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

Brukinsa posted $1.4bn in global quarterly revenue (+34% Y/Y), with US sales topping $1bn for the first time as mgmt. continued to see runway for BTKi share gains and raised guidance again. US Brukinsa grew +36%, helped by a ~$50mn order-timing tailwind (inclusive of an extra shipping day), with underlying strength from new-patient-start share leadership across indications, longer duration of therapy, and growth in Waldenstrom's beyond CLL. The 1L MCL Mangrove regimen (Brukinsa + rituximab) is now submitted in the US (priority review), EU, and China and will feature in an ASH plenary, alongside 7-year SEQUOIA CLL OS data. Tevimbra grew +28% to ~$243mn and the in-licensed/other bucket +32% to ~$216mn (Amgen portfolio +26%), though mgmt. flagged emerging Xgeva biosimilar pressure and potential VBP risk for Xgeva and Kyprolis beyond 2026. Mgmt. attributed the roughly flat-to-down implied 4Q sequential revenue to normal seasonality plus the ~$50mn 3Q timing tailwind rather than demand. Beq