EC Approves Lurbinectedin Plus Atezolizumab as 1L Maintenance Therapy in ES-SCLC; Increasing PT to €125

研报英文原文证据摘录

EC Approves Lurbinectedin Plus Atezolizumab as 1L Maintenance Therapy in ES-SCLC; Increasing PT to €125

June 4, 2026 Pharma Mar, S. A.

(PHM-ES, Buy, €125 PT)

Kambiz Yazdi

EC Approves Lurbinectedin Plus Atezolizumab as 1L Maintenance (212) 588-6580 kyazdi@btig.com

Therapy in ES-SCLC; Increasing PT to €125 Company Data

Closing Price €94.70

WHAT YOU SHOULD KNOW: The European Commission (EC) has formally approved Price Target €125.00BIOTECHNOLOGY lurbinectedin in combination with atezolizumab as first-line maintenance therapy for

Market Cap (M) €1,650.72 adult patients with extensive-stage small cell lung cancer (ES-SCLC) whose disease has

not progressed following standard induction therapy. This represents lurbinectedin’s Shares Out (M) 17.43

first marketing authorization in the European Union. Following formal EC approval, Avg Daily Vol-3 Months (M) 0.07EQUITY we are raising our price target to €125 (from €121). With the regulatory milestone Revisions

achieved, PharmaMar’s focus now shifts to commercial execution, including the Previous Current

pace of country-level health technology assessment (HTA) submissions, pricing and

Rating Buy Buy reimbursement negotiations, and the conversion of the existing compassionate-use

revenue base into formal reimbursed sales. Price Target €121.00 €125.00

FY26E NI 56.94 61.41

■ The European Commission's formal approval of lurbinectedin plus atezolizumabRESEARCH FY27E NI 89.93 91.64 as 1L maintenance therapy in ES-SCLC marks the most significant regulatory

milestone in PharmaMar's history and the beginning of what we expect to be FY26E EPS 3.27 3.58

a multi-year EU revenue ramp. The approval is based on the IMforte Phase 3 FY27E EPS 5.16 5.26

trial data, which demonstrated a 46% reduction in the risk of disease progression Net Income