智通财经网·2025-11-12 01:26Core Viewpoint - Haitong International has raised its revenue forecasts for BeiGene (06160) for FY25-27 due to stronger-than-expected sales of Zebrutinib in the US and European markets, projecting revenues of $5.3 billion, $6.4 billion, and $7.1 billion respectively, with a CAGR of 23% over three years [2][3] Financial Performance - In Q3 2025, BeiGene reported revenues of $1.41 billion, a year-on-year increase of 41% and a quarter-on-quarter increase of 7.7%, with product revenues of $1.4 billion [3] - The company achieved a gross margin of 86.1%, up 3.1 percentage points year-on-year [3] - R&D expenses were $520 million (up 5.5% YoY), while sales expenses were $530 million (up 16.2% YoY), resulting in an operating profit of $160 million [3] - Net profit for the quarter was $120 million, and management raised the full-year revenue guidance for 2025 to $5.1-5.3 billion [3] Product Performance - Zebrutinib's global revenue is expected to approach $3.9 billion in 2025, with Q3 revenues of $1.04 billion, reflecting a 50.8% YoY increase and a 9.6% QoQ increase [4] - In the US, Zebrutinib generated $740 million (up 46.7% YoY), while in Europe, it reached $160 million (up 67.7% YoY) [4] - The global revenue for Tislelizumab (PD-1) was $190 million, marking a 16.7% increase YoY [4] Pipeline Developments - In the hematological malignancies segment, the company is focusing on BCL-2 inhibitors and BTK CDAC, with plans for various clinical trials and regulatory submissions in the coming years [5] - In the solid tumors segment, the company is advancing CDK4 inhibitors and B7-H4 ADC, with plans to initiate Phase III trials for HR+/HER2- breast cancer in 1H26 [6][7] - Management noted the competitive landscape in the second-line treatment market due to the emergence of multiple new drugs [7]