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。 BeiGene, Ltd. 百濟神州有限公司 （於開曼群島註冊成立的有限公司） （股份代號：06160） 截至2024年12月31日止年度 全年業績公告 百濟神州有限公司連同其子公司（「本公司」或「百濟神州」或「我們」）謹此公佈本 公司截至2024年12月31日止年度（「報告期」）的綜合業績連同2023年相應期間的 比較數字，其乃根據美國公認會計原則（「美國公認會計原則」或「GAAP」）編製並 由本公司董事會（「董事會」）審計委員會（「審計委員會」）審閱。 財務摘要 1 • 截至2024年12月31日止年度的收入合計較截至2023年12月31日止年度增加 約14億美元或約55.0%至約38億美元。產品收入較截至2023年12月31日止 年度增加約16億美元或約72.6%至約38億美元。 • 截至2024年12月31日止年度的經營費用合計較截至2023年12月31日止年度 增加約497.8百萬美元或約15. ...

Core Insights - Company reported a revenue increase of approximately $1.4 billion or about 55.0% to around $3.8 billion for the fiscal year ending December 31, 2024 [1] - Product revenue rose by approximately $1.6 billion or about 72.6% compared to the previous year [1] - Net loss for the fiscal year ending December 31, 2024, decreased by approximately $236.9 million or about 26.9% to around $644.8 million [1] Financial Performance - Adjusted gross margin for product sales improved, with cash and cash equivalents reaching $2.6 billion as of December 31, 2024 [1] - Since 2023, the current product portfolio and core product revenue have grown by 73%, with expectations for significant growth in product revenue in 2025 and beyond [1] - Research and development expenses increased by $174.7 million or 9.8% to $2 billion for the fiscal year ending December 31, 2024 [1] Market Position - The company's strong annual performance highlights its position as a global leader in cancer treatment, driven by the ongoing success of its flagship product and a robust pipeline in oncology [1] - Multiple projects are expected to advance in 2025, indicating a promising outlook for the company's future growth in the oncology sector [1]

Group 1 - The core viewpoint of the news is that BeiGene's stock closed down by 2.22%, with a latest price-to-book ratio of 12.59 and a total market capitalization of 304.24 billion yuan [1] - As of the third quarter of 2024, a total of 126 institutions hold shares in BeiGene, including 125 funds and 1 brokerage, with a total shareholding of 28.647 million shares valued at 4.613 billion yuan [1] - BeiGene is a global, commercial-stage biotechnology company focused on the research, development, production, and commercialization of innovative drugs, with key products including BRUKINSA (a BTK inhibitor), anti-PD-1 monoclonal antibody, and Pamiparib [1] Group 2 - The latest financial results for the third quarter of 2024 show that the company achieved a revenue of 19.136 billion yuan, representing a year-on-year increase of 48.63%, while the net profit was -3.686694 million yuan, a year-on-year change of 4.94%, with a gross margin of 83.94% [1] - BeiGene's price-to-earnings ratio (TTM) is reported at -61.11, with a static PE of -61.11 and a price-to-book ratio of 12.59, compared to the industry average PE of 39.48 and a price-to-book ratio of 7.28 [2] - The industry median PE is 35.25, with a median price-to-book ratio of 2.88, indicating that BeiGene's valuation metrics are significantly higher than the industry averages [2]

美股代码：ONC 百济神州有限公司 A 股代码：688235 A 股简称：百济神州 公告编号：2025-013 港股代码：06160 港股简称：百济神州 关于续聘2025年度审计机构的公告 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。 重要内容提示： 拟聘任审计机构：安永华明会计师事务所（特殊普通合伙）为百济神州有 限公司（以下简称"公司"或"百济神州"）A 股财务报表和内部控制年度审 计机构；Ernst & Young（安永会计师事务所）为公司港股财务报表年度审计机 构；Ernst & Young LLP 为公司美股财务报表和内部控制年度审计机构。 一、续聘的审计机构的基本情况 （一）机构信息 1、安永华明会计师事务所（特殊普通合伙）（以下简称"安永华明"） （1）基本信息 安永华明于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合 作的有限责任制事务所转制为特殊普通合伙制事务所。安永华明总部设在北京， 注册地址为北京市东城区东长安街 1 号东方广场安永大楼 17 层 01-12 室。截至 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百濟神州有限公司 (於開曼群島註冊成立的有限公司) 呈交日期： 2025年3月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) 06160 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事 ...

Investment Rating - The report provides a positive outlook for the company, indicating a strong performance in the upcoming year with expectations of achieving GAAP net profit in 2025 [6][22]. Core Insights - The company is expected to achieve a revenue of $3.81 billion in 2024, representing a year-on-year growth of 55%, with a significant reduction in GAAP operating losses to $568 million [3][13]. - The core products are experiencing accelerated growth, with sales of Baiyueze® (Zebutinib) reaching $2 billion in 2024, a 106% increase year-on-year, and Bai Ze An® (Tislelizumab) sales at $621 million, a 16% increase [4][16][17]. - The company is entering a critical phase with multiple clinical data readouts expected, including promising results from its Bcl-2 inhibitor Sonrotoclax for treating CLL [5][19]. - The company has provided clear profit guidance for 2025, expecting to achieve a GAAP net profit, with projected revenues between 352 billion to 381 billion RMB, reflecting a growth of 29.35% to 40% [6][23]. Summary by Sections Revenue Growth and Loss Reduction - The company reported a strong revenue performance with a projected revenue of $3.81 billion for 2024, a 55% increase year-on-year, and a significant reduction in GAAP operating losses [3][13]. - Non-GAAP operating profit is expected to be $45.36 million, marking a turnaround from previous losses [3][13]. Core Product Performance - Bai Ze An® (Tislelizumab) sales are projected at $621 million for 2024, a 16% increase, with ongoing regulatory reviews for new indications [4][16]. - Baiyueze® (Zebutinib) achieved sales of $2 billion, a 106% increase, with strong market share growth in the US and Europe [4][17][18]. Clinical Pipeline and Data Readouts - The company is advancing its clinical pipeline with 13 new molecules entering clinical trials in 2024, significantly higher than the previous year [5][21]. - Key clinical trials for Sonrotoclax and other products are expected to yield important data in 2025, potentially leading to accelerated approval applications [5][19]. Profit Guidance for 2025 - The company has set a clear profit guidance for 2025, expecting to achieve a GAAP net profit, with revenues projected between 352 billion to 381 billion RMB [6][23]. - The anticipated gross margin for 2025 is between 80% to 90%, indicating strong profitability potential [23].

Investment Rating - The report provides a positive outlook for the company, indicating a strong performance and growth potential, with expectations of achieving GAAP net profit in 2025 [6][22]. Core Insights - The company is expected to achieve a revenue of $3.81 billion in 2024, representing a year-on-year growth of 55%, with a significant reduction in GAAP operating losses [3][13]. - The core products are experiencing accelerated growth, with sales of Baiyueze® (Zebutinib) reaching $2 billion in 2024, a 106% increase year-on-year, and Bai Ze An® (Tislelizumab) sales at $621 million, a 16% increase [4][16][17]. - The company has entered a new phase of clinical data readouts, with 13 new molecules entering clinical trials in 2024, significantly higher than the previous year [5][21]. Summary by Sections Revenue Growth and Profitability - The company reported a projected revenue of $3.81 billion for 2024, with a 73% increase in product revenue driven by the sales of Baiyueze® and Bai Ze An® [3][13]. - The GAAP operating loss is expected to decrease to $568 million, a reduction of $640 million year-on-year, while non-GAAP operating profit is projected at $45.36 million [3][13]. Core Product Performance - Bai Ze An® sales are projected at $621 million for 2024, with ongoing FDA reviews for new indications, while Baiyueze® sales are expected to reach $2 billion, with significant market share growth in Europe [4][16][17]. - The company is solidifying its leading position in the CLL market, with Baiyueze® being the most widely approved BTK inhibitor globally [18]. Clinical Pipeline and Future Prospects - The company is advancing multiple clinical trials, including the Bcl-2 inhibitor Sonrotoclax, with data readouts expected in 2025 for various indications [5][19]. - The company has provided clear guidance for 2025, expecting a revenue range of 35.2 to 38.1 billion RMB, with a gross margin of 80%-90% and positive cash flow from operations [22][23].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is expected to achieve positive GAAP operating profit by 2025, with significant revenue growth and a reduction in net losses [1][13] - The company reported a total revenue of $3.81 billion for 2024, a year-on-year increase of 55%, and a net loss of $645 million, which is a 27% reduction in losses compared to the previous year [1][14] - The adjusted operating profit for 2024 was $45.36 million, marking the first annual non-GAAP operating profit [1][7] Financial Performance - In 2024, the company's GAAP and non-GAAP R&D expenses were $1.953 billion and $1.668 billion, respectively, with R&D expense ratios decreasing by 21 percentage points and 20 percentage points year-on-year [2] - The sales and management expenses for 2024 were $1.831 billion and $1.550 billion, with corresponding expense ratios decreasing by 13 percentage points and 12 percentage points year-on-year [2] - For Q4 2024, R&D expenses were $542 million, with an R&D expense ratio of 48%, a 30% decrease year-on-year [3] Product Performance - The core product, Zebutinib, saw global sales of $2.64 billion in 2024, a 105% year-on-year increase, with Q4 sales reaching $828 million, also a 100% increase year-on-year [4] - The sales in the U.S. for Zebutinib were $2 billion for the full year 2024, a 106% increase year-on-year, with Q4 sales of $616 million, a 97% increase year-on-year [4][19] - The company’s other product, Tislelizumab, generated total revenue of $621 million in 2024, a 16% year-on-year increase [5][23] Clinical Development - The development plans for BGB-16673 and Sonrotoclax are progressing steadily, with clinical trials expected to start in 2025 [6] - Tislelizumab has received new indications for reimbursement in 2024, expanding its market presence [5][20] Revenue Forecast - The revenue forecasts for 2024-2026 have been adjusted upwards, with expected revenues of $27.214 billion, $37.517 billion, and $45.024 billion respectively [7][11] - The net profit forecast for 2025 has been revised to $703 million, with a further increase to $4.010 billion in 2026 [7][11]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is expected to achieve positive GAAP operating profit by 2025, with significant revenue growth and a reduction in net losses [1][13] - The company reported total revenue of $3.81 billion for 2024, a year-on-year increase of 55%, and a net loss of $645 million, which is a 27% reduction in losses compared to the previous year [1][14] - The adjusted operating profit for 2024 was $45.36 million, marking the first annual non-GAAP operating profit [1][7] Financial Performance - In 2024, the company's GAAP and non-GAAP R&D expenses were $1.953 billion and $1.668 billion, respectively, with R&D expense ratios decreasing by 21 percentage points and 20 percentage points year-on-year [2] - The sales and management expenses for 2024 were $1.831 billion and $1.550 billion, with corresponding expense ratios decreasing by 13 percentage points and 12 percentage points year-on-year [2] - For Q4 2024, R&D expenses were $542 million, with an R&D expense ratio of 48%, a 30% decrease year-on-year [3] Product Performance - The core product, Zebrutinib, saw global sales of $2.64 billion in 2024, a 105% year-on-year increase, with Q4 sales reaching $828 million, also a 100% increase year-on-year [4] - The sales in the U.S. for Zebrutinib in 2024 were $2 billion, a 106% increase year-on-year, with Q4 sales of $616 million, a 97% increase year-on-year [4][19] - The company’s other product, Tislelizumab, generated total revenue of $154 million and $621 million in Q4 2024 and for the full year, respectively, with year-on-year growth of 20% and 16% [5][23] Clinical Development - The development plans for BGB-16673 and Sonrotoclax are progressing steadily, with clinical trials expected to start in 2025 [6] - The company has received new indications for Tislelizumab, which have been included in the 2024 medical insurance directory, expanding its market presence [5][20] Cost Management - The company has successfully reduced its sales and management expense ratio to 45% in Q4 2024, down from the previous year, indicating effective cost management [26] - The overall sales and management expenses for 2024 were $1.831 billion, with a ratio of 48%, reflecting a decrease in costs [26]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is expected to achieve positive GAAP operating profit by 2025, with several early-stage molecules in the solid tumor field progressing towards proof of concept [1] - Total revenue for 2024 is projected at $3.81 billion, representing a 55% year-over-year increase, while net loss is expected to narrow to $645 million, a 27% improvement compared to the previous year [1][13] - The company has achieved its first annual non-GAAP operating profit, with adjusted operating profits of $45.36 million and $78.60 million for the full year and Q4 of 2024, respectively [1][2] Financial Performance - In 2024, the company reported GAAP and non-GAAP R&D expenses of $1.95 billion and $1.67 billion, respectively, with R&D expense ratios decreasing by 21 percentage points and 20 percentage points year-over-year [2] - Sales and management expenses for 2024 were $1.83 billion and $1.55 billion, with corresponding expense ratios of 48% and 41%, showing a year-over-year decrease of 13 percentage points and 12 percentage points [2] - For Q4 2024, R&D expenses were $542 million, with an R&D expense ratio of 48%, down 30 percentage points year-over-year [3] Product Performance - The core product, Zebrutinib, saw global sales of $2.64 billion in 2024, a 105% increase year-over-year, with Q4 sales reaching $828 million, also up 100% year-over-year [4] - In the U.S., Zebrutinib's sales for Q4 and the full year were $616 million and $2 billion, respectively, reflecting year-over-year growth of 97% and 106% [4] - The company’s other product, Tislelizumab, generated total revenue of $154 million and $621 million for Q4 and the full year of 2024, marking a 20% and 16% increase year-over-year [5][23] Clinical Development - The development plans for BGB-16673 and Sonrotoclax are progressing steadily, with Phase III clinical trials expected to start in 2025 [6] - Tislelizumab has been included in the 2024 medical insurance directory for two new indications, expanding its global footprint [5] Revenue Forecast - Revenue forecasts for 2024-2026 have been adjusted upwards to $27.21 billion, $37.52 billion, and $45.02 billion, respectively, reflecting the company's strong growth trajectory [7] - The projected net profit for 2025-2026 has been revised to $703 million and $4.01 billion, respectively [7]