Di Yi Cai Jing·2025-05-12 04:03Core Viewpoint - The announcement of significant price reductions for prescription drugs in the U.S. has raised concerns among pharmaceutical companies, particularly those with innovative drugs approved in the U.S. market [1][3]. Group 1: Market Impact - The U.S. is the largest market for innovative drugs, benefiting from free pricing and patent laws, which allow high prices for these drugs [1]. - Following the announcement, shares of several Hong Kong-listed pharmaceutical companies with innovative drugs approved in the U.S. experienced notable declines, with BeiGene (百济神州) dropping over 7% and other companies like Hutchison China MediTech (和黄医药) and Junshi Biosciences (君实生物) also seeing significant drops [1]. Group 2: Company Performance - BeiGene has two self-developed drugs, BTK inhibitor Brukinsa (百悦泽) and PD-1 monoclonal antibody Tislelizumab (百泽安), both of which have been approved in the U.S. market, with Brukinsa contributing significantly to the company's revenue [3]. - In Q1, BeiGene reported revenue of 8.048 billion yuan, a 50.2% year-on-year increase, with Brukinsa's sales in the U.S. reaching 4.041 billion yuan, accounting for 50.2% of total revenue [3]. - The company transitioned from a loss to profitability, reporting a profit of approximately 150 million yuan and a GAAP net profit of $127,000 in the U.S. for the first time, attributed to rapid global revenue growth and effective cost management [3]. - BeiGene has set a revenue target for the year between 35.2 billion yuan and 38.1 billion yuan, with positive operating profit and cash flow expected [3]. Group 3: Future Considerations - Other pharmaceutical companies have indicated that the overall impact of the new pricing policy is still under evaluation [4].