BeOne (ONC US) Buy:1Q26 sales in line, with profit beat; eyes on solid tumour pipeline readout in 2026 ASCO

Research evidence excerpt

BeOne (ONC US) Buy:1Q26 sales in line, with profit beat; eyes on solid tumour pipeline readout in 2026 ASCO

/EBITDA (x) 57.7 26.4 19.8 13.1

a 6x 2026 PS, and we think its valuation is attractive. ROE (%) 7.5 16.4 17.4 20.9

Solid tumour pipeline to accelerate. Except for the blood cancer franchise of three 52-WEEK PRICE (USD)

assets, BeOne has highlighted CDK4, B7H4 ADC, GPC3/4-1BB bsAb, PRMT5, and CEA 420.00

ADC with phase III initiation or in plan: CDK4 has initiated a phase III study for 1L HR+

305.00

HER2- breast cancer (BC) and will release data in ASCO, including a high ORR signal

and a promising hematologic toxicity profile; B7H4 ADC will update efficacy and safety 05/25 11/25 05/26190.00

data in gynaecologic and BC and will initiate phase III in ovarian cancer (OC); GPC3/4- TargetHigh: 377.47price: 390.00Low: 219.95 Current: 317.00

1BB bsAb will update monotherapy efficacy in heavily treated Hepatocellular carcinom Source: LSEG IBES, HSBC Qianhai Securities estimates

(HCC), with a pivotal study in 3L+ HCC initiation; PRMT5 and CEA ADC will release data

in 2H26 with pivotal trials in plan for lung and CEA-expression cancers (source: Company Linda Shu*, PhD (Reg. No. S1700522120001)

report). In addition, license-in PD1/VEGF/CTLA4 will start the first-patient-in (FPI) in June Head of China Healthcare Research

HSBC Qianhai Securities Limited

2026, and we expect BeOne to explore a broad combination with the current portfolio, linda.y.l.shu@hsbcqh.com.cn

such as ADCs and GPC3/41BB. +86 755 88983246

Cindy Chai* (Reg. No. S1700523040001)

Limited impact from competition of Pirto and AV fixed duration. Despite the launch Analyst, China Healthcare Research

of acalabrutinib and venetoclax (AV) fixed duration in the EU (June 2025) and US cindy.x.r.chai@hsbcqh.com.cn