肺癌：美国临床肿瘤学会（ASCO）医生晚宴要点-对安进（AMGN）和泽拉布（ZLAB）有利

Michael J. Yee * | Equity Analyst(415) 229-1535 | michael.yee@jefferies.comDina Elmonshed * | Equity Associate+1 (212) 778-8388 | delmonshed@jefferies.comKyle Yang, CFA * | Equity Associate(212) 284-2260 | kyle.yang@jefferies.comMatthew Hagood * | Equity Associate+1 (212) 778-8293 | mhagood@jefferies.comMadeleine Lee * | Equity Associate+1 (212) 778-8733 | mlee6@jefferies.com BiotechnologyEquity ResearchJune 2, 20252 Company Valuation/RisksAmgen, Inc.Our price target is based on a historical industry multiple applied to our NTM non-GAAP EPS and supported by our DCF. Risks include IP litigation,biosims, pricing, and competition.Bristol-Myers Squibb CoValuation: Our DCF-based PT is supported by PE and PEG-relative valuations. Risks: R&D, LOEs, pricing, competition, legal/regulatory, M&A.Zai Lab LimitedOur price target is based on a blend of our sum-of-the-parts analysis and DCF. Risks include shifts in China's regulatory stance, competition, andlimited efficacy/safety data.Analyst Certification:I, Michael J. Yee, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Dina Elmonshed, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Kyle Yang, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Matthew Hagood, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Madeleine Lee, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresWithin the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services from ZaiLab Limited.Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for Zai Lab Limitedor one of its affiliates.Within the past twelve months, Zai Lab Limited has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment banking servicesare being or have been provided.Jefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for Zai LabLimited or one of its affiliates within the past twelve months.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Please see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. June 2, 2025 20:02 P.M.June 2, 2025 20:02 P.M.3 Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an