Q3 Earnings: What Really Drove Oncology’s Best Quarter.

Every major oncology company beat expectations this quarter, and most raised their 2026 guidance. So what drove it? Two things at once: protecting blockbusters like Keytruda and Opdivo ahead of the 2028 biosimilar cliff, and a group of newer drug platforms now big enough to carry earnings on their own.

In this week's Oncology Deep Dive, we unpack the Monday Morning Oncology Brief and what it means for patients, portfolios and clinical practice:

🔹 Defending the blockbusters. Companies are moving patients from IV infusions to under-the-skin injections before cheaper biosimilars arrive. Merck's subcutaneous Keytruda reached $830M in its first full quarter, while BMS's subcutaneous Opdivo sits at about 14% conversion. Is this a real benefit for patients, or mainly a way to extend patent protection?

🔹 The new growth engines. ADCs, bispecifics and other next-generation therapies are driving growth, with Enhertu up 35% and Jaypirca up 59%. Are they meaningfully extending survival, or adding expensive incremental gains?

🔹 What to watch: FY2027 guidance at the January investor days, not new trial data, is the next real signal.

⚡ Lightning round: Genmab's petosemtamab beats Keytruda in head and neck cancer; AbbVie's Epkinly in frontline lymphoma (company-reported, awaiting peer review); Pfizer's Elrexfio wins in myeloma, with higher infection rates; Geron's imetelstat fails in myelofibrosis; Astellas bets $1.34B on reviving IL-12; and an immunotherapy dose-stretching trial stopped early.

The question we leave you with: if patients need to stay on frequent immunotherapy, and more of them move to premium-priced maintenance injections, how will health systems pay for millions of patients living for years on branded treatment?

For clinicians, investors and anyone who wants clear, jargon-free oncology news every Monday. Follow the show so you don't miss next week's briefing.

#Oncology #Q3Earnings #Keytruda #Opdivo #Biosimilars #ADC #Bispecifics #CancerResearch #Biotech #Pharma

Disclaimer: AI-generated from publicly available news. Not medical or investment advice. May contain errors — verify against primary sources.

Chapters:
00:00 What really drove oncology's best quarter
00:23 Welcome to The Oncology Deep Dive
00:36 Every major reporter beats: franchise rotation
01:03 The defence: from IV drip to under-the-skin shot
01:42 The 2028 biosimilar cliff
02:32 Debate: patient benefit or patent repackaging?
03:20 Merck's subcutaneous Keytruda vs. BMS's Opdivo
04:14 The offence: next-generation drug platforms
04:39 ADCs and bispecifics in plain language
05:06 Enhertu and Jaypirca drive growth
05:30 Debate: real survival gains or expensive increments?
06:06 What to watch: FY2027 guidance in January
06:31 Lightning round
06:35 Petosemtamab beats Keytruda in head and neck cancer
06:57 Epkinly in lymphoma: awaiting peer review
07:30 Elrexfio in myeloma: efficacy vs. infection risk
07:50 Geron's imetelstat fails in myelofibrosis
08:04 Astellas bets $1.34B on reviving IL-12
08:32 Immunotherapy dose-stretching trial stopped early
08:58 The takeaway: franchise rotation
09:18 Who pays for decades of premium injections?
09:46 Sign-off