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Overall, J&J’s late stage pipeline drugs could generate around $12 billion in peak sales. Nonetheless, we contemplate 50% probability of the drugs being authorized, which you can modify on our interactive dashboard, to arrive at around $six billion of probability-adjusted revenues. Just after a robust run up in the previous few years, J&J’s quickly expanding pharmaceuticals business has started to slow down, led by the loss of patent exclusivity for some of its blockbuster drugs, such as Remicade. As a result, the business is banking on these late stage pipeline drugs to drive future growth. Geoff previously worked at Radius...