BeOne – ADR (ONC, ONC US): Thoughts Into 3Q; More Solid Tumor POC Data Coming at ESMO

J.P. Morgan's note on BeOne Medicines ADR (ONC) maintains an Overweight rating and raises its year-end 2027 price target to $445 from a prior YE26 target of $425. Ahead of 3Q results, the analysts update forecasts: 3Q total revenues of $1,760mm (about $5mm ahead of Bloomberg consensus) and Brukinsa sales of $1,332mm (up 28% Y/Y); full-year revenue of $6,814mm, slightly above the upper end of ONC's 2026 guidance of $6.6-$6.8bn, with combined GAAP SG&A+R&D of $4,968mm. US Brukinsa 3Q sales are modeled at $961mm (up 30% Y/Y), representing ~70% of global sales, and 2026 US sales of $3,652mm. 2026E/2027E adjusted EPS are cut to $7.97/$11.11 from $9.09/$12.28. Pipeline focus at ESMO includes initial proof-of-concept data for the PRMT5 inhibitor BGB-58067 and BeOne's first ADC, the CEA-targeting BG-C477, both in lung cancer, plus a dose-optimization update on the GPC3x4-1BB bi-specific in HCC. Valuation is DCF-based (9.0% WACC, 0.5% terminal growth); the stock trades at 22x 2027E adj EPS.