Johnson & Johnson's psoriasis drug Icotyde could hit $4.5B in peak sales, BofA says

Bank of America raised its outlook on Johnson & Johnson’s oral psoriasis drug Icotyde, lifting its projected peak sales to $4.5 billion from a prior $2.4 billion estimate. The broker also increased its price target on J&J to $278 from $263 and raised its estimate of Icotyde’s peak market share to 18% from 10%. BofA forecasts Icotyde sales of $70 million for the third quarter and $220 million for 2026, roughly aligning with consensus, and expects 2027 earnings (excluding in-process research and development charges) to be valued at 22 times. The note cites limited prescription visibility—reported scripts capture only 25% to 30% of what J&J sees internally—and adjusts earnings assumptions for Firefly Bio’s acquisition and collaboration with Sail Biomedicines.