First Read: China Healthcare "ASCO 2026 - A crowded 1L NSCLC arena" Chen

Research evidence excerpt

First Read: China Healthcare "ASCO 2026 - A crowded 1L NSCLC arena" Chen

Global Research

22 May 2026ab

First Read

EquitiesChina Healthcare

ASCO 2026 - A crowded 1L NSCLC arena China

Healthcare

Chen Chen, PhD

ASCO 2026 abstract with multiple new modalities competing 1L NSCLC Analyst

The American Society of Clinical Oncology 2026 Annual Meeting (ASCO 2026) will be chen-zb.chen@ubs.com

kicking off 29 May. Multiple novel modalities are set to compete in the 1L NSCLC +86-10-5832 8201

setting, including sac-TMT (TROP2 ADC from Kelun Biotech/MSD), PD-1/IL-2a (from Anita Wei

Innovent/Takeda), and various PD-(L1)/VEGFs (3SBio/Pfizer, Akeso/Summit and Analyst

BioNTech/BMS). While Akeso's HARMONi-6 data remains embargoed as LBA4, others anita.wei@ubs.com

abstracts were released this morning. We highlight IBI363's encouraging data in 1L +852-2971 7459

NSCLC across squamous and non-squamous patients. In addition, sac-TMT's superior David Guo, PhD

PFS and OS hazard ratios in OptiTROP Lung05 study well supports its ongoing regulatory Analyst

review in China and global phase-3 studies. Updates for PD-(L)1/VEGF class remain S1460524040001

largely comparable to historical data. See page 2 for a detailed tabulated comparison. david-za.guo@ubs.com

+86-10-5832 8010

Innovent's PD-1/IL-2 demonstrate robust potential in 1L NSCLC Liz Han, CFA

AnalystInnovent for the first time reported 1L NSCLC data, confirming RP2D of 3mg+chemo in

liz.han@ubs.com

the first cycle, followed by 1.5mg+chemo Q3W maintenance. This cohort (n=22) +852-2971 6106

demonstrated an encouraging ORR of 86.4% (cORR of 81.8%), with squamous and

non-squamous ORR of 85.7% and 87.5%, respectively. These figures favourably

benchmark against competing bsAbs and ADCs drugs, which are typically in the 60-

70% ORR range.