The U.S. Food and Drug Administration on Monday awarded a national priority voucher to Johnson & Johnson’s (NYSE:JNJ) Tecvayli (teclistamab) in combination with daratumumab for relapsed/refractory multiple myeloma.
This brings the total number of products awarded under the Commissioner's National Priority Voucher pilot program to 16.
Johnson & Johnson sells daratumumab under the brand names Darzalex, Darzalex Faspro.
In the Phase 3 trial data released in November, Tec-Dara showed significant improvements over the standard of care in both progression-free survival and overall survival among patients previously treated with one to three prior lines of therapy.
At three years, more than 80% of Tec-Dara recipients remained free of progression.
These results were also published in the New England Journal of Medicine in December.
Bank of America (BofA) Securities raised its price forecast from $204 to $220, with a Buy rating, citing that Johnson & Johnson’s premium-sector multiple appears appropriate for its growth-plus asset mix/runway.
Analyst Jason Gerberry on Monday wrote, “While these features make JNJ a relatively safer holding, we think opportunities for further re-rate are constrained by limited pipeline catalysts and lack of conviction on upward estimate revisions.”
In fiscal 2026, BofA looks to contributions from the Caplyta MDD (depression) and icotrokinra psoriasis launches.
On Caplyta, the expansion to unipolar depression provides the drug’s largest indication, but analyst Gerberry does not see upside to consensus peak projections (around $4.5 billion).
On icotrokinra, the analyst thinks the 2026 launch contribution is likely modest given mid-year approval and payer access build, so BofA sees the icotrokinra launch (management estimates over $5 billion peak) as more of a 2027 story.
Johnson & Johnson will release key pipeline data in 2026, but BofA sees no major, high-impact readouts.
Investors might focus on the Milvexian Phase 3 data readout in multiple stroke prevention setting expected in the fourth quarter of 2026.
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