ONC - Quick Take - Positive MANGROVE Moves Brukinsa Into 1L MCL; Incremental But Meaningful

研报英文原文证据摘录

ONC - Quick Take - Positive MANGROVE Moves Brukinsa Into 1L MCL; Incremental But Meaningful

Truist Securities

Equity Research Report June 30, 2026

HEALTHCARE: Biotech BeOne Medicines AG (ONC)

ONC - Quick Take - Positive MANGROVE Moves Brukinsa Into 1L Gregory Renza, M.D.

212-419-4617 MCL; Incremental But Meaningful

Gregory.Renza@truist.com

Supawat Thongthip, Ph.D. This morning, ONC disclosed positive topline results from the ph.III MANGROVE study

212-401-4429 of Brukinsa + rituximab in 1L MCL. While acknowledging the limitations of cross-trial

Supawat.Thongthip@truist.com comparisons at this stage, we view the HR PFS of 0.57 as competitive vs. Calquence +

BR (HR 0.73; ECHO) and Imbruvica + R (HR 0.69; ENRICH), and MANGROVE's chemo-

Anish Nikhanj, Ph.D. free profile is also clinically meaningful in this transplant-ineligible population (older/

212-326-3106 unfit; 60-70% of 1L MCL). With no new safety signals and while OS remains immature (as

Anish.Nikhanj@truist.com expected), we believe this dataset supports ONC's planned global filing in 2H26. Reiterate

Buy.

Strategic 1L MCL entry provides incremental upside to our model. While MCL

Current Price (Jun. 29, $289.99 represents a relatively small commercial opportunity - ~1/5 to 1/6 the size of the CLL market

2026) by our estimates - we believe MANGROVE could support meaningful 1L MCL share capture,

Stock Rating BUY driven by Brukinsa’s established physician familiarity and the practical appeal of a chemo- free regimen. Importantly, our current model includes only 2L+ r/r MCL (~$400M peak sales), Unchanged

leaving the 1L opportunity as potential incremental upside to our current valuation and our

Price Target $413.00 $7B+ Brukinsa peak sales estimate.

Unchanged Bottom line.