BeOne Medicines (ONC) Citi's 2024 Global Healthcare Conference summary

Strategic transformation and globalization

• Announced re-domiciling to Switzerland and rebranding as BeOne Medicines, with a new ticker ONC, to reinforce commitment to oncology and global expansion.

• Basel chosen for its scientific ecosystem and existing infrastructure, complementing hubs in the US and China.

• Over 50% of revenue now generated outside China, with ongoing growth in the US, Europe, and emerging markets.

• Manufacturing and supply chains are increasingly global, with major investments in US facilities to mitigate geopolitical risks.

• Shareholder vote on re-domiciling expected in early 2025, with completion soon after.

Oncology portfolio and pipeline highlights

• Brukinsa is the leading BTKi in the US for CLL, with global expansion underway and a strong growth outlook.

• The CELESTIAL 301 study combines zanubrutinib and sonrotoclax for time-limited CLL therapy, with primary readout expected around 2028.

• BTK degrader program shows promise in addressing resistant mutations, with positive early data in CLL and other lymphomas.

• Second-generation BCL2 inhibitor is advancing in both hematologic and solid tumor indications, including upcoming breast cancer studies.

• Tislelizumab (Tevimbra) has secured six EU approvals and is expanding globally, with strong performance in China and new launches in the US and Europe.

Solid tumor and early-stage innovation

• Focused on major tumor types: lung, GI, and breast cancer, with a strategy to develop best-in-class molecules and in-portfolio combinations.

• CDK4 selective inhibitor has enrolled over 100 patients in phase I, showing greater potency and selectivity than competitors, with phase III targeted within two years.

• Pipeline includes a B7-H4 ADC, CDK2 inhibitor, pan-KRAS inhibitor, EGFR degrader, and MAT2A-PRMT5 cooperative inhibitor, all advancing rapidly.

• Ten new molecular entities entered the clinic in 2023, with more expected by year-end.

• R&D and clinical operations are globally distributed, with early-phase studies initiated in the US and Australia.