Investment Rating - The report assigns a "Buy" rating to 康方生物 (9926.HK) [2][3] Core Viewpoints - 康方生物's AK112 Phase III HARMONi-A data for EGFR mutation NSCLC shows slightly lower ORR and mPFS than expected, but the PFS benefit HR is better than approved drugs, especially in the T790M mutation subgroup. If subsequent OS data is strong, the company's stock price is expected to rebound [2][3] - 科伦博泰's SKB264 Phase III data for 3L+ TNBC is excellent, showing potential as a best-in-class treatment. The mPFS is 5.7 months compared to 2.3 months for the chemotherapy control group, with a 69% reduction in the risk of disease progression or death [4] - In the early development stage, 科伦博泰's SKB264 shows promising results in 1L NSCLC, with ORR of 48.6% and mPFS of 15.4 months in one cohort, indicating better efficacy compared to competitors [5] Summary by Sections 康方生物 (9926.HK) - AK112's mPFS is 7.06 months versus 4.8 months for the chemotherapy control group, with an ORR of 50.6% compared to 35.4% for the control [2] - The data shows significant PFS benefits across various subgroups, particularly in T790M mutation patients with an HR of 0.22 [3] 科伦博泰 (6990.HK) - SKB264's Phase III results indicate a mPFS of 5.7 months and an ORR of 43.8%, outperforming previous Phase II data and showing better results than DS-1062 [4] - In the 1L NSCLC trial, SKB264 combined with PD-L1 shows an ORR of 77.6% in one cohort, with a DCR of 100% [5]
科伦博泰生物-B：ASCO 2024：重点公司简要点评（一）