国金证券:维持百济神州(06160)“买入”评级 泽布替尼成为全球BTKi市场领导者
智通财经网·2025-11-07 06:45

Core Viewpoint - Guojin Securities maintains a "Buy" rating for BeiGene (06160), highlighting its leadership in the domestic biopharma sector and significant global expansion, with both commercialization and R&D reaching critical turning points [1] Financial Performance - In Q3 2025, the company achieved total revenue of $1.4 billion, a year-on-year increase of 41%, and a GAAP net profit of $125 million [1] - The updated guidance for 2025 includes total revenue of $5.1-5.3 billion, GAAP operating expenses of $4.1-4.3 billion, and a gross margin in the high 80-90% range, with positive GAAP net profit and free cash flow for the year [1] Product Sales - In Q3 2025, the sales of Zanubrutinib reached $1.04 billion, showing a year-on-year growth of 51% and a quarter-on-quarter increase of 10%, establishing it as a leader in the global BTKi market [1] - The U.S. market contributed significantly, with sales of $739 million, a year-on-year increase of 47% and a quarter-on-quarter increase of 8%, while the European market saw a sales increase of 68% year-on-year, reaching $163 million [1] - Sales of Tislelizumab in Q3 2025 amounted to $191 million, reflecting a year-on-year growth of 17% [1] R&D Milestones - Upcoming R&D milestones include the submission of Sotigalimab in H2 2025 in the U.S., initiation of head-to-head clinical trials for Zanubrutinib and Acalabrutinib in H1 2026, and the start of Phase III trials for MM in H2 2026 [2] - The company plans to read out potential registration clinical data for BTKCDAC in H1 2026 and will not pursue second-line development for CDK4 inhibitors, instead focusing on first-line HR+HER2- breast cancer trials [2] - POC data readouts are expected in H1 2026 for FGFR2b ADC, pan-KRASi, EGFRCDAC, and CDK2i, with additional data readouts in H2 2026 for PRMT5i+MAT2Ai and EGFR/MET/MET tri-antibodies [2]

SINOLINK SECURITIES-国金证券:维持百济神州(06160)“买入”评级 泽布替尼成为全球BTKi市场领导者 - Reportify