First Read BeOne Medicines BRUKINSA positive phase 3 in 1L MCL providing potential chemo-free option

研报英文原文证据摘录

First Read BeOne Medicines BRUKINSA positive phase 3 in 1L MCL providing potential chemo-free option

ndustry-wide event rather than company specific incident, as some listed

12/27E 12.27 12.10 -1 9.95

firms (including Aier Eye) received similar tax rectification notices across China in May. 12/28E 19.68 19.64 -0 13.82

Per media report, there have been about 80 A-share listed companies in H126

announced as having to pay additional tax in China, spanning multiple sectors. The Chen Chen, PhD

company clarified the adjustment carries no administrative penalties, and indicated that Analyst

the expense will be booked as a one-off item in Q226 financial statements. chen-zb.chen@ubs.com

+86-10-5832 8201

We expect multiple catalysts entering H226 David Guo, PhD

AnalystIn addition to the positive MANGROVE data which arrived on time, we expect multiple

S1460524040001

catalysts entering H226: 1) BTK CDAC potential accelerated submission in R/R CLL

david-za.guo@ubs.com

(H226E); 2) phase 3 initiation of sonrotoclax (BCL-2) triplet in 2L+ t(11;14) MM; 3) +86-10-5832 8010

Tislelizumab (in combo with zanidatamab) potential accelerated approval in the US for

Anita Wei1L HER2+ gastroesophageal adenocarcinoma (1L GEA); and 4) potential registration of

Analyst

pivotal trials for B7-H4 ADC (in collaboration with DualityBio).

anita.wei@ubs.com

+852-2971 7459

Valuation: PT slightly trimmed to US$456/ADR, reiterate Buy

We incorporated the potential tax impact into our estimates, leading to a lowered 2026E

EPS from US$7.00 to US$5.79 per ADR, and slightly lowered PT from US$465 to US$456

per ADR (WACC 10.1% from 9.9%, terminal 4% unchanged). We reiterate Buy rating.

Highlights (US$m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 2,459 3,810 5,343 6,499 7,582 9,010 10,414 11,868