Europe Pharma's weekend trip to ESMO. Positive PIIIs for Roche, AZN & incremental updates GSK's B7-H3/B7-H4 ADCs

We provide what we see as the most important updates from our European Pharma coverage at the European Society of Medical Oncology meeting in Madrid including: 1) Positive PIII data for Roche's divarasib in 2L NSCLC (OS HR 0.56, PFS HR 0.58, better tolerability), and further differentiation for giredestrant in adjuvant HR+ breast cancer; 2) Multiple PIII readouts for AZN (Sone-Ve in 2L gastric with OS HR 0.58, SAFFRON Tagrisso+Orpathys in 2L NSCLC, VOLGA Imfinzi in MIBC, DeLLphi-305 in 1L ES-SCLC) and detailed China competitor data for Datroway's AVANZAR/TL07 trials from MRK's Sac-TMT OptiTROP-Lung06; 3) PIII-enabling global PI data for GSK's B7-H3 (Ris-Rez, ORR 61%) and B7-H4 (Mo-Rez, ORR 62%, mPFS 11.1m) ADCs plus competitor data for both (including AZN's FRα ADC torvu-sam). Overall, the data cements our existing forecasts.