ASCO 2026 abstract title release: Akeso is poised to be the focal point, while Kelun and Innovent still need to wait for more mature data

Overview

This report is Bernstein's quick take on the China pharma and biotech sector following the release of ASCO 2026 abstract titles, focusing on key oncology pipeline data catalysts for covered companies and some uncovered names. The core conclusion is that Akeso has the strongest near-term event appeal, while Kelun-Biotech and Innovent still need to wait for more mature or more complete data to unlock stronger catalysts.

Core views

Akeso is in the spotlight, with ivonescimab (AK112) HARMONi-6 in first-line squamous NSCLC selected as a late-breaking abstract for the plenary session, with OS results to be disclosed on 2026-05-31. The report believes plenary status usually implies favorable results, and HARMONi-6 can also be viewed as an early signal for the squamous cohort of the global HARMONi-3 study. Kelun-Biotech's first-line PD-L1+ NSCLC data for sac-TMT combined with pembrolizumab are important, but the lack of LBA status may reflect incomplete OS data. Innovent's IBI363 has three posters, including the debut of first-line NSCLC data and an update in immunotherapy-resistant NSCLC, but at this stage the market may still need to wait for more mature data.

Analysis framework

The report mainly assesses near-term investment impact based on ASCO 2026 abstract titles, presentation format, whether the study is an LBA or plenary, disclosure timing, importance of the indication, and expectations from prior topline/ESMO data. The analytical focus is not on a full valuation reset, but on pipeline data quality, market expectations, and potential share price momentum in an event-driven context.

Methodology notes

• event_driven_biotechConference abstract catalyst assessment

  Assess catalyst strength for innovative drug pipelines based on conference tiers such as plenary, LBA, oral, and poster, as well as data maturity.

  The report views Akeso HARMONi-6 being selected for the plenary session as a strong signal; by contrast, Kelun-Biotech not receiving LBA status and Innovent's relatively early-stage data are judged to have limited near-term impact.

• clinical_data_readthroughCross-readthrough across the same indication and global studies

  Use regional or single-study results as early indicators for subsequent global pivotal studies.

  The OS results from HARMONi-6 in first-line squamous NSCLC are viewed as an important early reference for the squamous cohort of the global HARMONi-3 study.

Asset mapping & comparison

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

• Akeso

  Core positive catalyst name

  Strengths

  ivonescimab HARMONi-6 has been selected for the ASCO plenary session with OS disclosure, a strong conference tier, and also offers readthrough to the squamous cohort of global HARMONi-3.

  Weaknesses

  The share price has already risen over the past few weeks, and some expectations may already be priced in.

  Comparison

  Compared with Kelun-Biotech and Innovent, Akeso has higher data tier and better near-term visibility.

  Risks

  If OS results fall short of high market expectations, a post-event pullback may follow.

• Kelun-Biotech

  Important catalyst name awaiting more mature data

  Strengths

  sac-TMT plus pembrolizumab in first-line PD-L1+ NSCLC has entered the oral session, with high relevance in both indication and study importance.

  Weaknesses

  The lack of LBA status may indicate incomplete OS data.

  Comparison

  Catalyst strength is weaker than Akeso's plenary LBA, but it remains an important ADC pipeline watchpoint.

  Risks

  If OS maturity is insufficient or only PFS information is available, near-term market reaction may be limited.

• Innovent Biologics

  Mid-term pipeline watch name

  Strengths

  IBI363 covers first-line NSCLC and immunotherapy-resistant NSCLC, and multiple posters show pipeline progress.

  Weaknesses

  The report judges the first-line data may be relatively early-stage and incomplete.

  Comparison

  Compared with Akeso, Innovent in the near term is more about waiting for mature data than delivering a strong event payoff.

  Risks

  If early-stage data lack a clear efficacy advantage, they may be insufficient to support a valuation re-rating.

• BeOne Medicines

  Early-stage innovative pipeline showcase

  Strengths

  BGB-B2033 and BG-C9074 will present early or updated data in the rapid oral abstract session.

  Weaknesses

  Most data are early-stage, and clinical validation still needs time.

  Comparison

  Relative to Akeso's late-stage OS data, BeOne is more of an early-stage pipeline optionality story.

  Risks

  Dose escalation, safety, and preliminary efficacy remain highly uncertain.

• Jiangsu Hengrui

  Leads in abstract count but with limited surprise

  Strengths

  Has the largest number of oral session abstracts among covered companies.

  Weaknesses

  The report believes the related products and indications do not show major surprises.

  Comparison

  Leads in quantity, but the catalyst strength of any single item may be weaker than Akeso HARMONi-6.

  Risks

  If key indication data lack differentiation, market reaction may be limited.

Key data

• Akeso HARMONi-6LBA4; plenary session; disclosed at 08:00 on 2026-05-31ivonescimab plus chemotherapy versus tislelizumab plus chemotherapy in previously untreated advanced squamous NSCLC, with OS results to be presented.
• Akeso prior PFS referencemPFS 11.1 months; PFS HR 0.6The report notes that the relevant PFS information was already disclosed at ESMO 2025, so market expectations for the OS data are high.
• Akeso OS expectationOS HR may be around 0.7 and statistically significantThis is the analyst's expectation in the report, not a disclosed result.
• Kelun-Biotech OptiTROP-Lung05Oral Abstract Session; abstract number 8506sac-TMT plus pembrolizumab versus pembrolizumab monotherapy in first-line PD-L1-positive advanced NSCLC.
• Innovent IBI363Presented in three postersIncluding first disclosure of first-line NSCLC data, an update in immunotherapy-resistant NSCLC, and a phase III study design in sqNSCLC.
• Hengrui5 oral session abstractsThe most among covered companies, but the report believes the products and indications themselves do not show major surprises.

Impact & implications

In the near term, Akeso may become the clearest event-driven name in China's innovative drug sector around ASCO 2026. If HARMONi-6 OS achieves statistical significance and the HR is close to the report's expectation, it could reinforce ivonescimab's global competitiveness and the readthrough logic for HARMONi-3. Kelun-Biotech and Innovent also have important pipeline progress, but the market may focus more on OS completeness, sample maturity, and subsequent formal data disclosures. At the sector level, PD-1/VEGF bispecifics, TROP2 ADCs, PD-1/IL-2 bispecifics, B7-H4 ADCs, and GPC3x4-1BB bispecifics remain key areas of focus in China's innovative drug globalization and oncology landscape.

Risks

• Formal ASCO data may fall short of the high expectations implied by abstract titles and presentation tier.
• Akeso's share price has already risen in advance, creating post-event volatility risk.
• If Kelun-Biotech's OS data are incomplete, the near-term catalyst effect may be limited.
• Innovent IBI363 first-line NSCLC data may still be at an early stage with insufficient maturity.
• Innovative drug pipelines face uncertainty in clinical efficacy, safety, regulatory approval, and commercialization.

What to watch

• Akeso HARMONi-6 first-line squamous NSCLC OS results on 2026-05-31.
• Whether Akeso HARMONi-6 OS HR is close to around 0.7 and reaches statistical significance.
• The readthrough significance of HARMONi-6 results for the squamous cohort of global HARMONi-3.
• Whether Kelun-Biotech OptiTROP-Lung05 discloses a sufficiently mature OS trend.
• Sample size, follow-up duration, and durability of efficacy in Innovent IBI363 first-line NSCLC and immunotherapy-resistant NSCLC data.
• The detailed clinical competitiveness of Biokin's dual-endpoint positive data in late-line TNBC and 2L+ ESCC.