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Fly News Breaks for March 4, 2020
Mar 4, 2020 | 17:10 EDT
Citi analyst Joanne Wuensch initiated coverage of Johnson & Johnson with a Buy rating and $163 price target. The analyst said that Johnson & Johnson is an "$82B revenue global behemoth that has slowly recreated itself through M&A, divestitures, internal R&D and partnerships." Where the company's major drivers used to include diabetes management, Remicade, Zytiga, and Invokana, they now include surgical and orthopaedic robotics, electrophysiology, Tremfya, Darzalex, and Erleada. Wuensch does note that "the elephant in the room is litigation," with issues over opioid, talc baby powder, and Risperdal products, but she remains focused on the company's pipeline and fundamentals, noting "ultimately the amount that the company pays is very different than what is reported in the headlines."
News For JNJ From the Last 2 Days
Apr 20, 2021 | 10:15 EDT
The European Medicines Agency's safety committee concluded that a warning about "unusual blood clots with low blood platelets" should be added to the product information for Johnson & Johnson's COVID-19 Vaccine. The safety committee also concluded that "these events should be listed as very rare side effects of the vaccine." The agency said, "In reaching its conclusion, the Committee took into consideration all currently available evidence including eight reports from the United States of serious cases of unusual blood clots associated with low levels of blood platelets, one of which had a fatal outcome. As of 13 April 2021, over 7 million people had received Janssen's vaccine in the United States. All cases occurred in people under 60 years of age within three weeks after vaccination, the majority in women. Based on the currently available evidence, specific risk factors have not been confirmed...The cases reviewed were very similar to the cases that occurred with the COVID-19 vaccine developed by AstraZeneca (AZN), Vaxzevria." The EMA confirmed that the overall benefit-risk remains positive for Johnson & Johnson's vaccine. Reference Link
Apr 20, 2021 | 06:38 EDT
Genmab (GMAB) announced that worldwide net trade sales of DARZALEX, including sales of the subcutaneous formulation, as reported by Johnson & Johnson (JNJ) were $1.365B in the first quarter of 2021. Net trade sales were $691M in the U.S. and $674M in the rest of the world. Genmab receives royalties on the worldwide net sales of DARZALEX and DARZALEX FASPRO under the exclusive worldwide license to Janssen Biotech to develop, manufacture and commercialize daratumumab. As previously announced, Janssen is reducing its royalty payments to Genmab by what it claims to be Genmab's share of Janssen's royalty payments to Halozyme, cf. company announcement No. 39 of September 22, 2020.
Apr 19, 2021 | 14:11 EDT
Notable companies reporting before tomorrow's open, with earnings consensus, include Johnson & Johnson (JNJ), consensus $2.34... Procter & Gamble (PG), consensus $1.19... Abbott (ABT), consensus $1.27... Philip Morris (PM), consensus $1.40... Lockheed Martin (LMT), consensus $6.30... Travelers (TRV), consensus $2.37... Fifth Third Bancorp (FITB), consensus 69c... KeyCorp (KEY), consensus 48c... Omnicom (OMC), consensus $1.13.
Apr 19, 2021 | 10:47 EDT
Johnson & Johnson (JNJ) told CNBC on the manufacturing pause at the Baltimore facility of Emergent BioSolutions (EBS): "It is premature to speculate on any potential impact this could have on the timing of our vaccine deliveries. We remain committed to delivering 100 million single-shot doses of our COVID-19 vaccine to the U.S."
Apr 19, 2021 | 09:24 EDT
73rd Annual Virtual Meeting of AAN will be held on April 17-22. Webcast Link
Apr 19, 2021 | 09:14 EDT
Chardan analyst Keay Nakae keeps a Buy rating on Emergent BioSolutions (EBS) with a $112 price target after the company disclosed that at the request of the FDA, it has agreed not to initiate the manufacturing of any new material at its Bayview facility. The key question for investors is what does this mean to the balance of the existing "take of pay" contracts, which is valued at $480M over 2021 and 2022 under the five year Johnson & Johnson (JNJ) contract announced last year, Nakae tells investors in a research note. Under the scenario where the FDA observations are minor, the analyst would assume that J&J continues to move forward with Emergent for the production of vaccine drug substances. Switching to another manufacture would involve its own risks as well as further delays, says Nakae.
Apr 19, 2021 | 09:04 EDT
Emergent BioSolutions (EBS) disclosed that it has entered into agreements related to the manufacturing of bulk drug substance for various COVID-19 vaccine candidates at its Bayview facility in Baltimore, Maryland. On April 12, the Food and Drug Administration initiated an inspection of the Bayview facility. On April 16, at the request of the FDA, Emergent agreed not to initiate the manufacturing of any new material at its Bayview facility and to quarantine existing material manufactured at the Bayview facility pending completion of the inspection and remediation of any resulting findings. Emergent has been producing materials for Johnson & Johnson's (JNJ) and AstraZeneca's (AZN) Covid vaccines at the Bayview facility.
Apr 19, 2021 | 06:32 EDT
U.S. health authorities were originally going to only warn about the blood clotting risk from Johnson & Johnson's COVID-19 vaccine, but decided to recommend a pause due to concerns doctors would improperly treat patients with the condition, Thomas Burton and Betsy McKay of The Wall Street Journal report, citing people familiar with the matter. Reference Link