J&J and Protagonist’s Icotyde improves psoriatic arthritis but AbbVie’s Skyrizi likely to reign
J&J and Protagonist's Icotyde showed improvement in psoriatic arthritis in a Phase 3 trial, with 58% of patients achieving a 20% improvement in disease activity. However, analysts at BMO Capital Markets noted that the results fell short of AbbVie's Skyrizi, which has a 23% placebo-adjusted improvement. Skyrizi's stronger efficacy and dosing schedule may give it an edge, but Icotyde's oral administration could appeal to patients who prefer to avoid injections.
How this was made
The 30-second read
Why it matters
The trial data introduces a new oral option for psoriatic arthritis, potentially expanding JNJ's dermatology franchise.
Market read
New efficacy data could shift market share in the IL-23 space and affect stock valuations of JNJ, PRO, and ABBV.
What to watch
Pricing, reimbursement, and patient preference for oral vs injection could drive adoption more than efficacy margins.
Background
Phase 3 ICONIC-PsA 1 trial results presented at ACR Convergence 2026.
Ticker impact
Johnson & Johnson's oral IL-23 antagonist Icotyde showed Phase 3 improvement in psoriatic arthritis, a new clinical trial result.
likely upside as investors price in potential new indication revenue
First disclosure of efficacy in psoriatic arthritis, differentiating Icotyde from competitors.
AbbVie’s Skyrizi is used as the benchmark in the trial, with higher efficacy cited, reinforcing its market position.
likely pressure on ABBV is limited; may see slight upside from reaffirmed demand
Analysts note Skyrizi still outperforms Icotyde, supporting its continued growth.
Market effects
The data could boost the broader IL-23 inhibitor market and influence competitor pipelines.
U.S. biotech sector may see modest inflows as investors reassess psoriasis/psoriatic arthritis pipelines.
Global pharma investors will watch rollout potential in Europe and Asia.
Counterpoint
If Icotyde fails to differentiate, the market may penalize JNJ and PRO despite positive data.
Key entities
- CompanyJohnson & Johnson
Developer of Icotyde.
- CompanyProtagonist Therapeutics
Partner in Icotyde development.
- CompanyAbbVie
Maker of Skyrizi, benchmark drug.
