PN-235 is a synthetic peptide commercialized by Johnson & Johnson, with a leading Phase III program in Plaque Psoriasis (Psoriasis Vulgaris). According to Globaldata, it is involved in 13 clinical trials, of which 6 were completed, 6 are ongoing, and 1 is planned. GlobalData uses proprietary data and analytics to provide a complete picture of PN-235’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.
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The revenue for PN-235 is expected to reach an annual total of $669 mn by 2037 in the US based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
PN-235 Overview
JNJ-2113 is under development for the treatment of skin inflammation, colitis, inflammatory bowel disease, ulcerative colitis, generalized pustular psoriasis or erythrodermic psoriasis and plaque psoriasis. It is administered by the oral route as tablets. The drug candidate acts by targeting IL-23 receptor and being developed based on the peptide technology platform.
Johnson & Johnson Overview
Johnson & Johnson (J&J) researches, develops, manufactures, and sells pharmaceutical products and medical devices. The company conducts business through its operating companies. It provides pharmaceuticals for immune disorders, cancer, neurological disorders, infectious, cardiovascular, and metabolic diseases; and medical devices for use in cardiovascular, orthopaedic, neurovascular care, general surgery and vision care fields. J&J distributes pharmaceutical and medical products to retailers, wholesalers, healthcare professionals and hospitals. The company offers its products in the US; Europe; Asia-Pacific and Africa; and Western Hemisphere (excluding the US) and Latin America. J&J is headquartered in New Brunswick, New Jersey, the US.
The company reported revenues of (US Dollars) US$85,159 million for the fiscal year ended December 2023 (FY2023), an increase of 6.5% over FY2022. In FY2023, the company’s operating margin was 17.7%, compared to an operating margin of 24.2% in FY2022. In FY2023, the company recorded a net margin of 41.3%, compared to a net margin of 22.4% in FY2022.
The company reported revenues of US$21,383 million for the first quarter ended March 2024, a decrease of 0.1% over the previous quarter.
For a complete picture of PN-235’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.
The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.
