Credit Suisse analyst Vamil Divan downgraded Pfizer to Neutral and lowered his price target for the shares to $36 from $38. The shares closed yesterday up 26c to $33.62. The analyst, who notes he's long been a supporter of Pfizer and continues to see opportunities for upside over the long-term, believes the stock's upside drivers are more limited over the next year. Divan prefers other names in the Major Pharmaceuticals space, such as Johnson & Johnson (JNJ) and Merck (MRK). Growth of Pfizer's Ibrance is slowing while global Prevnar sales are flat to declining, Divan tells investors in a research note. He adds that the company is facing two meaningful patent expirations over the next 18 months with Viagra, Lyrica.
BofA analyst Geoff Meacham lowered the firm's price target on Johnson & Johnson to $170 from $180 and keeps a Neutral rating on the shares. Shares traded down despite a "solid" Q1 and unchanged reported guidance midpoint, which the firm suspects was due to disappointing Carvykti sales and the Vision business, the analyst tells investors. The firm, which thinks commercial execution from key growth franchises remains the focus and investor sentiment can improve on better-than-expected quarterly performance and pipeline readouts, argues that 2024 guidance looks "beatable," but lowers its price target on a lower Carvykti sales outlook.
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H.C. Wainwright notes that Legend Biotech (LEGN) partner Janssen, a division of Johnson & Johnson (JNJ), reported Q1 aggregate revenues for Carvykti that implied a 1% quarter-over-quarter contraction following 5% quarter-over-quarter growth recorded from Q3 to Q4. However, the flat sales in Q were "not alarming to us" as the firm expects a return to growth, with substantial growth in the second half of 2024 compared to the first half, says the analyst, who reiterates a Buy rating and $87 price target on Legend shares.
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Reports Q1 revenue $21.4B, consensus $21.4B. "Johnson & Johnson's solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline," said Joaquin Duato, Chairman and Chief Executive Officer. "Our impact across the full spectrum of healthcare is unique in our industry, and the milestones achieved this quarter reinforce our position as an innovation powerhouse."