Investment Rating - Maintain "Overweight" rating for BeiGene (688235 SH) [1] Core Views - BeiGene's core products continue to drive high revenue growth, with total operating revenue reaching RMB 19 136 billion in the first three quarters of 2024, a YoY increase of 48 63% [3] - BRUKINSA (zanubrutinib) demonstrates best-in-class potential, with global sales reaching $690 million in Q3 2024, a YoY increase of 92 90% [4] - Tislelizumab (BGB-A317) maintains steady growth, with Q3 2024 revenue of $163 million, a YoY increase of 13% [4] - R&D pipeline achieves multiple key milestones, with Sonrotoclax and BTK CDAC progressing in global clinical trials [4] Product Performance BRUKINSA (Zanubrutinib) - Global sales in Q3 2024: $690 million (YoY +92 90%, QoQ +8 32%) [4] - US sales: $504 million (YoY +87%, QoQ +5 22%) [4] - European sales: $97 million (YoY +217%, QoQ +19 75%) [4] - Leads BTK inhibitor market growth in the US, outperforming ibrutinib and acalabrutinib [11] Tislelizumab (BGB-A317) - Q3 2024 revenue: $163 million (YoY +13%, QoQ +2 72%) [15] - New indications approved in US and Europe, with more solid tumor indications expected within the next year [15] - Market penetration increases due to expanded reimbursement and sales team expansion [15] R&D Pipeline Progress Sonrotoclax (BCL2 Inhibitor) - Received FDA Fast Track designation for R/R MCL [18] - Over 1,300 patients enrolled in global Phase 3 trial for TN CLL/SLL [18] - Potential to establish new treatment standard for first-line CLL [18] BTK CDAC (BGB-16673) - Initiated expansion cohort studies for R/R MCL and R/R CLL [19] - Phase 3 trial for R/R CLL expected to start in late 2024 or early 2025 [19] Financial Projections - 2024 revenue forecast: RMB 26 653 billion [5] - 2025 revenue forecast: RMB 35 490 billion [5] - 2026 revenue forecast: RMB 42 403 billion [5] - EPS projections: -2 77 (2024), 0 54 (2025), 3 39 (2026) [5] Market Data - Closing price (2024 12 5): RMB 170 95 [2] - Total shares outstanding: 1 382 billion [2] - Net assets: RMB 24 172 billion [2] - Total assets: RMB 40 856 billion [2]

证券研究报告·公司点评报告·生物制品 百济神州-U（688235） 2024 年三季报点评：海外销售快速放量，血 液瘤行业领先 2024 年 11 月 17 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------------|------------|------------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 9566 | 17423 | 25530 | 34062 | 42383 | | 同比（ % ） | 26.06 | 82.13 | 46.53 | 33.42 | 24.43 | | 归母净利润（百万元） | (13,642.04) | (6,715.86) | (3,115.58) | 274.33 | 635.65 | | 同比（ % ） | (39.95) | 50.77 | 53.61 | 108.81 | 131.7 ...

美股代码：BGNE A 股代码：688235 A 股简称：百济神州 港股代码：06160 港股简称：百济神州 百济神州有限公司 投资者关系活动记录表 （2024 年 11 月） | --- | --- | --- | |------------|------------------------|---------------------------------------------------------------------| | | | | | 投资者关系 | √ | 特定对象调研 分析师会议 | | 活动类别 | | □媒体采访 □业绩说明会 | | | □ | 新闻发布会 √路演活动 | | | | □现场参观 □一对一沟通 | | | √ 其他（电话会议） | | | 参与单位 | Abc Life 、 | Ariose Capital 、 CICC HKAM 、 CITICS AM 、 Fountain | | 及人员 | Capital 、 | Goldman Sachs Asset Management 、 Greencourt 、 RIME | | | CAPITAL、Sage Part ...

上 市 公 司 医药生物 2024 年 11 月 13 日 百济神州 (688235) —— 三季度产品收入持续高增长，经营活动现金净流入 转正 证 券 研 究 报 告 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 13 日 | | 收盘价（元） | 175.73 | | 一年内最高/最低（元） | 207.98/98.50 | | 市净率 | 10.0 | | 股息率 %（分红/ 股价） | | | 流通 A 股市值（百万元） | 20,219 | | 上证指数/深证成指 | 3,439.28/11,359.29 | | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 17.51 | | 资产负债率 % | 40.84 | | 总股本/流通 A 股（百万） | 1, ...

公司报告 | 季报点评 百济神州（688235） 证券研究报告 2024 年 11 月 13 日 投资评级 行业 医药生物/化学制药 6 个月评级 买入（维持评级） 当前价格 175.73 元 目标价格 元 NON-GAAP 口径下持续盈利，核心在研管线临床数据优异 事件： 近日公司发布 2024 年第三季度主要财务数据：2024 年前三季度总收入 26.82 亿美元，同比增长 47%，净亏损 4.93 亿美元，同比减亏 4%；2024 第三季度总收入 10.02 亿美元，同比增长 28%，净亏损 1.21 亿美元，同比 由盈转亏，主要因为非经营收益减少。2024 第三季度经调整营业利润达 6560 万美元，连续两个季度实现非 GAAP 经营利润盈利。 销售管理费用率逐季降低，连续两个季度实现 NON-GAAP 经营利润盈利 2024 Q3 研发费用为 4.96 亿美元，研发费用率为 50%，同比减少 8 pct，环 比略增 1 pct。2024 Q3 销售及管理费用为 4.55 亿美元，对应费用率为 45%， 同比减少 1 pct，环比减少 3 pct。公司降本增效，经营效率进一步提升。经 调整后 2024 ...

《科创板日报》11月12日讯（记者 郑炳巽） 今日晚间，百济神州（688235.SH，6160.HK，BGNE.O） 正式发布2024年第三季度报告。据美股财报，百济神州Q3总收入10.02亿美元，首次单季度突破10亿美 元关口。 A股口径Q3实现营收71.39亿元，同比增长26.9%。 值得一提的是，若去除股份支付费用、折旧及摊销费用等非现金项目影响，百济神州第三季度经调整经 营利润为6563.0万美元 ，连续2个季度实现非GAAP（美国通用会计原则）经营利润盈利。回顾今年第 二季度，若按照GAAP计算，百济神州经营亏损1.07亿美元，非GAAP口径下取得经营利润4846.4万美 元，实现扭亏为盈。 百济神州第三季度收入取得增长，主要在于BTK抑制剂泽布替尼（百悦泽）与PD-1单抗替雷利珠单抗 （百泽安）等产品销售取得快速增长，百济神州Q3单季产品收入达70.79亿元，同比增长65.1%。 其中，百悦泽全球销售额49.14亿元，同比增长91.1%，占单季产品收入约69.4%，百泽安全球销售额 11.69亿元，同比增长11.7%，占单季产品收入约16.5%。二者销售收入合计60.83亿元，约占单季产品收 入的 ...

Revenue and Financial Performance - Revenue for the third quarter reached 7,139,451 thousand RMB, a 26.9% increase year-over-year[2] - Year-to-date revenue totaled 19,135,857 thousand RMB, up 48.6% compared to the same period last year[2] - Total revenue for the first three quarters of 2024 reached 19,135,857 thousand RMB, a significant increase from 12,875,236 thousand RMB in the same period of 2023[19] - Adjusted operating profit for the third quarter was 644 million RMB, compared to an adjusted operating loss of 1.47 billion RMB in the same period last year[11] - Year-to-date adjusted operating profit was 52 million RMB, compared to an adjusted operating loss of 34.89 billion RMB in the same period last year[11] - Operating cash flow from sales of goods and services for the first three quarters of 2024 was 19,425,796 thousand RMB, up from 11,359,135 thousand RMB in the same period of 2023[21] - Operating cash inflow totaled $19,749,714, an increase from $11,932,632 in the previous period[22] - Operating cash outflow was $21,590,850, up from $17,334,221[22] - Net cash flow from operating activities was -$1,841,136, improving from -$5,401,589[22] - Cash received from other operating activities was $200,758, down from $427,518[22] - Cash paid for goods and services was $9,426,577, up from $7,085,090[22] - Cash paid to employees was $7,185,526, up from $6,392,513[22] Net Loss and Earnings - Net loss attributable to shareholders for the third quarter was -809,305 thousand RMB, a 160.4% increase in loss year-over-year[2] - Net loss for the first three quarters of 2024 was 3,686,694 thousand RMB, slightly improved from 3,878,105 thousand RMB in the same period of 2023[19] - Basic and diluted earnings per share for the first three quarters of 2024 were both -2.71 RMB, compared to -2.85 RMB in the same period of 2023[20] R&D Investment - R&D investment for the third quarter was 3,537,939 thousand RMB, accounting for 49.55% of revenue[3] - Year-to-date R&D investment reached 10,165,926 thousand RMB, a 10.8% increase year-over-year[3] - R&D expenses for the first three quarters of 2024 amounted to 10,165,926 thousand RMB, up from 9,177,446 thousand RMB in the same period of 2023[19] Assets and Liabilities - Total assets at the end of the reporting period were 40,855,913 thousand RMB, a slight decrease of 0.6% compared to the end of the previous year[3] - Shareholders' equity at the end of the reporting period was 24,172,410 thousand RMB, a 3.7% decrease compared to the end of the previous year[3] - Total assets as of September 30, 2024, stood at 40,855,913 thousand RMB, compared to 41,121,675 thousand RMB at the end of 2023[17] - Total liabilities as of September 30, 2024, were 16,683,503 thousand RMB, up from 16,018,333 thousand RMB at the end of 2023[17] - Accounts receivable increased to 3,989,938 thousand RMB as of September 30, 2024, from 2,538,268 thousand RMB at the end of 2023[17] Cash and Cash Equivalents - Cash and cash equivalents decreased to 12,244,674 thousand RMB as of September 30, 2024, from 15,124,881 thousand RMB at the end of 2023[17] - Ending cash and cash equivalents balance was $12,179,613, down from $15,037,890 at the beginning of the period[22] - Cash and cash equivalents decreased by $2,858,277, compared to a decrease of $2,283,799 in the prior period[22] Non-Operating Income - Non-operating income for the third quarter included 77,583 thousand RMB from fair value changes and disposal of financial assets and liabilities[4] Shareholding Structure - Total issued shares of the company amount to 1,386,034,320, with 91.70% (1,270,979,060 shares) issued overseas and 8.30% (115,055,260 shares) issued domestically in RMB[12] - Amgen holds 246,269,426 shares, representing 17.77% of the total issued shares[12] - HHLR Fund, L.P. and its affiliates hold 142,888,241 shares, representing 10.31% of the total issued shares[12] - Baker Brothers Life Sciences, L.P. and its affiliates hold 138,757,831 shares, representing 10.01% of the total issued shares[12] - Capital Research and Management Company and its affiliates hold 108,530,277 shares, representing 7.83% of the total issued shares[12] - Hong Kong Securities Clearing Company holds 8,549,742 shares, representing 0.62% of the total issued shares[12] - Central Enterprise Rural Industry Investment Fund Co., Ltd. holds 4,790,454 shares, representing 0.35% of the total issued shares[12] - Guangzhou High-Tech Zone Technology Holding Group Co., Ltd. holds 4,790,454 shares, representing 0.35% of the total issued shares[13] - Bank of Communications Co., Ltd. - Wanjia Industry Preferred Hybrid Securities Investment Fund (LOF) holds 3,000,000 shares, representing 0.22% of the total issued shares[13] - China Construction Bank Co., Ltd. - ICBC Credit Suisse Frontier Medical Equity Securities Investment Fund holds 2,600,122 shares, representing 0.19% of the total issued shares[13] Cash Flow from Investing and Financing Activities - Net cash flow from investing activities was -$2,197,288, compared to $2,823,248 previously[22] - Net cash flow from financing activities was $1,192,649, up from $250,615[22]

10月25日，界面新闻从多个相关人士处获悉，百济神州大中华区首席商务官殷敏被相关方面带走调查。 对此，百济神州方面暂未回应。 同日中午，界面新闻记者向殷敏微信发送消息询问此事，同样未获答复。 殷敏。 图源：百济神州10月25日午后，百济神州股价快速跳水，一度跌超10%，随后反弹拉升。 截至发稿A股股价报173.00元/股，下跌超3%。 多个消息指出，殷敏被带走涉及此前的阿斯利康"骗保"事件，在近日又有多位此事相关人士被带走调 查，但也有人已被放回。 此前，殷敏于2022年1月正式加入百济神州，任大中华区首席商务官至今。 2022年至今，百济完成了数个重要动作，包括泽布替尼在美扩大适应证、替雷利珠单抗中美欧三大市场 获批上市、泽布替尼年销售额破10亿美元等。 这两年，百济神州营收分别为95.66亿元、174.23亿元。 2024年起，百济亏损缩窄，在第二季度基于非美国通用会计准则（non-GAAP）扭亏，开始追求盈亏平 衡。 殷敏本人并非生物医药背景出身，但此前在跨国药企（MNC）工作多年。 公开信息显示，殷敏毕业于上海交通大学，主修金融贸易以及计算机科学，2002年获中欧国际工商学院 硕士学位。 毕业后，殷敏 ...

百济神州传高层震动：大中华区首席商务官殷敏被调查 业界人士确认消息属实 财联社10月25日电，最 近，有市场传言称，百济神州大中华区首席商务官殷敏被监管机构调查。 对此，一位不愿透露姓名的业内人士向记者证实了这一消息的真实性。 因此，记者立即尝试联系殷敏本人及百济神州的相关人士，但截至发稿时，殷敏本人未能取得联系，百 济神州方面也未给出明确回应。 (21财经) ...

公司代码：688235 公司简称：百济神州 百济神州有限公司 2024 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司是一家全球肿瘤治疗创新公司，专注于为全世界的癌症患者研发创新抗肿瘤药物，提升 药物可及性和可负担性。公司尚未盈利且存在累计未弥补亏损。截至 2024 年 6 月 30 日，公司累 计未弥补亏损为人民币 605.66 亿元。这主要由于新药研发、生产、商业化是一个投资大、周期长、 风险高的过程，公司在药物早期发现、临床前研究、临床开发、监管审查、生产、商业化推广等 多个环节持续投入。报告期内，公司研发费用为人民币 66.28 亿元，与上年同期相比增长 12.68%。 研发投入用于产品管线的临床前研究、临床试验、合作研发等。 随着公司持续进行候选药物开发及寻求监管机构批准、扩张生产及制造设施、商业化在研药 物（包括公司自主研发及获授许可的在研药物），公司存在未来继续亏损的风险，且该等亏损可 能会在近期内进一步扩大。公司未来净利润的规模部分取决于药物 ...