BeOne Medicines (ONC.O): 3Q26 Results: Solid-Tumor Inflection, Heme-Heavy ASH

BeOne reported 3Q26 total revenue of $1.89bn and GAAP EPS/ADS of $3.28, both above Street. Brukinsa global sales reached $1.4bn (+34% Y/Y), with US sales topping $1bn for the first time (+36%), helped by a ~$50mn order-timing tailwind including an extra shipping day, and management raised guidance again on new-patient-start share leadership, longer therapy duration and Waldenstrom's growth beyond CLL. Tevimbra grew 28% to ~$243mn and the in-licensed/other bucket rose 32% to ~$216mn, though management flagged emerging Xgeva biosimilar pressure and potential VBP risk for Xgeva and Kyprolis beyond 2026. Management attributed the roughly flat-to-down implied 4Q sequential revenue to normal seasonality plus the 3Q timing tailwind rather than demand, and flagged that a statutory Medicare Part D manufacturer-liability increase tied to Brukinsa's specified-small-manufacturer status should turn 2026's modest net-pricing tailwind into a flat-to-modest headwind in 2027. The 1L MCL Mangrove regime