First Read: Roche "Divarasib superior in head-to-head P3" (Buy) Weston

研报英文原文证据摘录

First Read: Roche "Divarasib superior in head-to-head P3" (Buy) Weston

Global Research

2 July 2026ab

First Read

EquitiesRoche

Divarasib superior in head-to-head P3 Switzerland

Pharmaceuticals

12-month rating Buy

Superior efficacy in-line with expectations

Roche has announced that the P3 KRASCENDO 1 study of divarasib in 2L KRAS G12C+ 12m price target CHF376.00

NSCLC met its primary and key secondary endpoints, with divarasib achieving clinically

meaningful and statistically significant improvements in both progression-free survival

Price (01 Jul 2026) CHF328.80

(PFS) and overall survival (OS) (here). As we outlined in our recent quarterly catalyst

preview (here), early data had indicated that divarasib may be more potent than RIC: ROPC.S BBG: ROP SW

sotorasib and adagrasib (Figure 1Single-agentKRASG12Cinhibitorshaveshownvariableeficacyacrostrials). In the head-to-head KRASCENDO 1 study, divarasib Trading data and key metrics

has demonstrated superiority to these approved KRAS G12C inhibitors.

52-wk range CHF374.00-246.30

Market cap. CHF262b/US$324b

No new safety signals observed

Shares o/s 689m (ORD)

The press release says that the safety profile for divarasib remained consistent with

Free float 98%

previous data, with no new findings detected and the most common treatment-related

Avg. daily volume ('000) 1,004

events being manageable and reversible. In divarasib's P1 study the safety profile was

tolerable, with low rates of Grade ≥3 LFT (liver function test) abnormalities (here). In our Avg. daily value (m) CHF323.7

view, it will be important to demonstrate that divarasib doesn't look meaningfully worse Common s/h equity (12/26E) CHF33.3b

on key safety issues associated with KRAS G12C inhibitors, namely liver toxicity and P/BV (12/26E) 7.8x