CICC has released a research report noting that AKESO (09926) announced positive overall survival results from the registrational Phase III clinical trial (HARMONI-2) of its drug AK112, brand name Evdazen, compared with pembrolizumab as first-line treatment for PD-L1 positive non-small cell lung cancer (NSCLC), presented at WCLC.

Given the strong second-half data, the firm has raised the probability of success for the overseas H7 clinical trial, maintained its 2026 and 2027 earnings forecasts unchanged, and kept an "Outperform Industry" rating, lifting the target price by 8.3% to HK$130.

The firm points out this marks the first time a PD-1/VEGF bispecific antibody monotherapy has reported complete overall survival data in first-line NSCLC, with AK112 potentially redefining the treatment paradigm in this field. Currently, the international multicenter Phase III clinical study (HARMONi-7) of AK112 versus pembrolizumab as first-line therapy for PD-L1 positive NSCLC is continuing enrollment, and the firm believes the likelihood of success for this trial in the future is relatively high.