Goldman Sachs reviews China healthcare datapoints for ESMO 2026, focusing on sac-TMT Lung06 and Zoci first-line SCLC data

Overview

This Goldman Sachs China healthcare report centers on the regular abstract titles already disclosed for ESMO 2026, screening for key assets and potential clinical data readouts from Chinese pharmaceutical and biotech companies. The main themes include PD-1 multispecific antibodies, DLL3-targeted therapies, the evolving ADC landscape, and emerging RAS/KRAS inhibitors.

Core views

The core view is that ESMO 2026 could become an important window for validating differentiation across multiple key pipelines in China's innovative drug sector. In ADCs, the market is focused on detailed sac-TMT data from Kelun-Biotech's OptiTROP-Lung06 in first-line non-squamous NSCLC with PD-L1 TPS <1%; in DLL3, Zai Lab's Zoci combination data in first-line SCLC is seen as a key 2H26 catalyst; in PD-1 multispecific antibodies, assets from Akeso, CStone, Innovent, and BioNTech will provide incremental evidence across multiple tumor types and combination regimens; in RAS, multiple KRAS G12D and pan-RAS assets will be compared horizontally with international peer data.

Analysis framework

The report uses a conference abstract preview and pipeline catalyst review approach, organizing potential key readouts from Chinese pharma companies at ESMO 2026 by mechanism of action, drug modality, indication, clinical stage, and data type, and combines this with prior ASCO or company-announced data to judge which readouts may attract higher investment attention.

Methodology notes

• Conference catalyst analysisESMO abstract datapoint screening

  Identify potential catalysts based on abstract titles, LBA timetable, clinical stage, and key assets.

  The report first explains the release schedule for ESMO 2026 regular abstracts, LBA titles, and full abstracts, and then screens Chinese pharma abstracts for key areas such as ADCs, DLL3, PD-1 multispecific antibodies, and RAS/KRAS.

• Clinical differentiation analysisCross-asset efficacy and safety comparison

  Compare efficacy, safety, and line-of-therapy positioning within the same indication or target.

  For example, the report compares Zoci, alveltamig, tarlatamab, and other DLL3/B7H3 therapies within the SCLC competitive landscape, emphasizing safety, OS, PFS, and line-of-therapy positioning.

• Goldman Sachs disclosure frameworkGS Factor Profile / M&A Rank / Quantum

  The appendix discloses Goldman Sachs' internal frameworks for stock attributes, M&A probability, and financial data analysis.

  These are general disclosure methodologies rather than the core valuation conclusions on specific China healthcare companies in this report.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Kelun Biotech sac-TMT / OptiTROP-Lung06

  Key ADC catalyst; first-line PD-L1 TPS <1% non-squamous NSCLC

  Strengths

  The phase 3 trial has already been announced to have met the primary PFS endpoint; if LBA participation is confirmed and detailed data are disclosed, market attention could be high.

  Weaknesses

  LBA submission is still underway, and the final title and detailed data have not yet been confirmed.

  Comparison

  This will affect ADC competitive positioning in first-line NSCLC and be compared with other ADC combinations and ADCs against new targets.

  Risks

  Detailed efficacy, safety, overlapping toxicity, and patient population quality may fall short of market expectations.

• Zai Lab Zoci（ZL-1310）

  DLL3 ADC; first-line SCLC combined with atezolizumab ± carboplatin

  Strengths

  The report states that its safety profile is well controlled, and that first-line SCLC data are a key 2H26 catalyst for Zai Lab.

  Weaknesses

  Second-line efficacy appears broadly comparable among peers, so first-line data are needed to further establish differentiation.

  Comparison

  It can be compared jointly with alveltamig, tarlatamab, Hengrui DLL3 ADC/TCE, and B7H3 therapies within the SCLC landscape.

  Risks

  If first-line data do not show clear efficacy or safety advantages, the differentiation narrative may weaken.

• Akeso ivonescimab

  PD-1/VEGF bispecific; first-line or subgroup data across multiple solid tumors

  Strengths

  Covers RCC, thymic cancer, ESCC, endometrial cancer, and intracranial PFS subgroup data in NSCLC brain metastases.

  Weaknesses

  Basket data across multiple tumor types require further validation for reproducibility and indication prioritization.

  Comparison

  It sits in the PD-1/VEGF multispecific antibody space and will be compared with BioNTech's pumitamig and other IO combinations.

  Risks

  Differences in sample size, maturity, and endpoints across tumor types may limit cross-study interpretation.

• CStone CS2009

  PD-1/VEGF/CTLA-4 trispecific; NSCLC and mCRC

  Strengths

  NSCLC phase 2 dose expansion and mCRC phase 1/2 updates may support the phase 3 MRCT launch in YE26.

  Weaknesses

  More mature efficacy, safety, and dose-regimen validation are still needed.

  Comparison

  Compared with bispecifics, trispecifics have a potentially more complex mechanism and must prove incremental benefit beyond added toxicity and development complexity.

  Risks

  If toxicity, dosing, or efficacy remain unclear, global multicenter phase 3 advancement may be affected.

• Innovent IBI363

  PD-1/IL-2α-bias bispecific; NSCLC and G/GEJA

  Strengths

  The report focuses on a special dosing regimen in first-line NSCLC, as well as long-tail benefit in squamous NSCLC after IO treatment.

  Weaknesses

  Differentiation needs to be continuously confirmed across multiple cohorts and in head-to-head trials.

  Comparison

  Competes with traditional PD-1 combinations and other multispecific IO assets.

  Risks

  If head-to-head or combination data do not show clear advantages, development attractiveness may decline.

• Hengrui / GenFleet / Incyte KRAS or panRAS assets

  Targeted therapy for RAS/KRAS mutations; PDAC and solid tumors

  Strengths

  Multiple KRAS G12D and panRAS assets will disclose new data at ESMO, addressing areas of high unmet need.

  Weaknesses

  Most data are still early stage, and cross-trial comparisons carry high uncertainty.

  Comparison

  The report places them in a horizontal comparison following data from RevMed's daraxonrasib and zoldonrasib.

  Risks

  Efficacy, tolerability, molecular subtyping, and combination strategies still require clinical validation.

Key data

• Conference dates2026-10-23 to 2026-10-27ESMO 2026 will be held in Madrid.
• LBA title release date2026-09-25The report states that late-breaking abstract titles will be released on September 25.
• Full abstract release time2026-10-19 00:05 CESTDetailed readouts will need to wait for the full abstracts.
• sac-TMT Lung06OptiTROP-Lung06 has met the primary endpoint of PFSKelun-Biotech announced that the China phase 3 trial met the primary endpoint in first-line PD-L1 TPS <1% non-squamous NSCLC, and the report focuses on potential detailed data at ESMO.
• Zoci（ZL-1310）ph1b/1c results in 1L SCLC combined with atezolizumab ± carboplatinThe report states that this data is a key 2H26 catalyst for Zai Lab.
• alveltamigASCO readout showed an 18-month OS rate of 58.6%The report is watching for OS updates after longer follow-up at ESMO and comparing them with tarlatamab's 2L OS data.
• tarlatamab reference dataPreviously reported 2L OS was 13.6 monthsESMO will release the latest 2L OS update from DeLLphi-304.
• CS2009NSCLC phase 2 dose expansion and mCRC phase 1/2 dataThe report believes these incremental data will support the phase 3 MRCT plan to start in YE26.

Impact & implications

If ESMO data readouts are positive, they could reinforce the global competitiveness of China's innovative drugs in ADCs, bi-/tri-specific antibodies, and targeted small molecules, and provide short- to medium-term catalysts for related companies. In particular, data for sac-TMT in first-line non-squamous NSCLC, Zoci in first-line SCLC, CS2009 in NSCLC/mCRC, and KRAS G12D and pan-RAS assets will influence subsequent clinical development, differentiated positioning, and market expectations.

Risks

• LBA titles and full abstracts have not yet been released, so it remains uncertain whether some key assets will ultimately appear or disclose detailed data.
• Sample sizes in early clinical data may be limited, and cross-trial comparisons can easily be affected by patient populations, endpoints, and follow-up duration.
• ADC and IO combinations may involve overlapping toxicity, requiring a balance between incremental efficacy and safety.
• Competition within the same target or indication is crowded; if data show only comparable efficacy rather than clear superiority, commercial positioning may come under pressure.
• This report does not provide single-company ratings or target prices and should not be directly interpreted as a change in investment recommendations.

What to watch

• Whether the September 25 ESMO 2026 late-breaking abstract titles confirm key data such as sac-TMT Lung06.
• The PFS, ORR, safety, and subgroup data for sac-TMT Lung06 in the full abstract on October 19.
• The efficacy and safety of Zoci（ZL-1310） in first-line SCLC combined with atezolizumab ± carboplatin.
• The relative performance of alveltamig's extended follow-up OS data versus the updated second-line OS from tarlatamab DeLLphi-304.
• Dose, indication, and long-term benefit signals for PD-1 multispecific antibodies such as CS2009, IBI363, ivonescimab, and pumitamig.
• Preliminary efficacy, tolerability, and comparability versus RevMed data for KRAS G12D and panRAS assets in PDAC and solid tumors.