Updated HARMONi data show favourable OS HR and regional consistency; positive for US BLA

Research evidence excerpt

Updated HARMONi data show favourable OS HR and regional consistency; positive for US BLA

Global Research

22 July 2026ab

First Read

EquitiesAkeso

Updated HARMONi data show favourable OS HR China

and regional consistency; positive for US BLA Biotechnology

12-month rating Buy

12m price target HK$160.80

Updated OS HR improved to 0.76, Western data aligns with Chinese

Akeso’s partner Summit reported updated global HARMONi OS data for ivonescimab

plus chemotherapy in post 3rd-gen EGFR TKI nsqNSCLC. Based on the June 2026 data Price (22 Jul 2026) HK$98.90

cut, ITT OS hazard ratio (HR) improved to 0.76 and western patients’ median follow-up RIC: 9926.HK BBG: 9926 HK

reached 23.2 months. We note this marks a progressive improvement from the

Trading data and key metrics

September 2025 analysis, which showed an OS HR of 0.78 (13.7 months’ median

follow-up in western patients), and from the April 2025 primary OS analysis, which 52-wk range HK$176.90-82.95

showed an OS HR of 0.79 with only 9.2 months’ median follow-up. We highlight that Market cap. HK$91.1b/US$11.6b

western patients’ OS HR also improved from 0.98 to 0.84 and now to 0.76. This aligns Shares o/s 921m (ORD)

closely with the China HARMONi-A dataset, which showed OS HR of 0.74 at 32.5 Free float 100%

months’ median follow-up, demonstrating that the benefits are increasingly consistent Avg. daily volume ('000) 13,755

across geographic regions and ethnic populations. Avg. daily value (m) HK$1,426.4

Common s/h equity (12/26E) Rmb8.72b

Positive for the ongoing BLA and read-through to HARMONi-3 P/BV (12/26E) 9.0x

We are positive on the update and believe the more mature western OS data Net debt to EBITDA (12/26E) NM

strengthens the probability of success for the ongoing US BLA review (PDUFA date of

EPS (UBS, diluted) (Rmb)