BeOne Medicines (ONC) Is Up 9.9% After Phase 3 ZIIHERA GI Cancer Win Has The Bull Case Changed?

• BeOne Medicines recently reported full Phase 3 HERIZON-GEA-01 results showing that its HER2-targeted antibody ZIIHERA, combined with chemotherapy with or without PD-1 inhibitor TEVIMBRA, improved outcomes for patients with HER2-positive locally advanced or metastatic gastroesophageal adenocarcinoma and shared these data in an oral presentation at the 2026 ASCO GI Cancers Symposium in San Francisco.
• The strong objective response rate and long median duration of response for the ZIIHERA plus TEVIMBRA and chemotherapy regimen, together with plans for multiple regulatory submissions in the US, China and across Asia Pacific where BeOne holds ZIIHERA rights, could meaningfully influence the company’s oncology portfolio profile and geographic growth opportunities.
• We’ll now examine how the HERIZON-GEA-01 Phase 3 success and planned global filings might reshape BeOne Medicines’ existing investment narrative.

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BeOne Medicines Investment Narrative Recap

To own BeOne Medicines, you need to believe it can broaden beyond its BTK-heavy base into a diversified oncology business, while executing reliably in late-stage trials and global launches. The HERIZON-GEA-01 Phase 3 success for ZIIHERA plus TEVIMBRA adds a new potential pillar in HER2-positive gastric cancer and introduces fresh regulatory catalysts, but it does not remove the core risk of heavy dependence on BRUKINSA and the CLL franchise in the near term.

Among recent developments, BeOne’s plan to file supplemental BLAs for TEVIMBRA and TEVIMBRA plus ZIIHERA in the US and China stands out as especially relevant. If approved, these filings could transition HERIZON-GEA-01 from clinical success into a commercial opportunity, reinforcing BeOne’s presence in solid tumors while complementing earlier pipeline moves such as Fast Track designations and PRIME status in hematology.

Yet, in contrast to the excitement around ZIIHERA, investors should also be aware of the concentration risk in BRUKINSA and the CLL franchise, especially if...

Read the full narrative on BeOne Medicines (it's free!)

BeOne Medicines’ narrative projects $7.6 billion revenue and $1.3 billion earnings by 2028.

Uncover how BeOne Medicines' forecasts yield a $401.52 fair value, a 20% upside to its current price.

Exploring Other Perspectives

Six fair value estimates from the Simply Wall St Community span about US$255.78 to US$930.55, underlining how far apart views on BeOne can be. Against this wide spread, the company’s reliance on BRUKINSA revenue and exposure to competitive pressure in BTK and related therapies is a core issue that could shape how those valuations play out.

Explore 6 other fair value estimates on BeOne Medicines - why the stock might be worth 23% less than the current price!

Build Your Own BeOne Medicines Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your BeOne Medicines research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.
• Our free BeOne Medicines research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate BeOne Medicines' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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