Thoughts on HARMONi-6 OS and Sac-TMT Data; and Our ASCO Planner

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Thoughts on HARMONi-6 OS and Sac-TMT Data; and Our ASCO Planner

Equity Research

Industry Update — May 13, 2026

Biotechnology

Thoughts on HARMONi-6 OS and Sac-TMT

Data; and Our ASCO Planner

BMY, BNTX, GILD, MRK, PFE, and SMMT

Our Call Mohit Bansal

We have built an ASCO planner across our coverage. The two key presentations are: 1) Equity Analyst | Wells Fargo Securities, LLC

Mohit1.Bansal@wellsfargo.com | 212-214-8025

HARMONi-6 OS data and 2) Ph3 1L NSCLC Sac-TMT data. See below for our views. Let us

William Zhangknow if you would like to join our Lung Cancer KOL dinner Saturday night (5/30).

Associate Equity Analyst | Wells Fargo Securities, LLC

William.Zhang@wellsfargo.com | 929-697-5075

For HARMONi-6, investors may be looking for OS HR of 0.75 or better. We note that Sadia Rahman, PhD

investors may be looking to see an OS HR of 0.75 or better in HARMONi-6, as this Equity Analyst | Wells Fargo Securities, LLC

could give Ivonescimab enough cushion to show a stat sig OS benefit among squamous Sadia.Rahman@wellsfargo.com | 646-584-6948

patients in SMMT's global HARMONi-3 trial. In addition, this may be enough of a cushion Susan Chor

for investors to see a greater likelihood of success in non-squamous patients as well. See Associate Equity Analyst | Wells Fargo Securities, LLC

our previous note on HARMONi-3 and HARMONi-6 here. Susan.Chor@wellsfargo.com | 212-214-5010

Zhengxi Sun, PhD

HARMONi-6 OS data could be a catalyst for BNTX and BMY too. Strong HARMONi-6 Associate Equity Analyst | Wells Fargo Securities, LLC Zhengxi.Sun@wellsfargo.com | 929-793-1007

data could be positive for Pumitamig as well since investors may see higher chance of

success for PD-(L)1/VEGF bispecifics. For BMY, we see slightly more balanced risk/reward