According to Sinolink Securities Co., Ltd. (SSE: 600109) in a research report, Chinese innovative drug companies delivered standout results at this year's ESMO congress.
As data on multiple Chinese innovative drugs were released in quick succession, and clinical data in areas such as PD-1 PLUS bispecific antibodies, ADCs, and targeted therapies reached internationally leading levels, drawing considerable attention, this could potentially spur a new round of overseas expansion opportunities for innovative drugs. The bank continues to monitor next-generation therapies with pan-cancer potential, chronic disease drugs addressing unmet clinical needs, and investment opportunities in tracks such as ADCs, bispecific/multispecific antibodies, and small nucleic acids. The main views of Sinolink Securities are as follows.
ESMO congress concludes with remarkable Chinese innovative drug achievements
The 2026 ESMO Annual Meeting, organized by the European Society for Medical Oncology (ESMO), was held from October 23–27 in Madrid, Spain. The meeting aims to showcase the latest clinical research results in the global oncology field and promote international oncology academic exchange and cooperation, and is one of the largest and most influential oncology academic conferences in the field. At this ESMO congress, Chinese innovative drug companies delivered standout results: 28 Chinese studies were selected for the congress's Late-Breaking Abstracts (LBA), a record high; among them, the global Phase III SAFFRON study of Hutchmed/AstraZeneca's savolitinib combined with osimertinib for EGFR-mutant, MET-overexpressing/amplified advanced non-small cell lung cancer after osimertinib resistance, Akeso's ivonescimab combined with chemotherapy as first-line treatment for advanced biliary tract cancer in the China Phase III HARMONi-GI1 study, and Kelun-Biotech/Merck's TROP2 ADC sacituzumab tirumotecan for previously treated advanced or recurrent endometrial cancer in the global Phase III TroFuse-005 study were all selected for the highest-specification Presidential Symposium presentations. As Chinese companies and Chinese scholars continue to make breakthroughs in oncology new drug research, their international influence continues to rise.
Chinese ADCs fully enter the global Phase III harvest period
ADC and bispecific/multispecific antibody assets together accounted for more than half of China's LBAs, making them the core theme of this congress. In the TROP2 ADC track, Kelun-Biotech's sacituzumab tirumotecan (SKB264) received 3 LBAs, covering indications such as NSCLC, breast cancer, and endometrial cancer; in the HER2 ADC track, Hengrui Pharma's SHR-A1811 (HORIZON-Breast06) and Sino Biopharmaceutical's TQB2102 (APEX-Breast01) read out positive Phase III data in HER2-low breast cancer; Hengrui Pharma's HER3 ADC and Baili-Biotech's EGFR×HER3 both entered the post-third-generation EGFR-TKI resistance later-line setting through Phase III clinical results. In addition, CLDN18.2 ADC and B7-H3 ADC became emerging hotspots at this ESMO meeting, with Keymed Biosciences' SoneVe being the world's first CLDN18.2 ADC OS-positive Phase III study; Hansoh Pharma's Ris-Rez, MediLink Therapeutics' Tam-Pel, and DualityBio's elfe-D advanced B7-H3 ADC latest progress across multiple tumor types.
IO 2.0 emerges, with bispecific/multispecific antibodies and new-generation combination strategies taking over from PD-1 monotherapy
Multiple IO 2.0 assets disclosed clinical data in a concentrated manner at this congress, demonstrating iterative potential against PD-(L)1 monoclonal antibodies. Akeso's ivonescimab (PD-1/VEGF bispecific antibody) combined with chemotherapy versus durvalumab combined with chemotherapy as first-line treatment for advanced biliary tract cancer (BTC) in the registrational Phase III study (HARMONi-GI1) achieved an OS-positive result, making it the first Phase III study to achieve comprehensively positive results under this comparison; as ivonescimab's first Phase III positive study in a gastrointestinal tumor, its clinical value is expanding from lung cancer to a broader range of solid tumors. In addition, beyond the more popular PD-1/VEGF bispecific antibodies, IO 2.0 at this ESMO meeting saw diversification in mechanisms and indications, including CStone Pharmaceuticals' CS2009 (PD1/VEGF/CTLA-4 trispecific antibody) NSCLC data, Leap Therapeutics' LBL-024 (PD-L1×4-1BB) data in extrapulmonary neuroendocrine carcinoma, and BeiGene's BGB-B2033 (GPC3×4-1BB) data in hepatocellular carcinoma.
Precision treatment continues to upgrade, with breakthroughs in multiple difficult-to-treat/resistant mutations
Addressing the challenge of EGFR-TKI resistance, multiple emerging regimens at this congress showed excellent data: MET small-molecule targeted drug combination therapies (Hutchmed's SAFFRON study) and ADC therapies both saw important data readouts; traditionally undruggable targets represented by RAS continued to show breakthrough signals, with GenFleet Therapeutics' GFH276 (pan-RAS molecular glue) demonstrating cross-tumor activity in previously treated RAS-mutant advanced solid tumors, and Hengrui's HRS-4642 (KRASG12D) advancing to perioperative pancreatic cancer. As data for new-generation targeted drugs shine brightly, breakthroughs in targeted drugs for RAS, EGFR, and other areas are expected to reshape the treatment landscape for multiple refractory mutant diseases.
Risk warnings
Risk of new drug R&D failure; risk of R&D progress falling below expectations; risk of drug price reductions.
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