US Biopharma @ ESMO - the most impactful data presented thus far (& implications for our coverage)

With ESMO still ongoing and one Presidential Symposium remaining, we contextualize the most critical data presented thus far and its implications for our coverage. INT-001's strong Phase 3 RFS validates individualized neoantigen therapy in adjuvant melanoma, though DMFS should strengthen with maturity; comparisons with perioperative pembrolizumab plus INT overlook differences in staging and the much larger (~75%) adjuvant-eligible population, and INT is likely to be layered onto a Keytruda backbone, displacing Opdivo in the adjuvant setting. In pancreatic cancer, eleven recurrence-free patients offer encouraging early efficacy, but durability beyond two years is needed before concluding INT meaningfully alters PDAC outcomes. DELLPHI-305 showed tarlatamab added to durvalumab maintenance produced a remarkable OS benefit in 1L ES-SCLC, a potentially practice-changing result that could roughly triple the current 2L peak opportunity, with highly positive physician sentiment. VOLGA delivered