PFE: SV Stumbles in 2L+; All Eyes on Mevro 2H26

研报英文原文证据摘录

PFE: SV Stumbles in 2L+; All Eyes on Mevro 2H26

where, recall, PFE had reallocated all statistical alpha in the protocol amendment last month.

○In patients who received only one prior line of systemic therapy (approximately two-thirds of the enrolled population), a

stronger trend was observed for both OS and PFS for SV over docetaxel.

○The safety profile was manageable and consistent with prior studies, which preserves optionality for SV in earlier-line

combination settings.

○In exploratory analyses, no clear IB6 expression-response relationship was observed. Detailed results from SigVie-002 will be

submitted for presentation at a future medical congress.

• Another M&A-sourced failure puts Pfizer's deal-making track record further under the spotlight. Since acquiring Seagen for

$43bn in 2023, we believe the company has recorded approximately $4.5bn of Seagen related impairment charges reflecting

development setbacks, emerging competition, and lower long-term commercial expectations (see Exhibit 1). We see current

consensus for Seagen sitting c.$2bn below the original Pfizer acquisition projections (from 14a forecasts). The SV failure is unlikely

to help confidence in the Seagen deal, and is likely to result in another impairment if PFE revises its commercial expectations for

the asset. More broadly, we believe PFE's recent acquisition history has been mixed at best. The jury is still out on PFE realizing

the full potential of the $10bn Metsera deal, while the $11.6bn acquisition of Biohaven has failed to generate the growth initially

envisioned with Nurtec facing intensified competition in migraine, and the $5.4bn acquisition of Global Blood Therapeutics saw

its sickle cell disease (SCD) drug Oxbryta voluntarily pulled from the market.