3SBio vs Akeso: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

3SBio Inc (1530.HK)

Akeso Inc (9926.HK)

Q3 202620 Jul – 17 Sep 2026

▲3

Ivonescimab's survival win and new approvals drove Akeso higher

Ivonescimab beats Keytruda on overall survival In a Phase 3 trial, Akeso's ivonescimab cut the risk of death by 27% compared with Merck's Keytruda, a major win that boosts confidence in the drug's potential.
This is the key clinical success that drove positive sentiment and expectations for Akeso.
Third China approval for ivonescimab Akeso received a third approval in China for ivonescimab in lung cancer, expanding its market reach and reinforcing its leadership in the space.
This regulatory milestone adds to the drug's commercial potential and is new this quarter.
Benefit limited in lower-PD-L1 patients The survival advantage was smaller and not statistically reliable in patients with lower PD-L1 levels, which could narrow the drug's eligible patient population and temper sales forecasts.
This is a real counterweight that tempers the positive results and affects the drug's commercial outlook.
US FDA decision and global trial progress A US FDA decision on ivonescimab is expected by November 14, 2026, and a global confirmatory trial is recruiting, bringing the drug closer to the US market despite remaining uncertainty.
This highlights the upcoming regulatory catalyst and international expansion, which are key for future growth.

September 202621 Aug – 17 Sep 2026

▲4

Akeso's lung-cancer drug beats Keytruda on survival; two new ADCs enter clinic

Ivonescimab beats Keytruda on overall survival Akeso's ivonescimab cut the risk of death by 27% versus Merck's Keytruda in a China Phase 3 lung-cancer trial, with patients living a median 30.8 months versus 22.6. This is the strongest proof yet that Akeso's flagship drug may be better than the world's best-selling cancer drug, lifting its long-term sales outlook.
The survival win is the period's biggest value driver for 9926.HK.
Benefit strongest in high PD-L1 patients In patients whose tumors had high PD-L1 levels, ivonescimab cut death risk by 42%. In lower-PD-L1 patients the benefit was smaller and not statistically reliable. So the drug's edge is real but narrower than headlines suggest, which tempers how much extra sales investors should assume.
It is the honest counterweight inside the same trial result.
Global confirmatory trial and FDA decision ahead Summit is recruiting 780 patients for HARMONi-7, a global trial testing ivonescimab against Keytruda, and the FDA is reviewing a separate application in previously treated EGFR-mutated lung cancer with a November 14 decision date. Success would open the much larger U.S. and European markets.
It shows the path from China approval to global revenue.
Two new ADCs cleared for human testing China's drug regulator cleared Phase 1 trials for AK157D1, a B7-H3 ADC, and AK158D1, a bispecific EGFR/TROP2 ADC. These are Akeso's third and fourth ADCs to reach the clinic, showing a deep pipeline beyond ivonescimab, though any revenue is years away.
Pipeline breadth supports the long-term growth story.

Latest21 Aug – 17 Sep 2026

▲4

Akeso's lung-cancer drug beats Keytruda on survival; two new ADCs enter clinic

Ivonescimab beats Keytruda on overall survival Akeso's ivonescimab cut the risk of death by 27% versus Merck's Keytruda in a China Phase 3 lung-cancer trial, with patients living a median 30.8 months versus 22.6. This is the strongest proof yet that Akeso's flagship drug may be better than the world's best-selling cancer drug, lifting its long-term sales outlook.
The survival win is the period's biggest value driver for 9926.HK.
Benefit strongest in high PD-L1 patients In patients whose tumors had high PD-L1 levels, ivonescimab cut death risk by 42%. In lower-PD-L1 patients the benefit was smaller and not statistically reliable. So the drug's edge is real but narrower than headlines suggest, which tempers how much extra sales investors should assume.
It is the honest counterweight inside the same trial result.
Global confirmatory trial and FDA decision ahead Summit is recruiting 780 patients for HARMONi-7, a global trial testing ivonescimab against Keytruda, and the FDA is reviewing a separate application in previously treated EGFR-mutated lung cancer with a November 14 decision date. Success would open the much larger U.S. and European markets.
It shows the path from China approval to global revenue.
Two new ADCs cleared for human testing China's drug regulator cleared Phase 1 trials for AK157D1, a B7-H3 ADC, and AK158D1, a bispecific EGFR/TROP2 ADC. These are Akeso's third and fourth ADCs to reach the clinic, showing a deep pipeline beyond ivonescimab, though any revenue is years away.
Pipeline breadth supports the long-term growth story.

August 202620 Jul – 14 Aug 2026

▲4

Akeso's ivonescimab wins third China lung-cancer approval; pipeline advances

New China approval for ivonescimab in squamous lung cancer China's drug regulator approved ivonescimab plus chemotherapy as first-line treatment for advanced squamous non-small cell lung cancer — the drug's third approved lung-cancer use. More approved uses mean more patients can be treated, supporting future sales and royalties for Akeso.
This is the period's biggest company-specific event and directly expands the commercial market for Akeso's lead drug.
Ivonescimab's US review and survival data stay on track Partner Summit Therapeutics said the FDA decision on ivonescimab for EGFR-mutant lung cancer is expected by November 14, 2026, and updated survival data showed a consistent benefit across Western and Asian patients. A US approval would open a far larger market and lift Akeso's royalty stream.
It shows the main global catalyst for Akeso's lead drug is still progressing, which underpins the stock's long-term value.
Pipeline push: bispecific ADC combined with ivonescimab Akeso began a Phase II trial of its bispecific ADC AK146D1 combined with ivonescimab in advanced lung cancer, and started a similar breast-cancer study. Early-stage trials are years from sales, but they show the pipeline can produce future growth beyond today's approved drugs.
It answers what is driving the longer-term story: new pipeline assets that could become future revenue.
Sector-wide rally and record China presence at ESMO Chinese drugmakers' oral presentations at ESMO 2026 hit a record 47, with Akeso named a leader, and a broad pharma rally followed strong earnings from WuXi AppTec, BeiGene and Innovent. A rising sector tide can lift Akeso shares even without company-specific news.
It explains the market backdrop pushing the whole sector, including Akeso, higher this period.

20 Jul – 14 Aug 2026

▲4

Akeso's ivonescimab wins third China lung-cancer approval; pipeline advances

New China approval for ivonescimab in squamous lung cancer China's drug regulator approved ivonescimab plus chemotherapy as first-line treatment for advanced squamous non-small cell lung cancer — the drug's third approved lung-cancer use. More approved uses mean more patients can be treated, supporting future sales and royalties for Akeso.
This is the period's biggest company-specific event and directly expands the commercial market for Akeso's lead drug.
Ivonescimab's US review and survival data stay on track Partner Summit Therapeutics said the FDA decision on ivonescimab for EGFR-mutant lung cancer is expected by November 14, 2026, and updated survival data showed a consistent benefit across Western and Asian patients. A US approval would open a far larger market and lift Akeso's royalty stream.
It shows the main global catalyst for Akeso's lead drug is still progressing, which underpins the stock's long-term value.
Pipeline push: bispecific ADC combined with ivonescimab Akeso began a Phase II trial of its bispecific ADC AK146D1 combined with ivonescimab in advanced lung cancer, and started a similar breast-cancer study. Early-stage trials are years from sales, but they show the pipeline can produce future growth beyond today's approved drugs.
It answers what is driving the longer-term story: new pipeline assets that could become future revenue.
Sector-wide rally and record China presence at ESMO Chinese drugmakers' oral presentations at ESMO 2026 hit a record 47, with Akeso named a leader, and a broad pharma rally followed strong earnings from WuXi AppTec, BeiGene and Innovent. A rising sector tide can lift Akeso shares even without company-specific news.
It explains the market backdrop pushing the whole sector, including Akeso, higher this period.