EarningsThere is significant downside to 2025 and 2026 EBIT forecasts, with increasing operating expenses not yet captured.
Market ExpectationsConsensus margins look overly optimistic, not fully capturing future increasing operating expenses from assets moving into Phase III and higher cost of goods sold.
Product DevelopmentUncertainty around JNJ’s opt-in decision on HexabodyCD38, given limited data and lengthy development timelines, could lead to a double-digit share-price move.