The upcoming report from Johnson & Johnson (JNJ) is expected to reveal quarterly earnings of $2.66 per share, indicating a decline of 5.7% compared to the year-ago period. Analysts forecast revenues of $22.79 billion, representing an increase of 1.5% year over year.The consensus EPS estimate for the quarter has been revised 0.5% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Befo ...

Legend Biotech CORPORATE PRESENTATION JULY 2025 The safety and efficacy of the agents and/or uses under investigation discussed in this presentation have not been established, except to the extent specifically provided by marketing authorizations previously received from relevant health authorities. Further, for investigational agents and/or uses, the Company cannot guarantee health authority approval or that such agents and/or uses will become commercially available in any country. Certain information cont ...

15 May 2025 | 12:57AM HKT China Healthcare Pulse Biotech led valuation re-rating YTD; eyeing on inflection for domestic recovery As we note earlier (Feb 25 and Nov 24), a recovery for China healthcare is underway, with improving investor sentiment and bottoming valuation. China offshore HC saw a pickup at +21% YTD, vs MXCN +12% and is now trading at 15x, 36%tile over last 5y. The YTD strong performance of Biotech (+37%) was driven by licensing-out theme and relative resilience to geopolitical uncertainty, w ...

J P M O R G A N Global Markets Strategy 06 June 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Equity Strategy The SMid View: Onshore micro-caps outperformed YTD YTD, A-share SMid indices, particularly the micro-cap CSI2000, have outperformed CSI ...

Core 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]

港股创新药上涨，石药集团拉升涨超13%，乐普生物-b涨9%，金斯瑞生物科技涨超5%，带动港股医药 ETF上涨。 广发港股创新药ETF、汇添富港股通创新药ETF、万家港股创新药ETF基金、银华港股创新药ETF涨超 2%；汇添富恒生生物科技ETF、富国恒生医疗ETF、南方恒生生物科技ETF、银华港股通医药ETF、博 时恒生医疗ETF、平安港股医药ETF、鹏华恒生生物科技ETF、易方达港股通医药ETF涨超1.5%。 消息面上，6月5日，石药集团发布公告，集团开发的腺苷钴胺胶囊(0.5mg)("该产品")已获得中国国家药 品监督管理局颁发的药品注册批件，并视同通过仿制药质量和疗效一致性评价。 | | 港股创新药ETF涨幅- | | | | --- | --- | --- | --- | | 证券代码 | 11 字间称 | 当日涨跌%。 | 基金管理人 | | 513120.SH | 港股创新药ETF | 2.27 | 广发基金 | | 159570.SZ | 港股通创新药ETF | 2.25 | 汇添富基金 | | 520700.SH | 港股创新药ETF基金 | 2.15 | 万家基金 | | 159567.SZ ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 1992 年， Bruce Levine 加入了 Carl June 实验室，他们开始尝试改造免疫细胞来对抗癌症，然而，当时 没有人认为他们会取得成功。如今，已是宾夕法尼亚大学教授的 Bruce Levine 回忆道： 当时整个学术界 都持怀疑态度，我们 在学术会议上展示研究成果时，被安排在了最后一天的最后一场，还是在一个没什么 人能找到的房间里。 现在，这些经过基因工程改造的免疫细胞—— 嵌合抗原受体 T 细胞 （CAR-T 细胞） ，已成为治疗多种血 液类癌症的最有力手段之一。此外，还有一系列临床研究显示，CAR-T 细胞疗法还对脑肿瘤、胃癌等实体 瘤，以及系统性红斑狼疮等自身免疫疾病有治疗前景。据估计，CAR-T 细胞疗法今年的市场规模将达到 110 亿美元，到 2034 年将增长至 1900 亿美元。 然而，CAR-T 细胞疗法也存在着一个严重缺点—— 制作过程繁琐且难以施用 。 简单来说，对于一个需要进行 CAR-T 细胞治疗的血液类癌症患者，需要医生从患者血液中提取 T 细胞， 将其寄给制药公司，其技术人员使用慢病毒载体在这些 T 细胞表面递送并嵌入嵌合抗原 ...

Oral presentation of CARTITUDE-1 study data showcases long-term outcomes after a single infusion of CARVYKTI® with one-third of patients with relapsed/refractory multiple myeloma progression-free for ≥5 years CARTITUDE-4 subgroup analyses featured in a poster presentation highlight consistent, durable progression-free and overall survival benefit vs. standard therapies across cytogenetic risk groups as early as second-line therapyPromising early results from ongoing Phase 1 dose-escalation studies of LB1908 ...

Core Insights - Johnson & Johnson announced long-term follow-up data from the CARTITUDE-1 study, showing that 33% of patients with relapsed or refractory multiple myeloma treated with CARVYKTI® achieved progression-free survival of five years or more with a single infusion [1][3][4] - The CARTITUDE-4 analysis demonstrated significant overall survival and progression-free survival benefits across various patient subgroups, including those with standard and high-risk cytogenetics [1][5] Group 1: CARTITUDE-1 Study Findings - In the CARTITUDE-1 study, 32 out of 97 patients (33%) achieved progression-free survival for at least five years after receiving CARVYKTI® [1][3] - The median overall survival for patients in the study was reported at 60.7 months, indicating a durable response to the treatment [3] - Among the patients who remained progression-free, the majority had undergone a median of six prior lines of therapy, with 90.6% being triple-class refractory [3][7] Group 2: Safety Profile - The safety profile of CARVYKTI® in the CARTITUDE-1 study remained consistent with previous findings, with no new safety signals identified [4] - Two new cases of second primary malignancies were reported, but no new cases of Parkinsonism or cranial nerve palsies were observed [4] - The incidence of cytokine release syndrome (CRS) was noted in 84% of patients, with 4% experiencing Grade 3 or higher CRS [21] Group 3: CARTITUDE-4 Study Insights - The CARTITUDE-4 study, presented at the ASCO Annual Meeting, showed that CARVYKTI® improved progression-free survival and overall survival compared to standard care in various patient subgroups [5][9] - The study included patients with relapsed and lenalidomide-refractory multiple myeloma who had received one to three prior lines of therapy [9] Group 4: Future Directions - Johnson & Johnson is focusing on shifting treatment strategies from managing progression to aiming for a cure in multiple myeloma [6] - Upcoming presentations at the European Hematology Association (EHA) 2025 Congress will further discuss the findings from the CARTITUDE studies [6]

Investment Rating - The biotechnology industry in North America is rated as Attractive [4]. Core Insights - Initial Phase I/II data for Genmab's Rinatabart sesutecan (Rina-S) in advanced endometrial cancer shows an unconfirmed overall response rate (ORR) of 50% for the 100 mg/m² dosing cohort and approximately 45% for the 120 mg/m² cohort, indicating competitive efficacy [3][6]. - Legend Biotech's Carvykti demonstrates promising outcomes in high-risk multiple myeloma (MM) with a median progression-free survival (mPFS) of 13 months compared to 4 months for standard of care [12]. - The pipeline updates for DLL3 and Claudin 18.2 programs from Legend Biotech show early efficacy signals, warranting further observation [6]. Summary by Relevant Sections Genmab (GMAB) - The report highlights initial data from the GTC1184-01 study, focusing on Rina-S for advanced endometrial cancer, with a median follow-up of approximately 19 weeks [3]. - The safety profile indicates that over 15% of patients required dose reductions, with one Grade 5 event noted [3][7]. - The efficacy signal is considered strong when compared to Merck's TROP2 ADC, which had an ORR of about 34% [3][7]. Legend Biotech (LEGN) - The CART-4 subgroup analysis shows promising outcomes in high-risk MM, with 5-year CART-1 data indicating a functional cure in about one-third of patients [6]. - The ongoing Phase I study of LB2102 in relapsed or refractory small cell lung cancer (SCLC) shows strong tolerability and initial signs of dose-dependent efficacy [10]. - Preliminary results from LB1908 in advanced gastroesophageal adenocarcinoma indicate tumor reductions of 1% to 41% in treated patients [11]. Overall Industry Insights - The report anticipates limited stock impact for both Genmab and Legend Biotech from the ASCO abstracts, with further details expected from full presentations [6]. - The biotechnology sector is viewed positively, with expectations for continued advancements and potential market opportunities [4].