Earnings ForecastThere is significant downside to 2025 and 2026 EBIT forecasts, with increasing operating expenses not yet captured.
Earnings RiskNear-term risk exists that around Q3 results, the market increases focus on 2025/26 earnings power, prompting significant downgrades and potential share price downside.
Product Development UncertaintyUncertainty around JNJ’s opt-in decision on HexabodyCD38, given limited data and lengthy development timelines, could lead to a double-digit share-price move.