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BeOne Medicines / ECARX Holdings Inc / Sino Biopharmaceutical
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Company Results | BeOne Medicines (6160 HK/BUY/HK$248.60/Target: HK$300.00)
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, 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.
Company Results | ECARX Holdings Inc (ECX US/BUY/US$0.703/Target: US$2.20)
3Q26 revenue rose 9.5% yoy and 6.9% qoq to US$240.8m, but gross margin fell to 7.0% as memory costs outpaced price increases, and net loss widened to US$48.4m. Management reaffirmed 2026 revenue guidance of US$1.0b-1.1b. We cut our 2026-28 net profit forecasts to a net loss of US$103.8m and net profits of US$22.4m and US$59.4m respectively. Maintain BUY. Cut target price to US$2.20.
Company Update | Sino Biopharmaceutical (1177 HK/BUY/HK$5.63/Target: HK$7.50)
Sino Biopharm and BI have entered into a US$7b strategic collaboration, with upfront and near-term milestone payment of US$358m, plus double-digit royalties. This marks the two parties’ second oncology collaboration and Sino Biopharm's third MNC out-licensing deal in 2026, with total licensing value for the year exceeding US$10b. Most of the upfront payment is expected to be recognised next year, and this will significantly boost revenue and earnings growth in 2027. Maintain BUY and raise target price to HK$7.50.
Top Stories
Company Results | BeOne Medicines (6160 HK/BUY/HK$248.60/Target: HK$300.00)
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, 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.
Company Results | ECARX Holdings Inc (ECX US/BUY/US$0.703/Target: US$2.20)
3Q26 revenue rose 9.5% yoy and 6.9% qoq to US$240.8m, but gross margin fell to 7.0% as memory costs outpaced price increases, and net loss widened to US$48.4m. Management reaffirmed 2026 revenue guidance of US$1.0b-1.1b. We cut our 2026-28 net profit forecasts to a net loss of US$103.8m and net profits of US$22.4m and US$59.4m respectively. Maintain BUY. Cut target price to US$2.20.
Company Update | Sino Biopharmaceutical (1177 HK/BUY/HK$5.63/Target: HK$7.50)
Sino Biopharm and BI have entered into a US$7b strategic collaboration, with upfront and near-term milestone payment of US$358m, plus double-digit royalties. This marks the two parties’ second oncology collaboration and Sino Biopharm's third MNC out-licensing deal in 2026, with total licensing value for the year exceeding US$10b. Most of the upfront payment is expected to be recognised next year, and this will significantly boost revenue and earnings growth in 2027. Maintain BUY and raise target price to HK$7.50.
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