BeOne – ADR ON(C) The Right Track; Brukinsa Poised to Beat Again

研报英文原文证据摘录

BeOne – ADR ON(C) The Right Track; Brukinsa Poised to Beat Again

J P M O R G A N North America Equity Research

23 July 2026

BeOne – ADR Overweight

ONC, ONC US

ON(C) The Right Track; Brukinsa Poised to Beat Price (22 Jul 26):$319.93

Again ▲Price Target (Dec-26):$425.00 Prior (Dec-26):$415.00

We see BeOne with the clearest fundamental upside to 2026 numbers across our

coverage universe and are raising our above-consensus estimates ahead of what we Biotechnology - Large Cap

expect will be a big beat and raise this quarter. Our total rev estimate for 2Q of Jessica Fye AC

$1.7bn is above the highest estimate we see on Bloomberg and 7% above cons (1-212) 622-4165

while our $1.33bn Brukinsa estimate is 11% above cons. We project full year jessica.m.fye@jpmorgan.com

revenue of $6.8bn including $5.3bn from Brukinsa (cons: $6.4bn and $4.8bn, Silvia Luo

respectively) and we expect a meaningful increase to ONC’s 2026 rev guidance (1-212) 622-0000

silvia.luo@jpmorgan.com

which is currently $6.3-$6.5bn. We model non-GAAP operating income for the

Adam Ferrari, Ph.D.

year of $1.9bn, ~25% above the $1.5bn midpoint of the current guidance. We are

(1-212) 622-1717

raising our price target to $425. With an outlook like this, we, and we think many adam.ferrari@jpmorgan.com

investors, are left wondering why the stock is not up more than 5% YTD (vs NBI/ Jose Lora, Ph.D.

XBI +13%/+25%). Coming off of a strong ASCO that reinforced the potential of (1-212) 270-4831

the pipeline coming up behind Brukinsa, and based on what we expect will be jose.n.lora@jpmorgan.com

upward revisions to estimates, we think the stock is poised to break out trading at Abdul Tahlil

22x our 2026 adj EPS and 14x our 2028 adj EPS with a 15% 5-year topline CAGR (1-212) 270-9644

and >30% 5-year adj EPS CAGR through 2030.