Jefferies analysts led by Jeffrey Holford and Ian Hilliker shared their monthly update on the global pharmaceuticals industry. The firm sees attractive catalysts in the sector, and believe fundamentals and valuation are alluring. However, “investors may need a little more patience whilst we wait for the political headwinds to blow through the next few months.”
Jefferies continues to favor AbbVie Inc ABBV, Novartis AG (ADR) NVS, Eli Lilly and Co LLY, Roche Holding and Pfizer Inc. PFE. On the other hand, the analysts are becoming increasingly concerned about the risk/reward profile and fundamentals at Merck & Co., Inc. MRK and Novo Nordisk.
Below is a summary of potential upcoming clinical and/or regulatory catalysts.
|
Company |
Catalyst |
Comments |
Date |
|
AbbVie |
IPR institution decisions for Humira |
Jefferies analysts anticipate IPRs filed by Boehringer Ingelheim against the ‘135 Humira patent will be instituted |
Mid 2016 |
|
Merck & Co. |
Phase III KEYNOTE-024 data for Keytruda |
|
Mid 2016 |
|
Bristol-Myers |
Phase II CheckMate-139 data for Opdivo |
Data of the PD-1 inhibitor Opdivo in relapsed/ refractory DLBCL could be used to file for this indication. |
Mid 2016 |
|
Roche
|
Phase II and III data lebrikizumab (STRETTO, TREBLE and ARBAN) |
Results are more significant following the “disappointing mixed results from the LAVOLTA I-II trials in severe asthma.” |
Mid 2016 |
|
Sanofi/ Eli Lilly/ Novo Nordisk |
Phase III data for biosimilar Humalog |
The data could “disrupt the current duopoly between Lilly and Novo.” |
Mid 2016 |
|
AbbVie |
Phase II DYNAMO study for duvelisib |
Data could result in an “expedited filing pathway.” |
July 2016 |
|
Novo Nordisk |
Phase II data for oral insulin |
The opportunity is substantial, but so are the technical barriers to development |
Q3 2016 |
|
AbbVie |
Phase II readout for ABT-122 vs. Humira |
Data could prove ABT-122 is a better option than Humira in psoriatic arthritis |
Q3 2016 |
|
Eli Lilly |
Phase III MONARCH 2 data for abemaciclib |
Results for breast cancer could provide extra support for the abemaciclib filing |
Q3 2016 |
|
Merck & Co. |
Phase II KEYNOTE-055 study for Keytruda |
This event could “help support he head and neck PDUFA on Aug 9, 2016”
|
Q3 2016 |
|
Bristol-Myers |
Phase II CheckMate-275 data for Opdivo |
“The Phase II CM-275 study in second line bladder cancer could provide an expedited filing pathway” |
Q3 2016 |
|
AbbVie/Johnson & Johnson |
Phase II DAWN data for Imbruvica |
“The Phase II data in chemo-immunotherapy resistant follicular lymphoma could provide a Q3 2016 expedited filing pathway for Imbruvica” |
Q3 2016 |
Source: Jefferies research, company data, FDA, clinicaltrials.gov.
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