Johnson & Johnson (JNJ) remains focused on its oncology franchise, with a strong drug pipeline to treat cancer and other diseases, as the drugmaker targets to triple oncology sales by 2030, RBC Capital Markets said Thursday.

The company this week hosted an analyst conference after Johnson & Johnson presented at this year's American Society of Clinical Oncology meeting. The company highlighted initial results from a phase 3 trial of a combination of niraparib and Akeega plus prednisone in patients with certain types of prostate cancer. The early results were encouraging, RBC analysts said, showing the potential to delay disease progression, and Johnson & Johnson is expecting Akeega to generate between $1 billion and $5 billion yearly.

J&J has several other promising cancer immunotherapies in its pipeline, the analysts said, including prospective treatments for myeloma.

Johnson & Johnson also boasts a strong pipeline within its Innovative Medicines arm, which is also a candidate to bolster the portfolio with potential mergers, RBC said, reiterating its outperform rating on the stock with a $181 price target.

"JNJ will continue to evaluate opportunities regardless of sector or size, looking for technologies that improve the standard of care and positively impact patients, align with in-house capabilities, allow entry into higher-growth markets, and deliver compelling financial returns for shareholders," RBC analysts said.

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