Americas Healthcare: Biotechnology: Takeaways from the American College of Rheumatology abstracts

Abstracts were released ahead of the American College of Rheumatology (ACR) Convergence 2026 meeting (November 6-11). Within, we provide our views on key presentations within our coverage, notably: (1) AMGN will present full Phase 3 (OASIZ-301) data for dazodalibep (anti-CD40L) in moderate-to-severe systemic Sjogren's disease - where we see a slightly differentiated profile vs. NVS' ianalumab, with improvements in patient-reported dryness measures, and look to Phase 3 data in symptomatic patients by YE to potentially expand the opportunity and provide clarity on the regulatory strategy (we model peak sales of ~$1.8bn, in-line with FactSet consensus); (2) early data for CRSP's allogeneic CD19 CAR-T zugo-cel in refractory systemic sclerosis, where we are encouraged by the responses to date (2 patients with 3-months of follow-up met rCRISS-50 criteria), broadly in-line with autologous CAR-T competitors, albeit await longer-term results to confirm durability;