【招银国际】ASCO 2026 takeaways: encouraging first mPFS readout for 707 in 1L PD-L1+ NSCLC-260526（8页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 26 May 2026 CMB International Global Markets|Equity Research|Company Update 3SBio(1530 HK)3SBio(1530 HK)-ASCO2026 takeaways:encouraging first mPFS readout for 707 in

2、1L PDASCO 2026 takeaways:encouraging first mPFS readout for 707 in 1L PD-L1+NSCLC ASCO 2026 disclosed two abstracts for 707/PF4404 in 1L PD-L1+NSCLC mono and 1L EC in combination with chemo.On a cross-trial basis,707 demonstrated competitive mPFS versus ivonescimab in 1L NSCLC,with particular streng

3、th in the NSQ subgroup.707 also showed encouraging ORRs in 1L EC,especially in pMMR patients.We continue to expect partner Pfizers global trial execution and additional clinical readouts to be the main drivers of stock price upside for 3SBio.First mPFS readout solidified 707 as a competitive candida

4、te in 1L PD-L1+NSCLC.In the China Ph2 study in 1L PD-L1+NSCLC,707 mono(10 mg/kg Q3W)achieved mPFS of 12.4 months,slightly ahead of ivonescimabs 11.14 months reported in HARMONi-2 on a cross-trial basis.By subgroup,mPFS was 12.4 months in both PD-L1 high and NSQ patients(vs.11 months for ivonescimab)

5、.The PFS benefits of 707 and ivonescimab in PD-L1 low subgroup are largely at the same level(see Figure 1).In our view,the data support 707 as a highly competitive candidate in PD-(L)1/VEGF class.On safety,Gr3+TRAEs rate was 42.2%across 83 patients in all dose subgroups,with Gr3+irAEs and VEGF-relat

6、ed AEs were 8.4%and 18.1%,respectively.We note that this safety profile included higher-dose subgroups,including 20 mg/kg and 30 mg/kg Q3W,limiting direct cross-trial comparison.In the 10 mg cohort previously presented at ASCO 2025,Gr3+TRAEs rate was 23.5%,versus 29.4%for ivonescimab in HARMONi-2,su