Hammond's Hot Takes Weekly Edition

研报英文原文证据摘录

Hammond's Hot Takes Weekly Edition

May 17, 2026

●VKTX presented further data from its phase 2 VENTURE-Oral trial, where-

in patients dosed with oral VK2735 for 13 weeks achieved up to 12.2% weight

loss and the drug showcased dose-dependent efficacy.

Other relevant clinical updates across our sector:

●AMGN's partner, Kissei Pharmaceutical (4547; not covered), recently

disclosed 20 deaths and at least 22 incidences of potentially fatal liver

injury in patients dosed with Tavneos. Causal links to Tavenos haven't been

confirmed in all 20 deaths; however, on Friday, Kissei told prescribers to stop

prescribing the drug to new patients. We'd stress AMGN's previous comments

indicating the Japanese population is more susceptible to vanishing bile duct

syndrome and, therefore, hepatotoxicity.

●AstraZeneca (AZN, not covered) announced positive data from its phase

3 VOLGA trial investigating perioperative Imfinzi (PD-1 targeting) with

neoadjuvant Padcev (PFE). The combo showed statistically significant and

clinically meaningful improvements in EFS and OS. However, in a cohort of

patients who also received perioperative Imjudo (anti-CTLA4), only a trend

towards OS was observed.

●JNJ highlighted a survey it conducted emphasizing the high patient burden

with current SoC bladder cancer treatments and the need for innovation. Over

90% of respondents highlighted negative impacts on physical, emotional,

and mental health with radical cystectomy or BCG treatment.

●On Friday, Eisai (ESALF; not covered), BIIB's partner on Leqembi, stated that

it expects Leqembi sales to reach ~$900M by FY26, representing a 63% y/y

increase. The company expects growth driven by improvements in diagnosis to

treatment pathways and the anticipated IQLIK induction approval in August.