Lung Is Not for Trodelvy. Longer Acting HIV Thoughts

研报英文原文证据摘录

Lung Is Not for Trodelvy. Longer Acting HIV Thoughts

Equity Research

Multi Company Update — June 8, 2026

Biotechnology

Large Cap Pharmaceuticals

Lung Is Not for Trodelvy. Longer Acting HIV

Thoughts

Our Call Mohit Bansal

GILD focus may move towards Tubulis platform as EVOKE-03 result reinforces Sac- Equity Analyst | Wells Fargo Securities, LLC

Mohit1.Bansal@wellsfargo.com | 212-214-8025

TMT as leading TROP2 ADC. Positive results in ISLEND-1/-2 trials set up potential 2027

William Zhanglaunch with both companies developing long-acting treatment and/or PrEP options.

Associate Equity Analyst | Wells Fargo Securities, LLC

William.Zhang@wellsfargo.com | 929-697-5075

Investor expectations were low for EVOKE-03, GILD ADC focus shifting towards TUB Sadia Rahman, PhD

assets. We note investor expectations for EVOKE-03 were low, given Trodelvy's mixed Equity Analyst | Wells Fargo Securities, LLC

results in 2L NSCLC. At our previous ASCO event, GILD emphasized that future ADC Sadia.Rahman@wellsfargo.com | 646-584-6948

development will be focused around TUB-040 and tubulis platform, as the P5 and Alco5 Susan Chor

link technology could open up new, or previously unsuccessful, targets and making it Associate Equity Analyst | Wells Fargo Securities, LLC

easier to couple novel payloads beyond chemo. Susan.Chor@wellsfargo.com | 212-214-5010

Zhengxi Sun, PhD

Linker and payload may be primary driver of differentiation between TROP2 ADCs. Associate Equity Analyst | Wells Fargo Securities, LLC Zhengxi.Sun@wellsfargo.com | 929-793-1007

KOLs have noted that Sac-TMT's novel linker and payload combination is likely driving

superior trial results compared to both Dato-DXd and Trodelvy. We continue to see Sac-

TMT as the leading TROP2 ADC, with Ph3 China readouts in PD-1-negative 1L NSCLC