NOVN: As we forecast last year, NOVN's ianalumab became the first to demonstrate P3 benefit in Sjögren’s. While we also see AMGN and JNJ replicating this P3 success with CD40 dazodalibep and FcRn nipocalimab in 2026 and beyond, respectively, we do not see either being differentiated enough to overcome ianalumab's first-mover advantage in this symptomatically difficult-to-treat disease.