Healthcare

Follow clinical progress, product pipelines, commercialization and industry performance.

Reports on this topic

Morgan Stanley2026-10-25

Morgan Stanley: Kelun Pharmaceutical’s first-line lung cancer trial exceeds expectations: progression-free survival extended, but overall survival data remain early

Morgan Stanley believes sac-TMT plus pembrolizumab delivered a progression-free survival benefit beyond recent market expectations in a Chinese phase III lung cancer trial. Its safety profile also supports its potential to replace chemotherapy; efficacy in patients with brain metastases and results in certain subgroups remain important questions.

Morgan Stanley2026-10-26

Morgan Stanley: Hengrui ESMO data analysis: HER2 ADC extends progression-free survival, RAS pipeline shows early signs of activity

A HER2 ADC achieved median progression-free survival of 16.4 months in a Chinese phase III breast cancer trial, but a weaker control group and a higher incidence of serious adverse reactions limit cross-trial comparisons; data from the HER3 ADC and KRAS G12D programs met Morgan Stanley’s expectations.

Morgan Stanley2026-10-25

Morgan Stanley: China’s pharmaceutical exports grow, but pressure on API prices persists

Pharmaceutical exports rose 10.5% year on year in the first three quarters of 2026, but the trade deficit still widened to 21 billion US dollars. Morgan Stanley says excess capacity and low utilization continue to suppress active pharmaceutical ingredient (API) prices, prompting some manufacturers to move into finished formulations or CDMO services.

Nomura2026-10-26

Nomura: China’s pharmaceutical R&D demand recovers, while diagnostics and surgical robots remain constrained by pricing

Nomura sees a continued recovery in China’s upstream life sciences demand in multinational healthcare companies’ third-quarter results. However, the operating performance of innovative drugs, diagnostics and surgical robots diverges, and pricing reforms continue to affect revenue realization.

Goldman Sachs2026-10-26

Goldman Sachs: Lepu Medical’s third quarter falls short of Goldman Sachs’ expectations: Core business stabilizes gradually as R&D spending weighs on profit recovery

Lepu Medical’s third-quarter revenue and net profit fell 10% and 39% year on year, respectively. The devices business showed signs of stabilization, but price adjustments for pharmaceutical preparations continued to depress revenue, while investment in innovative drugs continued to consume profits. Goldman Sachs cut its target price from 15 yuan to 14 yuan and maintained its Neutral rating.

Bernstein2026-10-25

Bernstein: New ESMO oncology data: Imdelltra expands its potential, lung cancer competition becomes tougher

Bernstein believes Imdelltra’s first-line maintenance data could significantly expand its commercial opportunity; INT strengthens the outlook for postoperative adjuvant treatment, while new lung cancer combinations raise the competitive bar. But the commercial value of efficacy improvements must also be assessed against toxicity, treatment duration and the patient population.

J.P. Morgan2026-10-25

J.P. Morgan: Johnson & Johnson's data for two cancer drugs wins praise. Why does JPMorgan still rate the stock Neutral?

Riptac showed potential for efficacy and tolerability in prostate cancer patients who had received multiple prior lines of treatment, while Rybrevant offers a new opportunity in head and neck cancer. But Johnson & Johnson already trades at a premium valuation of 21 times expected 2027 earnings per share, limiting its relative upside in JPMorgan's view.

Morgan Stanley2026-10-25

Morgan Stanley: Vertex kidney disease pipeline: Full Pove data support approval; commercialization hinges on payer coverage and new patients

The full phase three Pove results are consistent with prior disclosures, and Morgan Stanley remains positive on its combination of efficacy, safety and convenient dosing. The near-term focus shifts to the 30 November regulatory decision and payer coverage after launch; another kidney disease drug, inaxaplin, is due to report kidney function data in early 2027.

Goldman Sachs2026-10-25

Goldman Sachs: Moderna’s cancer vaccine meets Phase III endpoint: why does Goldman Sachs favor expansion into kidney cancer while maintaining a Neutral rating?

Intismeran combined with Keytruda significantly improved recurrence-free survival after melanoma surgery, while early pancreatic cancer data provide mechanistic support for expansion into kidney cancer. But the wait for treatment to take effect, tissue sample requirements for manufacturing, and immature overall survival data still constrain the realization of the platform’s value.

Goldman Sachs2026-10-26

Goldman Sachs: GenFleet’s GFH276 debuts: Pancreatic cancer response rate exceeds Goldman Sachs’ expectations; subsequent dose selection is key

GFH276 achieved an objective response rate of 41% in pancreatic cancer patients treated predominantly in the third-line setting or later, exceeding Goldman Sachs’ previously established threshold. Efficacy and tolerability support further exploration, but higher doses showed no clear efficacy benefit, and skin toxicity and long-term tolerability will influence subsequent dose selection.

Goldman Sachs2026-10-26

Goldman Sachs: Novartis’s remibrutinib falls short of investor efficacy thresholds: How much sales can its safety advantage support?

Goldman Sachs believes remibrutinib’s multiple sclerosis data fell short of investor expectations and that its better liver safety is insufficient to drive rapid replacement of existing therapies. The company has set a peak sales target of more than 8 billion US dollars across all indications, but evidence on switching treatments and the pace of physician adoption remain key constraints.

Goldman Sachs2026-10-26

Goldman Sachs: InnoCare Pharma: A peer drug’s relapse control falls short of expectations. Why does this reinforce orelabrutinib’s progressive multiple sclerosis strategy?

Remibrutinib’s phase III trials delivered relapse control below the investor threshold cited by Goldman Sachs, but showed a favorable safety profile and signals of delayed disability progression. Goldman Sachs consequently sees greater merit in orelabrutinib’s strategy of focusing on progressive multiple sclerosis; the key to differentiation lies in its own phase III trials’ benefit in delaying disability progression.

Goldman Sachs2026-10-26

Goldman Sachs: Kelun-Biotech phase III lung cancer data: More durable efficacy strengthens case for replacing chemotherapy in first-line treatment

In Lung06, sac-TMT plus pembrolizumab achieved median progression-free survival of 15 months, above Goldman Sachs’ expectation of 9–12 months, with fewer serious adverse events than the chemotherapy combination. Goldman Sachs believes the data reduce global development risk, although follow-up duration and the applicability of Chinese data to global populations remain key conditions.

Nomura2026-10-26

Nomura: ESMO China drug advances: Innovent, Akeso and Kelun have shown survival benefits, while Hengrui’s focus is disease control

Nomura reviewed the ESMO 2026 clinical results: Innovent’s IBI343, Akeso’s ivonescimab and Kelun-Biotech’s sac-TMT improved overall survival in specific indications; the benefits in some other trials were mainly reflected in delayed disease progression, and the maturity of overall survival data is key to understanding the results.

Bernstein2026-10-25

Bernstein: Kelun-Biotech lung cancer data update: first-line treatment delays progression, later-line survival benefit persists

sac-TMT significantly prolonged progression-free survival in difficult-to-treat PD-L1-negative first-line lung cancer, while a later-line study also confirmed an overall survival advantage. Bernstein sees these results supporting expansion of its treatment scope, but first-line overall survival data remain immature, and the relative benefit in later-line treatment narrowed compared with the interim analysis.

Bank of America2026-10-22

Bank of America: Why is BofA more optimistic about an upside surprise in 2027 after Abbott lowered its growth outlook?

BofA cut its forecast for Abbott’s 2027 comparable sales growth to 6% but maintained its buy rating: new electrophysiology products and expanded Libre reimbursement offer upside, while a nutrition spin-off could lift valuation. Pricing and competitive pressures have already affected recent growth.

J.P. Morgan2026-10-23

J.P. Morgan: BeOne’s new lung cancer drug: Response rate declines, while durability and brain penetration data support continued development

After the BGB-58067 sample was expanded, the objective response rate fell from 31.7% to 25.3%. However, newly disclosed data on duration of response, progression-free survival and intracranial efficacy led JPMorgan to continue supporting a pivotal lung cancer study in 2027.

J.P. Morgan2026-10-23

J.P. Morgan: Moderna: Can Early Pancreatic Cancer Data Support an 80 billion Dollar Valuation?

In the adjuvant pancreatic cancer data, 11 of 20 evaluable patients remained recurrence-free. JPMorgan believes the current efficacy evidence remains difficult to distinguish from chemotherapy alone, while Moderna’s valuation already incorporates expectations for broader indications and platform value.

J.P. Morgan2026-10-24

J.P. Morgan: Merck’s phase III INT data strengthen melanoma outlook; kidney cancer results will determine scope for expansion

JPMorgan believes the full phase III INT data support broad use as adjuvant treatment after melanoma surgery; following the share price pullback, the market’s valuation of the program appears more reasonable. Next, phase II renal cell carcinoma data will influence its potential value in other cancers.

Citi2026-10-23

Citi: US GLP-1 prescriptions weaken as tirzepatide’s share rises to 57.9%

Citi’s tracking shows that total US GLP-1 prescriptions have turned negative year over year, while tirzepatide continues to gain share. Oral Wegovy now accounts for 35% of the brand’s prescriptions; the rollout of new oral products is occurring alongside a weakening overall market.

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