智通财经网·2026-02-27 05:57Group 1 - The core viewpoint of Haitong International maintains an "outperform" rating for BeiGene (06160), with revenue forecasts for FY26 and FY27 at $6.4 billion and $7.1 billion respectively, and a slight adjustment of net profit forecasts to $610 million and $1.04 billion [1] - The company achieved revenue of $5.34 billion in 2025, a year-on-year increase of 40%, with product revenue of $5.28 billion, slightly exceeding previous management guidance [1] - Management anticipates revenue of $6.2 billion to $6.4 billion in 2026, with GAAP operating profit projected at $700 million to $800 million [1] Group 2 - The revenue for Zebutini reached $3.93 billion in 2025, reflecting a 49% year-on-year growth, with U.S. sales at $2.8 billion (up 45%), European sales at $600 million (up 66%), and Chinese sales at $340 million (up 33%) [2] - The revenue for Tislelizumab was $740 million in 2025, showing a 19% year-on-year increase, with Q4 2025 revenue at $180 million (up 18%) [2] - Revenue from collaborative products in China was $620 million, a 20% increase, driven by growth in Duzallo and Belantamab Mafodotin [2] Group 3 - Key catalysts for 1H26 include the approval of Sotigalimab for R/RMCL in the U.S., interim analysis of Zebutini in the Phase III trial for 1L MCL, and the expected initiation of Phase III clinical trials for CDK4 in HR+ HER2- BC [3] - In 2H26, key catalysts include the submission of an accelerated approval application for BTKCDAC based on Phase II clinical data for R/R CLL, initiation of a Phase III trial for Sotigalimab in combination therapy for 2L+ multiple myeloma, and expected initiation of a potential registration Phase II study for BGB-B2033 in gastrointestinal cancer [3]