Akeso (9926 HK) (Buy) - HARMONi 6 readout: a big OS win

Research evidence excerpt

Akeso (9926 HK) (Buy) - HARMONi 6 readout: a big OS win

Global Markets Research

Akeso 9926.HK 9926 HK 31 May 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

RatingHARMONi 6 readout: a big OS win Up from Neutral Buy

Target priceA stronger than expected HR of 0.66 reported. Upgrade Reduced from HKD 142.50to Buy. HKD 142.75

What is new? HARMONi 6 met endpoints with meaningful OS and PFS positive Closing29 May 2026price HKD 118.10

outcome

On 31 May evening (HKT), the company’s HARMONi 6 results, a highly monitored event Implied upside +20.7%globally, is released at the 2026 ASCO plenary session.

This 532 patients enrolled clinical trail suggests that for 1L advanced sqNSCLC patients, Market Cap (USD mn) 13,885.6

ivonescimab combo chemo beats tislelizumab combo chemo; in detail: mOS is 27.9m vs ADT (USD mn) 139.0

23.7m for ivonescimab combo chemo vs the reference drugs, with a Hazard Ratio of 0.66,

stronger than market expectation of 0.70-0.72 – , see our report:Chinahealthcare-2026 Relative performance chart

ASCO:Highlightsfromcoveredcompanies.

Regardless of PD-L1 expression/tumor metastasis, patients on the ivonescimab combo

chemo groups saw OS benefits.

On safety, invonescimab combo chemo showed a similar profile, with over-g rade 3 TRAE

at 69.2% vs 58.9% for ivonescimab combo chemo vs the reference drugs.

Our take: a big success not only for the company but also for the drug class; also a

sentiment booster for the sector. Upgrade to Buy.

We understand the market is expecting a good outcome for this study; see our report:

Akeso(9926HK)(Neutral)-HARMONI-6OSdatatobereportedinASCOmeeting.

This encouraging readout will be a strong positive for the company and the sector.We

think HARMONi6 success suggests a higher change for HARMONi3 trial. Source: LSEG, Nomura