Mangrove Study Hits in 1L MCL; Maintain OP

研报英文原文证据摘录

Mangrove Study Hits in 1L MCL; Maintain OP

Biotechnology - Oncology & Rare Diseases

FLASH

FLASH: BEONE MEDICINES LTD. (ONC) July 1, 2026

Mangrove Study Hits in 1L MCL; Maintain OP Rating:

OutperformBeOne shared Ph3 1L MCL results for Brukinsa with a PFS HR of 0.57 (95% CI: Price:

0.43, 0.76, p<0.0001). Safety was reportedly consistent with the known profiles of $289.99

each drug, and OS (immature) showed a trend in favor of Br+R. Detailed results will Price Target:

$340be shared at an upcoming medical conference with the OS final analysis shared at a

% Upside:

later time. We view the results as encouraging, potentially turning into an important 17.2%

chemo-free, rituximab maintenance-free approach in this setting.

Source: FactSet, Wolfe Research

The update is important for MCL pts, and the opportunity spans ~2-3K 1L MCL Priced as of 06/29/26

transplant-ineligible patients (our est.), Note, the NCCN guidelines also include both

acalabrutinib + BR (followed by ritixumab maintenance) and acalabrutinib + rituximab

as preferred options for pts with less aggressive induction therapy. Acalabrutinib's

pivotal study allowed maintenance use of ritximumab whereas zanu's study did

not, so cross-trials comparisons would be difficult to make. Nonetheless, we think

Kalpit Patel

BeOne's regimen will carve out market share in the 1L setting, where we forecast ~ kpatel@wolferesearch.com

$225M in global peak sales with 15-20% share. (646) 419-2570

View Kalpit’s Research

Exhibit 1 - NCCN for MCL View ONC Model

View Comp Table

Gugan Raghuraman

graghuraman@wolferesearch.com

646-419-2572

Source: NCCN Guidelines

The results don't come as a tremendous surprise to us triangulating historical data

from IR vs. BR in 1L MCL (ENRICH) and indirect comparison of zanu vs. ibrutinib in

r/r MCL (ASH25).