Sou Hu Cai Jing·2026-03-03 07:31Core Viewpoint - The report from CMB International highlights the strong sales performance of BeiGene (06160.HK) in Q4, with a significant year-over-year increase in revenue and profitability, indicating a positive outlook for the company and maintaining a "Buy" rating. Financial Performance - BeiGene's sales of Zebrutinib reached $1.1 billion in Q4, representing a year-over-year increase of 38% and a quarter-over-quarter increase of 10% [1] - Sales in the U.S. amounted to $845 million, with a year-over-year increase of 37% and a quarter-over-quarter increase of 14% [1] - The gross margin improved by 4.7 percentage points year-over-year to 90.5% [1] - General and administrative expenses decreased by 7.7 percentage points year-over-year [1] - Non-GAAP net profit surged to $225 million year-over-year [1] Future Guidance - The company projects revenue between $6.2 billion and $6.4 billion for 2026 [1] - GAAP operating expenses are expected to be between $4.7 billion and $4.9 billion [1] - Gross margin is anticipated to remain high in the 80% range [1] - Non-GAAP net profit is forecasted to be between $1.4 billion and $1.5 billion [1] Market Position and Analyst Ratings - BeiGene's market capitalization is approximately HKD 274.15 billion, ranking first in the biopharmaceutical II industry [1] - The majority of investment banks maintain a "Buy" rating for the stock, with two firms issuing buy ratings in the last 90 days [1] - The average target price over the last 90 days is HKD 223.43 [1] - Guotai Junan Securities recently issued a "Buy" rating for BeiGene [1]