I haven't been a fan of the financial card tricks either. Other than that, the big disappointment has been that Abbvie, Pfizer and Lilly have produced no new Enhanze products, and as far as we know have nothing in the clinic. Also, there have been few new partnerships. Could another CEO have done a better job? I guess it is possible.
Darzalex FasPro is doing great and Phesgo is doing well enough. Clearly, the market is concerned about the future. The patent cliffs and the lack of new products/deals are the real problems. I don't know how long they have been working on the new rhuPH20. I did not know this was an option. Could Halo have done this earlier? In any case, the question is, can we transition, say, Darzalez FasPro to the new longer IP rhuPH20? How long would it take and who would pay for it? As long as there is no Darzalex biosimilar, does Janssen have any incentive to do this or even try and get a co-formulation patent? Wouldn't they be better off just paying less in royalties to Halo in 2024 and 2027? Is there a contractual obligation to apply for co-formulation patents at least in some cases? I think the market wants answers to at least some of these questions. This could get so complicated that I am not surprised they hired a litigator for general counsel.
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