BeOne药品公司 (ONC.0)我们与管理层的虚拟炉边谈话回顾

BeOne Medicines (ONC.O) Recap of Our Virtual Fireside Chat with Mgmt. Wehostedafiresidechat withBeOne's CMOof Solid Tumors (Mark Lanasa),CMOofHematology(AmitAgarwal),andCFO(AaronRosenberg);seereplayhere.Wefocusedourconversationonthesolidtumorpipeline,particularlytheGPC3x4-1BBbispecific,B7-H4ADC,andCDK4ipresentedatAscO2026,recappedinournotehere.Mgmt.alsoexpressedconvictioninthePRMT5iandCEAADC,whichwill bothhavetheirfirstdata disclosure in2H26.In hematology,mgmt.emphasizedtermSEQUOIAfollow-updatapresentedatASCO(seehere),withBrukinsadrivingsuperioroutcomes(notH2H)particularlybetweenyears3-6inall-comersandhigher-riskpatients,plusreal-worlddatainlinewith clinical results.Also seehereforZS'svalueproposition in fixed-durationCLL,withPh3CELESTIAL-301uMRDdataexpectedin3Q26(PFSdatalater),and hereforourthoughtsontheBTK-degrader. BuyCatalyst Watch:Upside,expires 05-AUG-26Price (04 Jun 2616:00)US$279.93Target priceUS$453.00Expectedsharepricereturn61.8%Expected dividend yield0.0%Expectedtotal return61.8%MarketCapUS$30,714M Yigal Nochomovitz, Ph.D.Ac+1-212-8161441yigal.nochomovitz@citi.com WewouldalsoliketohighlightthefollowingincrementaldetailsonthesolidtumorassetspresentedatAcO:1)theGPC3x4-1BBbispecificappearstodriveresponsespatients,and lowerGPc3expressionsothecompanymaybeabletopursueanall-comersapproach,asmaysimilarlybepossiblewiththeB7-H4ADCwhereonlya~10-15%reductioninresponseratewasobservedbetweenovariancancerpatientswithhigh B7-H4 expression and low B7-H4 expression perhaps partially driven by thebystander effect;2)thePh31Lmaintenance studyfortheB7-H4ADC in ovariancancer, expected to start in 4Q26,will include patients who are ineligiblefor PARPinhibitors(~50-60%ofpatientswithnewlydiagnosed0C)andthosewhodidnotprogress on 1L chemo (~90% of patients),together representing ~50% of newlydiagnosed OC patients; and 3)mgmt.highlighted that in preclinical cellular assays,theirCDK4iappears ~38-foldmore selectiveforCDK4over CDK6 compared to~21-fold more selectivewithPfizer's atirmociclib and ~16-fold with abemaciclib,~8-foldwith ribociclib,and~1-fold with palbociclib, which should helpdifferentiate BeOne'sCDK4ionsafetybyavoidinghematologictoxicities linkedtoCDK6inhibition. Caroline DePaul+1-212-816-0211caroline.depaul@citi.com JoohwanKim+1-212-816-0224joohwan.kim@citi.com Valuation Our12-monthtargetpriceforONC is $453,derived usinga discountedcashflow (DCF)analysis.Weuse aweighted average costofcapital(WAcC)of10%anda2.5%terminalgrowthratepost-2035inourbasecase.Risks ONCcarriesclinical,regulatory,and commercial risktypical oflarge-capbiotechcompanies.Specific sourcesofdownsiderisk price.Thepipelinemayfailtogenerate sufficient returns onthe invested R&D capital, causing sharestounderperform. ofthegraphicsinthisdocument,pleasecallUSA1-888-500-5008(TTY:711),fromoutsidetheUS+1-210-677-3788 Appendix A-1 Theresearchanalystsprimarilyresponsibleforthepreparation andcontentofthisresearchreportareeither(i)designated by"Ac"intheauthorblockor(ii)listedinboldalongsidecontentwhichis attributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlisted inboldalongsidethecontentand(b)viewsexpressedsolelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyinganalystidentifiedinthepricechartsorratinghistorytablesforthatissuershownbelow.Eachoftheseanalystscertify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerand securityreferencedandwere preparedinan independent manner,includingwith respecttoCitigroup GlobalMarketsInc.and itsaffiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwill be,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES CitigroupGlobalMarketsInc.oritsaffiliates receivedcompensationforproductsandservicesotherthaninvestmentbankingservicesfromBeOneMedicinesAGinthepast12months servicesprovidedwerenon-investment-banking,securities-related:BeOneMedicinesAGCitigroupGlobal MarketsInc.orits affiliates currentlyhas,orhadwithinthepast12months,thefollowingasclients,andthe servicesprovided were non-investment-banking,non-securities-related:BeOneMedicinesAG.Analysts'compensationisdeterminedbyCiti ResearchmanagementandCitigroup'sseniormanagementand isbasedupon activities and servicesintendedtobenefittheinvestorclients of CitigroupGlobal MarketsInc.and its affiliates (the“Firm").Compensationisnotlinkedtospecifictransactionsorrecommendations.Likeall Firmemployees,analystsreceivecompensationthatisimpactedbyoverall Firmprofitabilitywhichincludes investmentbanking,salesandtrading,andprincipaltradingrevenues.Onefactorinequityresearchanalystcompensation is arranging corporateaccesseventsbetweeninstitutionalclientsandthemanagementteamsofcoveredcompanies.Typically,companymanagementismore likelytoparticipate