Kelun Biotech The first PD-1+sac-TMT Ph3 win over PD-1+chemo; raising PT on higher PoS

Research evidence excerpt

Kelun Biotech The first PD-1+sac-TMT Ph3 win over PD-1+chemo; raising PT on higher PoS

J P M O R G A N Asia Pacific Equity Research

16 July 2026

Kelun Biotech Overweight

6990.HK, 6990 HK

The first PD-1+sac-TMT Ph3 win over PD-1+chemo; Price (15 Jul 26):HK$536.50

raising PT on higher PoS ▲Price Target (Dec-26):HK$648.00 Prior (Dec-26):HK$535.00

Amid the recent sharp re-rating of the China healthcare sector, Kelun Biotech has

been one of the strongest performers and has rebounded 38% (vs. Hang Seng Healthcare

Innovative Drug Index +24%) from its early June low, reflecting improved Yang Huang AC

investor sentiment toward China biotech/pharma with clear commercialization (852) 2800 3812

potential and increased confidence in China’s globally competitive ADC pipeline. yang.huang@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

The stock gained another 8% yesterday (July 15, vs. HSIDI +4.6%) after the Morgan Broking (Hong Kong) Limited

company announced the China Ph3 trial of OptiTROP-Lung06 met the primary

endpoint of PFS (progression-free survival) with OS (overall survival) benefit

trend. Recall OptiTROP-Lung06 compares Keytruda+sac-TMT against Keytruda Key Changes (FYE Dec)

+chemo in 1L PD-L1 negative non-sq NSCLC (non-squamous non-small cell lung Prev Cur Δ

Adj. EPS - 27E (HK$) 0.66 0.69 4.1%

cancer) patients. We believe this trial success carries more significance than the

success of OptiTROP-Lung05 where Keytruda+sac-TMT beat Keytruda Style Exposure

monotherapy in 1L NSCLC with high PD-L1 expression. This is not only because

OptiTROP-Lung06 covers a much larger patient population than OptiTROP-

Lung05, but also because the trial success is the first time an ADC+PD-1 combo

demonstrates statistically significantly better PFS than Keytruda+chemo in a