ASCO 2026 China Pharma Highlights: New Drug Data Reshapes Treatment Paradigms in Lung Cancer and Beyond

Overview

This report provides Goldman Sachs’ synthesis and interpretation of key clinical data disclosed by Chinese pharmaceutical and biotechnology companies following the release of abstracts for the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting. The report argues that this year’s focal point lies in clinical data from Chinese biopharma firms that could potentially disrupt first-line treatment standards in non-small cell lung cancer (NSCLC). It analyzes developments across multiple therapeutic areas—including NSCLC, SCLC, later-line NSCLC, solid tumors, prostate cancer, and gastric cancer—and concludes that these data are reshaping treatment paradigms across several cancer types.

Core views

In the highly competitive first-line NSCLC space, Goldman Sachs believes a new wave of treatment standard redefinition is underway. Innovent’s PD-1/IL-2α-biased bispecific antibody IBI363 combined with chemotherapy achieved a confirmed objective response rate (cORR) of 81.8%, surpassing prior data from Ivonescimab (75.9%) and sac-TMT (70.2%). Its unique '3-1.5 mg/kg' induction-maintenance dosing regimen not only delivered higher response rates but also reduced the incidence of grade ≥3 treatment-related adverse events (TRAEs) to 65.2%, indicating a superior therapeutic index. Additionally, BioNTech’s PD-L1/VEGF-A bispecific pumitamig plus chemotherapy yielded a 70% response rate, with better safety (G3+ TRAE: 44.2%) than Ivonescimab. 3SBio’s PD-1/VEGF bispecific SSGJ707, in monotherapy with longer follow-up, saw cORR increase to 67.6% and median progression-free survival (mPFS) reach 12.4 months—demonstrating competitive efficacy, though its safety signal (G3+ TRAE: 42.2%) warrants attention. CStone’s PD-1/VEGF/CTLA-4 trispecific CS2009 showed a 90% response rate in a small cohort of PD-L1-high patients; larger updates are viewed by the report as critical proof-of-concept validation. In SCLC, beyond DLL3-targeted therapies, Ivonescimab plus chemotherapy demonstrated a 62% ORR and 9.8-month mPFS in second-line treatment. The report highlights Zelgen’s DLL3/CD3 trispecific T-cell engager alveltamig (ZG006) as particularly impressive: in third-line and beyond, the 12-month overall survival rates were 65.9% and 59.2% for the 10mg and 30mg dose groups, respectively—suggesting a median OS (mOS) of 15–20 months, surpassing Tarlatamab’s 13.6 months in second-line. In second-line and beyond, ZG006 achieved a median duration of response (mDOR) of 12.6 months and a 12-month PFS rate of 50.5%, showing clear differentiation versus peers. For later-line NSCLC, Innovent updated mature data for IBI363. In squamous NSCLC previously treated with immunotherapy and platinum-based chemotherapy, the 3 mg/kg dose group achieved an mPFS of 10.1 months and mOS of 18.2 months—far exceeding current standards like docetaxel. The report believes this data solidifies IBI363’s differentiated position in squamous NSCLC and will accelerate its regulatory pathway. BeOne Medicines also released multiple competitive early-stage data points in solid tumors. Its CDK4 inhibitor BGB-43395, in first-line HR+/HER2- breast cancer, showed response rates comparable to Pfizer’s atirmociclib despite shorter follow-up, with lower hematologic toxicity (e.g., neutropenia); the 240mg dose demonstrated the best therapeutic profile. Its GPC3/4-1BB bispecific BGB-B2033 achieved a 28.9% cORR in second-line and beyond hepatocellular carcinoma (HCC), with only an 8.2% incidence of grade ≥3 TRAEs—significantly safer than existing targeted therapies. Its B7-H4 ADC also showed response rates comparable or superior to competitors in later-line settings across multiple solid tumors, including triple-negative breast cancer and ovarian cancer. In prostate cancer, the report notes that B7-H3 ADCs and AR PROTACs are reshaping the treatment landscape for metastatic castration-resistant prostate cancer (mCRPC). Hengrui’s potentially first-in-class AR PROTAC HRS-5041 achieved an 11.0-month PFS in pretreated mCRPC patients—comparable to B7-H3 ADCs in the same setting. For gastric cancer, Goldman Sachs observes that CLDN18.2-targeted therapies have the potential to outperform current standard zolbetuximab in first-line treatment. SBP’s CLDN18.2 ADC LM-302 combined with immunochemotherapy achieved a 69.2% ORR and 12.55-month mPFS in CLDN18.2-high patients—substantially exceeding zolbetuximab plus chemotherapy. Additionally, Qilu Pharma’s CLDN18.2/CD3 bispecific QLS31905 showed a high 77.8% response rate even in CLDN18.2-low gastric cancer patients, suggesting potential expansion of the treatable population.

Analysis framework

Goldman Sachs’ analytical framework treats the ASCO 2026 meeting as a catalyst, centering on the core question: 'Can data from Chinese biopharma companies redefine current standards of care?' The report conducts both horizontal comparisons and vertical analyses of pivotal clinical data across key cancer indications. The primary methodology involves 'data benchmarking' and 'Best-in-Class (BiC) potential assessment.' Analysts directly compare the latest efficacy (e.g., ORR, mPFS, mOS) and safety (e.g., G3+ TRAE rates) data from Chinese companies against current standards of care (SoC) and competing global and domestic pipeline assets. For example, in 1L NSCLC, the report juxtaposes ORR and safety data from IBI363, Ivonescimab, sac-TMT, and others to assess differentiated advantages. Similar cross-comparisons are applied in SCLC and gastric cancer, benchmarking new data against existing standards (e.g., Tarlatamab, zolbetuximab) to quantify therapeutic advances and potential market positioning. This direct, data-driven comparison aims to rapidly identify candidates demonstrating 'disruptive' or 'best-in-class' potential in efficacy and safety, thereby highlighting the most significant R&D progress and market shifts in China’s innovative drug sector for investors.

Methodology notes

• Industry/ Sector Analysis FrameworkVolume-price decomposition

  In innovative drug development, decompose drug value into two core dimensions: 'efficacy' (volume) and 'safety/tolerability' (price).

  The report evaluates the composite therapeutic index and differentiation by comparing objective response rates (ORR, i.e., 'volume') and severe adverse event rates (G3+ AE, i.e., 'price') across drugs. For instance, Innovent’s IBI363 achieves a higher ORR ('volume') and lower G3+ AE rate ('price') through its unique dosing regimen, resulting in a superior 'volume-price' assessment.

• Industry/ Sector Analysis FrameworkSupply-demand framework

  Used to analyze the degree to which a therapy or drug meets unmet clinical needs and the competitive supply landscape.

  The report defines unmet clinical needs (i.e., 'demand') in specific cancers (e.g., 2L+ SCLC, mCRPC) by analyzing current SoC efficacy data. It then maps the emerging 'supply' landscape by comparing new drug data from multiple Chinese companies to determine which candidates best address these needs and can disrupt existing standards.

• Industry/ Sector Analysis Framework

  Cross-trial comparison of clinical data

  In the absence of head-to-head trials, the report directly compares key efficacy (e.g., ORR, mPFS, mOS) and safety (e.g., G3+ TRAE) data generated from different trials of different drugs. This is a common method in innovative drug analysis to quickly assess relative competitiveness, though analysts must acknowledge limitations arising from differences in patient baselines, follow-up duration, etc.

• Industry/ Sector Analysis FrameworkPenetration S-curve

  Describes the adoption speed and ultimate market share ceiling of a new technology or therapy in a specific market.

  The report’s assessment of multiple new drugs’ potential to 'reshape treatment standards' essentially analyzes their penetration and replacement potential against existing therapies. For example, in 1L NSCLC, multiple PD-1/VEGF bispecifics and ADCs show superior data to current standards like pembrolizumab, suggesting rapid penetration into the large NSCLC market and displacement of old standards, thereby forming a new treatment paradigm.

Asset mapping & comparison

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

• Innovent (Innovent)

  Benefits from its lead asset IBI363 (PD-1/IL-2 bispecific) demonstrating industry-leading efficacy and differentiation in 1L NSCLC and later-line squamous NSCLC.

  Strengths

  IBI363 achieves a superior balance of efficacy and safety via its unique dosing regimen; mature OS data in later-line squamous NSCLC solidifies its differentiation and may accelerate regulatory approval.

  Comparison

  In 1L NSCLC, its ORR surpasses Ivonescimab and sac-TMT; in later-line squamous NSCLC, its mOS and mPFS significantly exceed docetaxel and Dato-DXd.

  Risks

  The mechanism behind IBI363’s unique dosing regimen requires further discussion and validation; incidence of certain AEs (e.g., anemia, neutropenia) remains relatively high.

• Zelgen (Zelgen)

  Benefits from its DLL3 trispecific antibody alveltamig (ZG006) demonstrating long-tail survival benefit and differentiated efficacy in later-line SCLC.

  Strengths

  ZG006 shows significantly superior mDOR and 12-month PFS rate in later-line SCLC versus peers, indicating strong efficacy and durability.

  Weaknesses

  The 30mg dose group has a 4.2% treatment-related death rate, and cytokine release syndrome (CRS) incidence is high—safety requires close monitoring.

  Comparison

  In 3L+ SCLC, its 12-month OS rate implies longer survival than Tarlatamab in 2L; in 2L+ SCLC, its mDOR and PFS significantly outperform ZL-1310 and Tarlatamab.

  Risks

  Detailed baseline patient data is needed to better understand its competitive positioning; safety signals (especially in high-dose group) are critical to its potential as a future standard.

• BeOne Medicines (BeOne Medicines)

  Benefits from competitive early-stage data across multiple solid tumor pipelines (CDK4 inhibitor, GPC3/4-1BB bispecific, B7-H4 ADC) presented at ASCO.

  Strengths

  Its CDK4 inhibitor BGB-43395 shows lower hematologic toxicity and better safety; GPC3/4-1BB bispecific BGB-B2033 demonstrates strong efficacy with excellent safety, leaving room for future combination strategies.

  Weaknesses

  BGB-43395 has high gastrointestinal AE rates (e.g., diarrhea, vomiting), especially with poor tolerability at higher doses.

  Comparison

  BGB-43395’s ORR is comparable to Pfizer’s atirmociclib but with lower hematologic toxicity; BGB-B2033’s G3+ TRAE rate is far lower than competitors and other GPC3-targeted therapies.

  Risks

  All data are from early-phase trials with limited sample sizes; conclusions require validation in larger studies.

• Kelun Biotech (Kelun Biotech)

  Benefits from its TROP2 ADC (sac-TMT) and B7H3 ADC (SKB500) demonstrating strength across multiple cancers, particularly sac-TMT setting a new efficacy benchmark in 1L NSCLC.

  Strengths

  Sac-TMT achieved a 70.2% ORR in Phase III 1L NSCLC, showing strong efficacy. SKB500 shows good activity in 2L+ SCLC and esophageal squamous cell carcinoma, revealing the potential of its B7H3 ADC platform.

  Weaknesses

  Sac-TMT’s safety profile (G3+ TEAE: 55.3%) is slightly inferior to some peers like pumitamig.

  Comparison

  Sac-TMT’s ORR is comparable to pumitamig (70%) but lower than Ivonescimab (75.9%) and IBI363 (81.8%). SKB500’s ORR in 2L+ SCLC (71%) exceeds Ivonescimab + chemo (62%).

  Risks

  The 1L NSCLC space is extremely competitive, with sac-TMT facing challenges from numerous bispecifics and ADCs.

• Hengrui (Hengrui)

  Benefits from the potential of its AR PROTAC (HRS-5041) and B7H3 ADC (HS-20093) in indications like mCRPC, positioning it as a key player in this field.

  Strengths

  HRS-5041, as a potentially first-in-class AR PROTAC entering Phase III, achieved PFS comparable to B7H3 ADCs in mCRPC, with the convenience of oral administration.

  Comparison

  HRS-5041’s PFS (11.0 months) is comparable to B7H3 ADCs like DB-1311 (11.3m) and YL201 (9.1m), but offers a distinct target and mechanism—a new therapeutic option.

Key data

• IBI363 (1L NSCLC) cORR81.8%Innovent’s PD-1/IL-2 bispecific + chemo, using 3-1.5mg/kg regimen, superior to Ivonescimab (75.9%) and sac-TMT (70.2%).
• IBI363 (3-1.5mg/kg) G3+ TEAE rate65.2%Safety of this regimen is better than single-dose regimens (1.5mg/kg: 82.1%, 3mg/kg: 93.1%).
• Alveltamig (ZG006) 3L+ SCLC 12-month OS rate65.9% / 59.2%Data for 10mg and 30mg dose groups suggest mOS of 15–20 months, better than Tarlatamab’s 13.6 months in 2L.
• Alveltamig (ZG006) 2L+ SCLC mDOR12.6 monthsSignificantly better than peers ZL-1310 (6.1m) and Tarlatamab (6.9m).
• IBI363 (later-line squamous NSCLC) mOS18.2 months3mg/kg dose group data, far superior to docetaxel (9.4m) and Dato-DXd (7.6m), solidifying its differentiated advantage in squamous NSCLC.
• BGB-43395 (CDK4 inhibitor) 1L BC ORR58% / 68%BeOne’s 240mg/400mg dose group data, comparable to Pfizer’s atirmociclib (60.6%/69.7% ORR), but with shorter follow-up (6.8m vs 16.5m/24.8m).
• BGB-B2033 (GPC3/4-1BB) 2L+ HCC cORR28.9%Far superior to current SoC cabozantinib (4%), with G3+ TRAE rate of only 8.2%, significantly lower than cabozantinib (68%).
• LM-302 (CLDN18.2 ADC) 1L GC ORR69.2%Combined with immunochemotherapy, superior to standard zolbetuximab + chemo (53.8%).
• HRS-5041 (AR PROTAC) mCRPC PFS11.0 monthsIn pretreated mCRPC, comparable to B7-H3 ADCs (e.g., DB-1311: 11.3m, YL201: 9.1m).

Impact & implications

The report concludes that these data indicate China’s innovative drug development is transitioning from 'follower' to 'peer competitor' or even 'leader,' especially in cutting-edge fields like bispecific antibodies and ADCs. In NSCLC, data from multiple drugs suggest future first-line treatment will no longer be limited to traditional immune checkpoint inhibitors; novel agents like PD-1/VEGF bispecifics and TROP2 ADCs will reshape the treatment paradigm, offering patients more and better options. Companies such as Innovent, Kelun-Biotech, and Akeso may see valuation re-rating. In SCLC and later-line NSCLC, the differentiated data from Zelgen and Innovent bring new hope for these hard-to-treat cancers and may accelerate regulatory approval and commercialization. BeOne Medicines’ early pipeline data demonstrate strong platform capabilities, particularly the safety advantages of its CDK4 inhibitor and GPC3/4-1BB bispecific, potentially positioning it favorably in future competition. Overall, these clinical advances will intensify competition in China’s innovative drug market but also provide investors opportunities to identify 'best-in-class' candidates with global competitive potential.

Risks

• Clinical data derive from cross-trial comparisons with differences in patient baselines, follow-up duration, etc.; direct comparisons should be interpreted cautiously.
• Most compelling data come from early-phase or small-sample trials; efficacy and safety results may not be replicated in large Phase III registration studies.
• Competition in NSCLC, SCLC, and other areas is extremely intense, with rapid technological iteration; first-mover advantages may be overturned by later entrants with superior data.
• Safety signals for some drugs—such as hematologic toxicity, GI reactions, or CRS—may limit clinical utility and ultimate market potential.

What to watch

• Final overall survival (OS) data from Akeso’s Ivonescimab HARMONi-6 Phase III trial—the key determinant of its potential to disrupt 1L NSCLC standards.
• Updated efficacy and safety data for CStone’s CS2009 (PD-1/VEGF/CTLA-4 trispecific) in a larger cohort (~50 patients).
• Detailed baseline patient data for Zelgen’s alveltamig (ZG006) to accurately assess its real-world positioning in the SCLC competitive landscape.
• Mature efficacy data for BeOne’s BGB-43395 (CDK4 inhibitor) with longer follow-up to determine if ORR deepens further.
• Duration of response for GPC3 CAR-T (Ori-C101) to evaluate the long-term value of cell therapy in HCC.