Upgrade to BUY: Brukinsa Upside (NT/LT) + Positive Pipeline Momentum

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Upgrade to BUY: Brukinsa Upside (NT/LT) + Positive Pipeline Momentum

USA | Biotechnology

BeOne EquityJulyResearch12, 2026

RATING | TARGET CHANGEUpgrade to BUY: Brukinsa Upside (NT/LT) +

RATING BUY (HOLD)Positive Pipeline Momentum

PRICE $298.70^

Time to be positive on BeOne. Our HOLD thesis was based on: (1) CLL leadership

already well appreciated + incoming CLL competition from AV and Jaypirca, PRICE TARGET | % TO PT $380.00 ($333.00) | +27%

and (2) no clear winner in the solid tumor pipeline. On (1), coming out of EHA we 52W HIGH-LOW $385.22 - $249.00

think Brukinsa will maintain dominance and ZS will emerge as preferred combo. FLOAT (%) | ADV MM (USD) 92.5% | 89.64

We see real upside to Brukinsa consensus. On (2), CDK4, GPC3, B7-H4 each had MARKET CAP $35.2B

good updates and we see enough to start ascribing value there. U/g to BUY. TICKER ONC ^Prior trading day's closing price unless otherwise

noted.

5 components to our upgrade thesis: FY (Dec) CHANGE TO JEFe JEF vs CONS

1. Brukinsa will con't to grow well >> we now model above-Street and see NT upside (beat/raise 2Q)

+ LT durability (driven by multi-yr DOT, 1L MCL success, etc) 2026 2027 2026 2027

2. We are now less concerned about 1L CLL competition from AV and Jaypirca REV +7% +7% +5% +2%

3. NT launches for Beqalzi (sonrotoclax) and BTK CDAC are immaterial to revs, but investor EPS NA NA NA NA

appreciation for CLL expansion should grow

4. Solid tumor pipeline has progressed from concept to reality w/ CDK4, GPC3, B7-H4 each

advancing to Ph3 on supportive data, but investors have been slow to build appreciation here

>> we now model these

5. Stock has suffered from underperformance of China biotech (MSCI China HC -2% YTD vs. XBI

+31%) >> while hard to predict, macro headwinds should ease over time