Goldman Sachs has reiterated its positive stance on SKB BIO-B (06990) in two recently published research reports, maintaining a "Buy" rating. The firm believes SKB BIO-B possesses the favorable conditions to grow into a global leader in the Antibody-Drug Conjugate (ADC) field, supported by its differentiated ADC pipeline, deep research and development expertise, and a strategic collaboration with Merck & Co. Goldman Sachs identifies the core product, sacituzumab govitecan (sac-TMT), as the central growth driver for the company.

Data presented at the 2026 European Lung Cancer Congress (ELCC) from the pivotal OptiTROP-Lung03 study showed that with extended follow-up to 23.8 months, sac-TMT maintained a significant advantage in both Progression-Free Survival (PFS) and Overall Survival (OS). The PFS was 7.9 months compared to 2.8 months for chemotherapy (Hazard Ratio, HR=0.23), while OS reached 20 months versus 11.2 months for chemotherapy (HR=0.45).

Goldman Sachs emphasized two key points: firstly, the PFS benefit of sac-TMT effectively translates into an OS improvement, maintaining a significant gap even considering crossover effects; secondly, the OS data positions sac-TMT competitively in the second-line treatment of non-small cell lung cancer (NSCLC), suggesting it has best-in-class potential globally in this setting.

With the product's inclusion in the National Reimbursement Drug List in 2026, the company anticipates a substantial increase in sac-TMT sales, expecting it to become the preferred choice for physicians in its approved indications. This product is projected to contribute over 80% of revenue.

Regarding clinical progress, Goldman Sachs highlighted 2026 as a pivotal year for SKB BIO-B, focusing on two Chinese Phase III trials evaluating sac-TMT in combination with pembrolizumab (Keytruda) for the first-line treatment of NSCLC. Key data readouts are expected throughout the year. The company has previously announced that the Phase III study of sac-TMT combined with pembrolizumab for first-line treatment of PD-L1 positive NSCLC has met its primary endpoint, further validating the clinical value of this ADC plus immuno-oncology (IO) combination. Goldman Sachs reiterated confidence in the first-line data, noting that the excellent survival data observed earlier provides strong support for the Phase III results.

Beyond sac-TMT, SKB BIO-B is advancing other ADC pipelines in combination with immunotherapies and small molecule targeted drugs to expand indications. These include the PD-L1 antibody tislelizumab, the PD-1/VEGF bispecific antibody SKB118 developed in collaboration with Crescent Biopharma, and the EGFR monoclonal antibody cetuximab N01 (Datailai®), among other targeted agents.

Furthermore, SKB BIO-B has five additional ADC projects—SKB315, SKB410, SKB571, SKB518, and SKB500—that have entered Phase II clinical trials. This portfolio includes novel ADCs based on validated targets with differentiated payload designs, as well as pioneering ADCs targeting potential first-in-class (FIC) targets, balancing competitive differentiation with innovation. Among these, SKB410 and SKB571 have already been partnered with Merck & Co. Notably, SKB571, while not the first to enter the competitive bispecific ADC field for its target, has advanced to become the leading program among more than 20 competing candidates.

Additionally, SKB BIO-B is exploring diverse technological platforms such as Radiopharmaceutical Drug Conjugates (RDCs) and dual-payload ADCs, with candidates already in clinical development. The pipeline includes SKB107 (RDC), SKB535 (a potential FIC product), SKB445 (a potential FIC ADC), SKB105 (an ITGB6 ADC), SKB103 (a TAA+IO bispecific ADC), and SKB565 (a dual-payload ADC). The innovative nature of this next-generation pipeline extends beyond traditional ADC frameworks. For instance, in the burgeoning RDC field, SKB BIO-B initiated a Phase I trial for SKB107 in patients with advanced solid tumors and bone metastases in July last year, securing an early position. SKB103, as a novel bispecific ADC targeting Tumor-Associated Antigens (TAA) and immune checkpoints (IO), aims to achieve precise tumor cell killing while activating anti-tumor immunity, potentially overcoming tumor heterogeneity and resistance through multiple synergistic mechanisms and opening avenues for broader anti-tumor applications. The dual-payload ADC SKB565 introduces a novel concept of co-delivering two synergistic agents—a toxin and an immunomodulator—directly to tumor tissue, aiming for stronger and more durable anti-tumor effects.

Long-term, leveraging its ADC technological advantages to continuously expand into multiple oncology indications, combined with global partnerships like the one with Merck & Co., SKB BIO-B is well-positioned to unlock the value of its pipeline and drive sustained growth.