伯恩斯坦-中国医药与生物科技：2026年世界肺癌大会深度探究更新小细胞肺癌与非小细胞肺癌格局-WCLC 2026 Deep Dive：Refreshing the landscape of SCLC and NSCLC-20260916

Cancer(WCLC)2026thapluschemotherapy.WhilebMedLink(notcovered)/Roche's(coverHansoh/GSK'sHS-20093bothdemonstratintodate.Safetywasmanageableforbothagents,althoutrialsandGSK(coveredbyJuspositionedoverall.Amongbispecifics,RemeGen(notand75.9%ORRinnon-squamoseemsPD-1-basedbispecificstendtYL201generatedencouragingfronand30.4%acrosstwodosecostillholdsthestrongessignificantsuperiorityoverPD-1,whileDS(covNMR+patients(27m).WecontinuetohasabalancedsurvivalaandAVANZARshoulddwww.bernsteinresearch.cRebeccaLiang,Ph.D.+85221232656rebecca.liang@M0M0000MMO-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSus9926.HKvaluationisGroSource:Bloomberg,BernsRebeccaLiang,Ph.D.+85221232656rebeca.liang@Infirst-lineextensive-stageSCLCMediLink/Roche's(notcovsetting(Exhibit1).OverallsurvivaldataremainimTarlatamab+PD-L1(mainten97mainte.)1.EPstandsforplatinum-etoposide;Tarlatamab:Phase3DeLLphi-305(durvalumab+tarlataSource:Companydisclosure,ASCO,WCLC,ClinicalT,PubMed,Pharmcube,BernsteinanRebeccaLiang,Ph.D.+85221232656rebeca.liang@3studies(Exhibit2-ExhibitdateamongcomparableSafety:manageableclasstoxicity,wimanageablesafetyprofiles,altwerereportedinroughly46%ofpatientstreatlevelsofinterstitiallungdisHS-20093leadsinglHS-20093,competitived(Exhibit6).Randomized,Open-Label,PhaseSource:NEJM,WCLC,ASCO,CompanydisclosuremocaliyNote:*SafetyresulSource:NEJM,WCLC,ASCO,CompanydisclosureRebeccaLiang,Ph.D.+85221232656rebeca.liang@ⅢⅢIⅡ34.4%,Source:NEJM,WCLC,ASCO,CompanydisclosureRebeccaLiang,Ph.D.+85221232656rebecca.liang@6IIⅡIBrainmets:32.2%Brainmets:14.5%Note:NRstandsfornotreached,NMstaEMBOLDSCLC-301HS-20093vs.TNCT06629597YL201vsTAISHAN-302YL201vs.TNCT07487896YL201vsNote:1.EstimatedbyClSource:Companydisclosures,ClinicalT,RebeccaLiang,Ph.D.+85221232656rebecca.liang@ORR:Bispecificsleadwithnear90%responserates.Btodeliverthestron(PD-1×VEGF),newlyrevealedhighlightingthepotentialofcytokine-basedimmunotherapyaresupportiveofbothmodalities,withAkeshavegeneratedencouragingcomparisonsshouldbeinstandardendpointinfirst-linemetastaticNSCLCstageofdevelopmentofmostbispecificsandH-6resultsfromASCO2026).OntheADCside,Datroway(datOncology),numericallyaincludingsac-TMTandseverabestpositionedontheendanticipatedPh3resultsofsshedmorelightontheirbroadlymanageableandgenerallycomparablewithexistingchemo-immunotherapystandards.Foexhibitingtheexpectedon-targettoxicitiessuchasstomatitis,nauseaandblLBL-024abstract:MO07.06.PhasellStudyofOpamtistomig(LBL-024),aPD-L1/4-1BBBYL201abstract:MO15.04.PhIⅢPhIⅢSource:ASCO,WCLC,NEJM,ClinicalT,Bernsteinanaly9.08.9.0NCT06883630NCT05351788TROPION-Lung02PD-1×VEGFTROP2Source:ASCO,WCLC,NEJM,ClinicalT,BerRebeccaLiang,Ph.D.+85221232656rebecca.liang@TrialRC148;SSGJ-70710-12SHR-A2102(Nectin-4)&PRebeccaLiang,Ph.D.+85221232656rebeca.liang@Doesnotneedtospe880.1%Source:ASCO,NEJM,WCLC,ClinicalT,BernsteinanalysisRebeccaLiang,Ph.D.+85221232656rebecca.liang@DoesnotneedtospecifyAGARebeccaLiang,Ph.D.+85221232656rebeca.liang@·862.1%Source:ASCO,WCLC,NEJM,ClinicalT,BernsteinanalyRebeccaLiang,Ph.D.+85221232656rebeca.liang@Necin4ADC50%°(sq) sq+nsq)RebeccaLiang,Ph.D.+85221232656rebecca.liang@EXHIBIT15:Across1LAGA-PD-L1all-comerNHDeceasedneutrophilcou62.7%Decreasedneutrophlc Note:a.TEAEs;b.All-CauseAdverseEvents;*65.2%for3-1.5mg/kg;UD:undiscSource:Lancet,ASCO,NEJM,WCLC,ClinicalT,BernsteinanalysisDecreasedneutrophilcouDecreasedneutrophilcou1.4%37%(anydrug)AK112abstract:OA14.010verallSurvivalAnalysisFromHARMONhere)toastatisticallysignificant0.73(95%Cl:0.57-0.95,p=0.009),withmedianOsquamous(0.65)thannon-squamousNSCLC(0.79).Amongleadingpeers,ARebeccaLiang,Ph.D.+85221232656rebeca.liang@46%sq,54%nsq;42%TPS≥50%,58%TPNote:1.Bernsteinestimatedfrom8.67monthsreportedatwCLC2024andtheSource:Companydisclosure,WCLC,NEJMLancet,BernsteinanalysisandeSource:Companydisclosure,WCLC,NEJM,Lancet,BensteinanaRebeccaLiang,Ph.D.+85221232656rebeca.liang@n562.1%41%G≥3TRAE:56.5%80.1%Source:Lancet,WCLC,ASCO,CompanydisclosureRebeccaLiang,Ph.D.+85221232656rebeca.liang@IW7 Grade23TRAEs:30.3%26.5%Note:a.SafetyprofileswerSource:Companydisclosure,ASCO,ESMO,wCLC,Lancet,ScienceDirect,ClinicalT,PubMed,Pharmcube,BernsteinanalysisRebeccaLiang,Ph.D.+85221232656rebecca.liang@111TROPION-Lung01,NCT046ⅢlHS-200938.0mglkg+ade47.1%94.1%Grade23TRAEs:74.3%(10mgGrade23TEAEs:48.5%Grade23TRAE:26.5%Source:Companydisclosure,ASCO,Lancet,ScienceDirect,ClinicalT,PubMed,Pharmcube,BernsteinanalRebeccaLiang,Ph.D.+85221232656rebeca.liang@2L+EGFR-TKIfailedE43.1%RebeccaLiang,Ph.D.+85221otherwise,forpurposesoftheseReferencesto"Bernste(April1,2024onwards),SanfordC.Bernste2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordC.Bernstein(India)PrivateLimited(SEBIregistrationno.INHO00006378),SPleasevisit:/sellside/Disclosures.actio(ex-Japan)exchanges-u·Market-Perform:Stockwillperfoaresuspendedtemporarilpredicted,atthepresentoneventsanddevelRebeccaLiang,Ph.D.+85221232656market).TheAutonomousbrandhasthreecategoriepredicted,atthepresenttiAutonomousbrand-preferredTheAutonomousbrandhasthreecategorioperatinginsimilarsectorWherethisreportcontainsinvestmentsecuritiesoftheissuer(s)refeauthor(s)ofthisreportmaydifferfromthepublishedTheAutonomousbrandhasthreecategoriRebeccaLiang,Ph.D.+85221232656rebeca.liang@maintainsandreliesowithintheFirm,andintooMarket-Perform(BernsteinNeutral(AutonomousB*ThesefiguresrepresenttheprovidedinvestmentbankingservicAsofJune30,2026.Allfigu/sellside/Disclosures.actionoryoucanwritetotheDirectThelegalentity(ies)employingtheanalyst(s)listedin+91SanfordC.Bernstein+852SanfordC.Bernstei+65SanfordC.Bernstein(SingRebeccaLiang,Ph.D.+85221232656otherwiseexpresslynotedbelbesubjecttoFINRA'srestrictionsregardingmarketingactivitiesrelatingtoinvestmentbankinWherethisreporthasbthatalloftheviewsexpressedinthispublicrecommendationsorview·Bernsteinproducesanumberofdiffquantitativeanalysisunderboththe“Autonomouresearchproductmaydifferfromrecommdifferingtimehorizons,methodologiesorotherwunderonebrandmaydifferfromBernsteinAutonomousLLP,SanfordC.Bernstein(HongKong)Limited盛博香港有限公司andSanfordC.Bernstein(India).Forinformationrelati(Withdrawal)Act20andExchangeCommission(“"SEC")andamemberoftheU.S.FinanciaofanyspecificindividRebeccaLiang,Ph.D.+85221232656rebeca.liang@SanfordC.Bernstein(Canada)Limited,whichislicensedanAutonomousLLP,authoris+44(0)20-7170-5000.RegisteredinEwithinArticle19(5)oftheFinancialSePromotionOrder”,(i)arepersonsfallingwithtoengageininvestmentactivity(withinthemeaningofsandregulatedbytheAutoritédetheSFCPublicRegister(https://www.sfc.hk/publicregWeb/corp/AXC846/investors,asdefinedintheSecu("SFA").RecipientsinSingaporessecuritiesandcollectiveinvestmentschemesandanexemptfinanNo.20213710Wandlocatedat8MarinaBoulevard,#12-01,MaranyresponsibilityforfaorsoldwithinthePRCbymeansofthisdocumentoraC·ー>ス夕イン株式会社),whichisregisteredinJapanasaFinancialInstrumentsBusinRebeccaLiang,Ph.D.+85221232656rebeca.liang@("Daiwa",youraccesstothisdocumentshouldnotbeconstruhasneitheranycontractualrelationshipwiToourreadersinAustralia:SanfordC.Bernstein(HongKong)Limited盛博香港有限公司isresponsiblefordistrU.K.laws,whichdiffersfromAustralianlaws.SanfordC.Bernstein(HongKong)Limited盛博香港有限公司followingfinancialservicestowholesaleclients:(ResearchAnalyst)Regulations,2014,havingregiMaharashtra,India(PhoneNo:+91·FordetailsofAssociates(i.e.,affRebeccaLiang,Ph.D.+85221ofdistributionofthiC.Bernstein(India)PrivateLimintermediaryorprovideanyassurulebook).PersonsotherthrecipientsofourcommunicationsorseAllresearchpublicationsaredand.Certain,butnotall,researcthird-partyvendorsorredistributedtoclientsthrougAvenue,NewYork,NY10167.Additionaldisclosuresandinformwww.bernsteinresearch.corresidentof,orlocatedinanylocality,statwouldbecontrarytolaworregtheirspecificcircumstances.Thevalue