CLSA issued a research report raising the target price for BEONE MEDICINES (06160) from HK$291.9 to HK$321.7. The firm also increased the U.S. stock target for BEIGENE LTD SPON ADS EACH REPR 13 ORD SHS (ONC.US) from $501.3 to $522.5, while maintaining an "Outperform" rating.

In the second quarter, BEONE MEDICINES reported a 29.6% year-over-year revenue increase to $1.7 billion, with net profit surging 151.3% to $237 million. Both figures surpassed market expectations, driven by steady sales of the core product "BRUKINSA" and operating leverage effects. Global sales of BRUKINSA rose 31.4% year-over-year to $1.3 billion, with U.S. market sales growing 30.5% year-over-year. The firm estimates BRUKINSA'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 2026 outlook. The revenue guidance has been increased from $6.3-$6.5 billion to $6.6-$6.8 billion, and the operating income guidance has been lifted from $750-$850 million to $1.0-$1.1 billion. The company has also made progress in the solid tumor field. The GPC3 x 4-1BB bispecific antibody, BGB-B2033, has completed a registrational expansion study in China for later-line hepatocellular carcinoma and plans to initiate a global Phase 3 clinical trial for second-line hepatocellular carcinoma in the second half of the year.

CLSA indicated it remains optimistic about BEONE MEDICINES' strong global commercialization progress and the advancement of its novel solid tumor pipeline into later stages. In response to the company's performance and raised guidance, the firm has increased its 2026-2028 sales forecasts by 4%, 3.3%, and 3.2%, respectively, and its net profit forecasts by 23.5%, 12.5%, and 7.3%.