2025-06-12-Jefferies-ADC治疗公司（ADCT）_Zynlonta联合疗法与CART相比引人注目_为快速进入2L弥漫性大B细胞淋巴瘤（DLBCL）定位_10页_323kb

Summary of Analyst Report: ADC Therapeutics (ADCT) - Zynlonta Combo Therapy

ADC Therapeutics is recommended with a "Buy" rating and a price target of $10, implying an 183% upside from the current trading price of $3.53. The report highlights the Zynlonta (CD19-ADC) plus Glofitamab (CD20-bispecific TCE) combination therapy, which demonstrated superior efficacy and safety in treating relapsed or refractory diffuse large B-cell lymphoma (DLBCL). Specifically, in the Phase 1b LOTIS-7 trial, the combo achieved 87% complete response (CR) and 93% overall response rate in 2L+ DLBCL patients, exceeding chimeric antigen receptor T-cell (CAR-T) therapies that typically have 50–60% CR rates. The safety profile showed lower rates of cytokine release syndrome (CRS) and immune effector cell-associated neurotoxicity syndrome (ICANS) compared to monotherapy or other treatments, primarily due to regulatory mechanisms and dosing strategies.

Zynlonta plus Glofitamab is expected to enroll approximately 100 patients by mid-2026, aiming for inclusion in National Comprehensive Cancer Network (NCCN) guidelines, which would facilitate accelerated market access in the second-line setting. Management anticipates this therapy could reach peak sales of approximately $1 billion, driven by its differentiated profile in a market where about 25% of patients currently receive CAR-T therapies and 70% use other options. The Phase 3 LOTIS-5 trial with Zynlonta plus rituximab is ongoing, with top-line data expected by year-end 2025.

The analysis concludes that the combo holds significant commercial potential, with the potential to establish Zynlonta as a backbone therapy in 2L+ DLBCL.

Analysts: Kelly Shi, Ph.D., Yifan Xu, Ph.D., Clara Dong, Ph.D., Hangfei Fu, Ph.D., Jose Lora, Ph.D.
Rating: Buy