Quest Diagnostics Reports Third Quarter 2025 Financial Results; Raises Guidance for Full Year 2025

On October 21, 2025 Quest Diagnostics Incorporated (NYSE: DGX), a leading provider of diagnostic information services, reported financial results for the third quarter ended September 30, 2025.

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"We delivered another quarter of robust top- and bottom-line growth, underscoring strong demand for our clinical solutions and diligent execution of our strategy," said Jim Davis, Chairman, CEO and President. "Revenues grew 13.1%, including 6.8% organic growth, driven by broad-based adoption of our clinical innovations, contributions from acquisitions, and growth in our consumer channel as we build our presence as the preferred lab engine inside top health and wellness brands. We also announced an agreement with Corewell Health to create a major lab services joint venture serving the state of Michigan. In addition, we will deploy our comprehensive Co-Lab Solutions across Corewell’s nearly two dozen hospitals. Given our strong performance year-to-date, we are again raising our full year 2025 guidance."

Recent highlights:

Entered into an agreement with Corewell Health to establish a lab services joint venture in Michigan. In addition, Quest will deploy a comprehensive suite of Co-Lab Solutions, from reference testing and lab analytics to supply chain and blood management, supporting quality, innovation access and productivity. With this collaboration, annual revenues for Co-Lab Solutions are expected to reach approximately $1 billion next year as services scale across 21 Corewell hospitals.
Completed the acquisition of select dialysis testing assets from Fresenius Medical Care and, under a separate enterprise agreement, began to scale clinical lab testing for Fresenius Medical Care’s U.S. dialysis centers serving approximately 200,000 dialysis patients annually.
Formed collaborations to be the lab engine inside the mobile apps of WHOOP, the human performance company, and ŌURA Health, maker of the world’s leading smart ring, to serve growing consumer interest in wellness and preventive health.
Announced a collaboration with Epic to be the technology partner for Project Nova, a multi-year initiative to streamline systems and improve experiences for patients and providers, regardless of the electronic health record system they use.
Published data in Neurology Clinical Practice on the confirmatory accuracy of two Quest AD-Detect tests for aiding Alzheimer’s disease diagnosis.
Announced collaborations that leverage Quest’s national scale in phlebotomy and connectivity to broaden access to cancer-screening liquid biopsy tests.
Secured FDA breakthrough device designation for our Haystack MRD test and formed collaborations with Mass General Brigham and Rutgers Cancer Institute to trial Haystack MRD in guiding postoperative therapy decisions.
Named Thomas Koch, a veteran of the lab and medical device industries, to be the company’s senior vice president of R&D.
Recognized as a Top Corporate Wellness Innovator by Fast Company for our leadership in employee well-being.

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

Change

2025

2024

Change

(dollars in millions, except per share data)

Reported:

Net revenues

$ 2,816

$ 2,488

13.1 %

$ 8,229

$ 7,251

13.5 %

Diagnostic Information Services revenues

$ 2,755

$ 2,427

13.5 %

$ 8,043

$ 7,058

14.0 %

Revenue per requisition

0.8 %

0.2 %

Requisition volume

12.5 %

13.8 %

Organic requisition volume

3.9 %

1.8 %

Operating income (a)

$ 386

$ 330

16.8 %

$ 1,170

$ 985

18.7 %

Operating income as a percentage of net revenues (a)

13.7 %

13.3 %

0.4 %

14.2 %

13.6 %

0.6 %

Net income attributable to Quest Diagnostics (a)

$ 245

$ 226

8.5 %

$ 747

$ 649

15.0 %

Diluted EPS (a)

$ 2.16

$ 1.99

8.5 %

$ 6.57

$ 5.74

14.5 %

Cash provided by operations

$ 563

$ 356

57.4 %

$ 1,421

$ 870

63.1 %

Capital expenditures

$ 144

$ 106

37.0 %

$ 369

$ 302

22.3 %

Adjusted (a):

Operating income

$ 458

$ 385

18.9 %

$ 1,330

$ 1,132

17.5 %

Operating income as a percentage of net revenues

16.3 %

15.5 %

0.8 %

16.2 %

15.6 %

0.6 %

Net income attributable to Quest Diagnostics

$ 296

$ 262

13.1 %

$ 845

$ 758

11.5 %

Diluted EPS

$ 2.60

$ 2.30

13.0 %

$ 7.43

$ 6.70

10.9 %

(a)

For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below.

Updated Guidance for Full Year 2025

The company updates its full year 2025 guidance as follows:

Updated Guidance

Prior Guidance

Low

High

Low

High

Net revenues

$10.96 billion

$11.00 billion

$10.80 billion

$10.92 billion

Net revenues increase

11.0 %

11.4 %

9.4 %

10.6 %

Reported diluted EPS

$8.58

$8.66

$8.60

$8.80

Adjusted diluted EPS

$9.76

$9.84

$9.63

$9.83

Cash provided by operations

Approximately $1.8 billion

Approximately $1.55 billion

Capital expenditures

Approximately $500 million

Approximately $500 million

Note on Non-GAAP Financial Measures

As used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, gains and losses associated with changes in the carrying value of our strategic investments, impairment charges and other items.

Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables below include reconciliations of non-GAAP adjusted measures to GAAP measures.

Conference Call Information

Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: 7895081; or via live webcast on our website at www.QuestDiagnostics.com/investor. We suggest participants dial in approximately 10 minutes before the call.

A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or, from approximately 10:30 a.m. Eastern Time on October 21, 2025 until midnight Eastern Time on November 4, 2025, by phone at 866-388-5361 for domestic callers or 203-369-0416 for international callers. Anyone listening to the call is encouraged to read our periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports.

(Press release, Quest Diagnostics, OCT 21, 2025, View Source [SID1234656870])

AdvanCell’s 212Pb-ADVC001 demonstrates encouraging safety and compelling anti-tumor activity in Phase 1b in prostate cancer

On October 21, 2025 AdvanCell, a clinical-stage radiopharmaceutical company developing innovative targeted alpha therapies for cancer, reported results from the Phase 1b dose escalation of the TheraPb Phase 1/2 clinical trial (NCT05720130) at the European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) 2025 congress. The presentation featured the first clinical results of 212Pb-ADVC001, a novel Lead-212-based PSMA-targeted alpha therapy in mCRPC.

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"We are very encouraged by the completion of the treatment period of our Phase 1 trial, which has demonstrated a favorable safety profile and compelling anti-tumor activity for 212Pb-ADVC001," said Anna Karmann, MD PhD, Chief Medical Officer of AdvanCell. "These results underscore the potential of our therapy to meaningfully impact patients’ lives and advance treatment options in metastatic prostate cancer. I want to sincerely thank the investigators, clinical teams, and most importantly the patients and their families, whose commitment has made this important milestone possible."

"The TheraPb Phase 1 trial of 212Pb-ADVC001 marks a pivotal step forward in the evolution of PSMA-targeted radioligand therapy," said Aaron Hansen, MD, Principal Investigator at Princess Alexandra Hospital. "We’ve observed a compelling therapeutic index, including marked reductions in tumor volume and PSA, alongside a promising safety and dosimetry profile. The ability to administer alpha therapy easily and efficiently in an outpatient setting is a major clinical advantage. I am excited about the potential of 212Pb-ADVC001 to redefine treatment for patients with prostate cancer."

Oliver Sartor, MD, Director of the Transformational Prostate Cancer Research Center at East Jefferson General Hospital, remarked, "The results from this Phase 1 trial demonstrate a strong efficacy signal combined with an excellent safety profile. This is an extremely promising step forward in delivering targeted alpha therapy to patients with prostate cancer."

The abstract submitted to ESMO (Free ESMO Whitepaper) was based on a data cut-off as of May 9, 2025. The presentation at ESMO (Free ESMO Whitepaper) includes updated safety and efficacy data from all seven treatment cohorts as of an October 2, 2025 cut-off.

The TheraPb Phase 1b dose escalation study enrolled 22 patients with mCRPC. Escalating doses of 60–200 MBq of 212Pb-ADVC001 were administered at prespecified schedules every 6, 4, 2 and 1 week(s) for up to six cycles. After cohort 1, six subsequent treatment cohorts were enrolled within ten months.

TheraPb Phase 1b dose escalation results as of October 2, 2025 cut-off:

Encouraging safety and tolerability

No dose-limiting toxicities, treatment-related serious adverse events or treatment-related adverse events leading to dose modification or treatment discontinuation
Xerostomia predominantly Grade 1, with evidence of reversibility
Promising anti-tumor activity

80% PSA50 biochemical response at therapeutic doses ≥ 160 MBq
100% ORR in patients with RECIST-measurable lesions, including two CRs
PSA, imaging and clinical responses within weeks of treatment start
Favorable dosimetry and kinetics

Low normal-organ radiation exposure that supports a dosing strategy beyond six cycles and enhanced dose intensity
Fast clearance and no relevant metabolic breakdown
The data represent the first clinical trial results of a 212Pb-based PSMA therapy. The findings support the further development of 212Pb-ADVC001 and may offer a new reference point in the treatment landscape for metastatic prostate cancer, both within and beyond the PSMA-targeted class.

Phase 2 expansion will evaluate 160 MBq and 200 MBq of 212Pb-ADVC001 using a randomized multi-dose-response design and adaptive dosing strategies to optimize clinical outcomes in three indications: mCRPC (chemo-naïve, and post-177Lu-PSMA) and mHSPC.

The poster presentation is available on AdvanCell’s website at: AdvanCell ESMO (Free ESMO Whitepaper) 2025 Poster.

(Press release, Advancell, OCT 21, 2025, View Source [SID1234656886])

RAPT Therapeutics Announces Proposed Public Offering of Common Stock

On October 21, 2025 RAPT Therapeutics, Inc. (Nasdaq: RAPT) ("RAPT"), a clinical-stage immunology-based biopharmaceutical company focused on discovering, developing and commercializing novel therapies for patients living with inflammatory and immunological diseases, reported that it has commenced an underwritten public offering of shares of its common stock. In addition, RAPT expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the total number of shares of common stock RAPT is offering, at the public offering price, less underwriting discounts and commissions. All of the shares of common stock are being offered by RAPT. The proposed offering is subject to market conditions, and there can be no assurance as to whether or when the proposed offering may be completed or as to the actual size or terms of the proposed offering.

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Leerink Partners, TD Cowen, Guggenheim Securities, Wells Fargo Securities and LifeSci Capital are acting as joint bookrunning managers for the proposed offering. H.C. Wainwright & Co. and Clear Street are acting as lead managers for the proposed offering.

The offering is being made pursuant to a shelf registration statement, including a base prospectus, filed by RAPT with the Securities and Exchange Commission (the "SEC"), which was declared effective by the SEC on August 17, 2023. The offering may be made only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. When available, electronic copies of the preliminary prospectus supplement and the accompanying prospectus may also be obtained from: Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at 1-800-808-7525 ex. 6132 or by email at [email protected]; TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at [email protected]; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at [email protected]; Wells Fargo Securities, LLC, Attention: Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at 800-645-3751 (option #5) or email a request to [email protected]; or LifeSci Capital LLC at 1700 Broadway, 40th Floor, New York, New York 10019, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

(Press release, RAPT Therapeutics, OCT 21, 2025, https://investors.rapt.com/news-releases/news-release-details/rapt-therapeutics-announces-proposed-public-offering-common-1 [SID1234656871])

KEYTRUDA® (pembrolizumab) Demonstrates Long-Term Survival Benefit in Certain Patients With Earlier or Advanced Stages of Non-Small Cell Lung Cancer (NSCLC)

On October 20, 2025 Merck (NYSE: MRK), known as MSD outside of the United States and Canada, reported new long-term data highlighting the sustained survival benefits of KEYTRUDA (pembrolizumab), Merck’s anti-PD-1 therapy, in treating non-small cell lung cancer (NSCLC). The results are based on the exploratory five-year analyses of KEYNOTE-671 evaluating KEYTRUDA as part of a neoadjuvant followed by adjuvant (perioperative) treatment regimen for patients with resectable NSCLC; and the eight-year analyses of KEYNOTE-024 and -042 and the 10-year analyses of KEYNOTE-001 and -010 evaluating KEYTRUDA as monotherapy in certain patients with locally advanced or metastatic NSCLC.

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"These long-term data mark a milestone for patients and their families and build upon the transformative progress we’ve already made in non-small cell lung cancer," said Dr. Marjorie Green, senior vice president and head of oncology, global clinical development, Merck Research Laboratories. "Across the spectrum of earlier to advanced stages of disease, these results support the long-term survival benefit of KEYTRUDA in certain patients with NSCLC. We look forward to continued advancements and possibilities for KEYTRUDA in cancer treatment."

In the exploratory five-year follow-up data from the Phase 3 KEYNOTE-671 trial, KEYTRUDA in combination with chemotherapy as neoadjuvant treatment, and then continued as a single agent as adjuvant treatment after surgery continued to show clinically meaningful improvements in overall survival (OS) and event-free survival (EFS) outcomes in certain patients with resectable stage II, IIIA or IIIB NSCLC, compared to neoadjuvant placebo plus chemotherapy followed by adjuvant placebo alone. The hazard ratio (HR) for OS for the KEYTRUDA regimen versus the chemotherapy-placebo regimen was 0.74 (95% CI, 0.59-0.92). For EFS, the HR for the KEYTRUDA regimen versus the chemotherapy-placebo regimen was 0.58 (95% CI, 0.48-0.69).

"The five-year benefit demonstrated across overall survival and event-free survival from KEYNOTE-671 supports the continued use of this pembrolizumab-based perioperative regimen as a standard of care for patients with resectable, earlier-stage non-small cell lung cancer," said Dr. Heather Wakelee, principal investigator for KEYNOTE-671, thoracic medical oncologist. "These consistent results are impactful, as they reflect the importance of intervening for certain patients with earlier stages of non-small cell lung cancer." Wakelee is also a professor of medicine at Stanford Medicine.

In the exploratory eight-year analyses from KEYNOTE-024 and KEYNOTE-042 and the exploratory 10-year analyses from KEYNOTE-001 and KEYNOTE-010, KEYTRUDA continued to improve OS in patients with locally advanced or metastatic NSCLC compared to chemotherapy.

In KEYNOTE-001, the median OS for patients receiving KEYTRUDA was 13.2 months (95% CI, 10.5-15.3) in those with any Tumor Proportion Score (TPS) and a median OS of 17.3 months (95% CI,13.7-24.8) in those with a TPS ≥50%. KEYNOTE-001 did not compare KEYTRUDA to another agent or placebo.
In KEYNOTE-010, the median OS for patients receiving KEYTRUDA with a TPS ≥1% was 11.8 months (95% CI, 10.3-13.0) versus 8.3 months (95% CI, 7.5-9.5) for chemotherapy (HR=0.66 [95% CI, 0.58-0.76]). For patients receiving KEYTRUDA, with a TPS ≥50%, the median OS was 16.6 months (95% CI, 12.1-21.2) versus 8.2 months (95% CI, 6.4-9.8) for chemotherapy (HR=0.55 [95% CI, 0.44-0.68]).
In KEYNOTE-024, the median OS for patients receiving KEYTRUDA with a TPS ≥50% was 26.3 months (95% CI,18.3-40.4) versus 13.4 months (95% CI, 9.4-18.3) for chemotherapy (HR=0.65 [95% CI, 0.50-0.83]).
In KEYNOTE-042, the median OS for patients receiving KEYTRUDA with a TPS ≥1% was 16.4 months (95% CI, 14.0-19.6) versus 12.1 months (95% CI, 11.3-13.3) for chemotherapy (HR=0.78 [95% CI, 0.69-0.88]). For patients receiving KEYTRUDA with a TPS ≥50%, the median OS was 20.0 months (95% CI, 15.9-24.2) versus 12.2 months (95% CI, 10.4-14.6) for chemotherapy (HR=0.70 [95% CI, 0.59-0.83]).
Participants from KEYNOTE-001, KEYNOTE-010, KEYNOTE-024 and KEYNOTE-042 who achieved a complete response after taking KEYTRUDA and then had progressive disease were eligible for a subsequent anti-cancer therapy including a second course of KEYTRUDA monotherapy.

Additional details about the study designs and results from KEYNOTE-671, KEYNOTE-001, KEYNOTE-010, KEYNOTE-024 and KEYNOTE-042, including selected results of previously reported primary analyses, are described below.

"Historically, patients with advanced non-small cell lung cancer faced a poor prognosis, with long-term survival considered unlikely," said Edward B. Garon, MD, MS, professor of medicine, principal investigator for KEYNOTE-001, David Geffen School of Medicine, the University of California, Los Angeles. "The long-term results from these four trials show that pembrolizumab has helped change what certain patients with advanced NSCLC can hope to achieve."

To date, KEYTRUDA monotherapy or combination regimens have demonstrated sustained survival benefits of five years or more across multiple types of cancer, including certain types of metastatic NSCLC (KEYNOTE-189, KEYNOTE-407), melanoma (KEYNOTE-006, KEYNOTE-054), advanced head and neck (KEYNOTE-048), bladder (KEYNOTE-045) and endometrial (KEYNOTE-775) cancers.

The late-breaking five-year data from KEYNOTE-671 were presented during a mini oral session at the European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) Congress 2025 (Presentation #LBA67). The eight-year data from KEYNOTE-024 and KEYNOTE-042 and 10-year data from KEYNOTE-001 and KEYNOTE-010 were presented during a poster session at the ESMO (Free ESMO Whitepaper) Congress 2025 (Presentation #3208P).

Study design and additional five-year data from KEYNOTE-671

KEYNOTE-671 is a multicenter, randomized, double-blind, placebo-controlled Phase 3 trial (ClinicalTrials.gov; NCT03425643) evaluating KEYTRUDA in combination with neoadjuvant chemotherapy, followed by surgery and continued adjuvant treatment with KEYTRUDA as a single agent, versus placebo plus neoadjuvant chemotherapy, followed by resection and adjuvant placebo, in patients with resectable stage II, IIIA or IIIB (T3-4N2) NSCLC (per the eighth edition of the American Joint Committee on Cancer [AJCC] Cancer Staging Manual). The trial’s dual primary endpoints are EFS and OS. Key secondary endpoints include pathologic complete response (pCR) and major pathological response (mPR). The study enrolled 797 patients who were randomly assigned (1:1) to receive either:

KEYTRUDA (200 mg intravenously [IV] every three weeks) plus chemotherapy (cisplatin [75 mg/m2 , IV; given on Day 1 of each cycle] and either gemcitabine [1,000 mg/m2, IV; given on Days 1 and 8 of each cycle] or pemetrexed [500 mg/m2 , IV; given on Day 1 of each cycle]) for up to four cycles as neoadjuvant therapy prior to surgery. Within 4-12 weeks following surgery, KEYTRUDA (200 mg) was administered every three weeks for up to 13 cycles, or;
Placebo (saline IV every three weeks) plus chemotherapy (cisplatin [75 mg/m2 , IV; given on Day 1 of each cycle] and either gemcitabine [1,000 mg/m2, IV; given on Days 1 and 8 of each cycle] or pemetrexed [500 mg/m2, IV; given on Day 1 of each cycle]) for up to four cycles as neoadjuvant therapy prior to surgery. Within 4‑12 weeks following surgery, placebo was administered every three weeks for up to 13 cycles.
After a median follow-up of 60.4 months (range, 42.6-85.8), the five-year OS rate was 64.6% (95% CI, 59.5%-69.2%) for the KEYTRUDA regimen versus 53.6% (95% CI, 48.3%-58.6%) for the chemotherapy-placebo regimen. Median OS was not reached (NR) (95% CI, NR-NR) for patients who received the KEYTRUDA regimen versus 70.7 months (95% CI, 53.7-NR) for patients who received the chemotherapy-placebo regimen.

The five-year EFS rate was 49.9% (95% CI, 44.6%-55.0%) for the KEYTRUDA regimen versus 26.5% (95% CI, 21.7%-31.5%) for the chemotherapy-placebo regimen. Median EFS was 57.1 months (95% CI, 38.0-NR) for patients who received the KEYTRUDA regimen versus 18.4 months (95% CI, 14.8-22.1) for patients who received the chemotherapy-placebo regimen.

At the five-year follow-up analysis, Grade ≥3 treatment-related adverse events (TRAEs) occurred in 45.2% of patients receiving the KEYTRUDA regimen and 37.8% of patients receiving the chemotherapy-placebo regimen. Grade ≥3 immune-mediated adverse events (AEs) and infusion reactions occurred in 6.3% of patients receiving the KEYTRUDA regimen and 1.8% of patients receiving the chemotherapy-placebo regimen.

At the study’s previously reported primary analysis, KEYNOTE-671 showed that treatment with the KEYTRUDA regimen reduced the risk of death by 28% (HR=0.72 [95% CI, 0.56-0.93]; p=0.0103) versus the chemotherapy-placebo regimen. For patients who received the KEYTRUDA regimen, median OS was not reached (95% CI, NR-NR) versus 52.4 months (95% CI, 45.7-NR) for patients who received the chemotherapy-placebo regimen. Additionally, the KEYTRUDA regimen reduced the risk of EFS events by 42% (HR=0.58 [95% CI, 0.46-0.72]; p<0.0001) versus the chemotherapy-placebo regimen. For patients who received the KEYTRUDA regimen, median EFS was not reached (95% CI, 34.1-NR) versus 17.0 months (95% CI, 14.3-22.0) for patients who received the chemotherapy-placebo regimen.

(Press release, Merck & Co, OCT 20, 2025, View Source [SID1234656818])

Long-term follow-up data from exploratory analyses of KEYNOTE-001, KEYNOTE-010, KEYNOTE-024 and KEYNOTE-042

In KEYNOTE-010, KEYNOTE-024 and KEYNOTE-042, KEYTRUDA continued to improve OS compared to chemotherapy. In these studies, data showed KEYTRUDA improved OS compared to chemotherapy in patients whose tumors expressed PD-L1 (TPS ≥50%). Overall survival results from these long-term follow-up analyses showed:

KEYTRUDA

Chemotherapy

KEYNOTE-001a,b,c

Any TPS

n/N = 54/550

N/A

10y OS rate (95% CI), %

11.3% (8.5%-14.5%)

N/A

Median OS (95% CI), months

13.2 (10.5-15.3)

N/A

TPS ≥50%

n/N = 25/165

N/A

10y OS rate

19.3% (13.1%-26.5%)

N/A

Median OS (95% CI), months

17.3 (13.7-24.8)

N/A

KEYNOTE-010b,d

TPS ≥1%

n/N = 53/690

n/N = 9/343

10y OS rate

9.3% (7.0%-12.1%)

1.9% (0.7%-4.6%)

Median OS (95% CI), months

11.8 (10.3-13.0)

8.3 (7.5-9.5)

HR (95% CI)

0.66 (0.58–0.76)

TPS ≥50%

n/N = 35/290

n/N = 6/152

10y OS rate

15.5% (11.1%-20.5%)

2.7% (0.7%-7.4%)

Median OS (95% CI), months

16.6 (12.1-21.2)

8.2 (6.4-9.8)

HR (95% CI)

0.55 (0.44-0.68)

KEYNOTE-024a

TPS ≥50%

n/N = 36/154

n/N = 14/151

8y OS rate

24.3% (17.6%-31.5%)

12.8% (7.6%-19.3%)

Median OS (95% CI), months

26.3 (18.3-40.4)

13.4 (9.4-18.3)

HR (95% CI)

0.65 (0.50-0.83)

KEYNOTE-042a

TPS ≥1%

n/N = 66/637

n/N = 27/637

8y OS rate

12.0% (9.5%-14.8%)

4.7% (3.1%-6.9%)

Median OS (95% CI), months

16.4 (14.0-19.6)

12.1 (11.3-13.3)

HR (95% CI)

0.78 (0.69-0.88)

TPS ≥50%

n/N = 41/299

n/N = 13/300

8y OS rate

16.6% (12.5%-21.1%)

6.8% (4.1%-10.5%)

Median OS (95% CI), months

20.0 (15.9-24.2)

12.2 (10.4-14.6)

HR (95% CI)

0.70 (0.59-0.83)

n/N, number of patients in KEYNOTE-587/number of patients in parent study.

afirst-line therapy

bsecond-line+ therapy

cIn KEYNOTE-001, KEYTRUDA was not compared to any other agent or placebo.

dtwo doses of pembrolizumab treatment were combined for these analyses

Limited additional lung cancer-specific deaths occurred since the previously reported five-year data across all four trials.

At the conclusion of these initial studies, participants were eligible to transition to the KEYNOTE-587 extension study for long-term follow-up. The primary endpoint for KEYNOTE-587 is OS. For patients in KEYNOTE-587, the median time from first treatment in KEYNOTE-001 or randomization in KEYNOTE-010, KEYNOTE-024 and KEYNOTE-042 to data cutoff was 124.6 months (range, 118.5-142.2), 115 months (range, 108.8-124.6), 106.4 months (range, 102.4-114.3) and 99 months (range, 86.6-110.2), respectively.

Study design and additional data from KEYNOTE-001

Ten-year outcomes for KEYTRUDA were measured in the Phase 1b KEYNOTE-001 trial (ClinicalTrials.gov; NCT01295827), which evaluated 550 patients with treatment-naïve or previously treated advanced NSCLC. Patients received 2 mg/kg IV of KEYTRUDA every three weeks or 10 mg/kg IV of KEYTRUDA every two weeks or every three weeks. The primary endpoint was overall response rate (ORR) and secondary endpoints included progression-free survival (PFS) and OS.

At the study’s previously reported primary analysis, KEYNOTE-001 showed that KEYTRUDA demonstrated an ORR of 41% in patients with a TPS ≥50%; all responses were partial responses (95% CI, 29-54). Of the patients who responded, 84% continued to respond to treatment with KEYTRUDA, including 11 patients with ongoing responses of six months or longer.

Study design and additional data from KEYNOTE-010

Ten-year outcomes for KEYTRUDA were measured in the Phase 2/3 KEYNOTE-010 trial (ClinicalTrials.gov; NCT01905657), which evaluated patients with metastatic NSCLC whose tumors expressed PD-L1 (TPS ≥1%) that had progressed after platinum-containing chemotherapy and, if appropriate, targeted therapy for EGFR or ALK genomic tumor aberrations. The trial enrolled 1,033 patients who were randomized (1:1:1) to receive 2 mg/kg IV or 10 mg/kg IV of KEYTRUDA every three weeks or chemotherapy (docetaxel) every three weeks. The primary endpoints for this trial were OS and PFS, and secondary endpoints included ORR and duration of response (DOR).

At the study’s previously reported primary analysis, KEYNOTE-010 showed that 2 mg/kg of KEYTRUDA reduced the risk of death by 29% (HR=0.71 [95% CI, 0.58-0.88]; p<0.001), and 10 mg/kg of KEYTRUDA reduced the risk of death by 39% (HR=0.61 [95% CI, 0.49-0.75]; p<0.001) in patients with a TPS ≥1% versus chemotherapy. Two mg/kg of KEYTRUDA reduced the risk of disease progression or death by 12% (HR=0.88 [95% CI, 0.73-1.04]; p=0.068) and 10 mg/kg of KEYTRUDA reduced the risk of disease progression or death by 21% (HR=0.79 [95% CI, 0.66-0.94]; p=0.005) in patients with a TPS ≥1% versus chemotherapy. Additionally, the analysis showed that 2 mg/kg of KEYTRUDA reduced the risk of death by 46% (HR=0.54 [95% CI, 0.38-0.77]; p<0.001), and 10 mg/kg of KEYTRUDA reduced the risk of death by 50% (HR=0.50 [95% CI, 0.36-0.70]; p<0.001) in patients with a TPS ≥50% versus chemotherapy. Two mg/kg of KEYTRUDA reduced the risk of disease progression or death by 42% (HR=0.58 [95% CI, 0.43-0.77]; p<0.001), and 10 mg/kg of KEYTRUDA reduced the risk of disease progression or death by 41% (HR=0.59 [95% CI, 0.45-0.78]; p<0.001) in patients with a TPS ≥50% versus chemotherapy.

Study design and additional data from KEYNOTE-024

Eight-year outcomes for KEYTRUDA were measured in the Phase 3 KEYNOTE-024 trial (ClinicalTrials.gov; NCT02142738), which evaluated patients with previously untreated metastatic NSCLC whose tumors express high levels of PD-L1 (TPS ≥50%) with no EGFR or ALK genomic tumor aberrations. The trial enrolled 305 patients who were randomized (1:1) to receive 200 mg of KEYTRUDA every three weeks or platinum-based chemotherapy. The primary endpoint for this trial was PFS, and secondary endpoints included OS and ORR. In this study, 10.3% (209) of patients transitioned to KEYNOTE-587.

At the study’s previously reported primary analysis, KEYNOTE-024 showed that KEYTRUDA reduced the risk of disease progression or death by 50% (HR=0.50 [95% CI, 0.37-0.68]; p<0.001) versus chemotherapy. Additionally, KEYTRUDA reduced the risk of death by 40% (HR=0.60 [95% CI, 0.41-0.89]; p=0.005) versus chemotherapy.

Study design and additional data from KEYNOTE-042

Eight-year outcomes for KEYTRUDA were measured in the Phase 3 KEYNOTE-042 trial (ClinicalTrials.gov; NCT02220894), which evaluated patients with stage III NSCLC who were not candidates for surgical resection or definitive chemoradiation, or metastatic NSCLC, and whose tumors expressed PD-L1 (TPS ≥1%) and who had not received prior systemic treatment for metastatic NSCLC. The trial enrolled 1,251 patients who were randomized (1:1) to receive 200 mg of KEYTRUDA every three weeks or platinum-based chemotherapy. The primary endpoint for this trial was OS in patients with a TPS ≥50%, ≥20% or ≥1% and secondary endpoints included PFS and ORR as assessed by blinded independent central review (BICR) according to RECIST v1.1 in patients with a TPS ≥50%, ≥20% or ≥1%. In this study, 4.4% (50) of patients transitioned to KEYNOTE-587.

At the study’s previously reported primary analysis, KEYNOTE-042 showed that KEYTRUDA reduced the risk of death by 31% (HR=0.69 [95% CI, 0.56-0.85]; p=0.0006) in patients with a TPS ≥50% and by 19% (HR=0.81 [95% CI, 0.71-0.93]; p=0.0036) in patients with a TPS ≥1% versus chemotherapy. Median OS was 20.0 months (95% CI, 15.4-24.9) for KEYTRUDA in patients with a TPS ≥50% versus 12.2 months (95% CI, 10.4-14.2) for chemotherapy, and 16.7 months (95% CI, 13.9-19.7) for KEYTRUDA in patients with a TPS ≥1% versus 12.1 months (95% CI, 11.3-13.3) for chemotherapy.

About lung cancer

Lung cancer is the leading cause of cancer death worldwide. In 2022 alone, there were approximately 2.4 million new cases and 1.8 million deaths from lung cancer globally. Non-small cell lung cancer is the most common type of lung cancer, accounting for about 80% of all cases. In 2025, the overall five-year survival rate for patients diagnosed with lung cancer was 27% in the United States. Improved survival rates are due, in part, to earlier detection and screening, reduction in smoking, advances in diagnostic and surgical procedures, as well as the introduction of new therapies. Early detection and screening remain an important unmet need, as 44% of lung cancer cases are not found until they are advanced.

Kelun-Biotech Presents Positive Phase 3 Data for Trastuzumab Botidotin Compared to T-DM1 at 2025 ESMO

On October 20, 2025 Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. (the "Company") reported that at the 2025 European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) Congress held in Berlin, Germany, Results from a Phase 3 study of the Company’s human epidermal growth factor receptor 2 (HER2)-directed ADC trastuzumab botidotin (also known as A166) trastuzumab botidotin versus trastuzumab emtansine (T-DM1) in HER2-positive unresectable or metastatic BC was presented as an oral report by Professor Xichun Hu from Fudan University Shanghai Cancer Center (Presentation # LBA24, Proffered paper session 1: Breast cancer, metastatic).

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Trastuzumab botidotin is a HER2-targeted ADC composed of a cytotoxic drug (Duostatin-5, anti-microtubule agent) with site-specific conjugation to trastuzumab via a stable protease-cleavable valine-citrulline linker. The unique linker is stable in plasma and selectively cleaved by lysosomal cathepsin B that is up-regulated in cancer cells.

In this study, a total of 365 patients with HER2+ unresectable or metastatic BC who had received at least one prior anti-HER2 therapy were randomized (1:1) to receive trastuzumab botidotin or T-DM1. 53% of patients had received ≥2 lines of anti-HER2 therapy, 61% of patients had HER2 Immunohistochemistry (IHC) 3+, and 60% of patients had been treated with TKIs, particularly pyrotinib (56%). As of April 26, 2025, median follow-up was 14.9 months.

Median PFS was significantly longer in trastuzumab botidotin than in T-DM1 (11.1 months vs 4.4 months; HR: 0.39, 95% CI, 0.30-0.51, p<0.0001). PFS benefit with trastuzumab botidotin was consistently observed regardless of prior lines of anti-HER2 therapy (HR 0.36, 95% CI, 0.25-0.53, for 1 prior line; HR 0.39, 95% CI, 0.28-0.56, for ≥2 prior lines).

ORR by blinded independent central review (BICR) was 76.9% vs 53.0%.

A trend toward benefit in OS was observed in trastuzumab botidotin (HR 0.62; 95% CI, 0.38-1.03).

Grade ≥3 treatment emergent adverse events (TEAEs) occurred in 69.8% of patients in trastuzumab botidotin and 63.7% in T-DM1. The most common TEAEs associated with dose reduction were ocular AEs for trastuzumab botidotin, and were platelet count decreased for trastuzumab emtansine. Only two patients permanently discontinued trastuzumab botidotin due to TEAE. No on-treatment deaths were observed in trastuzumab botidotin, compared with 1.6% in T-DM1, all of which were considered unrelated to treatment.

As a conclusion, this second head-to-head trial comparing T-DM1 with other anti-HER2 regimens demonstrated that trastuzumab botidotin statistically improved PFS with an ORR of 76.9% vs 53.0%. PFS benefit with trastuzumab botidotin was consistently observed regardless of prior lines of anti-HER2 therapy. Ocular AEs were also manageable.

"Professor Xichun Hu, National Lead Principal Investigator from Fudan University Shanghai Cancer Center:"Trastuzumab botidotin effectively balances safety and efficacy through its unique molecular design, reducing the incidence of interstitial lung disease and hematologic toxicity. According to research data, trastuzumab botidotin demonstrated significant survival benefits in the pivotal Phase III trial, with an overall manageable safety profile, providing a new important treatment option for pretreated HER2+ BC patients. These positive results also offer robust evidence-based support for personalized treatment and updates to clinical practice guidelines."

About Trastuzumab botidotin

Trastuzumab botidotin is a differentiated HER2 ADC to treat advanced HER2+ solid tumors. As an innovative HER2 ADC developed by the Company, it conjugates a novel, monomethyl auristatin F (MMAF) derivative (a highly cytotoxic tubulin inhibitor, Duo-5) via a stable, enzyme-cleavable linker to a HER2 monoclonal antibody with a DAR of 2. Trastuzumab botidotin specifically binds to HER2 on the surface of tumor cells and is internalized by tumor cells, releasing the toxin molecule Duo-5 inside the cell. Duo-5 induces tumor cell cycle arrest in the G2/M phase, leading to tumor cell apoptosis. After targeting HER2, trastuzumab botidotin can also inhibit the HER2 signaling pathway; it has antibody-dependent cell-mediated cytotoxicity (ADCC) activity.

Based on the results of a multi-center, randomized, open-label, controlled, Phase 3 KL166-III-06 study, trastuzumab botidotin was approved for marketing by the NMPA in for adult patients with unresectable or metastatic HER2 positive BC who have received one or more prior anti-HER2 therapy. At a pre-specified interim analysis, trastuzumab botidotin demonstrated a statistically significant and clinically meaningful improvement in the primary endpoint of PFS as assessed by the BICR compared with T-DM1[; the beneficial trend for OS of trastuzumab botidotin was also observed.

Currently, the Company has initiated an open, multi-center Phase 2 clinical study of trastuzumab botidotin in the treatment of HER2+ unresectable or metastatic BC that previously received a topoisomerase inhibitor ADC.

(Press release, Kelun, OCT 20, 2025, View Source [SID1234656834])