Financial Reporting Schedule - Major financial institutions such as Bank of America Corporation, Wells Fargo & Company, and Citigroup Inc. are set to report their earnings pre-market on Wednesday [1] - Following these reports, Morgan Stanley, Goldman Sachs Group Inc., and BlackRock Inc. will release their financial results on Thursday [1] - Next Tuesday, a significant number of reports will be released, with Netflix Inc. being a highlight after market close [1] - The following Wednesday will feature Johnson & Johnson's earnings report pre-market, along with numerous financial and real estate firms [1]

Market Overview - The Dow Jones Industrial Average decreased by 398.21 points, or 0.8030%, on January 14, 2026, primarily due to disappointing earnings from the banking sector and ongoing economic concerns [1] - Major banks, particularly JPMorgan Chase, reported weak financial results, with Q4 investment banking fees falling below expectations [1] - JPMorgan also issued a warning about a potential 10% interest rate cap that could negatively impact the economy and consumers, contributing to market apprehension [1] - Investors reacted to cooler December CPI data while considering signs of steady demand, leading to a cautious market sentiment ahead of further economic reports [1] Stock Performance - Despite the overall market decline, several Dow components posted gains, with Walmart rising by 1.93%, Boeing increasing by 1.89%, and Johnson & Johnson up by 1.87% [2] - These companies showed resilience amid the struggles faced by the broader financial sector [2] Declines in Banking Sector - The banking sector's challenges resulted in significant declines for several Dow constituents, with Salesforce dropping by 6.98%, Visa down by 3.99%, and JPMorgan Chase falling by 3.79% following its earnings report [3] - Travelers Companies also experienced a notable decline of 3.31%, reflecting the widespread impact of the day's market narrative [3]

Core Viewpoint - The market experienced a decline primarily due to disappointing earnings from JPMorgan Chase and concerns over potential credit card interest rate caps, impacting the financial sector significantly [1][2]. Group 1: Market Performance - The Dow Jones Industrial Average fell by 398.21 points, a decrease of 0.8030% [1]. - JPMorgan Chase's shares dropped by 3.79% following weaker-than-expected profit and revenue results, which included a $2.2 billion impact from its Apple Card partnership [2]. - Other notable declines included Salesforce at -6.98%, Visa at -3.99%, and IBM at -2.81% [2]. Group 2: Advancers in the Market - Despite the overall downturn, Walmart increased by 1.93%, Boeing by 1.89%, and Johnson & Johnson by 1.87% [3]. - Cisco Systems saw a gain of 1.77%, while Home Depot advanced by 1.22% [3]. Group 3: Economic Indicators - The Bureau of Labor Statistics reported that inflation remained steady in December 2025, with core inflation marking its lowest annual increase since early 2021 [3].

Company Overview - Pee Safe, founded in 2013, focuses on affordable sanitary solutions and body-friendly products aimed at reducing health and wellness complications for women [5] - The product lineup includes organic cotton tampons, breast pads, panty liners, intimate wash products, wipes, maternity care products, and anti-pollution dust masks [5] - Pee Safe competes with brands such as Sirona, Sanfe, Nua Women, Plush, and major companies like Johnson & Johnson and Procter & Gamble [5] Recent Funding - Pee Safe has secured $32 million (approximately INR 288 crore) in its Series C funding round from OrbiMed, which is backed by Netmeds, through a mix of primary and secondary share sales [3][4] - The investment will be utilized to expand its offline retail presence, enhance brand-led marketing, and accelerate growth in quick commerce and leading marketplaces [3][4] Strategic Goals - The fresh capital will significantly deepen Pee Safe's offline distribution and accelerate momentum in quick commerce and e-commerce, allowing the company to reach more consumers at scale [4] - OrbiMed's Dr. Sunny Sharma and Sumona Chakraborty will join Pee Safe's board as part of the investment deal [4] Industry Insights - The global femtech market was valued at $60.2 billion in 2024 and is projected to grow at a CAGR of 16% over the next decade, indicating strong demand for sanitary and hygienic products [6] - The femtech segment is attracting significant investment due to the high demand for sanitary and hygienic products in the consumer industry [6]

Summary of ORIC Pharmaceuticals FY Conference Call Company Overview - **Company Name**: ORIC Pharmaceuticals (NasdaqGS:ORIC) - **Industry**: Oncology - **Mission**: Overcoming Resistance in Cancer, focusing on developing therapies for cancer patients [2][3] Key Pipeline Assets - **Rinsey-Metastat**: A PRC2 inhibitor for prostate cancer, expected to have a phase three data readout in the second half of 2027 [3][11] - **Enosertinib**: A brain-penetrant TKI for lung cancer, targeting EGFR exon 20 and PAC mutations, with a phase three dose selected [5][35] Financial Position - **Cash Runway**: Well-funded with cash runway extending into the second half of 2028, allowing for continued development of both pipeline assets [3][11] Clinical Development Highlights Rinsey-Metastat - **Combination Studies**: Being developed in combination with apalutamide (J&J) and daralutamide (Bayer) [4][7] - **Safety Profile**: Demonstrated a differentiated safety profile compared to competitors, which is crucial for long-term dosing [8][29] - **Efficacy Data**: - Confirmed PSA response rates of 40% for PSA 50 and 20% for PSA 90, significantly higher than expected rates for AR inhibitors alone [24] - ctDNA clearance rate of 59%, indicating strong activity [26][27] Enosertinib - **CNS Activity**: Achieved a 100% intracranial objective response rate (ORR) in patients with measurable disease, highlighting its potential in treating CNS metastases [10][33] - **Patient Enrollment**: Allowed patients with active untreated CNS metastases, which is uncommon in competitor studies [34] Competitive Landscape - **Main Competitor**: Pfizer's mevrometostat, which has shown promising results but comes with higher toxicity [6][28] - **Market Opportunity**: The prostate cancer market is substantial, with AR inhibitors generating $11 billion in global revenue [16][17] Future Milestones - **Phase 3 Studies**: Expected to initiate one or two phase 3 studies within the year for both Rinsey-Metastat and Enosertinib [46] - **Data Releases**: Anticipated data from dose optimization studies in Q1 2026, focusing on efficacy and safety [50] Additional Insights - **Long-term Durability**: The combination of Rinsey-Metastat with AR inhibitors aims to extend the durability of treatment, addressing a significant unmet need in prostate cancer [17][19] - **Broader Applications**: Potential future development of PRC2 inhibitors in other cancers, including lung and breast cancer [30] Conclusion - ORIC Pharmaceuticals is positioned to make significant advancements in oncology with its innovative pipeline, particularly in addressing unmet needs in prostate and lung cancer, while maintaining a strong financial position to support its development efforts [46]

Core Insights - Johnson & Johnson (J&J) is optimistic about revenue growth, projecting 5-7% annual growth by 2026, with potential for double-digit growth in the 2030s, driven by oncology and other key sectors [1] Group 1: Revenue Growth Drivers - J&J identified six major growth drivers: three in pharmaceuticals (oncology, immunology, neuroscience) and three in medtech (surgery, cardiovascular, vision) [1] - Oncology is expected to generate $50 billion in revenue, with multiple myeloma (MM) sales projected to reach $25 billion by 2030 [2] Group 2: Oncology Portfolio - The largest franchise, Darzalex/Faspro (daratumumab), is anticipated to contribute over half of the MM sales, being central to many current and pipeline regimens [2] - J&J expects significant sales growth for Carvykti (ciltacabtagene autoleucel) despite market headwinds, with no supply restrictions and a focus on late-line patients [3] Group 3: Strategic Developments - J&J is developing a trispecific T-cell engager, ramantamig, currently in Phase I trials, and is working on leading in vivo CAR-T therapies through a partnership with Kelonia Therapeutics [4] - The company aims to maintain its dominance in MM by ensuring patients have access to J&J therapies across all treatment lines [3] Group 4: Underestimated Franchises - CEO Duato highlighted Rybrevant (amivantamab) and Lacluze (Lazertinib) as underestimated, with potential to outperform AstraZeneca's Tagrisso (Osimertinib) in NSCLC, projecting $6.3 billion in global sales by 2030 [5] - Inlexzo, an intravesical delivery system for gemcitabine, is expected to achieve $3.0 billion in global sales by 2030, with anticipated label expansions [5]

Core Insights - Mar Vista U.S. Quality Strategy reported a net-of-fees gain of +0.20% in Q4 2025, underperforming the Russell 1000® Index (+2.41%) and the S&P 500® Index (+2.65%) [1] - The U.S. equity market experienced strong momentum in 2025, marking its second consecutive year of double-digit gains, with a rapid recovery from a bear market dip in April [1] - The market leadership was dominated by Mega-cap stocks and AI-driven companies, leading to a narrowing of market leadership [1] Performance Analysis - Stock selection in the communication services, consumer discretionary, and financials sectors positively impacted performance, while selections in information technology, materials, and healthcare detracted from it [1] - Johnson & Johnson (NYSE: JNJ) was highlighted as one of the strongest-performing holdings, with a one-month return of 0.20% and a 52-week gain of 44.88% [2] - Johnson & Johnson's market capitalization stood at $505.28 billion as of January 12, 2026 [2] Company Insights - Johnson & Johnson's strong Q4 performance was attributed to robust financial results, upward guidance revisions, and growth in its pharmaceutical and medical technology segments [3] - The company is expected to achieve 5-7% revenue growth through 2030, which exceeds consensus estimates [3]

Core Insights - Johnson & Johnson's (JNJ) MedTech segment accounts for approximately 36% of total revenues and focuses on high-growth markets, particularly in cardiovascular interventions [2][3] MedTech Segment Performance - Sales in the MedTech business have improved over the past two quarters, driven by acquisitions of Abiomed and Shockwave, as well as growth in Surgical Vision and wound closure [4] - The MedTech segment is expected to maintain strong momentum in Cardiovascular, Surgery, and Vision, supported by the adoption of newly launched products [4] Challenges and Strategic Moves - J&J faces challenges in the Chinese market due to the volume-based procurement (VBP) program, which is impacting sales [5] - The company plans to separate its Orthopaedics franchise into a standalone company, DePuy Synthes, to enhance growth and margins [6] Future Outlook - J&J anticipates better growth in the MedTech business by 2026, driven by new product launches and a focus on high-growth markets [7] - The company expects a compound annual growth rate (CAGR) of around 5.4% for the MedTech unit over the next three years [8] Competitive Landscape - J&J's MedTech unit competes with major players like Medtronic, Abbott, Stryker, and Boston Scientific, each specializing in various medical device sectors [9][10] Financial Performance - J&J's shares have outperformed the industry, rising 44.9% over the past year compared to a 21.9% increase in the industry [12] - The company's shares are currently trading at a price/earnings ratio of 18.22, higher than the industry average of 17.56 [14] Earnings Estimates - The Zacks Consensus Estimate for J&J's 2026 earnings has slightly increased from $11.47 to $11.48 over the past 30 days [15]

Core Insights - Johnson & Johnson is presenting 11 abstracts at the 64th Annual Meeting of the American College of Neuropsychopharmacology, focusing on advancements in neuropsychiatry, particularly in major depressive disorder (MDD) and treatment-resistant depression (TRD) [1][2] Group 1: Research Presentations - Key presentations include analyses of CAPLYTA (lumateperone) for remission in MDD, metabolic profiles of seltorexant versus quetiapine XR in MDD with insomnia, and effects of SPRAVATO (esketamine) on anhedonia in TRD [3][4] - Specific posters will cover the efficacy of lumateperone in various demographic and clinical subgroups, as well as treatment-emergent adverse events in MDD patients [3][4] Group 2: Company Commitment - Johnson & Johnson emphasizes its commitment to addressing unmet needs in depression, schizophrenia, and bipolar disorder, aiming for disease remission through innovative research and clinical findings [2] - The company is advancing its portfolio with a focus on novel mechanisms and AI-driven precision tools to redefine standards of care in neuropsychiatry [2] Group 3: Major Depressive Disorder (MDD) Insights - MDD affects approximately 332 million people globally, representing about 4% of the population, with around 22 million adults in the U.S. experiencing at least one major depressive episode in 2023 [6] - The disorder is complex and heterogeneous, with responses to treatment varying widely, highlighting the need for personalized approaches [6][7] - Approximately 60% of MDD patients experience insomnia symptoms, which significantly impact their quality of life and increase the risk of depressive relapse [7] Group 4: Treatment-Resistant Depression (TRD) Insights - About one-third of adults with MDD are classified as having TRD, defined as inadequate response to two or more oral antidepressants [8] - TRD poses a significant economic burden and affects patients' lives severely, with a high percentage not achieving remission even after multiple treatment attempts [8]

Investment Rating - The report maintains a positive outlook on the development of dual and triple antibodies in multiple myeloma (MM) and recommends monitoring the progress of TCE monotherapy and combination therapies in MM, including the EMD population [1][15]. Core Insights - The 67th ASH Annual Meeting highlighted significant advancements in hematology, particularly in the treatment of multiple myeloma, diffuse large B-cell lymphoma (DLBCL), and chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) [31]. - In multiple myeloma, the Tec-Dara combination therapy demonstrated a 36-month overall survival (OS) rate of 83.3%, significantly higher than the 65.0% in the control group, with a hazard ratio (HR) of 0.46 [32]. - The MSD ROR1 ADC showed promising first-line potential in DLBCL, with 24-month OS and progression-free survival (PFS) rates of 94% and 84%, respectively, outperforming existing treatments [33]. - Eli Lilly's Pirto showed improved PFS and OS trends compared to BR, but the executive admitted it may not become the first-line choice for CLL/SLL due to limited follow-up data and current treatment practices favoring covalent BTK inhibitors [34]. Summary by Sections 1. R/R MM: Focus on Dual/Triple Antibodies and TCE Therapies - Johnson & Johnson's BCMA/CD3+daratumumab therapy received FDA's "National Priority Voucher," reducing review time to 1-2 months, showing excellent efficacy in high-risk patients [7][15]. - IBI3003 from Innovent demonstrated an overall response rate (ORR) of 83.3% in high-risk patients, with a 100% minimal residual disease (MRD) negative rate in those achieving complete response (CR) [16]. - AstraZeneca's AZD0120 (BCMA/CD19 CAR-T) is projected to exceed $5 billion in sales, with a 100% ORR in treated patients [20][21]. 2. DLBCL: MSD ROR1 ADC Shows First-Line Potential - The MSD ROR1 ADC demonstrated a 24-month OS rate of 94% and a PFS rate of 84%, outperforming R-CHOP and Pola-CHP treatments [22][23]. - In high-risk populations, the ORR was 75% for patients with extramedullary disease (EMD), with a 100% ORR in the 1200 µg/kg dose group [23]. 3. CLL/SLL: Pirto May Not Become First-Line Choice - Pirto vs BR showed a 24-month PFS of 93.4% vs 70.7%, but the data is still immature, with a median follow-up of 28 months [25][27]. - The safety profile of Pirto indicated a 40% incidence of grade 3 or higher treatment-emergent adverse events (TEAEs), compared to 67.4% for BR [25][27].