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GlobeNewswire PharmaceuticalsDoubao · 实盘不做把握 7/10不做原因:无增量信息
北京时间·🕒 发布 13:00:00·⟳ 抓取 13:01:20·⚡ 决策 10-19 13:03:57 +2m37s·8.0 天前

罗氏预告ESMO 2026将公布divarasib、giredestrant及Tam-Peli等关键III期数据,但仅为会议前瞻、无新增数据

这是罗氏在ESMO开会前4天发布的会议日程前瞻稿,只列出将展示的摘要标题与场次,未公布任何新疗效数字;稿中提及的divarasib头对头优效、Tam-Peli TAISHAN-302达标、lidERA结果等核心事实此前均已披露。主标的罗氏体量过大、软催化无增量;唯一可交易的二阶标的科伦博泰/科伦药业仅通过YL201授权分成间接受益,本稿不带来新交易条款或付款,且港股此刻休市。真正催化应等10月23-25日正式数据。

📄 原文GlobeNewswire Pharmaceuticals↗ 原文
Phase III Krascendo 1 results demonstrated divarasib’s superiority over current standard of care, first-generation KRAS…
不做 Roche Holding AG(ROG.CH)
超大盘药企的ESMO会前日程前瞻稿、无新增硬数据,软催化相对市值无可交易增量,正式数据10月23-25日才公布
不做 科伦博泰生物(06990.HK)
仅通过YL201授权分成间接受益,本前瞻稿不含新交易条款/付款,关键数据与7.03亿分成款已在5-9月落地;当前港股休市无可执行窗口,等数据日再评估
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

罗氏ESMO前瞻稿无新增硬数据,核心结果均为旧闻,对超大盘罗氏无可交易增量;对二阶受益的科伦博泰也不含新付款/条款,且港股休市,故不做,等待10月25日正式读出。

🔎 新鲜度:最早出现 2026-10-19 · 扩散 low · price-in 风险 high ↗ ↗ ↗

消息传播链

  1. 2026-10-19 05:01 UTC首发GlobeNewswire / Roche官方通稿一手源原文 ↗
    罗氏发布ESMO 2026前瞻通稿,仅预告将展示的摘要与场次,无新数据

关键理由

  • 本稿为会议前瞻而非数据读出,所列关键III期结论此前已公开,属预期内信息
  • 真正边际变化要等10月23-25日ESMO现场完整数据,前瞻时点没有可交易edge

主要风险

  • 若市场把前瞻稿当数据预热炒作二阶ADC概念,科伦博泰港股开盘可能情绪性波动,但缺乏基本面支撑不追
  • 正式数据(尤其Krascendo 1与TAISHAN-301)若大幅超预期,需在数据日重新评估,而非本前瞻时点

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-10-19 · 影响 invalidates
    未见本前瞻稿之外的新增数据或超预期披露,全部疗效结论为旧闻,反向证据削弱做多理由
    检索:Roche ESMO 2026 divarasib Krascendo 1 new data October 原文 ↗

先例如何影响了这次决策

对本次决策的影响:因本时点无新增事实且无对齐先例,直接支持AVOID,将评估推迟到10月23-25日数据日

方向:无可对照先例;本次为会议前瞻软催化,不据此前瞻时点交易

涨幅量级:缺乏同市场、同相位(会前日程预告)的对齐先例,不足以校准幅度

形态:大型药企ESMO/ASCO会前前瞻稿通常无价格冲击,真正波动集中在late-breaking数据现场读出

工具执行结果 · 成功 3 · 降级 0 · 失败 2 · 取消 0
  1. search_processed_events 成功 stock_tools HTTP · 12 ms
    {"result": "search_processed_events:agent query=`roche esmo 2026 divarasib krascendo 1 kras g12c lung cancer | roche giredestrant lidera esmo 2026 breast cancer | roche tam-peli tambotatug pelitecan yl201 nasopharyngeal taishan-3`;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整),返回 0 条候选。未命中只表示这些 agen
  2. web_search 成功 doubao_search · 1,516 ms
    豆包搜索结果(原始查询:Roche YL201 tambotatug pelitecan license Yilion Biopharma Chinese biotech;API SearchType:web)
  3. web_search 成功 doubao_search · 1,399 ms
    豆包搜索结果(原始查询:宜联生物 YL201 罗氏 B7-H3 ADC 授权 上市公司;API SearchType:web)
  4. stock_quote 失败 stock_tools HTTP · 106 ms
    行情服务暂不可用;本次无法核验该标的价格和可执行条件。请基于其余证据继续判断并明确标注行情降级;不得仅因工具故障自动给出 AVOID 或 ENTER,也不得编造价位。
  5. stock_quote 失败 stock_tools HTTP · 112 ms
    行情服务暂不可用;本次无法核验该标的价格和可执行条件。请基于其余证据继续判断并明确标注行情降级;不得仅因工具故障自动给出 AVOID 或 ENTER,也不得编造价位。

原文全文

展开原文 · 12,942 字
Phase III Krascendo 1 results demonstrated divarasib’s superiority over current standard of care, first-generation KRAS G12C inhibitors in previously treated advanced G12C-mutated non-small cell lung cancer
Patient-reported outcomes from phase III lidERA study showed improved efficacy of giredestrant over standard endocrine therapy is achieved without compromising tolerability and health-related quality of life in early-stage breast cancer
Phase III results in Chinese patients with metastatic nasopharyngeal carcinoma demonstrate the potential of Tam-Peli, a next-generation B7-H3-targeted ADC, to deliver robust efficacy with a favourable safety profile in high-unmet-need solid tumours
Basel, 19 October 2026 - Roche (SIX: RO, ROP; OTCQX: RHHBY) will present new data, including two late-breaking abstracts, across lung, breast and other cancers at the 2026 European Society for Medical Oncology (ESMO) Annual Meeting, held from 23 to 27 October in Madrid.
“Our presentations at ESMO 2026 highlight the depth and impact of Roche’s oncology pipeline, driven by emerging science capable of bringing new treatment benefits across diverse and high-unmet-need cancers,” said Levi Garraway, MD, PhD, Roche’s Chief Medical Officer and Head of Global Product Development. “From establishing head-to-head superiority with divarasib in KRAS G12C-mutated lung cancer to advancing patient-centered oral SERD therapies like giredestrant and next-generation ADCs such as Tam-Peli, we are committed to delivering medicines that not only extend life, but also seek to improve treatment experience, tolerability and quality of life for people living with cancer.
Divarasib demonstrated superior efficacy and best-in-class potential in KRAS G12C NSCLC
Roche will share phase III Krascendo 1 results, which demonstrated divarasib’s best-in-class efficacy, advancing the standard of care in previously treated KRAS G12C-mutated lung cancer.
Krascendo 1 is the only global head-to-head trial to evaluate a next-generation KRAS G12C inhibitor versus approved first-generation inhibitors.
1
Results for this potential best-in-class, next-generation KRAS G12C-targeted therapy will be presented as a late-breaking abstract during a Presidential Symposium.
Giredestrant data support its potential to become the new standard of care in early-stage and advanced breast cancer
Roche will present new data highlighting the potential role of giredestrant, an investigational, oral, potent next-generation selective oestrogen receptor degrader (SERD) and full antagonist,
2
in oestrogen receptor (ER)-positive, human epidermal growth factor receptor 2 (HER2)-negative breast cancer, a subtype in which more than 90% of cases are diagnosed at an early-stage (I-III).
3-6
Key presentations from early-stage to advanced disease include:
Patient-reported outcomes from the phase III lidERA Breast Cancer trial suggesting that the improved efficacy of giredestrant compared to endocrine therapy is achieved without compromising tolerability or Health-Related Quality of Life.
Exploratory biomarker findings from the evERA Breast Cancer trial of giredestrant in combination with everolimus in ER-positive, HER2-negative advanced breast cancer in the post-cyclin-dependent kinase 4/6 inhibitor setting.
Updated interim results for giredestrant plus inavolisib from the MORPHEUS Breast Cancer trial evaluating giredestrant treatment combinations in ER-positive, HER2-negative locally advanced or metastatic breast cancer.
Data demonstrate the potential of a next generation B7-H3 targeted antibody-drug conjugate (ADC) Tam-Peli (tambotatug pelitecan)
New data will also be presented for Tam-Peli, an investigational next generation B7-H3-targeted ADC designed to deliver high-potency anti-tumour activity while limiting off-target toxicity.
7
Tam-Peli is currently being investigated across multiple solid tumour indications:
ESMO data include late-breaking interim phase III results in heavily pretreated recurrent/metastatic nasopharyngeal carcinoma, analyses of interstitial lung disease in patients with advanced solid tumours from phase I/II studies, and phase I efficacy and safety data for Tam-Peli in patients with locally advanced or metastatic NSCLC.
These findings build on the TAISHAN-302 phase III data in second-line small cell lung cancer presented at the World Conference on Lung Cancer in September, where the study met all three specified endpoints of overall survival, progression free survival and objective response rate at its first interim analysis.
Roche is developing and commercialising Tam-Peli outside mainland China, Hong Kong, and Macau, and plans to rapidly initiate global trials across multiple tumour types.
Overview of key presentations featuring Roche medicines and molecules
:
Medicine or molecule
Abstract title
Abstract number/ presentation details
Lung cancer
Divarasib
Krascendo 1: Efficacy and safety of divarasib (diva) vs sotorasib (soto) or adagrasib (ada) in previously treated locally advanced or metastatic KRAS G12C-mutated NSCLC.
#LBA5 Proffered Paper Session
Presidential Symposium II
Sunday 25.10.2026
16:30 - 16:42 CET
Divarasib
Krascendo 3: A randomised, phase III trial in progress of divarasib vs immunotherapy or observation in patients with resected, stage II-IIIB, KRAS G12C+ non-small cell lung cancer.
#2551 TiP Poster
NSCLC, Early-Stage
Monday 26.10.2026
12:00 – 12:45 CET
Tam-Peli
Tambotatug pelitecan (YL201): Efficacy and safety in locally advanced/ metastatic NSCLC from a phase I study.
#2577 Poster
NSCLC, Locally Advanced
Monday 26.10.2026
12:00 – 12:45 CET
Non-specific
Immunogenomic signature associated with ICI-related pneumonitis in non-small-cell lung cancer (NSCLC) patients.
#4247 Rapid Oral
Basic Science and Translational Research
Sunday 25.10.2026
09:14 - 09:19 CET
Breast cancer
Giredestrant
Patient (pt)-reported outcomes (PROs) from the phase III lidERA Breast Cancer (BC) trial of giredestrant (GIRE) in pts with oestrogen receptor-positive, HER2-negative early BC (ER+, HER2− eBC).
#538 Rapid Oral
Breast Cancer, Early-Stage
Friday 23.10.2026
16:20 – 16:25 CEST
Giredestrant
Retrospective exploratory biomarker (BM) analyses from evERA Breast Cancer (BC): A phase III trial of giredestrant (GIRE) + everolimus (E) in patients with oestrogen receptor-positive, HER2-negative advanced BC (ER+, HER2− aBC) in the post-CDK4/6 inhibitor (I) setting.
#2 Rapid Oral
Breast Cancer, Advanced Stage
Saturday 24.10.2026
10:20 – 10:25 CEST
Giredestrant
Updated interim analysis of giredestrant (GIRE) + inavolisib (INAVO) in MORPHEUS Breast Cancer (BC): A phase Ib/II study of GIRE treatment (tx) combinations in patients (pts) with oestrogen receptor-positive, HER2-negative locally advanced/metastatic BC (ER+, HER2− LA/mBC).
#23 Poster
Advanced Breast Cancer, Other
Saturday 24.10.2026
12:00 – 12:45 CEST
Pertuzumab
Real-world eligibility for DESTINY-Breast11 (DB-11) neoadjuvant escalation criteria and outcomes of DB-11-eligible vs DB-11-ineligible patients with HER2-positive early breast cancer (HER2+ eBC).
#594 Poster
Breast Cancer, Early-Stage
Saturday 24.10.2026
12:00 – 12:45 CEST
ZN-1041
BREnnA: Phase II/III randomised study of ZN-A-1041 or tucatinib (TUC), in combination with trastuzumab + capecitabine (HX), in patients with HER2-positive locally advanced or metastatic breast cancer (HER2+LA/mBC) with or without central nervous system (CNS) metastases.
#1796 TiP Poster
HER2+ Breast Cancer
Saturday 24.10.2026
12:00 – 12:45 CEST
Solid tumours
Tam-Peli
Tambotatug pelitecan (YL201): Analyses of interstitial lung disease in patients with advanced solid tumours from phase I/II studies.
#1057 Poster
Developmental Therapeutics
Friday 23.10.2026
15:15 – 16:00 CEST
YL211 (cMET ADC)
Phase I First-in-Human (FIH) Results of YL211, a c-Met targeting Antibody-Drug Conjugate (ADC), in patients (pts) with advanced solid tumors.
#1017 Poster
Developmental Therapeutics
Friday 23.10.2026
15:15 – 16:00 CEST
Tam-Peli
Tam-Peli versus chemotherapy in heavily pretreated recurrent/metastatic nasopharyngeal carcinoma (R/M NPC): a multicenter, randomised, open-label, phase III study (TAISHAN-301).
#LBA43 Proffered Paper Session
Head and Neck Cancer
Sunday 25.10.2026
08:40 - 08:50 CET
Tecentriq (atezolizumab) + Avastin (bevacizumab)
Outcomes by baseline tumor burden using 6-and-12 scores and the up-to-7 criteria in TALENTACE: phase III study of on-demand transarterial chemoembolization (TACE) combined with atezolizumab + bevacizumab (Atezo/Bev) or on demand TACE alone in patients  with systemically untreated, unresectable hepatocellular carcinoma (uHCC).
#1700 ePoster
Hepatocellular Carcinoma
Tecentriq (atezolizumab)
ATOMIC (A021502/AIO-KRK-0317): Presentation and outcomes in patients (pts) with stage III d-MMR early-onset colon cancer (EOCC) and average-onset colon cancer (AOCC).
#858 Poster
Colon Cancer
Sunday 25.10.2026
12:00 - 12:45 CET
Tecentriq (atezolizumab)
Adjuvant atezolizumab in patients with MSI-high/MMR-deficient stage III colorectal cancer ineligible for oxaliplatin-based chemotherapy: the phase II ANTONIO-study (AIO-KRK-0220).
#802 Poster
Colon Cancer
Sunday 25.10.2026
12:00 - 12:45 CET
About Roche in Oncology
For over 60 years, Roche has delivered transformative medicines and diagnostics, redefining the treatment of some of the most challenging cancers. Driven by a vision of a future where cancer can be cured, we focus our efforts on cancers with the highest societal impact and where we bring deep expertise, including breast, lung, and blood cancers, while pursuing breakthrough innovation in other areas of unmet need. Our pipeline features a diverse array of modalities, from small molecules and antibodies to next-generation ADCs and allogeneic CAR T-cell therapies. By advancing best-in-class precision medicine, pioneering novel combinations, and leveraging key technologies and partnerships, Roche tackles oncology's toughest challenges with the goal of delivering life-changing outcomes for people with cancer.
About Roche
Roche (SIX: RO, ROP; OTCQX: RHHBY) is a healthcare company uniquely placed to prevent, stop and cure diseases by uniting leading science and technology across diagnostics, medicines and digital solutions.
Roche was founded in Basel, Switzerland in 1896 and today is a leading provider of transformative medicines and diagnostics for millions of people in over 150 countries around the world. It is dedicated to tackling healthcare challenges that place the greatest strain on patients, families, communities and healthcare systems. Across its Diagnostics and Pharmaceutical divisions, Roche focuses on areas including oncology, neurology, cardiovascular and metabolic diseases, ophthalmology, infectious diseases and immunology with the aim of providing real and positive change for patients, the people they love and the professionals who care for them.
Genentech in the United States is a fully owned subsidiary in the Roche Group. Roche is the majority shareholder in Chugai Pharmaceutical, a major innovator in the Japanese therapeutic antibody market.
For more information, please visit
www.roche.com
.
All trademarks used or mentioned in this release are protected by law.
References
[1] Gadgeel S, et al. P3.12D.07 Divarasib Versus Adagrasib or Sotorasib in Pretreated KRAS G12C+ Advanced or Metastatic Non-Small Cell Lung Cancer (NSCLC). J of Thorac Oncol. 2024; 19 (10, Supplement): S349.
[2] Martin M, et al. Giredestrant (GDC-9545) vs physician choice of endocrine monotherapy (PCET) in patients (pts) with ER+, HER2– locally advanced/metastatic breast cancer (LA/mBC): Primary analysis of the phase 2, randomised, open-label acelERA BC study. Presented at: ESMO Annual Meeting; 2022 September 9-13; Paris, France. Abstract #211MO.
[3] F. Hoffmann‑La Roche Ltd. (2026) SEER Explorer All BCa by Stage. Data on file.
[4] F. Hoffmann‑La Roche Ltd. (2026) Stage Distribution. Data on file.
[5] F. Hoffmann‑La Roche Ltd. (2026) KREBS and TRM. Data on file.
[6] F. Hoffmann‑La Roche Ltd. (2026). UK_CRUK_EDHub_IncidenceByStageRCRD_DataTable2026-01-08. Data on file.
[7] Xu J, et al. Cancer Res. 2023;83:6304.
Roche Global Media Relations
Phone: +41 61 688 88 88 / e-mail: media.relations@roche.com
Tristan Schmitz
Phone: +41 79 529 70 35
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Phone: +41 79 568 24 95
Simon Goldsborough
Phone: +44 797 32 72 915
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e-mail: bruno.eschli@roche.com
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e-mail: sabine.borngraeber@roche.com
Dr Birgit Masjost
Phone: +41 61 68-84814
e-mail: birgit.masjost@roche.com
Investor Relations North America
Loren Kalm
Phone: +1 650 225 3217
e-mail: kalm.loren@gene.com
Attachment
Media&Investor Release Roche ESMO 2026 English

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