Investment Rating - The report maintains a "Buy" rating for the US and Hong Kong stocks of BeiGene, with target prices adjusted to $255 and HK$153 respectively. The A-share rating is downgraded to "Hold" with a target price of RMB 181 [1][3][7]. Core Insights - The report highlights that BeiGene's total revenue for Q3 2024 reached $1.002 billion, representing a year-over-year increase of 28.2% and a quarter-over-quarter increase of 7.8%. Product revenue was $993 million, up 66.9% year-over-year and 7.8% quarter-over-quarter, slightly below expectations due to lower-than-expected sales of Zanubrutinib in the US [1][3][4]. - The global sales of Zanubrutinib in Q3 2024 amounted to $690 million, a 93.0% increase year-over-year and an 8.3% increase quarter-over-quarter. US sales were $504 million, up 86.5% year-over-year, while European sales surged by 217.2% year-over-year to $97.3 million [1][3][4]. - The report notes a temporary decline in gross margin due to accelerated depreciation from new production lines, with an overall product gross margin of 82.8% in Q3 2024 [1][3][4]. Financial Performance Summary - For Q3 2024, the adjusted non-GAAP operating profit was $65.63 million, an improvement from $48.46 million in Q2 2023. The net loss for the quarter was $121 million, which aligns with expectations but is lower than previous forecasts due to slightly lower revenue gross margins and higher R&D expenses [1][3][4]. - The report projects a slight reduction in revenue forecasts for 2024, with net losses adjusted to $740 million for 2024 and $350 million for 2025, while estimating a near breakeven point by 2026 [3][4]. R&D Pipeline Progress - The report indicates that BeiGene's R&D pipeline is progressing well, with key focus areas including BCL2, BTK CDAC, and CDK4 inhibitors. The BCL2 project has enrolled over 1,300 patients, with several trials expected to complete enrollment by early 2025 [2][3][4]. - The company anticipates that by the end of 2024, a total of 12 solid tumor products will enter clinical trials, with 8 already initiated this year [2].

Investment Rating - Maintain BUY with a target price of US$276.02, down from the previous target price of US$288.93, indicating a potential upside of 42.5% from the current price of US$193.64 [3][21]. Core Insights - BeiGene reported strong product sales of US$993 million in 3Q24, representing an 8% quarter-over-quarter increase and a 67% year-over-year increase. Total product sales for the first nine months of 2024 reached US$2.66 billion, accounting for 69% of the previous full-year estimate [1][2]. - The company achieved non-GAAP profitability with a gross profit margin of 82.8% in 3Q24, despite a decrease from 85.0% in 2Q24 due to accelerated depreciation expenses. The SG&A ratio improved to 46% from 48% in the previous quarter [1][2]. - BeiGene's zanubrutinib (Zanu) sales increased by 8% quarter-over-quarter and 93% year-over-year to US$690 million in 3Q24, capturing approximately 25% of the global BTK inhibitor market [1][2]. Summary by Sections Financial Performance - Revenue for FY24E is projected at US$3.835 billion, with a net profit expected to improve to US$52 million in FY25E, compared to a net loss of US$603 million in FY24E [14][15]. - Gross profit is estimated at US$3.207 billion for FY24E, with a gross margin of 83.63% [16][19]. Product Development - BeiGene is advancing multiple clinical trials, including a Phase 3 study of sonrotoclax combined with zanubrutinib for first-line CLL, with full enrollment expected by 1Q25 [1][2]. - The company is also expanding cohorts for BGB-16673 in R/R CLL and plans to initiate a Phase 3 study for BTK CDAC in R/R CLL in 1H25 [1][2]. Market Position - Zanu continues to outperform competitors, with significant market share gains in the BTK inhibitor market, supported by strong sales growth in both the US and EU [1][2]. - The company is positioned to break even in FY25E, driven by strong sales momentum and improving operating margins [1][2].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a total revenue of 19.136 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 48.63%. The adjusted operating loss for the same period was 0.52 billion yuan, significantly improved from a loss of 34.89 billion yuan in the previous year [5][6] - In Q3 2024, the company achieved an adjusted operating profit of 6.44 billion yuan, compared to a loss of 1.47 billion yuan in the same quarter last year, indicating a positive trend in operational efficiency [5][6] - The product revenue for the first three quarters reached 18.986 billion yuan, with Q3 product revenue alone at 7.079 billion yuan, driven by strong sales of Zebrutinib and PD-1 monoclonal antibodies [6] Financial Summary - For the first three quarters of 2024, the company reported a net loss attributable to shareholders of 3.687 billion yuan, an improvement from a loss of 6.716 billion yuan in the same period of 2023 [8] - The projected revenues for 2024 to 2026 are 24.017 billion yuan, 34.325 billion yuan, and 43.351 billion yuan respectively, with corresponding net profits expected to be -4.078 billion yuan, 1.178 billion yuan, and 3.893 billion yuan [8][10] - The gross margin is projected to remain stable around 84.2% to 85.4% from 2024 to 2026 [8] Product Performance - In Q3 2024, Zebrutinib's global sales reached 4.914 billion yuan, with significant growth in the US (3.584 billion yuan, +85.0% YoY) and Europe (0.693 billion yuan, +212.7% YoY) [6] - The sales of PD-1 monoclonal antibodies totaled 1.169 billion yuan in Q3 2024, reflecting a year-on-year increase of 11.7% [6] Pipeline Development - The company is advancing its clinical trials for new generation self-developed pipeline products, with expectations to complete several key trials by 2025 [7] - The company aims to have over 10 new molecular entities enter clinical development by the end of the year [7]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [1] Core Insights - The company reported a total revenue of $2.682 billion for the first three quarters of 2024, representing a year-on-year growth of 47%, while the net loss was $493 million, a reduction in loss of 4% compared to the previous year [1] - In Q3 2024, the total revenue reached $1.002 billion, showing a year-on-year increase of 28%, but the net loss was $121 million, indicating a shift from profit to loss primarily due to a decrease in non-operating income [1] - The company achieved a non-GAAP operating profit of $65.6 million in Q3 2024, marking the second consecutive quarter of non-GAAP operating profit [1] Financial Performance - R&D expenses for Q3 2024 were $496 million, with an R&D expense ratio of 50%, a decrease of 8 percentage points year-on-year [2] - Sales and management expenses for Q3 2024 were $455 million, with a corresponding expense ratio of 45%, a decrease of 1 percentage point year-on-year [2] - The adjusted R&D expenses for Q3 2024 were $406 million, with an adjusted R&D expense ratio of 40%, down 10 percentage points year-on-year [2] Product Performance - Global sales of the core product, Zebutinib, reached $1.816 billion for the first three quarters of 2024, a year-on-year increase of 107%, with Q3 sales of $690 million, up 93% year-on-year [3] - In Q3 2024, Zebutinib's sales in the U.S. were $504 million, reflecting an 87% year-on-year growth, while European sales were $97 million, showing a 217% increase [3] - The company’s other product, Tislelizumab, reported total revenue of $466 million for the first three quarters of 2024, with Q3 sales of $163 million, a 13% year-on-year increase [3] Clinical Trials and Pipeline - Clinical trial data for BGB-16673 in R/R CLL/SLL showed an overall objective response rate (ORR) of 78%, with a complete response (CR) rate of 4% [4] - Sonrotoclax combined with Zebutinib demonstrated a 100% ORR in early-phase clinical trials, indicating high efficacy and good tolerability [4] Earnings Forecast - Revenue forecasts for 2024-2026 have been adjusted upwards to $265.03 billion, $338.04 billion, and $410.11 billion respectively, reflecting better-than-expected revenue growth [5] - The net profit forecast for 2024 has been revised down to a loss of $40.01 billion, while the 2025-2026 net profit estimates have been adjusted to $-0.54 billion and $14.03 billion respectively [5] Market Expansion - Zebutinib's market share in the U.S. increased significantly, reaching approximately 37.81% in Q3 2024, up from 19.07% in Q3 2023 [12] - Tislelizumab has rapidly penetrated the PD-1 monoclonal antibody market in China, capturing about one-third of the market share as of H1 2024 [13]

Investment Rating - The report maintains an "Overweight" rating for the company [2][3]. Core Views - The company achieved product revenue of $993 million in Q3 2024, representing a year-on-year increase of 66.9% and a quarter-on-quarter increase of 7.9%, indicating a sustained high growth trend [2]. - The net loss for Q3 2024 was $121 million, a decrease compared to a profit of $215 million in Q3 2023, primarily due to non-cash gains from arbitration settlements [2]. - The revenue forecasts for 2025-2027 have been raised to $3.673 billion, $4.471 billion, and $5.224 billion, respectively, from previous estimates of $3.645 billion, $4.440 billion, and $5.044 billion [2]. - The company’s core product, Zebrutinib, continues to gain market share in the US and Europe, with Q3 2024 revenue of $690 million, a year-on-year increase of 93% and a quarter-on-quarter increase of 8% [2]. - The operational efficiency is improving, with SG&A and R&D expenses for Q3 2024 at $455 million and $496 million, respectively, accounting for 45.5% and 49.5% of total revenue [2]. Financial Summary - The company reported revenue of $1,192 million in 2022, with a projected increase to $2,459 million in 2023, reflecting a growth rate of 73.7% [1]. - Gross profit for 2022 was $1,129 million, with projections of $2,079 million for 2023 [1]. - The net profit is expected to turn positive by 2025, with a forecasted net profit of $278 million [1].

《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 ...

美国 证券交易委员会 Washington, D.C. 20549 ___________________________________________________________ 表格 10-Q ___________________________________________________________ （选择一项） ☒ 根据 1934 年证券交易法第 13 条或第 15（d）条编制的季度报告 截至 2024 年 9 月 30 日的季度期间 或 ☐ 根据 1934 年证券交易法第 13 条或第 15（d）条编制的过渡报告 过渡期从 至 交易委员会档案编号：001-37686 百济神州有限公司 （注册人章程中载明的准确名称） 开曼群岛 98-1209416 （注册成立或组织所在的州或其他司法管辖区） （美国国家税务局雇主身份识别号码） c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue, Camana Bay Grand Cayman （主要行政办事处地址） （邮政编码） | 每股美国存托股份相当于 13 股普通 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 內幕消息 百濟神州有限公司 截至2024年9月30日止三個月及九個月未經審核業績以及 業務進展最新情況 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 根據證券及期貨條例（香港法例第571章）第XIVA部而刊發。 百濟神州有限公司（「本公司」或「百濟神州」）欣然公佈其截至2024年9月30日止 三個月及九個月的未經審核簡要合併財務業績以及業務進展最新情況。 本公司欣然公佈本公司及其附屬公司截至2024年9月30日止三個月及九個月未經 審核簡要合併財務業績（「第三季度業績」）以及2024年第三季度關鍵業務進展、管 線亮點以及企業進展（「業務進展」）。第三季度業績乃根據美國證券交易委員會的 適用規則刊發。 第三季度業績乃根據美國公認會計準則編製，而美國公認會計準則有別於國際財 務報告準則。 本公告附件一是本公司於2024年11月12日就第三季度業績以及業務進展發佈的新 聞稿的全 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 特别提示： 本公告所载的百济神州有限公司（以下简称"百济神州"或"公司"）截至 2024 年 9 月 30 日止三个月及九个月主要财务数据为初步核算数据，未经会计师事 务所审计，具体数据以公司 2024 年第三季度报告中披露的数据为准，提请投资者注 意投资风险。 A 股代码：688235 A 股简称：百济神州 公告编号：2024-026 港股代码：06160 港股简称：百济神州 美股代码：BGNE 百济神州有限公司 截至2024年9月30日止三个月及九个月 主要财务数据公告 单位：人民币千元 | | | 本报告期比上 | 年初至报告 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 年同期增减变 | | 增减变动幅度 | | | | 动幅度（％） | 期末 | | | | | | | （％） | | 营业总收入 | 7,139,451 | 26.9 | 19,135,857 | 48.6 | | 其 ...

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]