交银国际：百济神州上季产品销售强势 维持“买入”评级

Group 1 - The core viewpoint of the report indicates that BeiGene's (06160) sales of Zebrutinib reached $1.1 billion in Q4 last year, representing a year-on-year increase of 38% and a quarter-on-quarter increase of 10% [1] - The sales in the U.S. amounted to $845 million, with a year-on-year increase of 37% and a quarter-on-quarter increase of 14% [1] - The gross margin improved by 4.7 percentage points year-on-year to 90.5%, while the general and administrative expense ratio decreased by 7.7 percentage points year-on-year [1] Group 2 - The company is focusing on four major areas: 1) Chronic Lymphocytic Leukemia (CLL) with potential launches of Sotigalimab in Europe and the U.S. within the year, and BTK CDAC expected to submit for approval in 2H26 [2] - 2) Other hematological malignancies leveraging Zebrutinib and Sotigalimab along with CD19/CD20 targeted therapies to expand into other lymphomas, multiple myeloma (MM), and acute myeloid leukemia (AML) [2] - 3) Solid tumors with a focus on breast cancer, lung cancer, and gastrointestinal tumors, including recent success in a PD-1 + HER2 dual antibody + chemotherapy regimen for 1L HER2+ gastric cancer [2] - 4) Inflammation/Immunology with early data from BTK CDAC and IRAK4 CDAC expected to be read out in 2026 [2]