] - The TAR-200 (bladder drug delivery system) for high-risk non-muscle invasive bladder cancer (NMIBC) is expected to initiate priority review procedures within the year, with a widely regarded market opportunity [2] Risks and Strategic Outlook - Morgan Stanley notes that Johnson & Johnson's deep positioning in the MM sector has created synergistic effects, and the potential of new drugs like Rybrevant and TAR-200 makes the long-term development outlook promising [3] - In the short term, the company must balance litigation risks with product realization timelines, and investors should monitor Phase III clinical trial data releases and regulatory approval progress to capture potential valuation enhancement opportunities [3]