J.P. Morgan Japan FTM 25 May 26 Daiichi Sankyo ASCO abstracts; Asahi Group Holdings briefing; Taiyo Yuden meeting; Stanley Electric MTP; Toyota Boshoku briefing; Rengo briefing and More

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J.P. Morgan Japan FTM 25 May 26 Daiichi Sankyo ASCO abstracts; Asahi Group Holdings briefing; Taiyo Yuden meeting; Stanley Electric MTP; Toyota Boshoku briefing; Rengo briefing and More

Asia Pacific Equity Research

Japan First to Market 25 May 2026

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Daiichi Sankyo (4568) (Seiji Wakao, Ph.D.) (4568 JP, OW)

ASCO 2026 abstracts release: The China Phase 3 trial of sac-TMT, a TROP2 ADC, for first-line lung

cancer showed favorable results

Abstracts for the American Society of Clinical Oncology’s 2026 annual meeting (ASCO26) were released at 6:00 on May 22.

Results were announced for the Phase 3 trial (OptiTROP-Lung05) of the TROP2 directed antibody-drug conjugate (ADC)

sacituzumab tirumotecan (sac-TMT), a competitor to Daiichi Sankyo’s Datroway, in PD-L1 positive first-line non-small cell lung

cancer (NSCLC) patients. This China trial compared sac-TMT plus Keytruda (pembrolizumab) with Keytruda monotherapy.

Because this was a China trial, patient backgrounds and treatment regimens differ from those in Western trials, making direct

comparison difficult, but the data presented in the abstract were favorable. Sac-TMT is an ADC created by Kelun Biotech

(covered by Yang Huang) and Merck is developing it globally. The results of this trial are to be presented at ASCO on May 29

(local time). In addition, Merck (covered by Chris Schott) plans to hold a conference call about ASCO 2026 on June 1 (JST).

Asahi Group Holdings (2502) (Satoshi Fujiwara) (2502 JP, N)

1Q business progress briefing: Weak start in Europe and Asia Pacific

Asahi Group Holdings held a business progress briefing for 1Q FY2026 on May 22. Asahi Group’s market share has not fallen

in Europe and Asia Pacific, but the market environment is challenging. In Japan, Asahi Group is recovering the market share