BeOne Medicines (ONC) Morgan Stanley 23rd Annual Global Healthcare Conference summary

Global strategy and competitive positioning

• Maintains a global presence with 11,000 employees across six continents, leveraging strengths in the US, EMEA, and China for R&D and commercial growth.

• Business development focuses on complementing a robust internal portfolio, with early insights from direct relationships in China.

• Monitors global regulatory and pricing trends, including MFN and tariffs, with a diversified manufacturing footprint to mitigate risks.

• Engages in ongoing dialogue about access, innovation, and regulatory changes, maintaining stable interactions with the FDA.

Innovation and operational efficiency

• AI integration has reduced clinical development workload by up to 90% in some processes and halved database lock times.

• AI has improved efficiency in safety review and reporting, though its impact on discovery remains limited.

• Operational infrastructure enables rapid trial enrollment and timeline compression, notably in CDK4 and degrader programs.

Hematology pipeline and commercial momentum

• BRUKINSA leads new patient starts in B-cell malignancies, with class growth at 11% and product demand up 35% year-over-year.

• Sonrotoclax shows promise for first approval in relapsed/refractory mantle cell lymphoma, with global submissions planned this year and potential US approval next year.

• Combination of sonrotoclax and zanubrutinib could significantly exceed market expectations, with high MRD rates and improved safety/convenience over competitors.

• CLL franchise strategy leverages multiple molecules for leadership across lines of therapy, including BTK, BCL2, and a degrader.