Core Insights - Terns Pharmaceuticals presented updated data from the CARDINAL trial of TERN-701 for chronic myeloid leukemia (CML) patients, showing promising efficacy and safety results [1][3]. Efficacy Data - Among 38 efficacy-evaluable patients, the overall major molecular response (MMR) rate was 74% (28 out of 38) at 24 weeks, with 64% (18 out of 28) achieving MMR and 100% (10 out of 10) maintaining MMR [2][3]. - The deep molecular response (DMR) achievement rate was 29% by 24 weeks, with no patients losing MMR at the data cutoff [3][5]. - The reported MMR achievement rate of 64% is significantly higher than that of approved treatments like Scemblix and investigational agents, which reported rates of 24%-32% [8]. Safety Profile - The safety profile of TERN-701 was encouraging, with 87% (55 out of 63) of patients remaining on treatment as of the data cutoff [3]. - No dose-limiting toxicities were observed, and a maximum tolerated dose was not reached, indicating a favorable safety profile [3][4]. - The majority of treatment-emergent adverse events were low grade, with no apparent dose relationship [4]. Recommended Doses - The higher MMR achievement rate of 75% at doses of 320mg and above supports the selection of 320mg and 500mg QD as the recommended phase 2 doses for expansion [4][6]. Market Potential - Analysts believe TERN-701 has the potential to disrupt the CML treatment landscape, which has a global total addressable market (TAM) of approximately $5 billion [7]. - The consistency of efficacy data from the trial adds to the bullish sentiment among analysts regarding TERN-701's market prospects [9].

Core Insights - Novartis anticipates Kisqali to become a blockbuster drug, shifting focus from Entresto [1] - Kisqali sales increased by 64% globally in Q2, with 100% growth in the U.S. [1] - The company reported a 56% increase in Kisqali sales in Q1 [2] Industry Trends - Global breast cancer diagnoses and deaths are expected to rise significantly by 2050, with 1 in 20 women projected to be diagnosed [2] - This could lead to 3.2 million new cases and 1.1 million deaths annually by 2050, compared to 2.3 million new cases and 670,000 deaths in 2022 [3] Company Pipeline - Novartis has a strong pipeline with other potential blockbusters like Pluvicto for prostate cancer and Scemblix for chronic myeloid leukemia [3] - The company is focused on driving performance for Kisqali, Pluvicto, and Scemblix, indicating a strategy to replace reliance on older therapies [3]