翰森制药：ADC药物迎来重要一年

Rebecca Liang, Ph.D.+852 2123 2656rebecca.liang@bernsteinsg.com Hansoh Pharmaceutical Group Co Ltd Ellie Li+852 2123 2621ellie.li@bernsteinsg.com Price Target 3692.HK 47.00 HKD(44.00OLD) Hansoh: A big year ahead for ADCs It will be a big year for Hansoh’s two ADC assets, HS-20093 (B7H3) and 20089 (B7H4), asChina data keep rolling in and global data are expected for the first time, after 3 years waiting. Could Hansoh’s B7H3 ADC be a serious contestant in NSCLC?The B7H3 ADC class hasbeen tested mainly for small-cell lung cancer given their relative high expression in the tumor.In Dec 2025 we first learned about 20093’s surprising efficacy in NSCLC: monotherapy ledto 33% ORR and 7m mPFS in I/O-failed NSCLC patients (non-squamous). Avg. ORR andmPFS of prior trials had been <30% and 5m, respectively.Recently, Hansoh publishedmore NSCLC data on Cancer Cell (Apr 13 issue). The mOS of the 10mg cohort reached17.5m,coincidentally the same number as Innovent’s IBI363 (PD-1/IL-2), while the 8mgcohort seems to be having a longer OS (not reached).HS-20093 seemingly joins IBI363as the leading candidates in I/O-failed lung cancer.In sq-NSCLC, results are moremoderate with 8.8m OS (8mg arm) and OS not reached (10mg). Besides monotherapy, Hansoh also explores combo of B7H3 + PD-L1. On Apr 18, dataof the Ph1 ARTEMIS-101 trial (20093 and adebrelimab in previously treated advancednsq-NSCLC) were reported at the AACR conference. The combo regimen achieved anmPFS of 11.2m, numerically exceeding monotherapy benchmarks and suggesting potentialsynergistic effect. In SCLC, 20093 has fared well with similar PFS and OS as other top candidates. On theglobal front, we expectGSK’s first Ph1 pan-solid tumor trial readouts in 2026. (GSKcovered by Justin Smith.)Current estimates are CNY3.4 Bn in China and $2.1 Bn globalpeak sales with upside likely to come from NSCLC and GSK global data. B7H4: GSK revealed early data from the global Ph1 BEHOLD-1 trial, and 20089 showedfavorable response rates in platinum-resistant ovarian cancer and endometrial cancer. ORRof c. 60% is remarkably 20-30% higher than results from peer trials. We expect more dataupdates this year to substantiate this and GSK is expected to start multiple global Ph3s.Estimated peak sales CNY1.2 Bn in China and $1.5 Bn globally.(Continued on the next page) Investment Implications We rate Hansoh Outperform with a revised Price Target of HK$47 per share. DETAILS (cont.) In this model update we also 1) increased aumolertinib sales slightly (CNY8.6 Bn to 8.9 Bn in 2030E) and adjustedother pipeline product sales (net increase 3 Bn in peak sales). 2) Increased collaboration revenue from license deals estimatefrom CNY7.6 Bn to 12.4 Bn as ADC and GLP-1 products mature. 3) Updated net cash and rolled forward P/E and EV/EBITDAvaluations to 2030E. Resulting an updated TP of HK$47 (OLD: HK$44); Outperform. ASSET UPDATES - BIG YEAR AHEAD FOR ADCS HS-20093 (B7H3 ADC) BECOMES A SURPRISING CONTESTANT IN NSCLC Hansoh recently published the updated Ph1a/1b ARTEMIS-001 trial for HS-20093 (risvutatug rezetecan), its domesticallyleading B7H3 ADC, in treating 2L+ ES-SCLC and I/O treated NSCLC on Cancer Cell in April 2026. In I/O treated NSCLC setting,while the efficacy in sq-NSCLC was modest (mPFS and mOS both falling short compared to Innovent’s IBI363) (Exhibit 3),more encouraging efficacy was observed in nsq-NSCLC without active genomic alterations (AGA-). At a 10mg/kg dose level,HS-20093 achieved a median OS of 17.5mos, numerically higher than Dato-Dxd’s13.6mos and matching IBI363’s 17.5mos.Beyond monotherapy, Hansoh has also explored an ADC + PD-L1 combo regimen in this setting. Based on the data presented at AACR 2026 on April 18th, 2026, HS-20093 + adebrelimab achieved an improved mPFS of 11.2mos, numerically exceedingpeer benchmarks and suggesting potential incremental benefit (Exhibit 1-Exhibit 2). While safety profile appears less favorablevs. IBI363 (Grade≥3 TRAEs: 74.3% vs. IBI363’s 30.3%), we still view the asset as a competitive contender in this setting andassigned a PoS adjusted peak sales of CNY1 Bn for this indication. In 2L+ ES-SCLC setting, the updated efficacy continuedto show a meaningful improvement over SoCs, with data broadly comparable to leading peers including DS-7300 and zoci(ZL-1310) (Exhibit 4). In addition to the promising efficacy in I/O treated nsq-NSCLC, HS-20093 is also entering a catalyst-rich period. Key near-term catalysts include potential Ph3 trial readouts within 2026, alongside planned NDA submission to NMPA in SCLC andosteosarcoma. Additionally, GSK is currently enrolling patients in 2L+ ES-SCLC Ph3 trial and is expected to initiate more Ph3trials in 2026. Notably, GSK has yet to announce any plans to initiate Ph3 trial in NSCLC (Exhibit 5). Following the modifications, we raised our domestic peak sales for HS-20093 to CNY3.4 Bn and global peak sales to $2.1 Bn. HS-20089 (B7H4 ADC): FAVORABLE EARLY DATA IN GYNECOLOGICAL CANCERS Hansoh’s