Combo of Sac-TMT/Pembro Set a New Bar in 1L PD-L1 Positive NSCLC

Kelun Biotech's sac-TMT/pembro combo reported a strong 0.35 PFS HR in a Phase 3 1L NSCLC trial with improved tolerability. Goldman Sachs maintains a Buy rating and HK$526.49 target price.

Key Takeaways

• 1.OptiTROP-Lung05 trial demonstrated a strong PFS Hazard Ratio (HR) of 0.35 for sac-TMT plus pembro in 1L NSCLC, significantly outperforming historical benchmarks.
• 2.The safety profile of sac-TMT improved in Phase 3 trials, showing single-digit rates of Grade 3+ stomatitis (5%) and low discontinuation rates (5.3%).
• 3.Sac-TMT/pembro combo showed better PFS HR than competitor ivonescimab (HARMONi-2) in ITT and most subgroups, except PD-L1 TPS≥50%.

Table of Contents

• Strong survival HR in OptiTROP-Lung05
• Improved tolerability with single-digit G3+ stomatitis and discontinuation
• Expect continued discussion on sac-TMT vs. PD-1/VEGF
• Increased confidence on sac-TMT/pembro, eyes on Lung06 for TPS<1%
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Regulatory disclosures
• Ratings, coverage universe and related definitions

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