HARMONi-3中期PFS数据未读出

Quick Note wasnotreadoutOn30Aprilmorning(EsT),Akeso'soverseaspartnerforivonescimabdevelopment Summit Therapeutics (SMMT US, not rated) disclosed in its form 10-Q that its previousintended-to-perform interim analysis of HARMONi-3 (squamous cohort) suggested “toachieve statistic significant, a meaningful higherbarthan the upcoming planned final PFsanalysisbasedontheminimalalphaspentontheinterimanalysis"isessential,andthatthe Independent Data Monitoring Committee (iDMC) has recommended continued study.This HARMONi-3 interim PFS analysis is a clinical event of both Akeso and Summit highly China Health Care & PharmaceuticalsJialinZhang,CFA,PA-NIHK jialin.zhang@nomura.com+85222526134 anticipated by market participants (the other one was the HARMONi-6 OS analysis, whichwas earlier confirmed, seeour report:Akeso-HARMONI-6 OS data tobe reported inASCOmeeting)Failing to read out this interim analysis sent Summit share price down by 25% on 30 April. Ourtake:does not augur wellfor Akesoshare price.Maintain Neutral The HARMONi-3 PFS data and the HARMONi-6 OS data are two critical clinical events for Akesoin1H26,whichsawitssharepricerally20%ytd(vsaflattishHsl)onpositiveexpectation of these two events'outcome.Given thatthere is nodata readoutforHARMONi-3 PFS this time, we believe the likelihood of a successful result from the trialhaslowered(thoughSummitmaintaineditsfinalFPSanalysistimelineof2H26E) We maintain our TP of HKD142.75 (suggesting 5% potential upside), based on a DCFmodel (assuming a WACC of 10.8%and a terminal growth rateat 4%,assumptionsunchanged), and Neutral rating.This stock trades at 5.0x FY35F sales of CNY22.4bn. Appendix A-1 See Disclaimers for Nomura Group entity details. subject securities orissuers referred to in this Research report, (2) no part of my compensation was, is or will be directly or indirectly related tcthe specific recommendations or views expressed in this Research report and (3)no part of my compensation is tied to any specific investmentbanking transactions performed by Nomura Securities International, Inc., Nomura International plc or any other Nomura Group company. IssuerSpecificRegulatoryDisclosures Akeso (9926 HK)Rating and target price chart (three year history) Forexplanation rate at 4%.The benchmark index for this stock is Heng Seng Index.OS/PFSdatareadout; (3)more molecules out-licensed.Downside risks include:(1)sales rampupweakerthanexpected; (2)ivonescimabPFS data comeweaker; (3)failure todevelopnewdrugs; Important Disclosures Onlineavailabilityofresearchandconflict-of-interestdisclosures Nomura Group research is available on www.nomuranow.com/research, Bloomberg, Capital IQ, Factset, LSEG.Important disclosures may be read at http://go.nomuranow.com/research/m/Disclosures or requested from Nomura Securities International, Inc.If you have any difficulties with the website, please email grpsupport@nomura.com for help. The analysts responsible for preparing this report have received compensation based upon various factors including the firm's total revenues, aportion of which is generated by Investment Banking activities. Unless otherwise noted, the non-US analysts listed at the front of this report arenot registered/qualified as research analysts under FINRA rules, may not be associated persons of NSl, and may not be subject to FINRA Rule2241 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account. the Commodities Futures Trading Commission and the National Futures Association (NFA)as swap dealers.NGFP,NDPI, and Nlplc aregenerally engaged in the trading of swaps and other derivative products, any of which may be the subject of this report. The distribution of all ratings published by Nomura Group Global Equity Research is as follows: 57%havebeen assigned a Buy rating which, forpurposes ofmandatorydisclosures,are classifiedas a Buy rating;34%of companies with this rating are investment banking clients of the Nomura Group* 0% of companies (which are admitted to trading on a regulated market in the EEA)with this rating were supplied material services** by the Nomura Group41% have been assigned a Neutral rating which,for purposes ofmandatory disclosures, is classified as a Hold rating; 57% of companies with EEA) with this rating were supplied material services by the Nomura Group2% have been assigned a Reduce rating which,for purposes of mandatory disclosures, are classified as a Sell rating; 0% of companies with this rating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the EEA)with this rating were supplied material services by the Nomura GroupAs at 31March2026 ** As definedby the EUMarket Abuse Regulation Definition of Nomura Group's equity research rating system and sectors The rating system is a relative system, indicating expected performance against a specific benchmark identified for each i