PFE: Thoughts on Be6A Lung-01 Trial Miss

研报英文原文证据摘录

PFE: Thoughts on Be6A Lung-01 Trial Miss

USA | Large Cap Pharma

Pfizer EquityJuneResearch22, 2026

TARGET CHANGEPFE: Thoughts on Be6A Lung-01 Trial Miss

The Ph3 Be6A Lung-01 trial for SV mono in 2L+ NSCLC missed its primary OS RATING BUY

endpoint. This was not surprising to us, given: 1) Ph1 SV mono in 2L+ NSCLC PRICE $25.08^

previously showed a deteriorating OS trend w/ longer follow-up, & 2) past PRICE TARGET | % TO PT $34.00 ($35.00) | +36%

changes of trial endpoints indicated PFE's lower confidence on efficacy delta. 52W HIGH-LOW $28.75 - $23.11

Moving on, Ph3 Lung-02 SV+pembro combo PCD is 9/'28 - while early data at FLOAT (%) | ADV MM (USD) 99.2% | 933.87

ASCO is encouraging, we're skeptical this could differentiate in 1L NSCLC. MARKET CAP $143.7B

TICKER PFE

Bottom line: PFE toplined results for Ph3 Be6A Lung-01, which studied its Sigvotatug Vedotin (SV; ^Prior trading day's closing price unless otherwise noted.

IB6-targeting ADC) monotherapy vs Docetaxel in previously treated NSCLC. The trial did not meet

its primary endpt, missing stat sig OS in the overall pop. While no clear IB6 expression-response

relationship was seen, the topline noted a stronger PFS & OS trend with SV mono (vs docetaxel) in FY (Dec) CHANGE TO JEFe JEF vs CONS

pts w/ only one prior line of systemic tx. 2026 2027 2026 2027

REV NA NA NA NA

On our end, we're not completely surprised by the trial miss, given: 1) previously reported Ph1

EPS NA NA NA NA

SV mono-tx data showed OS deterioration w/ longer follow-up, and 2) we think recent trial design

changes (e.g. making OS sole primary endpt vs prior PFS & OS, removing predefined analysis in

2026 ($) Q1 Q2 Q3 Q4 FY

IB6-high pop) indicated PFE may have become less confident on the OS effect size in the trial. As

EPS -- -- -- -- 2.88