Summary of BeOne Medicines (ONC/688235.SS) Earnings Review Company Overview - BeOne Medicines is a global oncology company based in Switzerland, focusing on innovative cancer treatments, particularly in hematology and solid tumors, with key products including Brukinsa and Tevimbra [13][14]. Key Financial Highlights - 2Q Product Sales: Achieved US$1.3 billion, a 41% year-over-year increase, surpassing expectations (GSe: US$1.23 billion) [1] - Brukinsa Sales: Contributed US$684 million, reflecting a 43% year-over-year growth and a 21% quarter-over-quarter increase [1] - Tevimbra Sales: Reported US$194 million, a 22% year-over-year increase, with strong performance in China [1] - China Sales: Reached US$83 million, a 31% year-over-year increase [1] Guidance and Profitability - FY25 Guidance: Raised from US$4.9 billion to a range of US$5.0 billion to US$5.3 billion [1] - Net Income: Increased to US$94 million in 2Q, compared to US$1 million in 1Q, driven by strong topline growth and a gross profit margin (GPM) of 87.4% [2] - Operating Expenses: SG&A expenses were US$538 million (+21% y/y), and R&D expenses were US$525 million (+15% y/y) [2] Market Position and Competitive Landscape - Market Share: Brukinsa continues to gain market share among BTK inhibitors, with a 38% share in the US [1][11] - 1L CLL Position: Management expressed confidence in maintaining a strong position against competition from pirtobrutinib, citing the need for head-to-head trials for new entrants [7] Future Catalysts - Upcoming Milestones: Key trials and data readouts expected in the next 12 months include: - Brukinsa: Phase 3 MANGROVE trial readout in TN MCL in 2H25 - Sonrotoclax: First global registrational filing in R/R MCL in 2H25 - BTK CDAC: Phase 3 initiation in R/R CLL in 2H25 [8] Valuation and Price Target - Earnings Estimates: Adjusted FY2025-2027 earnings estimates to US$2.77, US$6.61, and US$8.04 respectively [9] - Target Prices: Updated 12-month target prices to US$378.20 for ONC and Rmb328.65 for A-share [9][14] Risks and Considerations - Key Risks: Include uncertainties in R&D and regulatory approvals, competition in the BTK/PD-1 space, and potential market access bottlenecks [13][14]. Conclusion - BeOne Medicines is positioned for growth with strong sales performance, raised guidance, and a robust pipeline. The company is well-placed to navigate competitive pressures and capitalize on upcoming clinical milestones [13][14].
百济神州：业绩回顾，预计自有品牌销售目标在国内和海外均上调；买入评级BeOne Medicines (ONC_.SS)_ Earnings Review_ 2Q beat on strong Brukinsa; FY25 guidance raised; Buy