JNJ's Psoriasis Drug Icotyde Forecasted for $4.5B Peak Sales
Bank of America has increased its forecast for Johnson & Johnson's oral psoriasis drug Icotyde, estimating peak sales to reach $4.5 billion. This is a significant increase from their previous estimate of $2.4 billion.
The broker also raised its price target on the company to $278 from $263, reflecting a sector rerating favoring defensive businesses. Bank of America's new valuation assumes estimated 2027 earnings excluding in-process research and development charges at 22 times, versus 20.33 previously.
In the near term, the broker forecasts Icotyde sales of $70 million for the third quarter and $220 million for 2026, broadly matching consensus. However, their forecast precision remains limited due to reported prescriptions capturing only 25% to 30% of the volume Johnson & Johnson sees internally.