Company Coverage
BeOne Medicines (6160 HK) - 3Q26: Results Outperform; Raising 2026 Guidance Again
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$248.60
HK$300.00
+20.7%
HK$265.00
Analyst
Analyst
Highlights
- BeOne’s 3Q26 revenue rose 33.8% yoy to US$1.89b and adjusted net profit grew 77.4% yoy to US$539m, ahead of our and consensus expectations.
- Management raised its 2026 revenue guidance again, by US$250m at the midpoint to US$6.9b-7.0b, and GAAP operating income guidance to US$1.2b-1.3b, on BRUKINSA's momentum and improving operating leverage. With a deep late-stage pipeline, BeOne is well positioned for sustained long-term growth.
- Maintain BUY with a higher target price of HK$300.00.
Analysis
- 3Q26 results beat. BeOne Medicines' (BeOne) 3Q26 revenue reached US$1,890m, up 33.8% yoy and 10.8% qoq, while adjusted net profit rose 77.4% yoy and 21.2% qoq to US$539m and reported net profit surged 208.2% yoy and 62.3% qoq to US$385m. 9M26 revenue was US$5,108m, up 32.9% yoy. 9M26 adjusted net profit came in at US$1,358m, up 96.1% yoy, significantly exceeding our and consensus estimates for 2026 growth.
Highlights
- BeOne’s 3Q26 revenue rose 33.8% yoy to US$1.89b and adjusted net profit grew 77.4% yoy to US$539m, ahead of our and consensus expectations.
- Management raised its 2026 revenue guidance again, by US$250m at the midpoint to US$6.9b-7.0b, and GAAP operating income guidance to US$1.2b-1.3b, on BRUKINSA's momentum and improving operating leverage. With a deep late-stage pipeline, BeOne is well positioned for sustained long-term growth.
- Maintain BUY with a higher target price of HK$300.00.
Analysis
- 3Q26 results beat. BeOne Medicines' (BeOne) 3Q26 revenue reached US$1,890m, up 33.8% yoy and 10.8% qoq, while adjusted net profit rose 77.4% yoy and 21.2% qoq to US$539m and reported net profit surged 208.2% yoy and 62.3% qoq to US$385m. 9M26 revenue was US$5,108m, up 32.9% yoy. 9M26 adjusted net profit came in at US$1,358m, up 96.1% yoy, significantly exceeding our and consensus estimates for 2026 growth.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$248.60
HK$300.00
+20.7%
HK$265.00
Analyst
Analyst
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This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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