2025-06-03-Jefferies-肺癌_美国临床肿瘤学会（ASCO）医生晚宴要点-对安进（AMGN）和泽拉布（ZLAB）有利_9页_127kb

The report focuses on lung cancer, specifically NSCLC updates from the ASCO Doc Dinner, highlighting key opinions from Dr. Joshua Sabari. Analysts, including Michael J. Yee, are bullish on Amgen (AMGN)'s tarlatamab for DLL3 in second-line small cell lung cancer (SCLC), noting a 35% objective response rate (ORR) and significant overall survival (OS) benefit versus chemotherapy. Zai Lab (ZLAB)'s ADC asset is praised for strong response rates (79% ORR) and better safety, with potential for easier administration compared to tarlatamab, though tarlatamab is becoming the standard of care (SOC) in academic settings. Deliberate caution is expressed for Trodelvy in first-line PD1-positive NSCLC due to toxicity concerns, and for ROS1 drugs like BMY's repo due to side effects and competition. Other drugs, such as KRAS inhibitors (e.g., AMGN's lumakras), show promise but lack definitive data in PD-L1 negative populations. The valuation includes buy ratings for AMGN and ZLAB, with risks like IP litigation and competition, while BMY has hold/underperform dynamics. Analyst certifications are noted for personal views and compensation independence.