US Large-Cap Pharma ASCO 2026 Preview

RBC previews ASCO 2026 as a major catalyst event for US Large-Cap Pharma, highlighting Merck's binary stock potential and the validation of the PD-1xVEGF bispecific class. Key pipeline updates from AbbVie, BMS, and Pfizer are also identified as major themes.

Key Takeaways

• 1.Merck faces the most binary stock outcome at ASCO 2026 (+2-3% upside vs -3-4% downside) centered on P3 China data for sac-TMT (TROP2 ADC).
• 2.The PD-1xVEGF bispecific class is poised for validation via Summit/Akeso's HARMONi-6 plenary OS data, with competitive read-through for Pfizer's PF'4404 and BMS's pumitamig.
• 3.BMS's CELMoD platform (mezigdomide and iberdomide) shows momentum following a positive interim Phase 3 PFS readout for SUCCESSOR-2.

Table of Contents

• Merck: Key Focus on OptiTROP-Lung05
• HARMONI-6: Class Validation and Competitive Implications
• AbbVie: Data Supports Pipeline Development, Limited Near-Term Impact
• Pfizer: Updates for Sigvopatug vedotin and PF'4404
• PF'4404/SSGJ-707
• BMS: More Data on Pumitamig and CeL-MoDs
• Eli Lilly: Updated Kelonia data in ongoing Ph1
• J&J: More data from their broad pipeline
• Required disclosures

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