BeOne – ADR: Strong 2Q Beat & Raise

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

Strong 2Q Beat & Raise

Overweight

ONC, ONC US

Price (04 Aug 26):$323.01

Biotechnology - Large Cap

BeOne reported strong 2Q total revs of $1,705mm, which grew 30% YoY, handily

beat cons, and came in line with our street-high estimate. Brukinsa sales grew 31%

YoY to $1,248mm, beat cons by ~$30mm, and came in below our ambitious

$1,328mm est. With these impressive results, ONC raised its revenue guidance by

$300mm at the midpoint (~5%) from $6.3-$6.5bn to a new range of $6.6-$6.8bn

(cons: $6.47bn, JPMe: $6.88bn). The new range implies 2H total revs of $3.4$3.6bn (cons 2H total revs: $3.48bn; JPMe 2H total revs: $3.65bn). The midpoint

of the new GAAP op profit range of $1.0-$1.1bn is~$170mm or nearly 20% above

cons of $882mm and ONC’s non-GAAP op profit guidance moves up by $250mm

or ~17% to $1.7bn-$1.8bn (JPMe $1.87bn). We have been bullish on BeOne and

raised our estimates last month. While we acknowledge that a number of investors

we talk to also expected a robust 2Q, we expect the magnitude of this beat and raise

to attract attention. Stepping back, we remain very positive on ONC based on a

combination of a compelling financial outlook and broad pipeline that we see

becoming increasginly derisked and reiterate our Overweight rating with the stock

trading only at 23x our 2026 adj EPS and 14x our 2028 adj EPS.

Jessica Fye AC

2Q Brukinsa sales breakdown shows strength across geographies. ONC’s

2Q revs of $1,705mm (30% YoY, +13% QoQ) comfortably beat cons of

$1,614mm by ~$90mm and came in line with our street-high estimate of

$1,708mm. Brukinsa sales grew to $1,248mm and were ~$30m ahead of cons

but ~$80mm short of our estimate, with the gap vs our numbers explained by

the US. In the US, Brukinsa sales of $893mm (+31% YoY; +17% QoQ) were

driven primarily by demand growth. This missed JPMe US Brukinsa sales of

$981mm, which were based on IQVIA data showing Rx volume up 45% YoY.

Outside the US, Brukinsa in Europe grew to $196mm, +30% YoY (JPMe:

$193mm), while China revs came in at $97mm, +17% YoY (JPMe $93mm) and

ROW Brukinsa sales grew 92% YoY to $62mm (JPMe $62mm).

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