Halister News

(Bloomberg) -- There is more upside in Johnson & Johnson shares, due to key pharma growth drivers, Credit Suisse analysts led by Vamil Divan write in client note.

• Reinstates coverage, PT $148 vs $135.21 Wednesday close
• CS sees opportunities for growth from assets such as Xarelto, Darzalex and Imbruvica
  • Full Compass data on Aug 27 is next main pharma catalyst; additional 4m patients (or more) could become candidates
  • Both Darzalex and Imbruvica have had strong uptake to date and are moving into earlier lines of therapy and additional cancer indications that can drive further growth
• Strong growth from Stelara and initial uptake of Tremfya and sirukumab should offset expected decline from Remicade biosimilars
• While Actelion has a steep price, it brings area of growth and possible upside through the equity stake in R&D spin-out Idorsia
• Primary downside risks are disappointing clinical data, challenging commercial launches, increased concerns around drug pricing and integration chaallenge
• Shares have risen 17% YtD and are trading at highest on record

--With assistance from James Cone. To contact the reporter on this story: Roxana Zega in Zurich at rzega@bloomberg.net To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net Brian Lysaght