Core Viewpoint - Haitong International has raised its revenue forecasts for BeiGene (06160) for 2025-2027 due to better-than-expected market performance of Zebrutinib in the US and European markets [1] Revenue Forecast - The revenue projections for BeiGene are now set at $5.3 billion, $6.4 billion, and $7.1 billion for 2025, 2026, and 2027 respectively, reflecting a compound annual growth rate (CAGR) of 23% [1] Net Profit Forecast - The net profit estimates for BeiGene have been adjusted to $360 million, $660 million, and $1.05 billion for the same years, indicating that the growth in sales and R&D expenses is better than anticipated [1] Target Price and Rating - Based on a weighted average cost of capital of 9% and a perpetual growth rate of 4%, the target price for BeiGene is set at HKD 213.1, maintaining an "Outperform" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company and recommends it as a top pick in the biotechnology sub-sector [1][12]. Core Insights - The company reported strong performance in Q3 2025, with revenues exceeding expectations due to robust sales of Zepzelca, leading to a slight upward revision of the 2025 revenue guidance and a downward adjustment of operating expenses [1][2]. - Zepzelca achieved over $1 billion in sales for the first time in a single quarter, demonstrating strong growth resilience [3]. - The company has a rich pipeline of catalysts expected in the next 12 months, particularly focusing on two hematology products with data readouts anticipated at the ASH conference [4][11]. Financial Performance - Q3 2025 total revenue reached $1.412 billion, representing a 41.0% year-over-year increase and a 7.4% quarter-over-quarter increase, with product revenue at $1.395 billion [2]. - GAAP operating profit was $163 million, up 85.6% quarter-over-quarter, while adjusted operating profit was $341 million [2]. - The gross margin for products improved to 85.9%, reflecting a 3.7 percentage point year-over-year increase [2]. Revenue Guidance - The company slightly raised its 2025 total revenue guidance from $5.0-5.3 billion to $5.1-5.3 billion, while lowering the GAAP operating expense guidance from $4.1-4.4 billion to $4.1-4.3 billion [4][12]. Target Prices - The target price for the US stock is set at $390, representing a potential upside of 17% from the current price of $332.4 [5]. - The target price for the Hong Kong stock is set at HKD 236, indicating a potential upside of 24% from the current price of HKD 190.4 [6]. - The target price for the A-share is set at RMB 326, reflecting a potential upside of 17% from the current price of RMB 279.0 [7].

Core Viewpoint - The report from CMB International indicates a strong performance by BeiGene (06160) in Q3, leading to an upward revision of the group's net profit forecast by 3% to 52% [1] Financial Performance - The company has raised its revenue guidance for 2025 to between $5.1 billion and $5.3 billion [1] - GAAP operating expenses guidance has been lowered to between $4.1 billion and $4.3 billion [1] Investment Outlook - The target price for BeiGene has been increased to HKD 231, suggesting an upside potential of 18.2% [1] - The rating has been maintained at "Buy" [1]

Investment Rating - The report maintains a "Recommended" rating for the company [1][7]. Core Insights - The company is experiencing rapid global sales growth of its BTK inhibitor, Zebutinib, with significant advancements in its research pipeline across hematological malignancies, solid tumors, and autoimmune diseases [1][7]. - For Q3 2025, the company reported total revenue of $1.412 billion, with product revenue reaching $1.395 billion, and a profit of $125 million [3][6]. - The company has updated its full-year revenue guidance for 2025 to $5.1-5.3 billion, with GAAP operating expenses projected at $4.1-4.3 billion [3][6]. Financial Projections - Revenue projections for the company are as follows: - 2025: 370.68 billion CNY - 2026: 445.36 billion CNY - 2027: 522.31 billion CNY - The company is expected to achieve a net profit of 2.282 billion CNY in 2025, with a significant turnaround from a loss of 4.978 billion CNY in 2024 [5][7]. - The gross margin is projected to improve from 84.4% in 2024 to 87.0% by 2027 [5][7]. Sales Performance - Zebutinib's global sales reached $1 billion in Q3 2025, marking a 50.8% year-over-year increase, with notable sales in the US, Europe, and China [6][7]. - For the first three quarters of 2025, Zebutinib's global sales totaled $2.78 billion, reflecting a 53.2% year-over-year growth [6][7]. Research and Development Progress - The company has made significant progress in its R&D pipeline, including: - Completion of patient enrollment for the Phase 2 trial of the BCL2 inhibitor for R/R WM and FDA breakthrough therapy designation for R/R MCL [6][7]. - Advancements in solid tumor treatments and immune-inflammatory conditions, with several clinical trials underway [6][7].

Core Insights - A total of 9 listed companies in A-shares have disclosed their performance forecasts for the year 2025, with varying outcomes including losses, slight increases, slight decreases, and uncertainties [1] - Lixun Precision expects a net profit attributable to shareholders of approximately 16.518 billion to 17.186 billion yuan for 2025, representing a year-on-year growth of 23.59% to 28.59% [1] - BeiGene has adjusted its revenue forecast for 2025 to approximately 36.2 billion to 38.1 billion yuan, citing its leading position in the U.S. market as a key factor for growth [2] - Chipone Integrated Circuit anticipates a revenue of 8 billion to 8.3 billion yuan for 2025, with a year-on-year growth of 23% to 28% [4] Company Performance - Lixun Precision aims to enhance its global strategy and manufacturing solutions, focusing on AI technology integration and diversified business expansion [1] - BeiGene's revenue adjustment is attributed to its expansion in key global markets and improved operational efficiency [2] - Chipone Integrated Circuit is benefiting from the growth in the new energy sector and increasing domestic semiconductor demand [4] - Evert and Chipone Integrated Circuit are among the companies expecting continued losses in 2025 [3] Institutional Research Focus - Institutional investors are increasingly interested in the new product launches, R&D investments, and future development plans of listed companies [5] - BeiGene is conducting clinical trials for its product in nephropathy and is optimistic about its prospects [6] - Lixun Precision is increasing its R&D investments in core technologies and optimizing its production layout to adapt to market changes [6]

Summary of BeOne Medicines FY Conference Call Company Overview - **Company**: BeOne Medicines (NasdaqGS:BGNE) - **Industry**: Biotechnology - **Key Achievement**: First year of profitability and recognized as one of the fastest-growing large biotech companies [3][4] Competitive Advantages - **Integrated Development**: Fully integrated CRO-free clinical development organization with over 3,600 professionals [4] - **Product Pipeline**: Deep product pipeline with 10 internally developed New Molecular Entities (NMEs) entering the clinic in 2024 and 16 to date [3] - **Cost Efficiency**: 70% of the cost to develop medicines is in clinical development; BeOne aims to reduce this through its integrated approach [4] Product Performance - **Brukinsa**: - Leading market share in the BTK inhibitor market with 47% year-over-year growth in the U.S. and 71% growth in Europe [6][8] - Demonstrated durable progression-free survival (PFS) with 74% landmark PFS at 72 months [6][7] - Significant real-world impact and prescription growth globally [8][9] Market Dynamics - **Fixed Duration Treatments**: - BeOne supports finite treatments that meet four criteria: deep response, sustained PFS, acceptable safety profile, and convenience [10][11] - Current market dynamics show continuous use BTK inhibitors capturing about 50% of the market, with opportunities for growth through fixed-duration offerings [11][12] Pipeline Developments - **Sonrotoclax**: - Designed to be more potent and selective than venetoclax, with a half-life of five hours [14][15] - Breakthrough designation in relapsed refractory MCL, with plans for global filing based on upcoming data [30] - Phase 3 study planned for multiple myeloma, targeting the translocation 11;14 population [32][33] - **BDK CDAC**: - A degrader molecule with a different mechanism, potentially effective against mutations that standard inhibitors cannot target [24][25] - Phase 2 cohort fully enrolled, with data expected in the first half of next year [26] Competitive Landscape - **Comparison with Competitors**: - BeOne's zanubrutinib shows superior response rates compared to pirtobrutinib and acalabrutinib in specific patient populations [20][21] - Ongoing head-to-head studies to validate BeOne's offerings against competitors [16][17] Future Outlook - **Clinical Trials**: - Upcoming data presentations at ASH for various products, including BDK CDAC and sonrotoclax [28][29] - Commitment to advancing solid tumor pipeline, particularly CDK4/6 inhibitors, with a focus on first-line breast cancer [34][36] Conclusion - BeOne Medicines is positioned strongly within the biotechnology sector with a robust product pipeline, innovative clinical development strategies, and a commitment to addressing patient needs through differentiated therapies. The company is actively pursuing growth opportunities in both hematology and solid tumors while maintaining a competitive edge against established players in the market.

Investment Rating - The report does not explicitly state an investment rating for the industry [1] Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.4% from November 3 to November 7, 2025, underperforming compared to the Wind All A index (0.63%) and the CSI 300 index (0.82%) [2][7] - The rise in flu activity was noted, with the percentage of flu-like illness (ILI) cases reported at 4.7% in the week of October 27 to November 2, 2025, indicating an increase compared to previous weeks and years [2][10] - The final overall survival (OS) results from the HARMONi-A study of Ivosidenib combined with chemotherapy for EGFR-mutant non-small cell lung cancer showed a significant improvement in OS, with a median OS of 16.8 months versus 14.1 months for the control group [2][10] Weekly Market Review - The pharmaceutical and biotechnology sector's performance was down 2.4%, with notable declines in medical research outsourcing (-4.93%), chemical preparations (-4.42%), and other biological products (-4.33%) [7][8] - The leading gainers included Hezhi China (61.1%), Wanze Shares (30.3%), and Fuxiang Pharmaceutical (23.3%), while Changshan Pharmaceutical (-20%), Yifang Bio-U (-17.8%), and Guangshengtang (-15.3%) were the biggest losers [10] Industry News and Key Company Announcements - On November 7, 2025, the final OS analysis of the HARMONi-A study was presented, showing significant results for Ivosidenib in combination with chemotherapy [10][12] - According to data from the Chinese Center for Disease Control, flu-like illness percentages in southern provinces increased to 4.6%, while northern provinces reported 5.1%, both higher than the previous week [10][12] - BeiGene reported a total revenue of $1.412 billion for Q3 2025, a 41% year-on-year increase, driven by a 51% growth in global sales of its product [12][14] - Metsera announced a merger agreement with Pfizer, with an estimated total transaction value of approximately $9 billion [12][14]

Group 1 - The core viewpoint of the article highlights that innovative pharmaceutical companies are transitioning from a "research and development investment phase" to a "commercialization harvest phase," driven by policy benefits, capital support, and clinical demand [1][4][5] Group 2 - Innovative pharmaceutical companies have reported impressive third-quarter results, with BeiGene achieving over 10 billion yuan in revenue, a year-on-year increase of 41.1%, and total revenue for the first three quarters reaching 27.595 billion yuan, up 44.2% [2] - Other leading innovative pharmaceutical companies also showed strong performance, with Hengrui Medicine reporting a revenue of 23.188 billion yuan for the first three quarters, a year-on-year growth of 14.85%, and WuXi AppTec achieving 32.857 billion yuan in revenue, up 18.61% [3] - The sales growth of core products, such as BeiGene's Zebrutinib and Junshi Biosciences' Toripalimab, is driving the performance of these companies, indicating a significant return on investment in research and development [5][6] Group 3 - The innovative drug sector is experiencing rapid growth, with a notable increase in business development (BD) transactions, totaling 92.03 billion USD in the first three quarters of 2025, reflecting a surge in licensing deals for domestic innovative drugs [6] - Analysts from Dongwu Securities express optimism about the innovative drug sector, predicting it will remain a key investment theme in the pharmaceutical industry through 2026, driven by the rising international status of Chinese innovative drug companies and a boom in BD transactions [7]

Investment Rating - The report maintains an "Outperform" rating for BeiGene with a target price of HKD 213.10, reflecting a positive outlook on the company's performance [2][17]. Core Insights - In Q3 2025, BeiGene reported revenue of USD 1.41 billion, representing a year-on-year increase of 41% and a quarter-on-quarter increase of 7.7%. The gross profit margin was 86.1%, up by 3.1 percentage points year-on-year. The company achieved a net profit of USD 120 million for the quarter [3][13]. - Management has raised the full-year 2025 revenue guidance to USD 5.1–5.3 billion, slightly lowering the operating expenses guidance to USD 4.1–4.3 billion [3][13]. Revenue and Profit Forecasts - Revenue projections for FY25, FY26, and FY27 have been increased to USD 5.3 billion, USD 6.4 billion, and USD 7.1 billion, respectively, indicating a three-year compound annual growth rate (CAGR) of 23% [16][17]. - Net profit attributable to shareholders is forecasted to be USD 360 million, USD 660 million, and USD 1.05 billion for FY25, FY26, and FY27, respectively [16][17]. Product Performance - Zanubrutinib (BRUKINSA) generated global revenue of USD 1.04 billion in Q3 2025, with significant contributions from the U.S. (USD 740 million), Europe (USD 160 million), and China (USD 90 million). The global revenue for Zanubrutinib is expected to exceed USD 3.9 billion in 2025 [4][15]. - Tislelizumab (PD-1) reported global revenue of USD 190 million, reflecting a year-on-year increase of 16.7% [15]. Clinical Development Focus - The report highlights the importance of clinical progress in the hematologic oncology portfolio, particularly the BCL-2 inhibitor and BTK CDAC. Management plans to submit a new drug application for the R/R MCL indication and initiate a head-to-head trial in treatment-naïve chronic lymphocytic leukemia patients [14][15]. - In the solid tumor space, the focus is on the CDK4 inhibitor and B7-H4 ADC, with ongoing clinical trials and dose optimization efforts [15][16]. Valuation Methodology - The company is valued using a Discounted Cash Flow (DCF) model, with a WACC of 9% and a perpetual growth rate of 4%. The target price of HKD 213.10 reflects the company's growth potential and market position [17].

Investment Rating - The industry investment rating is "stronger than the market" indicating an expected performance that exceeds the market by more than 5% over the next six months [30]. Core Insights - Novartis' radioligand therapy drug Pluvicto has received approval for two indications in China, which is expected to boost the domestic nuclear medicine industry [3]. - BeiGene has raised its revenue guidance for 2025, now expecting between RMB 362 billion and RMB 381 billion, driven by strong product sales and improved operational efficiency [3]. Summary by Sections Industry Overview - Novartis' Pluvicto is approved for treating specific types of prostate cancer, with projected sales of USD 1.389 billion (approximately RMB 9.9 billion) for the first three quarters of 2025 [3]. - The approval of Pluvicto is anticipated to stimulate growth in the nuclear medicine sector, with a focus on companies leading in new isotopes and targets, such as Dongcheng Pharmaceutical and Yunnan Baiyao [3]. Company Performance - BeiGene's revenue for the first three quarters of 2025 reached RMB 275.95 billion, a year-on-year increase of 44.2%, surpassing the total revenue of RMB 272.1 billion for the previous year [3]. - The company has adjusted its 2025 revenue guidance upwards due to strong growth from its leading product, Brukinsa (Zebutinib), in the U.S. market and ongoing expansion in Europe and other key markets [3]. Investment Strategy - The report suggests focusing on innovative pharmaceutical companies with rich pipelines, such as Heng Rui Medicine and BeiGene, as well as those with high potential single products like Yipin Hong and Sanofi [5]. - It also highlights the importance of companies with leading positions in cutting-edge technology platforms, such as Dongcheng Pharmaceutical and Yuanda Medicine [5].