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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