A positive OS update from HARMONi Quick Note

Research evidence excerpt

A positive OS update from HARMONi Quick Note

Global Markets Research

Akeso 9926.HK 9926 HK 23 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

RatingA positive OS update from HARMONi Remains Buy

Target price HKD 142.50 RemainsQuick Note

Closing price HKD 98.90 22 July 2026Additional analysis suggests improvement in hazard ratio (HR), which is

comparable to that of HARMONi-A conducted by Akeso

On 22 July night (HKT), the company’s overseas partner – Summit Therapeutics (SMMT

US, Not rated), announced that an additional analysis (conducted in Jun 2026) suggests Research Analysts

that a hazard ratio (HR) of 0.76 was observed in both the full intention-to-treat (ITT) China Health Care &

patients and the western patient subgroup, on Overall Survival (OS) of the HARMONi Pharmaceuticals

study. Jialin Zhang, CFA, CPA - NIHK

Thus, full ITT patients’ HR has improved from 0.79 when primary analysis was conducted jialin.zhang@nomura.com

+852 2252 6134in Apr 2025, and 0.78 from another analysis conducted in Sept 2025; while western

patients’ HR saw more improvement — from 0.98 in Apr 2025 and 0.84 in Sept 2025.

Median follow-up of the western patient subgroup is 23.2 months, compared with 9.2

months and 13.7 months in the first and second analysis.

Note that the Overall Survival (OS) hazard ratio (HR) of the full ITT and western patient

subgroups is largely comparable to 0.74 in the HARMONi-A study conducted by Akeso in

China.

Increased likelihood of this indication receiving approval, though more detailed

data to be disclosed later

Recall in the HARMONi analysis of Apr 2025, the primary endpoint Progression Free

Survival (PFS) was met, while the other primary endpoint OS was not.

More detailed data will be presented at the upcoming academic meeting, according to