Wolfe Research Starts BeOne Medicines (ONC) at Outperform

Wolfe Research analyst Kalpit Patel initiates coverage on BeOne Medicines (NASDAQ: ONC) with a Outperform rating and a price target of $340.00.

The analyst comments "The company seems to run one of the broadest development programs in biotech, with 20+ assets, rapid PoC generation, and execution speed that looks faster than peers. BeOne is already a scaled, profitable oncology name available at an attractive multiple. BeOne penciled in $5.3B in product revenue in FY2025 and guided to $6.2B - $6.4B of total revenue in 2026. The stock is trading at ~5.7x trailing EV/ sales and ~4.8x forward EV/sales. Continuous or fixed-regimen – BeOne has a winner for both in CLL/SLL. We forecast Brukinsa’s dominance remains in 1L CLL as a continuous BTKi while expanding into the fixed-duration segment as the potentially best-in-class all-oral combo. The recent approval of a fixed-duration regimen (AV) for CLL/SLL is not a major threat, as AV was studied in a younger/fitter population with uMRD and 3- yr PFS rates that appear inferior to BeOne’s ZS. Furthermore, AV is burdened with convenience issues (tied to venetoclax monitoring) and TLS risk. Clinical / regulatory catalysts for FY2026E. Key events include (1) sonrotoclax’s potential US approval in r/r MCL in 1H26E; (2) Phase III Mangrove data in 1L MCL in 1H26E; and (3) uMRD response for ZS vs. VO. We are optimistic heading into all three catalysts for this year."

For an analyst ratings summary and ratings history on BeOne Medicines click here. For more ratings news on BeOne Medicines click here.

Shares of BeOne Medicines closed at $283.45 yesterday.

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