Daiichi Sankyo (4568): Sac-TMT + pembrolizumab achieves primary endpoint in China Phase 3 study in 1L PD-L1-negative non-sq NSCLC

Research evidence excerpt

Daiichi Sankyo (4568): Sac-TMT + pembrolizumab achieves primary endpoint in China Phase 3 study in 1L PD-L1-negative non-sq NSCLC

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

15 July 2026

Daiichi Sankyo (4568)

Sac-TMT + pembrolizumab achieves primary endpoint Neutral

in China Phase 3 study in 1L PD-L1-negative non-sq 4568.T, 4568 JP

NSCLC Price (15 Jul 26):¥2,677

Price Target (Dec-26):¥2,750

On July 15, Kelun-Biotech presented interim analysis of the OptiTROP-Lung06 Japan Equity Research

study (China Phase 3, 1L PD-L1-negative [TPS<1%] non-squamous non-small

Biotechnology & Pharmaceuticals/

cell lung cancer [NSCLC] without actionable genomic alterations [AGA], Medical Technologies & Services

NCT06711900) comparing sacituzumab tirumotecan (sac-TMT, TROP2 antibody AC Seiji Wakao, Ph.D.

drug conjugate [ADC]) + pembrolizumab (Keytruda) with pembrolizumab +

(81-3) 6736-8612

pemetrexed + platinum-based chemotherapy, which is the KEYNOTE-189 seiji.wakao@jpmorgan.com

regimen. Yugo R. Kamimura, Ph.D.

(81-3) 6736-8635

In this study, sac-TMT achieved the primary endpoint of progression-free survival yugo.kamimura@jpmorgan.com

(PFS). Kelun-Biotech has also been successful with the OptiTROP-Lung05 study Naoko Saito

in patients with 1L PD-L1-positive NSCLC (ASCO 2026; see our report here). (81-3) 6736-8693

Kelun has already licensed out to Merck the rights to its ADCs outside Greater naoko.saito@jpmorgan.com

China, but no global studies have been set in the patient population equivalent to JPMorgan Securities Japan Co., Ltd.

OptiTROP-Lung06.

Daiichi Sankyo and AstraZeneca are currently carrying out Phase 3 studies of

Datroway in 1L NSCLC (AVANZAR, TROPION-Lung07/08). In contrast, among

global Phase 3 studies of sac-TMT in 1L NSCLC, only TroFuse-007, which targets