BeOne Medicines Ltd. (06160) collectively bullish outlook on the overall market performance in Q1 confirms its long-term investment value.

In the first quarter, revenue exceeded 10 billion RMB, and net profit increased by more than 178 times year-on-year... Driven by the strong realization of innovative value, BeOne Medicines Ltd. (688235.SH, 06160, ONC.US) has validated its sustainable profitability in the 2026Q1 financial report, sending a positive signal to the global capital market for further allocation. High-growth performance validates long-term investment logic Recently, the financial report of BeOne Medicines Ltd. for the 26Q1 quarter was released. Under GAAP, BeOne Medicines Ltd.'s Q1 global total revenue reached 1.513 billion US dollars, a year-on-year increase of 35.5%, exceeding the previous FactSet's consensus expectation of 1.44 billion US dollars. On the profit side, BeOne Medicines Ltd.'s performance was even more stunning. Data shows that the company's operating profit in the current period was approximately 250 million US dollars, compared to 11 million US dollars in the same period last year; the current net profit was approximately 227 million US dollars, with GAAP diluted earnings per ADS of 1.96 US dollars. While achieving sustainable innovative income and profitability, the company's current free cash flow was approximately 161 million US dollars, an increase of 173 million US dollars compared to the same period last year. Behind the growth in performance is the strong volume of BeOne Medicines Ltd.'s core products globally. In the 26Q1 quarter, the product revenue of BeOne Medicines Ltd. reached 1.5 billion US dollars, a year-on-year increase of 34%. Zebutini (Baiyueze) achieved global revenue of 1.1 billion US dollars, a year-on-year increase of 38%, continuing to be a global revenue leader in the BTK inhibitor field. In terms of regional market performance, in the U.S. market, benefiting from strong demand growth and revenue from net pricing, the current sales of Baiyueze reached 761 million US dollars, a year-on-year increase of 35%. Behind the strong revenue is the product's continued leading position in the CLL indication, achieving market share breakthrough; in the European market, Baiyueze also showed strong growth momentum, with current sales reaching 182 million US dollars, a year-on-year increase of 51.4%, benefiting from all major European markets, including Germany, Italy, Spain, France, and the UK. At the same time, the global sales of Bazhexin in the first quarter reached 206 million US dollars, a year-on-year increase of 20%, maintaining its leading position in the industry even in a competitive environment in China. About half of the revenue increment of Bazhexin comes from markets outside China. In addition, the company's licensed and other products also showed sustained strong momentum, with global sales of licensed products from Amgen Inc. reaching 142 million US dollars, a year-on-year increase of 25%. Accelerating the realization of innovative value In recent years, while solidifying its global leadership in blood cancer treatment, BeOne Medicines Ltd. has been continuously outlining a second growth curve in the field of solid tumors, accelerating the global realization of the company's innovative value. From the perspective of innovation research and development, BeOne Medicines Ltd. is not limited to a single target or technology platform, but is committed to selecting a few disease areas that can lead the industry and building a pipeline with depth and sustainable development. On the hematological level, BeOne Medicines Ltd. has been gradually laying out its foundation based on Zebutini, with Sotocla (Baiyueda) being a key anchor point. On May 14, BeOne Medicines Ltd. announced that Baiyueda (Sotocla, BEQALZI) received FDA accelerated approval for the treatment of relapsed or refractory (R/R) mantle cell lymphoma (MCL) in adults who have received at least two lines of systemic treatment (including BTK inhibitors). This is the first time in ten years that a new BCL2 inhibitor has been approved for marketing in the United States, and Sotocla is currently the only BCL2 inhibitor approved for mantle cell lymphoma indication in the United States. On the solid tumor level, BeOne Medicines Ltd. has already formed a commercial/innovative matrix covering multiple targets and mechanisms, and progress is being made steadily. For example, Bazhexin has been granted priority review qualification in the United States for the treatment of HER2-positive gastric cancer indications; in addition, the application for the new indication of Zhenidatuzumab single antibody (Baihe'an) in combination with Trastuzumab single antibody for first-line treatment of HER2-positive gastric or esophageal adenocarcinoma has been accepted by the Chinese National Medical Products Administration in April 2026. It is worth mentioning that the development of the company in the field of solid tumors is also a focus of the latest Citigroup research report. The report clearly points out that BeOne Medicines Ltd.'s solid tumor projects are transitioning from early-stage to late-stage, and key PoC (Proof-of-Concept) data for CDK4 inhibitors, B7-H4 ADC, and GPC3x4-1BB bi-specific antibodies are expected to be announced at the 2026 ASCO Annual Meeting. Bullish views from major financial institutions After the disclosure of the above performance, CICC followed up and released a latest research report, emphasizing the better-than-expected performance of BeOne Medicines Ltd.'s 26Q1 financial report and continuing to maintain its outperformance rating, with A/H/US stock target prices of 320 yuan/250 Hong Kong dollars/420 US dollars, representing 29.6%/37.4%/34.1% upside potential. Citigroup, on the other hand, is even more optimistic in its latest report issued on May 11, stating that BeOne Medicines Ltd.'s Q1 performance was strong, with total revenue exceeding the bank's estimates by 5%, and management has raised the full-year 2026 revenue guidance by 100 million US dollars, to 6.3 billion to 6.5 billion US dollars, while operating expenses guidance remains unchanged, with projected operating income being raised by 50 million US dollars. While maintaining a "buy" rating on BeOne Medicines Ltd., the bank further raised its US stock target price from 430 US dollars to 453 US dollars. In fact, since the beginning of this year, several domestic and foreign financial institutions have generally raised or maintained high target prices for BeOne Medicines Ltd., with a highly consistent logic: focusing on the global realization of BeOne Medicines Ltd.'s innovative value and the concentrated outbreak of commercialization capabilities. The release of the company's 26Q1 financial report undoubtedly further strengthens this logic.