智通财经网·2025-05-15 02:39Core Viewpoint - CICC maintains the profit forecast for BeiGene (688235.SH, 06160, ONC.US) for 2025 and 2026, keeping the "outperform" rating, with target prices of 280 CNY, 198 HKD, and 332 USD based on DCF model, indicating upside potential of 15.0%, 41.0%, and 43.1% respectively [1] Group 1 - The company's 1Q25 revenue met expectations, reporting 1.117 billion USD, a 49% year-on-year increase, with product revenue at 1.109 billion USD, up 48%, and a GAAP net profit of 1.27 million USD, exceeding expectations due to revenue growth outpacing operating expenses [2] - Sales of Zanubrutinib reached 792 million USD in 1Q25, a 62% year-on-year increase, accounting for 71.4% of product revenue, with US sales at 563 million USD, up 60%, driven by increased demand, particularly in CLL indications [3] - The company achieved its first quarterly profit turnaround, maintaining guidance for 2025 with expected revenue of 4.9 to 5.3 billion USD, a year-on-year growth of 29% to 39%, and GAAP operating expenses of 4.1 to 4.4 billion USD, projecting a positive GAAP operating profit for 2025 [4] Group 2 - The company has several highlights for 2025-2026, including the approval of BCL2 for R/R CLL treatment, with phase II clinical data expected in 2H25, and plans for a global accelerated filing; ongoing phase II trials for BTK CDAC in r/r CLL with data expected in 2026, and a head-to-head trial with Eli Lilly's Pirto starting in 2025 [5] - In the solid tumor field, preliminary data for CDK4i, CDK2i, and B7H4 ADC is expected in 1H25, with PoC validation for several products planned for 2H25, including collaborations with Amgen on Tarlatamab, which recently met primary clinical endpoints in a phase III trial for 2L SCLC [5]