Core Insights - The report from Ping An Securities indicates that BeiGene achieved a profit of $125 million in Q3 2025, with a total profit of $220 million for the first three quarters of 2025, compared to a loss of $493 million in the same period last year [1] - The global sales of the BTK inhibitor, Zebrutinib, reached $1 billion in Q3 2025, with total revenue of $2.78 billion for the first three quarters [1] - The company is making comprehensive advancements in the hematological oncology field, with rapid global rollout of Zebrutinib and steady progress in the development of BCL2 inhibitors and BTK CDAC [1] - BeiGene is continuously enriching its R&D pipeline through rapid concept validation, achieving progress in solid tumors and immune-inflammatory areas [1] - The revenue forecasts for 2025-2027 have been adjusted to 37.068 billion, 44.536 billion, and 52.231 billion yuan, respectively, from the previous forecasts of 36.407 billion and 43.954 billion yuan for 2025-2026 [1] - The company maintains a "recommended" rating [1]
研报掘金丨平安证券:维持百济神州“推荐”评级 泽布替尼全球持续放量