BeOne Medicines：ONC 2Q26快速点评：营收超预期，FY26总营收指引上调

研报英文原文证据摘录

M

Update

August 5, 2026 10:51 AM GMT

BeOne Medicines | North America

Morgan Stanley & Co. LLC

Sean Laaman, Ph.D.

Equity Analyst

ONC 2Q26 Quick Take: Revs

Beat, FY26 Total Revs Guidance

Raised

Katherine Sun

Research Associate

Michael H Riad, Ph.D.

Research Associate

Natasha Arya

Research Associate

Key Takeaways

Net product revs of $1.680bn (VA Cons: $1.602bn, MSe: $1.591bn), including

Brukinsa global sales of ~$1.2bn (VA Cons: $1.214bn, MSe: $1.207bn), broadly in

line.

Total revenue of $1.705bn (Cons: $1.617bn, MSe: $1.603bn), including other/

collaboration revenue of $25mn.

BeOne Medicines (ONC.O, ONC US)

Biotechnology | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Overweight

Attractive

$395.00

$323.01

$43,422

$385.22-253.95

FY26 total revenue guidance raised to $6.6-6.8bn (from $6.3-6.5bn), see below.

2Q expenses included $175mn in COGS (Cons: $191mn, MSe: $188mn), $612mn in

R&D (Cons: $593mn, MSe: $605mn), and $593mn in SG&A (Cons: $593mn, MSe:

$605mn).

GAAP diluted EPS per ADS of $2.05 (Cons: $1.41, MSe: $1.40).

BeOne Medicines reported 2Q revenues above Street expectations. Total

revenues of $1.705bn (VA Cons: $1.617bn, MSe: $1.603bn) came in +5.4% vs Cons

and +6.4% vs MSe (See variance table in Exhibit 1 ). Net product revenue of

$1.680bn was +4.9% vs Cons and +5.6% vs MSe. Global Brukinsa revenues were ~

$1.248bn, broadly in line with Cons $1.214bn and MSe $1.207bn. US Brukinsa was

strong at $893mn (+31% Y/Y) vs. Cons: $841mn and MSe: $855mn, see geographic

breakdown in table. Operating expenses were higher by +1.6% vs. both Cons and

MSe, driven by higher R&D ($612mn vs. Cons & MSe: $593mn) with SG&A in line,

while COGS of $175mn came in below Cons $191mn and MSe $188mn/ The company

reported GAAP diluted EPS per ADS of $2.05 (vs. Cons: $1.41 and MSe: $1.40), ahead

on the revenue beat and operating leverage; non-GAAP diluted EPS per ADS was

$3.84.

Key 2Q updates include: [1] BGB-43395 (CDK4i) initiated Phase 3 with letrozole in

1L HR+/HER2- metastatic breast cancer; [2] tacabrutideg (BTK CDAC, BGB-16673)

…