百济神州-2026 财年第四季度指引符合预期；关注布鲁金萨之外的四大增长支柱；买入评级

27 February 2026 | 1:47AM HKT Equity Research BEONE MEDICINES (ONC/688235.SS) Earnings Review: 4Q / FY26 guidance in-line; eyes on four growth pillars beyond Brukinsa; Buy 4Q in-line with strong Brukinsa, guided US$6.2-6.4bn revenue in FY26: 4Q product sales of US$1.48bn (+32% y/y, vs. US$1.5bn/US$1.46bn for GSe / Visible Alpha Consensus Data) were inline. Brukinsa had a strong finish in 4Q with US$1.15bn (+38% y/y) globally, further strengthening its global leadership position (36% of market share, recall ...