Ph3 胜利在一线MCL强化BRUKINSA的基础性标签广度并支持全面B细胞 franchises的案例

BeOne Medicines (ONC.O) and Supports the Case for a Comprehensive B-Cell Franchise Catalyst Watch:Upside,expires05-AUG-26Price (29 Jun 2616:00)US$289.99Target priceUS$453.00Expected sharepricereturn56.2%Expected dividend yield0.0%Expectedtotal return56.2%Market CapUS$31,818M HR=0.57andp<0.0001,vs.BR,representingthepotentialforalabelexpansionthatwouldfurtherbolsterthefoundational BTKinarrativebeyondCLLasthischemotherapy-freeregimencoulddisplaceBRinfrontlineMCL,a settingwherechemoimmunotherapyhasbeenthedefaultfordecades.Thatsaid,givenMCL'ssmallerpatientpopulationvsCLL,near-termrevenueimpactsarelikelytobeincremental,butthedataultimatelydeepensBRUKINSA'scompetitivemoatacrossB-cellmalignancies and reinforcesthedifferentiation argumentvs.pirto,whichhasyettodemonstratestatistical superiorityoveribrutinib inthisPh3setting.Thesafetyprofilewasconsistentwiththeknownprofileofbothagents,with nonew signals.OS data were immaturebuttrendedfavorably.Global regulatory submissionsareplannedfor2H26,settingupapotentialapprovalcatalyst. Yigal Nochomovitz, Ph.D.AC+1-212-8161441yigal.nochomovitz@citi.comJoohwanKim +1-212-816-0224joohwan.kim@citi.com Caroline DePaul+1-212-816-0211caroline.depaul@citi.com Our 12-month target price for ONC is $453, derived using a discounted cash flow (DCF) analysis. We use a weighted average ONCcarries clinical,regulatory,and commercial risktypicaloflarge-capbiotech companies.Specific sources ofdownsiderisk include:BeOne'sprimarysourcesofrevenueare sales of Brukinsa andTevimbra.If sales fortheseproductsfailtomeet our ofthegraphicsinthisdocument,pleasecallUSA1-888-500-5008(TTY:711),fromoutsidetheUS+1-210-677-3788 Appendix A-1 Theresearchanalystsprimarilyresponsibleforthepreparationandcontentofthisresearchreportareeither(i)designated by"Ac"intheauthorblockor(ii)listed inbold alongsidecontentwhichis attributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlisted inboldalongsidethecontentand(b)viewsexpressedsolelywithrespecttoa specificissuerwhichare attributabletoanotherAccertifying analystidentified inthepricecharts orratinghistorytablesforthatissuershownbelow.Eachoftheseanalysts certify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerandsecurityreferencedandwerepreparedinanindependentmanner,includingwithrespecttoCitigroupGlobalMarketsInc.and itsaffiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendations orviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES Citigroup Global Markets Inc.or its affiliates received compensation forproductsand services otherthan investment bankingservicesfromBeOneMedicinesAG inthepast12months. servicesprovidedwerenon-investment-banking,securities-related:BeOneMedicinesAG.Citigroup Global Markets Inc.or its affiliates currently has,or had within the past12months,thefollowing as clients,and the services providedwere non-investment-banking,non-securities-related:BeOneMedicines AG.Analysts'compensationisdeterminedby Citi ResearchmanagementandCitigroup'sseniormanagementand isbasedupon activities and servicesintendedtobenefittheinvestorclients of CitigroupGlobal MarketsInc.and its affiliates(the“Firm").Compensationisnotlinkedtospecifictransactionsorrecommendations.LikeallFirmemployees,analystsreceivecompensationthatis impactedbyoverallFirmprofitabilitywhich includesinvestmentbanking,salesandtrading,andparticipatewhentheanalysthasapositiveviewofthecompanyForfinancial instruments recommended in the Product in which the Firm is not amarketmaker,theFirm is a liquidityprovider in suchfinancialinstruments(andanyunderlyinginstruments)andmayactasprincipalin connectionwithtransactionsinsuch instruments.TheFirm is a regularissueroftraded financial instruments linkedto securities that may have beenrecommended in the Product.TheFirm regularly trades in the securities of theissuer(s)discussed in the Product.TheFirm mayProduct,will buy or sell from customers onaprincipal basis.Unless statedotherwiseneithertheResearchAnalyst noranymemberoftheirteamhasviewedthematerialoperations ofthe Companiesforwhichaninvestmentviewhasbeenprovidedwithinthepast12monthsForimportantdisclosures (includingcopiesofhistorical disclosures)regardingthecompanies thatarethe subjectofthis Citi Researchproduct("theProduct"),pleasecontactCitiResearch,388GreenwichStreet,6thFloor,NewYork,NY,10013,Attention:Legal/Compliance[E6WYB6412478].Inaddition,thesameimportantdisclosures,withtheexceptionoftheValuationand Riskassessmentsandhistoricaldisclosures,arecontainedontheFirm'sdisclosurewebsiteathttps://www.citivelocity.com/cvr/eppublic/citi_research_disclosures.ValuationandRiskassessmentscanbefoundinthe textofthemostrecentresearchnote/reportregardingthesubjectcompany.PursuanttotheMarketAbuseRegu