EU Regulator Backs J&J's Oral Psoriasis Drug, First of Its Kind
JNJ sits 58% above its 52-week low of $164.23.
Summary
The EMA's human medicines committee recommended approval of Icotyde, J&J's oral IL-23 inhibitor for psoriasis, setting up a European Commission decision. It would be the first oral drug in its class in the EU, where injectable IL-23s are already available. The drug was approved in the U.S. in March and, per J&J's Q2 call last week, has strong launch momentum. This expands the immunology franchise at a time when STELARA sales are under biosimilar pressure. A formal EU approval decision is expected in the coming months.
At the time of this announcement, JNJ was trading at $259.50 on NYSE in the Life Sciences sector, with a market capitalization of approximately $624.1B. The 52-week trading range was $164.23 to $269.43. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.