BeOne Medicines (NasdaqGS:BGNE) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsAaron Rosenberg - CFOAmit Aggarwal - Chief Medical Officer of HematologyDan Maller - VP of Investor RelationsJohn V. Oyler - Co-Founder, Chairman and CEOLai Wang - President and Global Head of Research & DevelopmentMark Lanasa - SVP and Chief Medical OfficerMatt Shaulis - General Manager of North AmericaSean Laaman - Executive DirectorXiaobin Wu - President and COOZhihong Chen - Managing DirectorNone - Co ...

BeOne Medicines (NasdaqGS:BGNE) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsAaron Rosenberg - CFOAmit Aggarwal - Chief Medical Officer of HematologyDan Maller - VP of Investor RelationsJohn V. Oyler - Co-Founder, Chairman and CEOLai Wang - President and Global Head of Research & DevelopmentMark Lanasa - SVP and Chief Medical OfficerMatt Shaulis - General Manager of North AmericaSean Laaman - Executive DirectorXiaobin Wu - President and COOZhihong Chen - Managing DirectorNone - Co ...

BeOne Medicines (NasdaqGS:BGNE) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Speaker10Good day, everyone. Welcome to BeOne Medicines Q4 and full year 2025 earnings call webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. At this time, I would like to turn the call over to the company.Speaker3Hello and welcome. Thanks for joining us today. I'm Dan Maller, Head of Investor Relations at BeOne Medicines. Be ...

Q4 and Full Year 2025 Results Conference call and webcast for investors and analysts FEBRUARY 26, 2026 Disclosures Certain statements contained in this presentation and in the accompanying oral presentation, other than statements of fact that are independently verifiable at the date hereof, constitute forward looking statements. Examples of such forward-looking statements include statements regarding BeOne's research, discovery, preclinical and clinical programs and plans, including proof of concept timing, ...

Core Insights - The article highlights three stocks that are expected to perform strongly in 2026, emphasizing their growth potential and market positioning. Group 1: Amazon - Amazon's share prices have lagged behind the S&P 500 over the past 12 months, but earnings growth is expected to drive future performance [2] - The company is focusing on improving efficiency, which is anticipated to continue positively impacting its bottom line [2] - Amazon Web Services (AWS) is expected to benefit significantly from the rise of agentic AI, with increased investments in AI leading to greater returns [3] Group 2: BeOne Medicines - BeOne Medicines has seen its stock price increase by over 50% in the last year, yet it remains underrated in the biotech sector [4] - The company's flagship product, Brukinsa, is recognized as the gold standard for treating various blood cancers, with sales expected to rise in both the U.S. and Europe [4] - BeOne has received regulatory approval in China for sonrotoclax and is awaiting U.S. approval, with potential for accelerated approval of another drug pending positive clinical results [6] Group 3: Enterprise Products Partners - Enterprise Products Partners offers a forward distribution yield of 6.6%, making it attractive for income investors [7] - The company has a strong track record of increasing its distribution for 27 consecutive years [7] - The anticipated boom in data center construction for AI applications is expected to drive demand for the company's natural gas pipelines, positioning it for growth [8]

Core Insights - BeOne Medicines Ltd. (NASDAQ:ONC) is recognized as one of the top high-growth European stocks to invest in, with a Market Outperform rating and a price target of $396 set by Citizens due to strong Phase 3 trial results in gastric cancer patients [1] - The HERIZON-GEA-01 trial demonstrated high efficacy in patients with advanced gastric or gastroesophageal adenocarcinoma (GEA), further supporting the company's growth potential [1] - BeOne's Brukinsa is projected to generate approximately $3.8 billion in revenue by 2025, bolstered by a robust development pipeline across various indications [2] - The company has achieved its first clearance for sonrotoclax, a next-generation BCL2 inhibitor, which is expected to lead to further approvals globally [2] - BeOne maintains a strong cash position of $4.1 billion, and the recent decline in share price is viewed as a "unique buying opportunity" in the hematology/oncology sector [3] - BeOne Medicines Ltd. specializes in oncology medicines, focusing on treatments for blood cancers and solid tumors [3]

Summary of BeOne Medicines Conference Call Company Overview - **Company**: BeOne Medicines (ONC/688235.SS) - **Industry**: Oncology - **Headquarters**: Switzerland - **Focus**: Discovering and developing innovative cancer treatments, with a portfolio in hematology and solid tumors, including products like Brukinsa and Tevimbra [7][10] Key Points from the Conference Call Approval and Market Entry - **Sonro Approval**: On January 5th, 2025, the China NMPA approved sonrotoclax (BCL2 inhibitor) for relapsed/refractory chronic lymphocytic leukemia (R/R CLL) and mantle cell lymphoma (R/R MCL) [1] - **Approval Timeline**: The NDA review took only eight months, which is considered quick compared to the typical 12-18 months for new drug approvals, indicating a significant unmet need for BCL2 inhibitors in China [1] Market Dynamics - **Sales Ramp-Up**: There is a focus on tracking the sales ramp-up of venetoclax and lisaftoclax, as well as feedback from physicians and patients regarding the new BCL2 inhibitors [2] - **Differentiation Potential**: Sonrotoclax and lisaftoclax are expected to disrupt the market due to: 1. **Better Tolerability**: Both drugs showed lower rates of neutropenia and discontinuation compared to venetoclax, with sonrotoclax showing a lower rate than lisaftoclax [2] 2. **Quicker Dose Ramp-Up**: Lisaftoclax has a 4-6 days daily dose ramp-up scheme, while sonrotoclax and venetoclax follow a weekly ramp-up [2] Financial Projections - **Earnings Adjustments**: FY2025-2027 earnings estimates were adjusted, with EPS revised from US$3.78/US$6.26/US$6.64 to US$3.59/US$4.65/US$4.46 [6] - **Sales Estimates**: Near-term sales estimates for sonro were fine-tuned with increased SG&A investment, and R&D spending was increased due to multiple pipeline assets entering the proof of concept stage [6] - **Target Prices**: The 12-month target prices were updated to US$385.79 for ONC and Rmb345.86 for the A-share [6] Risks and Challenges - **Key Risks**: 1. Uncertainties in R&D and regulatory approvals, especially for the early-stage solid tumor franchise [7][10] 2. Competition from BTK and PD-1 inhibitors [7][10] 3. Development risks for clinical-stage assets [7][10] 4. Market access bottlenecks [7][10] Investment Rating - **Current Rating**: The company maintains a "Buy" rating, with shares trading at a modest discount due to broader macroeconomic factors and concerns around its product pipeline [7][10] Additional Insights - **Clinical Development Team**: BeOne Medicines has a growing internal clinical development team, which may provide cost savings and advantages in product launch times compared to peers [7] - **Market Position**: The company is well-positioned to grow and bring additional therapies to both the local Chinese market and the global pharmaceutical stage [7] This summary encapsulates the critical insights from the conference call regarding BeOne Medicines, its market strategies, financial outlook, and associated risks.

Summary of BeOne Medicines Conference Call Company Overview - **Company**: BeOne Medicines (ONC/688235.SS) - **Industry**: Oncology, specifically focused on hematology and solid tumors - **Key Products**: Sonrotoclax (BCL2 inhibitor), Brukinsa, Tevimbra - **Location**: Domiciled in Switzerland Key Points from the Conference Call Approval and Market Entry - **Sonrotoclax Approval**: Approved in China for late-line Chronic Lymphocytic Leukemia (CLL) and Mantle Cell Lymphoma (MCL) on January 5th, 2025, marking its first approval globally [1] - **NDA Review Duration**: The approval process took only eight months, which is considered quick compared to the typical 12-18 months for new drug approvals [1] - **Unmet Need**: The rapid approval reflects a significant unmet need for BCL2 inhibitors in China, as venetoclax was only approved for Acute Myeloid Leukemia (AML) [1] Market Dynamics and Sales Potential - **Sales Ramp-Up**: Interest in tracking the sales ramp-up of venetoclax and lisaftoclax, along with feedback from physicians and patients regarding the new BCL2 inhibitors [2] - **Differentiation Factors**: - **Tolerability**: Both new drugs showed lower rates of neutropenia and discontinuation compared to venetoclax, with sonrotoclax showing a lower rate than lisaftoclax [2] - **Dose Ramp-Up**: Lisaftoclax employs a 4-6 days daily dose ramp-up, while sonrotoclax and venetoclax use a weekly ramp-up [2] Financial Projections and Valuation - **Earnings Adjustment**: FY2025-2027 earnings per share (EPS) estimates adjusted from US$3.78/US$6.26/US$6.64 to US$3.59/US$4.65/US$4.46 [6] - **Increased Probability of Success (POS)**: Blended POS increased from 76% to 95% due to the approval of sonrotoclax [6] - **Target Prices**: Updated 12-month target prices to US$385.79 for ONC and Rmb345.86 for A-share, down from US$408.79 and Rmb366.48 respectively [6] Company Positioning and Risks - **Growth Potential**: BeOne Medicines is well-positioned for growth with a strong internal clinical development team and a focus on oncology [7] - **Key Risks**: - Uncertainties in R&D and regulatory approvals, especially for early-stage solid tumor products - Competition from BTK and PD-1 inhibitors - Development risks for clinical-stage assets - Market access bottlenecks [7][10] Conclusion - **Investment Rating**: Maintained a Buy rating on BeOne Medicines, indicating confidence in its growth potential and market positioning despite broader macroeconomic concerns [7]

Core Insights - BeOne Medicines Ltd. announced new data on sonrotoclax, a next-generation BCL2 inhibitor, showing significant clinical benefits as both a monotherapy and in combination therapies for B-cell malignancies, particularly at the 67th American Society of Hematology Annual Meeting [1][2] Summary by Category Clinical Data - Sonrotoclax demonstrated an overall response rate (ORR) of 52.4% in patients with relapsed/refractory mantle cell lymphoma (MCL), with a complete response (CR) rate of 15.5% in a Phase 1/2 study [3] - The median duration of response (DOR) was 15.8 months, with a median time to response (TTR) of 1.9 months and a median progression-free survival (PFS) of 6.5 months [4] - In combination therapies, sonrotoclax plus zanubrutinib achieved a 100% ORR in 135 efficacy-evaluable patients, with a CR/CRi rate of 55% [7] Safety and Tolerability - Treatment with sonrotoclax monotherapy was generally well tolerated, with manageable adverse events; the most common grade 3 treatment-emergent adverse events included neutropenia (19.1%), infections (16.5%), and pneumonia (10.4%) [5] - The combination therapies also showed good tolerability, with no treatment-emergent adverse events leading to death or significant complications [13][14] Regulatory Status - Sonrotoclax is under Priority Review by the U.S. Food and Drug Administration (FDA) for potential accelerated approval, having received Breakthrough Therapy Designation and Fast Track Designation for MCL and other conditions [5][17] Market Potential - Sonrotoclax could become the first BCL2 inhibitor approved for relapsed/refractory MCL in the U.S., with the potential to transform treatment outcomes for patients with limited options [3][6]

Core Viewpoint - BeOne Medicines Ltd. has received Priority Review from the FDA for its New Drug Application for sonrotoclax, a next-generation BCL2 inhibitor aimed at treating adult patients with relapsed or refractory mantle cell lymphoma after BTK inhibitor treatment [1] Company Summary - BeOne Medicines Ltd. is a global oncology company focused on developing innovative treatments for cancer [1] - The company’s drug sonrotoclax targets a specific patient population suffering from mantle cell lymphoma, indicating a strategic focus on niche oncology markets [1] Industry Summary - The acceptance of sonrotoclax's NDA by the FDA highlights the ongoing advancements in oncology therapeutics, particularly in the area of targeted therapies for hematological malignancies [1] - The Priority Review designation suggests a potential expedited approval process, reflecting the urgency and unmet medical need in treating relapsed or refractory mantle cell lymphoma [1]