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Third-quarter revenue and net profit both exceeded Goldman Sachs' expectations, but revenue still fell 7% year on year. Goldman Sachs believes destocking is largely complete and has raised its target price to 19 yuan.
Lung cancer experts invited by Goldman Sachs believe Amgen’s Imdelltra combination maintenance therapy could change the standard of care for small-cell lung cancer. An ADC combination from Merck and Kelun-Biotech also shows potential to replace chemotherapy, but global trials are still needed to confirm a survival benefit.
Citi believes intismeran’s efficacy in melanoma is clinically meaningful, but patient selection, personalized manufacturing and efficacy across cancer types still limit its platform value; the kidney cancer trial will be the next major test.
Ris-Rez extended progression-free survival in a Phase III osteosarcoma trial, but serious adverse events were more frequent than in the control group. Early ovarian cancer data for Mo-Rez were promising, although differences in patient backgrounds limit cross-trial comparisons.
Goldman Sachs believes Phase II infant data for Pfizer’s 25-valent vaccine candidate support its defense of the Prevnar-dominated market; Phase III results and competitor data will determine the competitive landscape ahead.
In a Chinese phase III lung cancer trial, median progression-free survival with sac-TMT plus Keytruda reached 15 months, above expectations of 9 to 12 months; its first global phase III endometrial cancer trial also produced positive results.
JNJ-6143 achieved a high response rate in patients with advanced prostate cancer; data on another combination therapy for head and neck cancer also met Goldman Sachs’ expectations.
In the third quarter of 2026, Sinopharm Group’s revenue fell 0.4% year on year, though the decline narrowed from the second quarter; profit rose 3.7% year on year. Goldman Sachs raised its earnings forecasts while maintaining a Neutral rating.
The founder has stepped down from the board and remains chief scientific officer, while the new CEO reports directly to the board. JPMorgan believes the governance changes could help restore investor confidence, but there is no timetable for either the lease-related review or the resumption of trading in the shares.
Morgan Stanley favors the gastrointestinal tolerability of gastric cancer drug IBI343, while considering that CMG901 may benefit patients with lower target expression and expand its market; data in other cancers also present trade-offs between efficacy and safety.
A recovery in customer traffic and faster same-store sales growth supported a rebound in revenue, while improvements in gross margin and the selling expense ratio pushed profit above Bloomberg consensus. Meanwhile, net store additions fell markedly from the previous quarter.
Third-quarter revenue edged down year on year and fell short of the Bloomberg consensus; lower selling, other and interest expenses drove growth in profit attributable to shareholders. Nomura maintains its Buy rating.
Citi believes sac-TMT and personalized neoantigen therapy are becoming the two pillars of Merck’s post-Keytruda oncology strategy, but more clinical evidence is needed to offset the impact of the end of Keytruda’s exclusivity.
Among previously treated patients with advanced or recurrent endometrial cancer, median overall survival was 19.0 months with sac-TMT and 12.1 months in the control group; stomatitis and a higher rate of dose interruptions remain important issues in clinical use.
Nomura reviewed four Phase III trials involving Kelun-Biotech, KeyMed Biosciences, Hengrui Pharmaceuticals and Hansoh Pharma: Kelun-Biotech’s drug improved both overall survival and progression-free survival, but had a higher rate of serious treatment-related adverse events; KeyMed’s drug met only one of its dual primary endpoints.
In previously treated patients with gastric and gastroesophageal junction cancer, Sone-Ve showed a notable overall survival benefit in the third-line and later setting, but the primary progression-free survival endpoint in the overall second-line and later population did not meet the prespecified statistical threshold; IBI343 met both primary endpoints in a more strictly selected population.
Third-quarter revenue was broadly in line with Goldman Sachs’ expectations, while adjusted net profit slightly exceeded them. Backlog growth accelerated to 36.4%, and the company raised its full-year revenue, capital expenditure and free cash flow guidance.
A Chinese phase III study showed that kidney function declined more slowly over two years in the telitacicept group than in the placebo group, while improvements in proteinuria persisted. J.P. Morgan considers it competitive for high-risk IgA nephropathy patients, but treatment choices and long-term costs will affect actual use.
OptiTROP-Lung06 showed that sac-TMT plus pembrolizumab achieved median progression-free survival of 15.0 months in first-line treatment of PD-L1-negative advanced non-squamous non-small cell lung cancer, versus 5.7 months in the control group. JPMorgan is optimistic about its first-line treatment opportunity, but overall survival data remain immature, and median progression-free survival may fluctuate as the data mature.
Ivonescimab plus chemotherapy extended median overall survival by 2.8 months compared with durvalumab plus chemotherapy. The result was statistically significant but fell short of JPMorgan’s previous optimistic scenario. Phase II lung cancer data for another PD-1/VEGF bispecific antibody support the drug class; the competitive landscape remains to be clarified by phase III data.
