Goldman Sachs BeOne Medicines (ONC/688235.SS): Quick China Approval for Sonro; Buy
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China's NMPA approved BeOne Medicines' sonrotoclax, a BCL2 inhibitor, for relapsed/refractory CLL/SLL and relapsed/refractory MCL on January 5, 2026, marking the therapy's first global approval. The FDA accepted its NDA for relapsed/refractory MCL in November 2025 with priority review. Notably, the Chinese review took only eight months, significantly shorter than the standard 12–18 month timeline, highlighting substantial unmet medical needs for BCL2 inhibitors in the country. Goldman Sachs maintains that the Chinese market dynamic may not accurately represent the global landscape, given venetoclax's limited local approvals and lisaftoclax's lack of ex-China authorization.
Goldman Sachs keeps a Buy rating on BeOne Medicines but adjusted the 12-month target prices. The ONC ADR target was lowered from $408.79 to $385.79, and the A-share (688235.SS) target was reduced from 366.48 RMB to 345.86 RMB. The 2025–2027 EPS estimates were also revised down to $3.59, $4.65, and $4.46 to reflect the approval's increased probability of success, elevated sales and marketing investments, adjusted Brukinsa sales forecasts, and rising research and development expenses.
The firm will closely monitor sonrotoclax's commercial rollout and clinician feedback. Key differentiation points include potentially better tolerability—with lower neutropenia and discontinuation rates—and a faster weekly dose escalation compared to competitor regimens.