Citi: Maintains "Buy" rating on Akeso, HARMONi-2 overall survival superiority reinforces ivonescimab's differentiated advantage

Citi issued a research report stating that Akeso's interim HARMONi-2 readout shows ivonescimab, as first-line monotherapy for PD-L1-positive non-small cell lung cancer, demonstrated meaningful overall survival superiority versus pembrolizumab, reinforcing its differentiated positioning, while global readouts remain key. The bank holds a positive view on global HARMONi-7 in the PD-L1-high expression population and the global squamous non-small cell lung cancer population, and is bullish on the company's transformation from China to global trials in the future; key catalysts in the second half include the Prescription Drug User Fee Act decision and the HARMONi-3 readout. The bank maintains a "Buy" rating on Akeso with an unchanged target price of HK$171.