BeOne Medicines (ONC) Jefferies London Healthcare Conference 2024 summary

Strategic vision and recent achievements

• Focused on transforming drug discovery to make medicines more affordable and accessible globally, leveraging a large internal clinical development team operating in 45 countries.

• Achieved over $1 billion in quarterly revenue and consecutive quarters of positive non-GAAP operating income, with cash flow positivity.

• Brukinza became the market leader in first- and second-line CLL, supported by five hematology approvals and a robust pipeline including BCL2 and degrader assets.

• Advanced nine new potential medicines into the clinic this year, including eight in oncology and one in INI, with rapid clinical trial execution.

• Announced a name change to BeOne Medicines, a re-domiciling to Switzerland, and the opening of an $800 million biologics facility in Princeton for U.S. supply.

Financial performance and global expansion

• Over 60% of revenue comes from the U.S. (50%) and Europe (10%), with Europe growing 217% year-over-year and further launches planned in major markets.

• Early-stage launches in markets like Brazil and Korea, with Japan yet to launch, signal ongoing globalization and competitive positioning.

• Achieved breakeven, balancing investment in R&D and commercial scaling with improved operating leverage and gross margin.

• Continued investment in late-stage and early-stage pipelines, aiming for sustainable growth and margin optimization.

CLL franchise and clinical insights

• Brukinza demonstrated superior efficacy over Imbruvica in head-to-head trials, driving rapid adoption in CLL.

• Fixed duration therapies and combination regimens are under evaluation, with BCL2 and degrader assets positioned for future franchise growth.

• Upcoming ASH presentations will feature 21 abstracts, including updated phase II data for sonrotoclax and long-term follow-up for zanubrutinib.

• Degrader assets show promise in relapsed CLL and other B-cell malignancies, with potential to move into earlier lines of therapy.