BeOne Medicines' (ONC) Brukinsa continues to hold a strong competitive position in the chronic lymphocytic leukemia treatment market, even as new data emerges on competing BTK inhibitor pirtobrutinib, RBC Capital said in a Tuesday note.

The brokerage noted that new BRUIN-314 data show pirtobrutinib achieving a strong 93.4% 24-month PFS, while Brukinsa's COVID adjusted 6 year PFS of 74-77% annualizes to a comparable rate, indicating similar long-term efficacy.

According to the report, Brukinsa and pirtobrutinib may ultimately show similar performance, with physicians yet to identify a clear leader. Any competitive impact is likely to emerge gradually, given the long-term use of CLL therapies.

RBC highlighted that Brukinsa's superior drug profile and safety, along with its leading position in CLL/SLL, should drive ongoing growth, with US adoption already ahead of competitors.

Analysts forecast that Brukinsa could achieve peak sales of around $6.8 billion by 2030, reinforcing their view that BeOne's stock remains undervalued.

The firm maintained its outperform rating on the stock with a price target of $408.

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