Company Reports

BeOne is an emerging Chinese biotechnology company with a global leading position in hematologic cancers, thanks to its core drug Brukinsa. Since its approval in 2019, Brukinsa’s stronger efficacy and superior safety profile have allowed BeOne to gain market share from existing drugs. We perceive Brukinsa to be the best-in-class drug treatment for chronic lymphocytic leukemia as well as other lymphoma cancers based on statistically significant results compared with its closest competitor, AbbVie's Imbruvica.

BeOne's second-quarter revenue grew 30% year on year to USD 1.7 billion while operating margin increased 1,240 basis points, driven by sales of Brukinsa, which continues to gain market share and lead the industry in new chronic lymphocytic leukemia patients added.

BeOne is an emerging Chinese biotechnology company with a global leading position in hematologic cancers, thanks to its core drug Brukinsa. Since its approval in 2019, Brukinsa’s stronger efficacy and superior safety profile have allowed BeOne to gain market share from existing drugs. We perceive Brukinsa to be the best-in-class drug treatment for chronic lymphocytic leukemia as well as other lymphoma cancers based on statistically significant results compared with its closest competitor, AbbVie's Imbruvica.

We initiate coverage of BeOne with No Moat and Very High Uncertainty Ratings and an HKD 214 (USD 354) fair value, which reflects a 31% upside based on the June 15 closing price.