Daiichi Sankyo: Get ready for Avanzar. And TL07 is more important than you think

研报英文原文证据摘录

Daiichi Sankyo: Get ready for Avanzar. And TL07 is more important than you think

22 July 2026

Miki Sogi, Ph.D.

+81 3 6777 6991

Japan Biopharma miki.sogi@bernsteinsg.com

Daiichi Sankyo Co Ltd Tian Tan

+81 3 6777 6976

Rating tian.tan@bernsteinsg.com

Outperform

Price Target

4568.JP 4,500.00 JPY

Daiichi Sankyo: Get ready for Avanzar. And TL07 is more

important than you think

DS’s stock is heavily undervalued as it reflects Enhertu’s value but not much else. Close Date 22 Jul 2026

Datroway’s Avanzar is the stock’s biggest catalyst of the year, slated to readout in 4568.JP Close Price (JPY) 2,761.50

2H CY2026—we estimate initial 10%+ stock surge on our base case and positive Price Target (JPY) 4,500.00

momentum to follow. In Avanzar, Datroway is tested in combo with Imfinzi and carboplatin Upside/(Downside) 63%

in 1L non-sq, Trop2-QCS+ NSCLC without AGA regardless of PD-L1 status. Given very little 52-Week Range 4,178.00/2,390.00

from Datroway is priced in today despite our projection of the drug’s ~USD10Bn peak sales, JPL 2,618.35

positive Avanzar should trigger the stock to spike. FYE Mar

Div Yield 3.6%

Our bullish view about Avanzar predicated on the biomarker-based patient Market Cap (JPY) (B) 5,144.38

stratification, the comparator and the drug’s improved safety profile. TL01 and 02 EV (JPY) (B) 4,941.96

have demonstrated that QCS is a powerful approach to identify Datroway responders. Performance YTD 1M 6M 12M

In Avanzar, Datroway is pitted against pemetrexed, a conventional chemo, in the drug Absolute (%) (17.5) 9.0 (12.0) (21.0)

responders. It has been confirmed in TB02 that Datroway’s stomatitis is manageable with JPL (%) 18.7 (3.3) 12.1 44.2

steroid-containing mouthwash that should lower patients’ dropout rate. Relative (%) (36.2) 12.2 (24.1) (65.2)