每周BTKi处方追踪；EHA更新展示ONC领先的慢性淋巴细胞白血病业务

Kelly Shi, Ph.D. * | Equity Analyst(212) 336-6937 | kshi@jefferies.comClara Dong, Ph.D. * | Equity Analyst+1 (212) 284-2432 | ydong1@jefferies.comYifan Xu, Ph.D. * | Equity Associate+1 (212) 778-8057 | yxu4@jefferies.comHangfei Fu, Ph.D. * | Equity Associate(212) 323-7562 | hfu@jefferies.com Exhibit 1 - Weekly TRx (top) and NRx (bottom).Source: IQVIA; Jefferies researchExhibit 2 - Brukinsa IMS-reported Weekly Sales.Source: IQVIA; Jefferies researchPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 3 - Commercial BTKi script volumes in Q1 & Q2 2025.Week/Week Growth (Absolute Numbers)TRxNRxRRxTRxNRx742195547674214460893359534912301611852314538284762357678281736314719296761961268693266803295766262759289740262746248761962240722984253731245760306834813210603273766Source: IQVIA; Jefferies researchExhibit 4 - Monthly Commercial BTKi Scripts.TRxNRxRRxTRxNRx460635431742526971489920565604582639559621588549868806846993991935989944Source: IQVIA; Jefferies researchPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company 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 $307 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:I, Kelly Shi, 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, 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 report.I, Yifan Xu, 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 expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased 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 period.Hold - 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 period.The 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 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with a