2Q26F preview and FY26F forecast revisions

Research evidence excerpt

2Q26F preview and FY26F forecast revisions

Global Markets Research

BeOne 6160.HK 6160 HK 24 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

Rating2Q26F preview and FY26F forecast revisions Remains Buy

Target priceWe expect on-track sales growth in 2Q26F, while tax Increased from HKD 270.74payment may drag down bottom-line performance HKD 263.69

We expect 2Q26F revenue/earnings to reach USD1.6bn/USD55mn, +22%/-41% y-y Closing23 July 2026price HKD 193.80

We expect BeOne to register 2Q26F revenue growth of 22% y-y to USD1.6bn. We

estimate: 1) Zanubrutinib will book 20% y-y sales growth to USD1.1bn (vs USD1.1bn in Implied upside +39.7%

1Q26, due to seasonality) in 2Q26F; 2) Tisleizumab to book USD213mn (+10% y-y) in

sales in the China market; and 3) flat agent products sales of USD150mn. Market Cap (USD mn) 35,255.2

ADT (USD mn) 115.0We forecast a higher gross margin of 88% (+0.5pp y-y), considering the sales mix

change. Together with our opex estimate of USD1.3bn (+19% y-y), we expect operating

Relative performance chartprofit to grow 74% y-y to USD152mn. However, due to a higher tax expense of

USD129mn (see our report: QuickNote-BeOne(6160HK)(Buy)-Supplementedtax

paymentannounced), we expect the company to register a net profit-to-shareholders

retreat of 41% y-y to USD55mn.

For 2H26F, we estimate BeOne to report revenue of USD3.2bn (+11% y-y) and a net

profit of USD271mn (+42% y-y), to factor in the continued stable sales growth of

Zanubrutinib in the global market. We believe BeOne is on track to achieve management’

s targets of USD6.3-6.5bn revenue, high 80% range GPM and GAAP operating income of

USD750mn-850mn.

Maintain Buy rating and lift TP to HKD270.74 from HKD263.69, implying 39.7%

upside

We fine-tune FY26F revenue/earnings estimates by 1.1%/-2.7%.