3SBio Inc. (1530.HK): China Healthcare Corporate Day 2026 Takeaways: On-track global development for SSGJ707

研报英文原文证据摘录

3SBio Inc. (1530.HK): China Healthcare Corporate Day 2026 Takeaways: On-track global development for SSGJ707

Equity Research

25 June 2026 | 3:45PM HKT

3SBio Inc. (1530.HK): China Healthcare Corporate Day 2026 Takeaways

— On-track global development for SSGJ707

Ziyi Chen

+852-2978-0526 | ziyi.chen@gs.com

Goldman Sachs (Asia) L.L.C.

Honglin Yan

+852-2978-6666 | honglin.yan@gs.com

Eddie SongPresenters: Tony He - CFO +852-2978-6426 | eddie.song@gs.com

Bottom line: SSGJ707 is accelerating toward global registration with multiple Phase

3 MRCTs and ADC combination strategies, reinforcing pipeline visibility. Near-term

commercial execution remains stable with manageable anti-corruption impacts.

Key Takeaways

n Broadening registrational study scope for SSGJ707 with Pfizer collaboration:

SSGJ707 continues to accelerate clinical development, supported by Pfizer-led

global development, with up to five Phase 3 MRCTs underway and encouraging

updates presented at ASCO. Management highlighted ADC combination could be

the next step strategy, starting with combo with Padcev (Nectin-4 ADC) in local

advanced / metastatic urothelial (Ph3 ongoing), while possible future combos

include (1) sigvotatug vedotin (IB6 ADC) in lung cancer despite recent setback in

2L setting as monotherapy, and (2) fetrastobart vedotin (PD-L1 ADC) under

discussion. 3SBio will retain clinical supply responsibility globally until technology

transfer completion, with estimated ~US$100-300mn regulatory milestone

payments in 2026. Beyond 707, pipeline progression remains active for selective

bispecific IO assets (SSGJ705, 706), reinforcing a diversified oncology platform.

n Anti-corruption impact awaits longer monitoring: Management indicated that