Johnson & Johnson's Upcoming Lung Cancer Data Could Offer Another Blockbuster Opportunity, Says Analyst

Cantor Fitzgerald is previewing its thoughts on a potential interim analysis for Johnson & Johnson's JNJ Phase 3 MARIPOSA study of Rybrevant (amivantamab) + lazertinib in first-line epidermal growth factor receptor (EGFR) mutation (Ex19del or L858R) positive nonsmall cell lung cancer (NSCLC).
Cantor says it is an important study for the company, and positive data here could help close the disconnect between what JNJ has said about Rybrevant + lazertinib's opportunity in NSCLC ($5B+ peak sales potential) versus where consensus numbers are at $734 million in 2028E sales for Rybrevants.
Also Read: Johnson & Johnson Reports Mixed Q4 Earnings, Issues FY23 Guidance Edging Higher Than Street Consensus.
MARIPOSA could show a clinically meaningful median progression-free survival (mPFS) benefit over AstraZeneca plc's AZN Tagrisso (osimertinib) in a first-line setting.
The analyst says that around -6 month mPFS benefit over Tagrisso would be a positive outcome.
Investors continue to assess JNJ's Pharma/MedTech business strength ahead of expected consumer separation this year.
The analyst writes that success on key pipeline milestones will increase the Street's confidence in JNJ's Pharma business, which is still undervalued.
Cantor reiterates JNJ's Overweight rating and a price target of $125.
Price Action: JNJ shares are down 0.53% at $164.04 on the last check Thursday.

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