英文【高盛】全球医疗保健生物制药2025年美国临床肿瘤学会（ASCO）会议关注要点

Ahead of the 2025 American Society of Clinical Oncology (ASCO) conference (May 30-June 3) and regular abstract release on May 22, we highlight key presentations, notably: 1) updates from competitors BCAX (updated Ph1/1b ficerafusp+Keytruda combo trial data with ~2yr follow-up) and MRUS (updated Ph2 petosemtamab+Keytruda combo study data with ~15mo follow-up in 1L recurrent/metastatic head and neck squamous cell carcinoma); 2) primary results from JAZZ‘s Ph3 IMforte trial of Zepzelca plus atezolizumab in 1L extensive-stage small-cell lung cancer, which could unlock a label expansion opportunity; 3) full Ph3 results from ARVN/PFE‘s VERITAC-2 study of vepdegestrant vs. fulvestrant in 2L+ ER+/HER2- metastatic breast cancer, with a focus on ESR1m subgroup metrics for clarity on competitive differentiation, and 4) full data from REGN‘s Ph3 study of Libtayo in adjuvant high-risk cutaneous squamous cell carcinoma (noting regulatory submissions in the US/EU in the adjuvant setting), and initial data from the LINKER-MM2 trial of linvoseltamab+carfilzomib or bortezomib in 3L relapsed/refractory multiple myeloma. Additionally, we are monitoring presentations from ALLO, AMGN, DAWN, IOVA, HCM, KRYS, RCUS, and RLAY, and investor events from SMMT (June 1; where we anticipate potential topline global Ph3 HARMONi study data in 2L EGFRm non-small cell lung cancer and additional updates across programs) and IOVA (May 31). Separately, for US pharma, we expect largely incremental updates; however, in our view, the most material event will be SMMT’s ivonescimab data, with potential implications for the broader oncology landscape across multiple tumor types, with particular applicability for MRK. See our ASCO planner across GS Biopharma within (Exhibit 1). Company Highlights Allogene Therapeutics Inc (ALLO, Early-Stage Biotech, Salveen Richter) ALLO will present updated Ph1 allogeneic CD70 CAR T ALLO-316 data in patients (n=20) with advanced/metastatic renal cell carcinoma (RCC), noting the abstract “ALLO-316 in advanced clear cell renal cell carcinoma (ccRCC): Updated results from the phase 1 TRAVERSE study.” Recall, ALLO previously presented Ph1 TRAVERSE study data (n=26) at the 2024 Society for Immunotherapy of Cancer (SITC) Salveen Richter, CFA +1(212)934-4204 | salveen.richter@gs.com Goldman Sachs & Co. LLC Asad Haider, CFA +1(212)902-0691 | asad.haider@gs.com Goldman Sachs & Co. LLC Andrea Newkirk, Ph.D. +1(212)902-8046 | andrea.newkirk@gs.com Goldman Sachs & Co. LLC Paul Choi +1(212)902-5217 | paul.k.choi@gs.com Goldman Sachs & Co. LLC Richard Law, Ph.D. +1(212)357-6054 | richard.law@gs.com Goldman Sachs & Co. LLC Rajan Sharma +44(20)7051-7995 | rajan.sharma@gs.com Goldman Sachs International James Quigley +44(20)7051-3800 | james.quigley@gs.com Goldman Sachs International Mark Aleynick, Ph.D. +1(212)357-6820 | mark.aleynick@gs.com Goldman Sachs & Co. LLC Nick Jennings +1(415)249-7412 | nick.jennings@gs.com Goldman Sachs & Co. LLC Jeff Su +1(212)357-9930 | jeff.s