Sichuan Kelun Pharmaceutical Co Ltd: OptiTROP-Lung06 Met Primary Endpoint - A Major Global Relevant Clinical Validation for sac-TMT

研报英文原文证据摘录

Sichuan Kelun Pharmaceutical Co Ltd: OptiTROP-Lung06 Met Primary Endpoint - A Major Global Relevant Clinical Validation for sac-TMT

Update

July 15, 2026 04:27 AM GMT

Morgan Stanley Asia Limited+MSichuan Kelun Pharmaceutical Co Ltd | Asia Pacific Alexis Yan, CFA

Equity Analyst

OptiTROP-Lung06 Met Primary Alexis.Yan@morganstanley.com +852 2239-7953

Endpoint - A Major Global

Relevant Clinical Validation for

Sichuan Kelun Pharmaceutical Co Ltd (002422.SZ,

002422 CS)

sac-TMT China Healthcare | China

Stock Rating Underweight

The event: Subsidiary Kelun-Biotech announced the China Phase 3 study Industry View Attractive

Price target Rmb29.00

(OptiTROP-Lung06) of sac-TMT+Keytruda (vs. chemo+Keytruda) as first-line Up/downside to price target (%) (40)

treatment in PD-L1 TPS<1% nsqNSCLC has met its primary endpoint of PFS as Shr price, close (Jul 14, 2026) Rmb48.50

52-Week Range Rmb52.78-28.14

assessed by BICR at interim analysis, and a positive trend in OS was also observed. Sh out, dil, curr (mn) 1,598

Safety profile is consistent with previous studies with no new safety signals. We also Mkt cap, curr (mn) Rmb77,506

EV, curr (mn) Rmb77,251

await full clinical data to be presented at ESMO 2026. Avg daily trading value (mn) Rmb608

Fiscal Year Ending 12/24 12/25e 12/26e 12/27e

Our view: Recall that the China Phase 3 study (OptiTROP-Lung05) of sac-TMT +

EPS (Rmb)** 1.83 1.01 1.19 1.48

Keytruda in 1L PD-L1 TPS ≥1% pts had met PFS endpoint earlier, with data presented EPS (Rmb)§ 1.91 1.19 1.29 1.60

at ASCO 2026 (see our take here and here). We have previously highlighted Revenue, net (Rmb mn) 21,812 17,831 18,242 19,460

ModelWare net inc 2,936 1,610 1,904 2,365

outcomes of the OptiTROP-lung06 trial as one of the most relevant clinical (Rmb mn)