China Biotechnology: 2026 ESMO Presentation Reactions

This note summarizes Morgan Stanley's read-across from the 2026 ESMO presentations for China biotechnology. IBI343/CMG901: we favor IBI343 for less nausea/vomiting at similar 3L+ OS (10.2 vs 6.9 months, HR 0.57; grade 3+ nausea/vomiting 0.9%/2.6%), while CMG901's OS HR of 0.63 at 25-74% CLDN18.2 expression suggests a broader market and upside to our forecasts, though its 2L-only OS HR of 0.88 leaves a smaller survival advantage over SoC. Akeso: ivo plus chemo in 1L BTC delivered OS HR 0.75 versus 0.97 in IMbrave151, a survival gain not previously seen, and serious TEAEs of 43.4% vs 43.7% ease Phase 2 toxicity concerns. Zai Lab: zoci/atezo doublet PFS and DoR were not reached at 10-month median follow-up (n=15), suggesting upside to our 8-month PFS expectation, with 21.2% grade 3+ AEs (n=33);