Rising profitability & solid tumor upside

研报英文原文证据摘录

Rising profitability & solid tumor upside

Macquarie Equity Research BeOne Medicines

Model revision

• We raise our sales forecasts 1%/3%/4% for 2026/27/28E to US$6.5bn/US$7.2bn/US$7.9bn,

driven by higher Brukinsa sales (+2%/3%/5%).

• BeOne expects Brukinsa 2026 growth will mainly come from volume growth with net pricing

remaining stable.

• Positive global Ph3 MANGROVE trial readout in 1L MCL.

Þ On 30 Jun, BeOne announced that Brukinsa plus rituximab met the primary endpoint

in the global Ph3 MANGROVE trial in 1L mantle cell lymphoma (MCL). The regimen, the

first chemo-free treatment, reduced the risk of disease progression or death (PFS) by

43% vs bendamustine plus rituximab (BR) (HR=0.57, p<0.0001), comparing favourably

with the PFS HR of 0.73 reported for AstraZeneca’s Calquence plus BR in Echo trial.

Þ Overall survival (OS) remains immature but is trending in favor of Brukinsa. BeOne plans

for global regulatory filings in 2H26.

Þ MANGROVE establishes Brukinsa plus rituximab as the first chemotherapy-free frontline

regimen in MCL, offering a compelling option for the typically older and comorbid

patient population who may not tolerate chemotherapy. The regimen could also

lower treatment burden by eliminating the need for up to two years of rituximab

maintenance, supporting stronger adoption in frontline MCL.

• While MCL is smaller than CLL, the positive MANGROVE readout further strengthens

Brukinsa’s leadership in B-cell malignancies and should support conversion of its accelerated

approval in r/r MCL to full approval.

• We estimate MCL peak sales of US$700mn (VA cons' US$735mn), representing 11% of our

Brukinsa peak sales (US$6.2bn).

Þ We increase our probability of success for 1L MCL approval from 60% to 90%.