JPM 2024 Highlights: Johnson & Johnson, BMS, and Bluebird Bio Set to Launch Multiple New Drugs; Amgen Bets Big on Obesity; Novartis Focuses on Neuroscience
Johnson & Johnson
Medical Device R&D and Manufacturer
On January 8, 2024, local time, the 42nd J.P. Morgan Healthcare Conference (JPM) officially kicked off in San Francisco. The JPM is one of the largest healthcare investment and industry cooperation conferences in the global biopharmaceutical and health field, covering the entire global healthcare sector. As the curtain rose on JPM 2024, several multinational corporations (MNCs) unveiled their latest strategies.
Novartis announced several significant updates and developments. Fiona Marshall, Novartis' head of R&D, emphasized the company's proactive and positive strategy in advancing its neuroscience business. The company’s primary focus in the neuroscience field is on multiple sclerosis and neurodegenerative diseases, rather than neuropsychiatric disorders. Novartis is exploring a combination of internal research and external opportunities.
In terms of mergers and acquisitions, it is reported that Novartis is in the late stages of negotiations to acquire Cytokinetics. Additionally, Novartis acquired Calypso, the autoimmune spin-off subsidiary of Merck KGaA, for an upfront payment of $250 million, with a potential additional payment of $175 million. This move is part of Novartis' strategy to strengthen its portfolio in key therapeutic areas.
Progress in Collaboration with Chinook Therapeutics: Novartis’ $3.2 billion investment in Chinook Therapeutics is showing results, as the Phase 3 clinical trial of the oral endothelin A receptor antagonist atrasentan has yielded positive topline data. This drug for IgA nephropathy (IgAN) — a rare chronic kidney disease — met its primary endpoint in the clinical trial. The positive outcomes pave the way for Novartis to apply for accelerated FDA approval next year.
Johnson & Johnson CEO Joaquin Duato said at the J.P. Morgan Healthcare Conference that Johnson & Johnson's 2027 sales forecast for the new multiple myeloma drug Tecvayli is 25% higher than Wall Street's estimate for the same year. For another bispecific drug, Talvey, Johnson & Johnson's expected sales in 2027 are twice as much as analysts' expectations. It is reported that Johnson & Johnson recently indicated that the peak annual sales of these two drugs are expected to reach $5 billion or more.
Similarly, in multiple myeloma, Johnson & Johnson's cell therapy Carvykti is under FDA review to cover a broader patient population. Johnson & Johnson's sales forecast for the drug in 2027 is again about 25% higher than analysts' predictions. The company has also set a target of over $5 billion in peak annual sales for Carvykti.
Duato stated that Johnson & Johnson expects its multiple myeloma franchise to generate a total of $25 billion in revenue, with half of the patients eventually receiving treatment from Johnson & Johnson's multiple myeloma drugs. The company’s top oncology product, Darzalex, generates nearly $10 billion in revenue annually.
In a corporate business update last month, Johnson & Johnson stated that it expects to launch 20 novel innovative drugs by 2030, with 10 assets having peak sales potential of at least $5 billion, and at least 15 drugs expected to reach blockbuster status. Johnson & Johnson has also set an ambitious goal to become a pharmaceutical company with annual sales of $60 billion by 2025, planning to target viruses that have long evaded vaccine manufacturers, demonstrating its commitment to continue expanding and diversifying its pharmaceutical products.
Recently, Bristol-Myers Squibb (BMS) acquired RayzeBio, a radiopharmaceutical company, for $4.1 billion, setting the highest M&A record in the radiopharmaceuticals field.
BMS's new leader Chris Boerner stated that more than 16 new products could be launched by 2030. "Almost all of these products are first-class," Boerner said, "It is these pipelines that support the growth opportunities we see in the second half of this century."
At the same time, Boerner added that with the completion of the M&A deal, BMS’s business development focus will be on "licensing opportunities, partnerships, and complementary opportunities." Regarding immediate challenges, Boerner expressed optimism about the supply issues the company has faced with its CAR-T therapy, Breyanzi, and confirmed that steps have been taken to expand production capacity.
Amgen CEO Robert Bradway said that 2024 seems to be a busy year for Amgen. After integrating Horizon Therapeutics and building up its biosimilar business, the company is paying special attention to its obesity program.
Despite the fierce competition in the obesity field, Amgen claims its competitors have a differentiated profile. Amgen plans to review the clinical study results of this prospect later this year. Bradway mentioned that aside from MariTide, Amgen is also studying an oral small molecule currently in Phase I, along with "about six" preclinical programs.
In the field of oncology, Amgen's tarlatamab is set for an FDA decision on June 12 for the treatment of certain patients with advanced small cell lung cancer. Beyond this, the company also aims to study the drug in earlier stages of the disease. As for biosimilars, Amgen’s next three products will target Johnson & Johnson's Stelara, Regeneron's Eylea, and Alexion's Soliris. Behind these three drugs is a biosimilar candidate targeting BMS's Opdivo and two other undisclosed drugs.
On December 8, 2023, two gene therapies for sickle cell disease (SCD) were approved, including Bluebird Bio's Lyfgenia. Bluebird Bio stated that 35 treatment centers are ready to accept referrals for the drug following the recent FDA approval of its sickle cell disease gene therapy, Lyfgenia. Additionally, after recently reaching two outcome-based deals regarding Lyfgenia, the company mentioned that negotiations with other buyers are in "advanced discussions." In addition to Lyfgenia, Bluebird Bio is also advancing the commercialization of Zynteglo for β-thalassemia and Skysona for cerebral adrenoleukodystrophy.
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