伯恩斯坦-中国医药生物：2026年ESMO大会总结：全球验证到来-ESMO 2026 Summary：Global validation arrives-20261102

validation.China-oESMO,wesawthefirstwaveofglchangingreadouts(TroFuse-005,Saffron,Clarity-gastric01etcimportantlong-awaitecomerratherthanbiomar3L+CLDN18.2+gastric/GEJcancer,withHansoh:HS-20089/Mo-RezprovidedanotherexampleofCtranslation.IntheglobalBEHOexplanationforthecurrentroutandsuspearethelargerdrivers.Yetfundamendisconnectleavesvaluationwww.bernsteinresearch.cRebeccaLiang,Ph.D.+85221232656rebecca.liang@M000MO-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSu6990.HK,9688.HKvaluationSource:Bloomberg,Berns 4 4 7 9 21 22 23 23 25/Kelun),G-HOPE-001(Takeda/Innove·CommercialopportunitMerckiscoveredbyCourtneyBreen,TakedaiscoveredbyMikiSogi,halfofthediscussionfocusedonthisasMerck'sconvictionontheTROP2assetseemsuTherearetwokeydistinctionsbetweentheTROP2ADCsandtheirdevelopm1)Strongersurvivalbenefitsandmprophylacticmouthwash.2)Theall-comerapproacinformclinicaldeveloAbstract:LBA66-Sacituzumabtirumotecan(sac-TMT)pluspembrolizumab(P)versuschemotherapy(chpembrolizumab(P)asfirst-line(1L)treatmentforOptiTROP-Lung06(1LPD-L1-nsq-NSCLC):strongPFSbenefitsinfrstatisticallysignificant51%restronglyfavorsthesac-TMTcombo(HR0.58;0.38-0.88).Importantly,PD-L1RebeccaLiang,Ph.D.+85221232656rebeca.liang@0modalityTrialBsAb*ConfirmedORR;**Notnon-squamousexclusively,butmoSource:Companydisclosure,ESMO,ASCO,WCLC,NEJM,Nature,BernsteinanalyRebeccaLiang,Ph.D.+85221232656rebeca.liang@1LPD-L1negative(PDL142.1%G23TRAE:49.5%G23TRAE:40.5%Note:a.ConfirmedORR;b.Notnon-squamousexclusivelAbstract:LBA67-FinalOSanAtamuchlongermedianfolloone-sidedfinalanalysisthresholdof0.022(ExhibRebeccaLiang,Ph.D.+85221232656rebecca.liang@2TROP2ADC2TROPION-OptTROP-OptTLung01805LungD4LunEGFR-TKI;EGFR-TKI&EGFR-TKI;EGFR-TPBC-naivePBCfaled588642PBC-naivePBCfaled0.3○Amivan+Dato-DxdsaC-TMTsac-TMTNote:1.Regulatoryprsignificant;**ConfirSource:Companydisclosure,ESMO,ASCO,WCLC,NEJM,Nature,BemstTROPION-Source:Companydisclosures,ESMO,ASCO,ELCC,CancerCell,ClinicaltriaRebeccaLiang,Ph.D.+85221232656rebeca.liang@EEGFR-TKisand43.1%83.1%93.1%97.1%0.30020.0.46].0.40(00.31,0.51).0.52[0D⁴1.0.66].Descipsveosp=0.0NeutropeniaNEUdecrea27.1%68.1%)66.1%62.1%23.1%42.1%Neutropenia/NEUdecrea20.0%2.1% 位21.1%11.2%Note:1.TEAEs;2.Safetydataarepooledacrossallts,ratherthanexclusiveptswithEGFR-TKSource:Companydisclosures,ESMO,ASCO,ELCC,CancerCell,C,BemsteinanalysisAbstract:LBA11-Sacituzumabtirphase3TroFuse-005/ENGOT-en23/GOG-3095TrialPrior30p<0.0p1)sLoT7.20.680.650.650%20%Note:*Puxi-samdataarefromB7-H4positSource:Companydisclosures,ASCO,ESMO,Lancet,ClinicalT,BernsteinanalysisLate-Hineadvancedendo47.1%²Note:a.UnconfirmedORR;b.treatmentofphysician'schoiceincludepaclitaxel,nabIBI363(PD-1/IL-2):1)ThIB1343(CLDN18.2):thePh3G-HOPE-001study(China&Japan)in3L+CLcomparedwiththeASCOreadout,increasingto47.4%at1RebeccaLiang,Ph.D.+85221232656rebeca.liang@ASCOtransferredtocORR.ishardlyanoutrightefficacOptiTROP-Lung01).Byhistologycomparingwin562.1%47.1%RebeccaLiang,Ph.D.+85221232656rebeca.liang@PD{L)1mAbPD-1×1L-2Bsfusionprochemo (dRebeccaLiang,Ph.D.+85221232656rebeca.liang@PPPhase2 967%°(sq)RebeccaLiang,Ph.D.+85221232656rebeca.liang@KEYNOTE-407&NCT038Doesnotneedtospecify89.1(adj.)80.1%RebeccaLiang,Ph.D.+85221232656rebecca.liang@PD-1×1L-2-BSAbfusionprDoesnotneedtospecifyAGAchemo7Source:ASCO,NEJM,WCLC,ESMO,ClinicalT,BerAK112+CE (pneuman币s 日ESource:Lancet,ASCO,NEJM,WCLC,ClinicalT,BernsteinanalysisDeceasedneutropilcDecreasedneutrophilc19.0%Source:Lancet,ASCO,NEJM,WCLC,ClinicalT,BernsteinanalysisAbstract:1952RO-IBI363(TAK-928)plusbevacizumab(Bev)vsdocetaxel(DTX)inpatienmetastaticimmunotherapy(IO)-resistaRebeccaLiang,Ph.D.+85221232656rebecca.liang@111ⅢlprogressedonpriorPMedian2LoT(952%platinubasedtherapy&83.2(100%platinum-based62.1%47.1%94.1%Grade23TEAEs:48.5%Grade23TRAEs:25.6%(Grade23TRAEs:42.1%Grade23TRAE:26.5%Note:a.Safetyprofiles43.1%Note:1.TEAEs;2.IB363'sreportedincidenceAbstract:LBA77-Arcotatugtavatecan(IBI343/TAK-921)versustreatmentofphysician'schoice(TPC)inprevadvancedgastricorgastroesophagealjunctionadenocarcinoma(G/GEJA):FiRebeccaLiang,Ph.D.+85221232656rebeca.liang@+CLDN18.2-positive,HER2-negativegastriccancer/gastroesophagealjunctioncancer(GC/GEJC).outperformingchemotherapy.Importantly,thetreatmentsetting.Notably,AstraZenecⅢ1Ⅲ1CLDN18.2+,HER2-47.1%5Grade≥3TEAEs:70.5%(alldNote:a.ConfirmedORR;b.ISource:Companydisclosures,ASCOClinicalT,PⅢIⅢCLDN18.2+&-4Mostfrequentgrade≥3TRAEsNote:*mFOLFOX6representsthecomsignificantlyinthegconfirmtheefficacy,butthe45-patientglobalPh1Abstract:LBA41-Mocertatugrezetecan(Mo-Rez)inRebeccaLiang,Ph.D.+85221232656rebecca.liang@Note:aUnconfirmedORR;b.Puxi-d.GlucocorticoidrecSource:Companydisclosure,ESMO,ASCO,WCLC,NEJM,Nature,BernsAbstract:LBA9-Risvutatugrezetecan(Ris-Rez)veENote:a.UnconfirmedORR;b.OLIEtrialAbstract:LBA8-Ivonescimabpluschemotherapyversusdurvalumabpluschemotheramonths,respectively,forthec(HR=0.80)andKEYNOTE-966(HR=0.83)studiRebeccaLiang,Ph.D.+85221232656rebecca.liang@Source:NEJM,Lancet,ESMO,BernsteinRebeccaLiang,Ph.D.+85221232656rebecca.liang@90.1%Decreasedneutrophilc26.9%(AE)5.9%(AE)40.2%(AE)7.9%(AEArterialthromboembol4.1%4.1%Decreasedneutrophilco2.1%4.1%0.3%(TEA日ArtenialthromboembolSource:NEJM,Lancet,ESMO,BermsteinanaysisAmgen's(coveredbyCourtneyBreen)Ph3DeLLphi-305showedtarworthwatching,butthekeydebateshiftstowhengagerswhileofferiresultsfromstudyZRebeccaLiang,Ph.D.+85221232656rebecca.liang@971.EPstandsforplatinum-Source:Companydisclosure,ASCO,WCLC,ESMO,ClinicalT,PubMed,Pharmcubotherwise,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),S33%weight,P/Smultiples(HK$102,usinga2-yearforwardP/using2xfordomesticsales,4xforinWeuseablendedapproachcombiningaDCFvaluation(CNY45,applyingaWACCof1terminalP/E(HK$115,employingaP/Eratioin2030of20xandaWACCof12.2%),andprfordomesticsales,4.0xforinternationHK$526.Weuseablendedapproachcombining2YforwardP/S(HK$15,employingatwo-yearforwardP/SratiDownsiderisks:1)TrialresultsmayturnoutwoUpsiderisks:1)FDAapprovalofHARMONi(long-termglobalrevenuelikelywouldnotstillinthepicture,butwon'tchangefundamentalsDownsiderisks:1)NegDownsiderisks:1)Negativeclinicaltrialresultsforpipelineassets;2Downsiderisks:1)Trialresultsmayturnoutworsethanexpected;2)Domesticsalesramp-upmayfallbelowexpectationsUpsiderisks:fasterclinicaltria(ex-Japan)exchanges-uaresuspendedtemporarilpredicted,atthepresenttiRebeccaLiang,Ph.D.+85221232656rebecca.liang@market).TheAutonomousbrandhasthreecategoriesof·Outperform(OP):Stockwi·Neutral(N):Stockwillperfopredicted,atthepresentoneventsanddevelAutonomousbrand-TheAutonomousbrandhasthreecategorioperatinginsimilarsectorsorratinWherethisreportcontainsinauthor(s)ofthisreportmaydifferfromthepublishedTheAutonomousbrandhasthreecategoribondsofotherissuerofbondsofotherissuersoRebeccaLiang,Ph.D.+85221232656rebeca.liang@maintainsandreliesoniwithintheFirm,andintooMarket-Perform(Bernstein*ThesefiguresrepresentthepercentageofcompaniesAkesoInc(9926.HK)RatingHistoryAkesoInc(9926.HK)RatingHistoryforB02/06/202404/25/202406/05/2024Outperform(O);Market-Peform(M);Underperfom(U);CoverageSuspended(CS);NotCApr24Outperform(0);Market-Perform(M);Underperform(U);CoverageSuspendInnoventBiologicsIInnoventBiologicsI04/25/202406/05/202406/19/202405/21/202508/27/2025Outperform(0);Market-Perform(M);Underperform(U);CoverageSuspended(CS);NotOutperform(0);Market-Perform(M);Underperform(U);CoverageSuspended(CS);NotOutperform(O);Market-Perform(M);Underperform(U)Thelegalentity(ies)employingtheanalyst(s)+852SanfordC.Bernstein(HongKong)Limited盛博香港有限公司；HongKong,C+65SanfordC.Bernstein(Singapore)PrivotherwiseexpresslynotedbelbesubjecttoFINRA'srestrictionsregardingmarketingactivitiesreWherethisreporthasbthatalloftheviewsexpressedinthispublicrecommendationsorviewSeparatebrandingismaintainedfor"·Bernsteinproducesanumberofdiffquantitativeanalysisunderboththe“Autonomouresearchproductmaydifferfromrecommdifferingtimehorizons,methodologiesorotherwunderonebrandmaydifferfroBernsteinAutonomousLLP,SanfordC.Bernstein(HongKong)Limited盛博香港有限公司andSanfordC.Bernstein(India)PrivateLimited.Forinformation.Forinform(Withdrawal)Act20andExchangeCommission(“"SEC")andamemberoftSanfordC.Bernstein(Canada)Limited,whichislicensedandreg("BTG")isresponsiblefo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