GILD/MRK Trodelvy Discontinuation In 1L NSCLC Incremental Negative, Limited Readthrough to MRK's sac-TMT

研报英文原文证据摘录

GILD/MRK Trodelvy Discontinuation In 1L NSCLC Incremental Negative, Limited Readthrough to MRK's sac-TMT

J P M O R G A N North America Equity Research

08 June 2026

GILD/MRK

Trodelvy Discontinuation In 1L NSCLC Incremental

Negative, Limited Readthrough to MRK's sac-TMT

Pharmaceuticals — Major &

Specialty

Chris Schott, CFA AC

(1-212) 622-5676

christopher.t.schott@jpmorgan.com

Post the close, GILD announced the discontinuation of the ph3 EVOKE-03 trial Taylor Hanley

evaluating Trodelvy + pembro in 1L NSCLC with PD-L1 ≥ 50% based on the (1-212) 622-0790

taylor.hanley@jpmchase.com

recommendation of the external DMC. While this outcome is surprising and a

Hardik Parikh, CFA

modest disappointment following the promising Kelun OptiTROP-Lung05 China

(1 212) 622-2875

data for sac-TMT in a similar setting, we believe there was minimal value reflected hardik.k.parikh@jpmorgan.com

in GILD shares for the asset. And as it relates to MRK, we do not see any major Ethan Brown

readthroughs to the company's TroFuse-007 study in PD-L1 highs (with a potential (1-212) 622-4928

readout in 2028) given the differences between the profiles of the two ADCs as well ethan.brown@jpmchase.com

as the very strong China data (0.47 HR on PFS for PD-L1 ≥ 50%). Ekaterina V Knyazkova, CFA

(1-212) 622-9576

As we think about the GILD story from here, we continue to see the name well- ekaterina.v.knyazkova@jpmchase.com

positioned with Yeztugo having a strong launch in PrEP, anito-cel emerging as a J.P. Morgan Securities LLC

promising asset in the company’s oncology portfolio, the company’s core HIV

business likely to beat, and numerous HIV treatment combos advancing in the

pipeline (where post the close GILD/MRK also announced positive outcomes for GILD, GILD US