Bank of France: Johnson & Johnson's new drug enters the psoriasis market, AbbVie's flagship drug Skyrizi faces challenges.

Notice that on Wednesday, the stock price of AbbVie (ABBV.US) fell by over 5%, as French bank BNP Paribas pointed out that their immunology star drug Skyrizi may face competition from Johnson & Johnson (JNJ.US) and Protagonist Therapeutics (PRGX.US) newly approved oral drug for plaque psoriasis, Icotyde. Johnson & Johnson and Protagonist announced on Wednesday that the FDA has approved Icotyde for market. This is a once-daily oral therapy that provides a new treatment option for moderate to severe plaque psoriasis patients, a skin-related inflammatory disease. Analyst Navan Tiwari wrote in a research report, "The approval of Icotyde may represent a new competitor for AbbVie's Skyrizi." She added that Johnson & Johnson plans to position the drug as a first-line therapy, alongside their injectable drug Tremfya. However, Tiwari pointed out that due to Skyrizi's strong efficacy and its quarterly injection frequency (after the initial dose), AbbVie still holds a favorable position in the plaque psoriasis market. Compared to once-daily oral dosing, this frequency has an advantage in medication compliance. The analyst wrote, "Both companies have stated that the entry of oral drugs may help expand the market, provide more access opportunities, and further increase the current penetration rate from 30-40%. We believe this means Skyrizi still has room for growth." Tiwari also mentioned ongoing research for Icotyde in other inflammatory diseases such as psoriatic arthritis, which she believes "could represent additional competition for Skyrizi." Nevertheless, she predicts that Skyrizi's sales in the fiscal year 2026 will increase by 23% year-on-year, indicating a compound annual growth rate (CAGR) of 14% for the fiscal years 2025-2028, providing significant growth momentum for AbbVie.