財務摘要 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6月30日止六個月 中期業績公告 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6月30日止六個月（「報告期」）的未經審核簡明綜合業績連同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。 截至2024年6月30日止六個月的收入合計較截至2023年6月30日止六個月增加約 637.8百萬美元或約61.1%至約1,680.8百萬美元。產品收入較截至2023年6月30 日止六個月增加約704.0百萬美元或約73.0%至約1,668.1百萬美元。 截至2024年6月30日止六個月的經營費用合計較截至2023年6月30日止六 ...

Financial Performance - Total revenue for the six months ended June 30, 2024, increased by approximately $637.8 million or 61.1% to about $1,680.8 million compared to the same period in 2023[2]. - Product revenue for the same period rose by approximately $704.0 million or 73.0% to about $1,668.1 million[2]. - Net loss for the six months ended June 30, 2024, decreased by approximately $358.0 million or 49.1% to about $371.6 million compared to the same period in 2023[2]. - Basic and diluted loss per share for the six months ended June 30, 2024, was $0.27, a decrease of 50.0% from $0.54 in the same period in 2023[2]. - The company reported a comprehensive loss of $412.6 million for the six months ended June 30, 2024, compared to a comprehensive loss of $795.8 million in the same period in 2023[4]. - The company reported a net loss of $371,555 thousand for the six months ended June 30, 2024, a significant improvement from a net loss of $729,568 thousand for the same period in 2023, representing a reduction of approximately 49%[7]. - The company reported a net loss of $371.6 million for the six months ended June 30, 2024, compared to a net loss of $729.6 million in the same period in 2023, showing a significant reduction in losses[76]. Cash and Liquidity - Cash and cash equivalents as of June 30, 2024, were $2,592.7 million, down from $3,171.8 million as of December 31, 2023[5]. - The company reported a total cash and cash equivalents balance of $2,592,655 thousand as of June 30, 2024, compared to $3,410,368 thousand at the end of June 30, 2023, reflecting a decrease of approximately 24%[8]. - As of June 30, 2024, the company's cash and cash equivalents amounted to $899,346 thousand, a decrease from $1,052,149 thousand as of December 31, 2023, representing a decline of approximately 14.5%[19]. - Cash used in operating activities for the first half of 2024 was $404,160 thousand, down from $857,665 thousand in the same period of 2023, indicating a 53% decrease in cash outflow[7]. - The company expects to repay approximately $851.7 million in loans over the next 12 months and anticipates being able to refinance these loans[118]. - Cash, cash equivalents, restricted cash, and short-term investments totaled approximately $1.1 billion in USD and about 10 billion RMB (approximately $1.4 billion) as of June 30, 2024[104]. Assets and Liabilities - Total assets as of June 30, 2024, were $5,712.2 million, a decrease from $5,805.3 million as of December 31, 2023[6]. - Total liabilities as of June 30, 2024, were $2,345.9 million, an increase from $2,267.9 million as of December 31, 2023[6]. - The total equity as of June 30, 2024, was $3,366,255 thousand, down from $3,798,559 thousand as of June 30, 2023, indicating a decrease of about 11%[9]. - The company’s total liabilities amounted to $2,345.9 million, with total equity reported at $3,366.3 million as of June 30, 2024[77]. - The company’s total liabilities, including both short-term and long-term, reflect a strategic focus on managing debt levels while investing in growth initiatives[50]. Research and Development - Research and development expenses increased to $219,304 thousand for the six months ended June 30, 2024, up from $178,693 thousand in the same period of 2023, marking a rise of about 23%[9]. - Research and development costs for the six months ended June 30, 2024, were $915,104,000, up from $831,348,000 in the same period of 2023[57]. - The company’s total research and development expenses for the six months ended June 30, 2024, were $93,451,000, compared to $79,976,000 for the same period in 2023, indicating an increase of approximately 16.8%[63]. - The company is focused on ongoing product development and market expansion strategies in the biopharmaceutical sector[12]. - The company has established a global development and medical affairs team with over 3,000 colleagues across five continents, enabling clinical trials without reliance on third-party CROs, which helps reduce trial costs and accelerate patient enrollment[86]. Collaboration and Partnerships - The company reported collaboration revenue of $12,754 thousand for the six months ended June 30, 2024, a significant decrease of 83.9% compared to $79,026 thousand for the same period in 2023[23]. - The company has terminated its collaboration and licensing agreements with Novartis for the drugs Tislelizumab and Osemitamab, regaining full global rights without further royalty obligations[24][26]. - The company confirmed no research and development service collaboration revenue related to Tislelizumab for the six months ended June 30, 2024, compared to $16,796 thousand for the same period in 2023[25]. - The company continues to explore new collaboration opportunities and market expansions as part of its growth strategy[21]. Operational Highlights - The company has three approved drugs on the market, with a focus on innovative oncology treatments, enhancing drug accessibility and affordability[11]. - The company has established a clinical team of over 3,000 members, aiming to reduce reliance on third-party contract research organizations (CROs)[11]. - The company is actively pursuing partnerships with leading biopharmaceutical companies to develop and commercialize innovative drugs[11]. - The company announced the opening of a flagship base in Hopewell, New Jersey, enhancing its biomanufacturing and clinical R&D capabilities[85]. Market Performance - Global sales of Baiyueze® reached $637 million, a year-over-year growth of 107%, reinforcing its leading position in hematology[84]. - The core drug Brukinsa® has shown a 116.7% increase in global sales for the six months ending June 30, 2024, compared to the same period in 2023, establishing a strong position in hematology[88]. - The company expects continued growth in product sales and market expansion, particularly in the U.S. and China, supported by an expanded sales team and increased patient demand[94]. Employee and Management Compensation - The total compensation paid to key management personnel amounted to $24.97 million for the six months ended June 30, 2024, compared to $22.80 million in 2023, reflecting an increase of 9.5%[72]. - Total employee compensation costs for the six months ended June 30, 2024, amounted to $891.8 million, compared to $753.0 million for the same period in 2023[135]. Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with financial reporting and internal controls[138]. - The compensation committee is responsible for reviewing and recommending executive compensation, consisting of three independent non-executive directors[138]. - The nomination and corporate governance committee includes four independent non-executive directors, focusing on board member qualifications and governance guidelines[139]. Future Outlook - The company plans to utilize current financial resources and expected receivables and product sales revenue to meet significant cash needs[121]. - The company has submitted a shelf registration statement to the SEC for unspecified amounts of securities, allowing for future capital raising through equity or debt financing[120]. - The company faces potential dilution of shareholder equity if additional capital is raised through equity or convertible debt[120].

Core Viewpoint - BeiGene, Ltd. (BGNE) is showing potential for a bullish breakout as it has reached a key support level and experienced a "golden cross" in its moving averages [1] Technical Analysis - BGNE's 50-day simple moving average has crossed above its 200-day simple moving average, indicating a bullish signal known as a "golden cross" [1] - A golden cross typically suggests a bullish breakout is likely, formed when a stock's short-term moving average surpasses a longer-term moving average [1] - The three stages of a golden cross include a downtrend that bottoms out, the crossover of moving averages, and continued upward momentum [1] - The occurrence of a golden cross contrasts with a "death cross," which signals potential bearish movement [1] Performance Metrics - BGNE has experienced a rally of 19.3% over the past four weeks, indicating strong upward momentum [1] - The company currently holds a 2 (Buy) rating on the Zacks Rank, further supporting the bullish outlook [1] Earnings Outlook - The positive earnings outlook for BGNE strengthens the bullish case, as no earnings estimates have been cut for the current quarter [1]

A 股代码：688235 A 股简称：百济神州 公告编号：2024-020 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 关于召开 2024 年半年度业绩说明会的公告 百济神州有限公司（以下简称"公司"）将于 2024 年 8 月 30 日 发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解 公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 8 月 30 日(星期五)上午 09:00-10:00 举行 2024 年半年度业绩说明会，就投资 者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 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： 1、会议召开时间：2024 年 8 月 30 日(星期五)上午 09:00-10:00 2、会议召开地 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% in the next 6 months [7][24] Core Views - The company's 2024Q2 performance exceeded expectations, achieving non-GAAP operating profit for the first time [1] - Revenue growth in 2024H1 was strong, with total revenue reaching $1.68 billion, a 61% YoY increase [1] - The company's core product, Zanubrutinib, showed rapid growth in the US market, with Q2 sales reaching $479 million, a 114% YoY increase [3][12] - Tislelizumab continued to expand its market in China, with Q2 sales of $158 million, a 6% YoY increase [4][15] - R&D and sales expense ratios significantly decreased, contributing to improved operational efficiency [2] Financial Performance - 2024Q2 revenue was $929 million, a 56% YoY increase, with a net loss of $120 million, a 68% YoY reduction in losses [1] - Adjusted operating profit for 2024Q2 reached $48.46 million, marking the first quarterly profit [1] - R&D expenses for 2024Q2 were $454 million, with an expense ratio of 49%, a 22 percentage point YoY decrease [2] - Sales and administrative expenses for 2024Q2 were $444 million, with an expense ratio of 48%, a 19 percentage point YoY decrease [2] Product Performance - Zanubrutinib global sales reached $1.126 billion in 2024H1, a 61% YoY increase, with Q2 sales of $637 million, a 107% YoY increase [3] - In the US, Zanubrutinib sales accounted for 29.44% of the BTK inhibitor market in 2024Q2, up from 1.16% in 2021Q2 [14] - Tislelizumab's total revenue in 2024H1 was $303 million, a 15% YoY increase, with Q2 revenue of $158 million, a 6% YoY increase [4] Pipeline Progress - Sonrotoclax, a BCL2 inhibitor, completed the first patient enrollment for its Phase III trial in combination with Zanubrutinib for TN CLL patients [4] - BGB-16673, a BTK CDAC drug, entered Phase I/II clinical trials for B-cell malignancies, showing promising safety and anti-tumor activity in early data [4] Market Expansion - Zanubrutinib gained approval for its sixth indication in China for FL treatment in May 2024 [3] - Tislelizumab received new approvals in China for gastric cancer and small cell lung cancer in 2024Q2, bringing its total approved indications in China to 11 [4][15] - Tislelizumab's esophageal squamous cell carcinoma treatment was approved in the US in March 2024, with its first-line treatment for the same indication under review [4]

於2024年8月9日，董事會及╱或董事會薪酬委員會根據2016期權及激勵計劃的 條款向五名承授人授出可認購合共22,835股美國存託股份的購股權。 授出購股權詳情 購股權詳情如下： | | | 相關股份數目： 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） 授出購股權、受限制股份單位及業績股份單位 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。於2024年8月9日， 董事會及╱或董事會薪酬委員會根據2016期權及激勵計劃的條款向五名承授人 授出可認購合共22,835股美國存託股份的購股權，向三百三十二名承授人授出涉 及合共87,399股美國存託股份的受限制股份單位，並向一名承授人授出涉及合共 9,119股美國存託股份的業績股份單位。 2016期權及激勵計劃項下的購股權 1 授出日期： 2024年8月9日 承授人數目： 五名 ...

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。 百濟神州有限公司（「本公司」）謹此公佈，本公司董事會（「董事會」）審計委員會 的會議將於2024年8月26日（美國東部時間）舉行，以（其中包括）審議及批准本公 司及其附屬公司截至2024年6月30日止六個月中期業績及根據香港聯合交易所有 限公司證券上市規則（「香港上市規則」）刊發中期業績。本公司先前於2024年8月 7日公佈其截至2024年6月30日止三個月及六個月的中期業績，並以提交表格10-Q 的方式將其季度業績送交美國證券交易委員會（「美國證券交易委員會」）存案。本 公司根據香港上市規則刊發的中期業績與本公司先前已公佈並送交美國證券交易 委員會存案者相同，惟根據香港上市規則所要求的指定附加資料及將本公司的中 期業績從美國公認會計原則與國際財務報表準則進行核對的結果除外。 於本公告日期，本公司董事會包括主席兼執行董事歐雷強先生、非執行董事王 曉東博士，以及獨立非執行董事Olivier Brandico ...

Group 1: Stock Performance and Price Targets - Shares of BeiGene, Ltd. (BGNE) have increased by 20.1% over the past four weeks, closing at $182.76, with a mean price target of $257.41 indicating a potential upside of 40.9% [1] - The mean estimate consists of 11 short-term price targets with a standard deviation of $56.75, suggesting variability in analyst predictions; the lowest estimate is $161 (11.9% decline), while the highest is $345 (88.8% increase) [1] Group 2: Analyst Sentiment and Earnings Estimates - There is strong agreement among analysts regarding BeiGene's ability to report better earnings, with five estimates revised higher in the last 30 days and no negative revisions, leading to a 39.2% increase in the Zacks Consensus Estimate [5] - The company currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [6] Group 3: Price Target Reliability - Analysts' price targets can often mislead investors, as empirical research indicates that they rarely predict actual stock price movements accurately [3] - A low standard deviation in price targets indicates a high degree of agreement among analysts, which can serve as a starting point for further research into fundamental drivers [4]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with a target price of 180.24 CNY per share for A-shares and 200.27 HKD per share for H-shares [4]. Core Insights - The company reported a strong revenue growth of 65.4% year-on-year for the first half of 2024, reaching 11.996 billion CNY, while narrowing its net loss to 2.877 billion CNY [1]. - The core product, Baiyueze, saw global sales of 8.018 billion CNY in H1 2024, a significant increase of 122% year-on-year, with U.S. sales alone growing by 134.4% [1]. - The company has a rich pipeline of new drugs, with multiple candidates advancing through clinical trials, including Sonrotoclax and BGB-16673, which are in various stages of global registration [1]. Financial Summary - Revenue projections for the company are estimated at 25.177 billion CNY for 2024, 31.421 billion CNY for 2025, and 37.123 billion CNY for 2026, reflecting growth rates of 44.5%, 24.8%, and 18.1% respectively [2][3]. - The adjusted operating profit for Q2 2024 was reported at 345 million CNY, indicating improved operational efficiency driven by sales growth and cost management [1]. - The company is expected to continue narrowing its net losses, with projections of -2.876 billion CNY for 2024 and a potential return to profitability with a net profit of 1.759 billion CNY by 2026 [3].

证券研究报告·公司点评报告·生物制品 百济神州-U（688235） 2024 年 H1 业绩快报点评：核心产品放量超 预期，进入全球增长新阶段 2024 年 08 月 09 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） | 9,566 | 17,423 | 25,530 | 34,062 | 42,383 | | 同比（%） | 26% | 82% | 47% | 33% | 24% | | 归母净利润（百万元） | -13,642 | -6,716 | -3,116 | 274 | 636 | | 同比（%） | -40% | 51% | 54% | 109% | 132% | | EPS-最新摊薄（元/股） | -9.91 | -4.88 | -2.26 ...