CICC has released a research report stating that BeiGene (06160, ONC.US, 688235.SH) has made the latest progress in its solid tumor pipeline. On October 25, the company presented multiple R&D updates at the ESMO conference, with key highlights including the GPC3/4-1BB bispecific antibody, PRMT5 inhibitor, and CEA ADC. The firm maintained its 2026 and 2027 earnings forecasts unchanged and reiterated its "Outperform" rating. Based on a DCF model, the firm maintained its A-share, H-share, and US-share target prices at RMB 340, HK$266, and US$445, corresponding to upside potential of 26.07%, 18.54%, and 17.84%, respectively.
CICC's main viewpoints are as follows:
GPC3/4-1BB bispecific antibody Phase I data continues to show high ORR, registrational clinical trial to commence soon
This product updated Phase I data for the treatment of second-line and beyond (2L+) advanced liver cancer, with focus on the recommended Phase II dose (RP2D) group, namely 450 mg every three weeks (Q3W), totaling 25 patients, with a confirmed objective response rate (cORR) of 36.0%, continuing the previously observed high anti-tumor activity. This result is superior to the efficacy observed with tyrosine kinase inhibitors (TKIs) and approaches the current first-line standard of care (SoC) for liver cancer, including T+A and dual-immune combination regimens. In terms of safety, the incidence of Grade 3 or higher treatment-related adverse events (TRAEs) at the RP2D dose was 3.7%. The firm believes that the product's ORR and safety profile are clearly competitive. The company plans to initiate a global registrational clinical trial for later-line liver cancer before the end of 2026, while simultaneously planning registrational studies for earlier treatment lines.
PRMT5 inhibitor early data positive, lung cancer subgroup data competitive
This product disclosed preliminary Phase I data for the first time in previously treated MTAP-deleted solid tumors. Among non-small cell lung cancer (NSCLC) patients, totaling 75 patients, the confirmed objective response rate (cORR) was 25.3%, with a median progression-free survival (mPFS) of 7.7 months; among EGFR wild-type (EGFRwt) NSCLC patients, the cORR was 38.5%, with an mPFS of 7.7 months. In treatment-naive, asymptomatic patients with brain metastases, an intracranial objective response rate of 30.8% was observed; meanwhile, in second-line and beyond NSCLC patients, the central nervous system (CNS) progression rate was low. In terms of safety, at daily doses of 200-400 mg, the incidence of Grade 3 or higher TRAEs was 27.6%. The firm believes that the product's efficacy and safety profile are favorable. The company plans to advance this product into late-stage development in 2027.
CEA ADC shows competitive ORR in CEA-high lung cancer
BG-C477 (CEA ADC) disclosed preliminary Phase I data for the first time in previously treated NSCLC patients. In the overall NSCLC population, totaling 43 patients, the cORR was 34.9%; in CEA-high NSCLC patients, totaling 25 patients, the cORR was 56.0%, with a disease control rate (DCR) of 88.0%. The product has a favorable safety profile, and its ORR performance is competitive. The company plans to advance this product into late-stage development in 2027.
Risk warnings: Product sales may fall short of expectations; pipeline data readouts may fall short of expectations.
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