ONC: Another Win In Heme-Onc As Brukinsa + Rituximab Combo Hit Should Deliver Incremental Upside

研报英文原文证据摘录

ONC: Another Win In Heme-Onc As Brukinsa + Rituximab Combo Hit Should Deliver Incremental Upside

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Leonid Timashev, Ph.D. (Analyst)

Joshua Brewer, Ph.D. (Associate)

June 30, 2026

BeOne Medicines Ltd.

Another Win In Heme-Onc As Brukinsa + Rituximab Combo Hit Should Deliver

Incremental Upside

NASDAQ: ONC | USD 289.99 | Outperform | Price Target USD 436.00

Sentiment: Positive

Today, ONC reported topline results from their MANGROVE ph.III, comparing Brukinsa + rituximab against bendamustine +

rituximab in 1L MCL.

While details were limited given the topline release, the trial was a clear win, with the co meeting their primary PFS endpoint with

an HR of 0.57. Recall key competitor acalabrutinib had also been studied in 1L where it was tested on top of BR and delivered an

HR of 0.73 - the fact that Brukinsa appears able to outperform despite being a chemo free regimen is impressive, though there

may be differences in the patient populations and study designs. OS data are still immature, safety was not broken out but was

reported as consistent, and the data will be shared at an upcoming medical meeting.

We note MCL is a relatively small indication (we currently model a ~$300M opportunity in 2L MCL), though given potential for a

long duration of therapy and due to meaningful attrition between 1st and 2nd lines (up to 50%), we think there is potential to

double the opportunity to >$600M. We see this a nice little addition to the overall Brukinsa franchise, where overall we continue

to see a $7B opportunity for the drug in peak sales and expect incremental upside (~3% in fair value) from today's news.

Bottom Line: ONC's nice win in ph.III MCL adds incremental value to the overall Brukinsa franchise, and while the stock upside may