Lyon: BeOne Medicines Ltd. (06160) reports quarterly results exceeding expectations and raises sales and profit forecasts.

Lyon released a research report stating that it has raised the target price for BeOne Medicines Ltd. (06160) from HKD 291.9 to HKD 321.7, and for BeOne Medicines Ltd. (ONC.US) in the US stock market from USD 501.3 to USD 522.5, maintaining an "outperform" rating. BeOne Medicines Ltd. reported a 29.6% year-on-year increase in revenue for the second quarter to USD 1.7 billion, with net profit rising 151.3% year-on-year to USD 237 million, both exceeding market expectations, primarily driven by robust sales of its core product, Baiyueze, and operational leverage. Global sales of Baiyueze increased by 31.4% year-on-year to USD 1.3 billion, with sales in the US market rising by 30.5%. The firm estimated that Baiyueze's market share expanded from 42% in the first quarter to 43.1% in the second quarter. Management has once again raised its full-year outlook for 2026, with revenue guidance increased from USD 6.3 billion to USD 6.5 billion to USD 6.6 billion to USD 6.8 billion, and operating income guidance raised from USD 750 million to USD 850 million to USD 1 billion to USD 1.1 billion. The company has made further progress in the solid tumor field, with the GPC3 x 4-1BB bispecific antibody BGB-B2033 having completed a registrational expansion study for later-line hepatocellular carcinoma in China, and plans to initiate a global Phase III clinical trial for second-line hepatocellular carcinoma in the second half of the year. Lyon indicated continued optimism for BeOne Medicines Ltd.'s global commercialization progress, as well as the advancement of its new pipeline for solid tumors into late stages. In response to performance and guidance adjustments, sales forecasts for 2026 to 2028 have been raised by 4%, 3.3%, and 3.2%, respectively, while net profit forecasts have been increased by 23.5%, 12.5%, and 7.3%.