Noting that biotech has generally outperformed the broader relative market during its Healthcare Conference in previous years, JPMorgan highlighted “can’t miss” presentations expected from 10 companies, including Gilead Sciences (GILD), Sarepta Therapeutics (SRPT), Sage Therapeutics (SAGE) and Celgene (CELG). To note, the firm’s comments on the biotech presentations that should not be missed by investors were released before Bristol-Myers (BMY) and Celgene announced this morning that they have entered into a definitive merger agreement under which the former will acquire the latter in a cash and stock transaction with an equity value of about $74B.
2019 HEALTHCARE CONFERENCE: Biotech has generally outperformed the broader relative market during the JPMorgan Healthcare Conference, driven by a myriad of factors that included clinical, regulatory and strategy updates from the companies themselves and read-through from other events/companies in the same space, JPMorgan analysts said in a note to investors previewing the upcoming event. The firm believes that many will be looking to the 2019 conference as a sentiment check for the year ahead and the potential to reset expectations after “a rocky Q4.” From the about 100 companies in the JPMorgan Biotechnology coverage universe, the firm highlighted the potential Top 10 “can’t miss” presentations, which included Gilead Sciences, Celgene, Regeneron Pharmaceuticals (REGN), Sarepta Therapeutics, Jazz Pharmaceuticals (JAZZ), Sage Therapeutics, Ascendis Pharma (ASND), Ironwood Pharmaceuticals (IRWD), Solid Biosciences (SLDB) and Novavax (NVAX).
TOP 10 ‘CAN’T MISS’ PRESENTATIONS: JPMorgan believes Gilead’s presentation this year could be notable in that it is a fireside chat only with multiple members of management going into an important year with a new CEO poised to take the helm, multiple near-term Phase 3 readouts, and multiple ongoing launches. Regarding Regeneron, the firm believes investors could get some initial launch metrics for dupilumab in asthma and more commentary around the strategy in immuno-oncology, among other things. Looking at Sarepta, JPMorgan pointed out that the company could potentially provide initial Limb-Girdle data, a micro-dystrophin DMD regulatory update, and competitive micro-dystrophin data. JPMorgan is also looking forward Jazz Pharmaceuticals’ latest Vyxeos comments, insights into 2019 Xyrem volume growth, and more color on the recent Solriamfetol delay as well as the aggressive share repurchases it believes were made in the fourth quarter. Meanwhile, Sage has announced that they will be disclosing top-line data from the highly anticipated Phase 3 trial of SAGE-217 in PPD in January, and JPMorgan suspects this could occur before or during the conference. The firm also expects Ascendis to disclose a new therapeutic vertical, with rationale and the unmet medical need/commercial opportunity, and Ironwood to pre-announce Linzess sales and outlook for out-year/peak sales. During the conference, the firm also expects possible initial expression data for Solid Biosciences’ SGT-001 micro-dystrophin program, and Novavax’s NanoFlu Phase 2 immunogenicity data in older adults.
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