BeOne Medicines: Positive MANGROVE Data of Brukinsa Doublet in Front-line MCL Appears Differentiated, In Our View; Regulatory Submission Planned for 2H26

研报英文原文证据摘录

BeOne Medicines: Positive MANGROVE Data of Brukinsa Doublet in Front-line MCL Appears Differentiated, In Our View; Regulatory Submission Planned for 2H26

Equity Research

U.S. Small & Mid Cap Biotechnology

30 June 2026

BeOne Medicines

Positive MANGROVE Data of

Brukinsa Doublet in Front-line MCL First Look

ONC OVERWEIGHTAppears Differentiated, In Our

U.S. Small & Mid Cap POSITIVE BiotechnologyView; Regulatory Submission Price Target USD 409.00

Price (29-Jun-26) USD 289.99

Potential Upside/Downside +41.0%Planned for 2H26

Source: Bloomberg, Barclays Research

This morning ONC announced positive top-line data for

Phase 3 MANGROVE study in front-line MCL; ONC continues to U.S. Small & Mid Cap Biotechnology

position Brukinsa as practice-changing BTK inhibitor in Etzer+1 212Darout,526 6940PhD, MBA

etzer.darout@barclays.commultiple blood cancers.

BCI, US

This morning, ONC announced positive top-line data from its Phase 3 MANGROVE trial Jordan Becker, PhD

+1 212 526 3960evaluating Brukinsa (zanubrutinib) plus rituximab (ZR) versus bendamustine plus rituximab

jordan.becker1@barclays.com

(BR) in adult patients with previously untreated mantle cell lymphoma (MCL) (press release). BCI, US

This is meaningful, as it represents a potential first chemotherapy‑free regimen in 1L MCL,

where chemotherapy carries meaningful safety and tolerability issues, including Lukas Shumway, PhD

+1 212 526 7293

myelosuppression, prolonged immune suppression, heightened infection risk, and cumulative

lukas.shumway@barclays.com

toxicity that can be particularly burdensome for less fit patients. The ZR regimen led to a 43% BCI, US

reduction in the risk of cancer progression or death, with no new safety signals observed

beyond what has previously been reported with the regimen.