Last close As at 05/08/2026
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Research: Healthcare
OSE Immunotherapeutics has announced positive topline results for the Phase II TEDOVA trial, which assesses lead asset Tedopi in combination with pembrolizumab in patients with platinum-sensitive recurrent ovarian cancer (OC). Encouragingly, the primary endpoint of progression-free survival (PFS) was met with statistical significance, comparing Tedopi plus pembrolizumab to best supportive care. There was also a 28% reduction in risk of progression or death with Tedopi plus pembrolizumab, compared to Tedopi. Collectively, the outcomes represent the first positive trial in platinum sensitive OC in several years, and are an encouraging development for OSE, in our view, offering scope for the broader clinical utility of OSE’s lead asset (beyond the core focus on non-small cell lung cancer, NSCLC). We anticipate additional details on the TEDOVA outcomes at the 2026 Annual Meeting of the American Society of Clinical Oncology on 30 May 2026 and at the associated key opinion leader webinar that OSE will be hosting on 10 June 2026.
| Year end | Revenue (€m) | PBT (€m) | EPS (€) | DPS (€) | P/E (x) | Yield (%) |
|---|---|---|---|---|---|---|
| 12/23 | 2.2 | (23.2) | (1.18) | 0.00 | N/A | N/A |
| 12/24 | 83.4 | 39.8 | 1.46 | 0.00 | 3.4 | N/A |
| 12/25e | 2.6 | (32.5) | (1.69) | 0.00 | N/A | N/A |
| 12/26e | 1.5 | (29.4) | (1.31) | 0.00 | N/A | N/A |
TEDOVA is a Phase II clinical trial (n=185), led by ARCAGY-GINECO, a French cooperative group specialising in women’s cancers. Platinum sensitive OC patients were randomised 1:1:2 to receive maintenance treatment in combination with either: best supportive care (control arm A); Tedopi as a monotherapy (arm B); or Tedopi plus pembrolizumab (arm C). The primary endpoint was PFS, comparing arm C to arm A.
The primary endpoint of PFS was met with statistical significance. Median PFS was 4.1 months with Tedopi plus pembrolizumab, compared to 2.8 months in the control arm (hazard ratio, HR=0.53; p<0.001). There was also a 28% reduction in risk of progression or death when comparing Tedopi plus pembrolizumab to Tedopi alone (HR=0.72; p=0.074); though we note that the study was not powered for this comparison. While the combination of Tedopi with pembrolizumab resulted in an increased incidence of adverse events, this was considered standard with the immunotherapy mechanism of action. Overall, we view these outcomes as positive, especially since the standard of care for this setting typically offers a PFS of approximately three months. Ultimately, this latest update supports OSE’s strategy of advancing Tedopi across multiple oncology programmes, offering multiple shots at goal and the possibility to maximise the commercial potential of the candidate.
As a reminder, the top priority for OSE is the registrational Phase III ARTEMIA trial, testing OSE as a monotherapy in NSCLC (targeting the second-line setting), looking at patients with secondary resistance to immune checkpoints inhibitors. In February 2026, OSE received a second positive recommendation from the independent data monitoring committee to continue ARTEMIA without any modifications. A futility analysis is expected in Q326, and patient recruitment remains on-track to be complete by end-2026. After this, there will be a primary endpoint readout in Q128, representing a significant inflection point.
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Research: Industrials
Aamal Company’s Q126 results showed a softer start to FY26, with pressure concentrated in Trading and Distribution rather than across the wider portfolio. Group revenue declined 19.9% y-o-y to QAR464.8m and attributable net profit fell 11.0% to QAR90.7m, mainly reflecting weaker healthcare-related demand due to a shift towards generic medicines and a more competitive pharmaceutical market weighed on performance. We have reduced our FY26 and FY27 estimates to reflect this weaker trading backdrop, but the core investment case remains intact. Revenue increased across Industrial Manufacturing, Property and Managed Services in Q126, underlining the resilience of Aamal’s diversified model. Our updated valuation is QAR1.08/share, c 42% above the current share price.