According to Orient Securities' research report, at the JPM 2026 conference, leading multinational corporations (MNCs) in the oncology field identified Immuno-Oncology (IO) and Antibody-Drug Conjugates (ADC) as their strategic priorities, with a strong emphasis on developing combination therapies. Notably, second-generation IO therapies are largely sourced from domestic Chinese companies, while sac-TMT holds a prominent position among ADCs. This year marks a critical inflection point for enhancing the validation of IO-ADC combinations, with future demand for ADCs, particularly pan-tumor ADCs, expected to rise further. The main views of Orient Securities are as follows.
From January 12th to 15th, 2026, the 44th J.P. Morgan Healthcare Conference was held in San Francisco. As the industry's largest and most informative medical investment symposium, it convenes global industry leaders, emerging companies, and investment community members, serving as a key indicator for trends in new drug development, capital flow, and business development collaborations. The report梳理ed the strategic focuses of leading oncology MNCs presented at the conference and provided further analysis on these key areas.
Second-generation IO therapies and ADCs remain central to MNCs' oncology strategies, with domestic innovation taking a leading role. Merck & Co. explicitly designated sacTMT, licensed from Kelun-BoTai, as a core development focus in oncology, having already initiated 16 Phase III clinical trials. PD-(L)1/VEGF bispecific antibodies are also considered foundational in oncology; Pfizer plans to advance 4 Phase III trials for SSGJ-707 this year, while BNT327 is expected to have 8 Phase III trials underway by year-end.
Concurrently, exploration of combination therapies involving IO and ADC is accelerating comprehensively. Merck & Co. has initiated 9 Phase III clinical studies combining sac-TMT with Keytruda. Bristol-Myers Squibb will advance combinations of BNT327 with ADCs, and Pfizer plans to commence Phase III trials combining SSGJ-707 with an ADC this year.
This year is pivotal for validating "IO+ADC" combinations, potentially boosting ADC demand. While IO combined with chemotherapy has already achieved a core position in current oncology treatment, the combination of IO and ADC represents a major future direction. Key developments include: 1) First-generation IO + ADC: An early and highly competitive space, with only Enfortumab Vedotin (EV) plus Keytruda approved; among key investigational trials, combinations with TROP2 ADCs are most common, with sac-TMT being particularly prominent. 2) Second-generation IO + Chemotherapy: AK112 leads in progress, expecting regulatory and data milestones in 2026; BNT327 and SSGJ-707 are accelerating their development. 3) Second-generation IO + ADC: Currently in early stages with fragmented indications; AstraZeneca leads, while SSGJ-707 is rapidly following suit.
Both "first-generation IO+ADC" and "second-generation IO+chemotherapy" combinations are set to report crucial first-line data for driver gene-negative Non-Small Cell Lung Cancer (NSCLC) this year. These results will address key questions regarding ADC's performance versus chemotherapy, and second-generation IO's performance versus first-generation IO within combination regimens, thereby significantly enhancing the validation for IO-ADC combinations.
Currently, IO is being explored in combination with various ADC modalities. Amid the fervent development of second-generation IO agents, the breadth and versatility of a company's ADC portfolio may also become a critical determinant of future success. Consequently, demand for ADCs is anticipated to increase further. Relevant companies include: Akeso Biopharma, 3SBio, RemeGen, Innovent Biologics, Kelun-BoTai Biopharmaceutical, Sino Biopharmaceutical, Mabwell, Baili Pharmaceutical, Fosun Pharma's Henlius, and Jiangsu Hengrui Pharmaceuticals.
Risks include potential failure in innovative drug研发, intensifying market competition, and challenges in the commercialization of innovative drugs.