China Healthcare: GSK and AZ 2Q26 results: Read-through to Hansoh, Hengrui and Kelun Biotech

研报英文原文证据摘录

China Healthcare: GSK and AZ 2Q26 results: Read-through to Hansoh, Hengrui and Kelun Biotech

J P M O R G A N Asia Pacific Equity Research

29 July 2026

China Healthcare

GSK and AZ 2Q26 results: Read-through to Hansoh,

Hengrui and Kelun Biotech

GSK and AstraZeneca’s 2Q26 results reinforced their commitment to several Healthcare

ACtherapeutic modalities where Chinese pharma/biotech companies have out- Yang Huang

licensed. GSK announced an acceleration of late-stage R&D investment, (852) 2800 3812

including multiple new Ph3 studies for risvutatug rezetecan (Ris-Rez, B7-H3 yang.huang@jpmorgan.com

ADC) and mocertatug rezetecan (Mo-Rez, B7-H4 ADC) that it licensed from J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

Hansoh, as well as Ph3 initiation forGSK5784283 (GSK’283), the long-acting

Eric Zhao, CFA

anti-TSLP antibody originally from Hengrui. AstraZeneca (AZ) announced (86-21) 6106 6256

sonesitatug vedotin (Sone-Ve, CLDN18.2 ADC) met OS (overall survival) eric.zhao@jpmorgan.com

endpoint in the global Ph3 trial CLARITY-Gastric01, making Sone-Ve the first SAC Registration Number: S1730524050001

CLDN18.2 ADC to show OS benefit in CLDN+ gastric cancer. AZ in-licensed J.P. Morgan Securities (China) Company Limited

Sone-Ve from Lepu Biopharma and Keymed. Meanwhile, AZ updated key Derek Choi

registrational timelines for datopotamab deruxtecan (Dato-DXd, TROP2 ADC) (852) 2800-8744

across lung and breast cancer and guided to a Ph3 readout for its B7-H4 ADC in derek.c.choi@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

endometrial cancer in 2H27. Overall, we view these updates as another strong Morgan Broking (Hong Kong) Limited

validation of China’s innovation capabilities. More importantly, they demonstrate