BeOne Medicines (ONC) Morgan Stanley 24th Annual Global Healthcare Conference summary

Strategic evolution and business model

• Transitioned from a nascent company with limited revenue and capabilities to a fully integrated global oncology leader over the past decade.

• Built a global development infrastructure, termed the "superhighway," enabling rapid and cost-effective clinical advancement.

• Leveraged this infrastructure to repeatedly bring innovative oncology medicines to market.

• Focused on sustainable innovation and a pipeline designed for continuous asset generation.

• Financial profile shifted to GAAP profitability, with increasing leverage and free cash generation.

Solid tumor and hematology pipeline highlights

• Five pivotal solid tumor programs are advancing, with 2026 identified as a key inflection point.

• CDK4 inhibitor BGB-43395 shows high potency and selectivity, with a 70% response rate and minimal hematologic toxicity in early trials.

• GPC3 x 4-1BB bispecific antibody in liver cancer demonstrated a 30% response rate in late-line HCC, comparable to frontline standards, with a phase III global trial planned by year-end.

• PRMT5 inhibitor is brain-penetrant, targeting lung cancer and other indications, with first clinical data to be presented at ESMO.

• B7H4, CEA ADC, and other assets are advancing, with B7H4 entering phase III for ovarian cancer maintenance.

Commercial performance and financial outlook

• BRUKINSA achieved its highest new patient starts in over six years, with global sales up 31% in Q2.

• Growth driven by differentiated clinical and real-world data, broad label, and strong demand across multiple indications.

• Raised 2026 revenue guidance by $300 million and operating income by $250 million, reflecting strong global performance.

• Margin expansion expected to be modest, with 2027 expenses projected to grow at mid-teen rates as investment in innovation continues.

• European and rest-of-world markets are earlier in their trajectory but offer significant growth potential.