First Read: GSK "Multiple press reports of >$9bn Nuvalent bid" (Neutral) Weston

研报英文原文证据摘录

First Read: GSK "Multiple press reports of >$9bn Nuvalent bid" (Neutral) Weston

h, given the 12/27E 161.66 195.35

program has treated ~500 patients, projected to reach ~1,000 by approval, and mgmt 12/28E 165.77 202.51

noted that U.S. EAP patients could be converted to commercial products at launch.

Matthew Weston, PhD

UBS Biotech Research targets believes that zide's market opportunity is

Analyst

underappreciated by investors. David sees a $1.7B peak sales opportunity (vs. $700M matthew.weston@ubs.com

cons) as zide’s broad resistance mutation coverage and clean safety profile could enable +44-20-7567 4055

patients to stay on zide longer, driving revenue stacking in the long run. Nuvalent

Colin White, PhD

management 'illustrative' peak sales target is $570-855m in the US and $1.4-2.1bn

worldwide. colin.white@ubs.com

+44-20-7567 8657

Second asset: neladalkib in pre-treated ALK-mutant lung cancer. US filing

Alek Ebbeling

submitted 1Q26 Associate Analyst

Nuvalent's second asset is neladalkib, a third generation TKI targeting ALK, for the alek.ebbeling@ubs.com

treatment of ALK-mutant lung cancer. ALK mutations affect c.4-5% of lung cancer +44-20-7567 3764

patients. Current standard of care is Roche's Alecensa and Pfizer's Lorbrena. Neladalkib

NDA has been submitted in TKI pre-treated ALK+ non-small cell lung cancer: NUVL

submitted an NDA for neladalkib in 1Q26. UBS analyst David Dai expects potential FDA

approval in early-2027. At 1Q26, Nuvalent mgmt noted that the ASCO presentation of

pivotal ALKOVE-1 data should be viewed as a more detailed presentation of the pivotal

dataset rather than a new data cut. Meanwhile, enrollment in the Phase 3 ALKAZAR trial

evaluating neladalkib vs. alectinib (n=~450) in 1L ALK+ NSCLC is ongoing and