Reading through JNJ earnings to BMY per BofA:
Darzalex had a solid quarter with $1.4B revs (+54% y/y; +$120M) driven by continued uptake in multiple myeloma. We're expecting Darzalex to gain increased momentum as a new SoC combination regimen in 1L myeloma, though shouldn't have any impact on Bristol's Revlimid which continues to dominate the myeloma market (we model $3.17B for 2Q21 vs. $3.20B cons; Bristol reports next week)
JNJ's NOAC franchise (Xarelto) slowed with Xarelto sales of $569M (+2% y/y) vs. cons of $595M, with growth driven by demand, but partially offset by increased rebates. Overall, the continued demand bodes well for Pfizer / Bristol's Eliquis, which is becoming increasingly dominant (Pfizer reports next week). We've modeled 2Q Eliquis sales at $2.58B for Bristol, slightly lower than cons at $2.6B.