US Biotechnology One Interesting Nugget from Each Team in the Last Week & Looking Ahead

Research evidence excerpt

US Biotechnology One Interesting Nugget from Each Team in the Last Week & Looking Ahead

J P M O R G A N North America Equity Research

22 May 2026

US Biotechnology

One Interesting Nugget from Each Team in the Last

Week & Looking Ahead

The J.P. Morgan Biotech Team

Jessica Fye AC

(1-212) 622-4165

jessica.m.fye@jpmorgan.com

Anupam Rama AC

We wanted to provide one interesting nugget from each team’s coverage universe (1-212) 622-0900

anupam.rama@jpmorgan.com

from the last week as well as highlight upcoming calls and prior conference call

Tessa T Romero ACreplays. Please see below.

(1-212) 622-4484

tessa.t.romero@jpmchase.com

One interesting nugget from each team’s coverage universe in the last week AC Brian Cheng

• BeOne Medicines (ONC – Fye). We got some encouraging updates for ONC's (1-212)brian.cheng@jpmorgan.com622-0449

solid tumor pipeline with the ASCO abstracts. In particular, the GPC3 x 4-1BB J.P. Morgan Securities LLC

bispecific is showing an impressive 29% ORR at the higher doses in 2L+ liver

cancer, a notoriously difficult tumor type. For the first time, we also got some

1L data for CDK4 inhibitor BGB-43395 in HR+/HER2− advanced/mBC

which is showing competitive response rates versus Pfizer's CDK4 and we'll

look to more data at ASCO supporting improved GI tolerability when dosed

with food. Net-net, we see these results as promising and reinforcing the

potential of BeOne's broad oncology pipeline.

• Sector Comments (Rama): In our recent buy-side survey, ~64% of

respondents expect biotech to outperform the broader markets, driven by 1)

M&A, 2) clinical readouts and 3) interest rates / financing environment (21%

expect in-line performance and 15% underperformance). On M&A, the most

frequently mentioned companies in our investor discussions are Cogent,