Johnson & Johnson (NYSE:JNJ) on Tuesday won regulatory approval for its drug delivery product Inlexzo to treat high-risk non-muscle invasive bladder cancer, a milestone Goldman Sachs says could launch “a powerful new product cycle” for the company's TAR-200 program.
The Johnson & Johnson Analyst: Analyst Asad Haider maintained a Buy rating and price target of $185.
The Johnson & Johnson Thesis: Inlexzo is currently the only intravesical drug-releasing system (iDRS) to deliver cancer medication directly into the bladder, Haider said in the note.
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While not disclosing the list price, Johnson & Johnson indicated that the price of Inlexzo "reflects its value as a potentially practice-changing innovation," he added.
The company expects Inlexzo to be covered by Medicare and most commercial insurance plans, which could drive strong market adoption, the analyst stated.
"JNJ is also developing TAR-200 across 3 additional clinical trials in NMIBC (SunRISe-3 and 5) as well as Muscle Invasive Bladder Cancer (SunRISe-4), which we anticipate will continue to expand its addressable patient population," he further wrote.
JNJ Price Action: Shares of Johnson & Johnson had declined by 0.60% to $175.90 at the time of publication on Wednesday.
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