BTKi处方量周度追踪报告（截至07/04）：假日期间普遍下滑

e微谐Brukinsa—Calquence —Imbruvica—Jaypirca Kelly Shi, Ph.D. * IEquity Analyst(212) 336-6937 |kshi@jefferies.comClara Dong, Ph.D. * IEquity Analyst+1 (212) 284-2432 | ydong1@jefferies.comYifan Xu, Ph.D.*IEquity AssociateAnqi Yu, Ph.D. * IEquity Associate+1 (917) 781-7082 |ayu1@jefferies.comHangfei Fu, Ph.D. * IEquity Associate(212) 323-7562I hfu@jefferies.com JefferiesExhibit 2 - Brukinsa IMS-reported Weekly Sales70.060.050.040.030.020.010.00.0: IQVIA;Jefferies reExhibit 3 - Commercial BTKi script volumes since Q12025NRX中QVIA;eries rPlease see important disclosure information on pages 3 - 8 of this reportThis reportis intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesCompany DescriptionBeOneBeOne is an oncology company that specializes in the development of cancer treatment and bringing impactful medicines that are affordable andaccessible to patients around the world. Founded in 2010 by Xiaodong Wang and CEO John V. Oyler, the company has 40 offices across 5 continents.BeOne has developed several pharmaceuticals, including tislelizumab, a checkpoint inhibitor, and Brukinsa (zanubrutinib), a Bruton's tyrosine kinaseinhibitor that is the only BTKi demonstrating head-to-head superiority in CLL and has the broadest label with five approved indications. Brukinsa isnow approved in 65+ countries and regions.Company Valuation/RisksBeOneOur s307 price target is DCF-based, assuming a WACC of 9%, a terminal growth rate of 2% post 2033, and 105M shares outstanding. Risks includeclinical, regulatory,manufacturing,commercial, financing,and competition.Analyst Certification:company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedn this researchreportI, Clara Dong, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research reportcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedinthisresearchreportI, Anqi Yu, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Hangfei Fu, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressecin this research reporbased in part on the overall performance of the firm,including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month periodHold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month periodThe expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow s10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below s10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month periodNR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or JefferiespoliciesCs -Coverage Suspended. Jefferies has suspended coverage of this company.Please see important disclosure information on pages 3 - 8 of this report. July 11, 2025 7:58 A.MJuly 11, 2025 7:58 A.M. J