BeOne – ADR 第二季度要点及管理层细节

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

05 August 2026

BeOne – ADR

2Q Takeaways and Tidbits from Mgmt

Overweight

ONC, ONC US

Price (04 Aug 26):$323.01

Biotechnology - Large Cap

We remain constructive on ONC coming off of this quarter’s strong 2Q results and

meaningful guidance increase with GAAP op profit guidance raised ~30% (see our

Initial Take here). We expect consensus forecasts to move meaningfully higher and

think that both the strong financial profile and broad pipeline remain

underappreciated in the current stock price and expect the stock to work higher as

this profile becomes better understood and the pipelnie increasingly derisked.

Reiterate Overweight.

New solid tumor pipeline updates coming soon at ESMO (PRMT5 and

CEA ADC). Both of these assets have, according to mgmt, achieved proof of

concept, and are advancing toward registrational development next year. At

ESMO, we expect to see the first clinical data from ONC’s PRMT5 inhibitor

(BGB-58067). On the call, mgmt noted that we will see dose escalation data as

well as a significant number of pts from the expansion. The update will have

a focus on NSCLC and we expect a good number of patients given that it

entered the clinic in 1Q25. ONC specifically mentioned data demonstrating

early evidence of CNS coverage and while there is an emphasis on lung cancer

(ph III in NSCLC planned for next year), ONC intends to have a broad

development plan for this molecule. Meanwhile, for the CEA ADC update at

ESMO, we also expect to see phase I dose escalation and expansion data and

mgmt has signaled that this first-in-class proof of concept dataset compares

well to other investigational ADCs in NSCLC. Catching up with mgmt after the

call, they acknowledged the challenges other ADCs have run into going up

against docetaxel, they flagged that both payload and target are important.

Given mgmt is still in regulatory talks, they declined to comment on what the

phase III trial planned for next year in NSCLC might look like.

Broader pipeline also marching forward. In hematology, we expect

tacabrutideg (BTK CDAC) filing for accelerated approval in r/r CLL this year

…