20251110-招银国际-A_trajectory_of_rising_profitability_6页_1mb

报告摘要

BeOne Medicines (ONC US) Equity Research Update

Key Highlights

Sales Momentum: BeOne reported US$3.81bn revenue for 9M25, achieving 73% of prior full-year estimate. Zanubrutinib generated US$1.04bn in 3Q25, +10% QoQ, leading in new CLL prescriptions and becoming the top-selling BTK inhibitor globally by revenue.
Profitability: The company recorded a first-ever GAAP profit of US$1mn in 1Q25 and net income rose to US$125mn in 3Q25. SG&A-to-sales ratio decreased to 37.9%, and R&D-to-sales ratio declined to 37.5%.
Revenue Guidance: Management maintained FY25 revenue guidance at US$5.3bn (upper end). CMBI projects FY25 revenue of US$5.44bn and full-year net profit of US$372mn.
Pipeline: BeOne is advancing Zanubrutinib and Sonro oral fixed-duration regimens in CLL, including Ph3 trials and a head-to-head trial against Pirto (BTK CDAC).

Company Update

BeOne Medicines maintains its BUY rating with a revised target price of US$392.43. The company demonstrated strong operational leverage and growth in sales, particularly for Zanubrutinib, which is capturing significant market share in the US$12bn CLL market.

Analyst Certification

Certification: Views accurately reflect personal opinions; no compensation tied to the views expressed.
Trading Compliance: No trading in the stock(s) covered within 30 calendar days prior to report issuance or after issuance.

CMBIGM Ratings

BUY Rating: Stock with potential return of over 15% over the next 12 months.

Important Disclosures

Risk Note: There are risks in transacting in any securities. Past performance does not indicate future performance, and actual events may differ materially from research.
Disclaimer: CMBIGM is not liable for any loss or damage incurred in relying on this report. It is provided for informational purposes only.