百济神州：2024Q2公司业绩表现超预期，实现非GAAP经营利润盈利

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% in the next 6 months [7][24] Core Views - The company's 2024Q2 performance exceeded expectations, achieving non-GAAP operating profit for the first time [1] - Revenue growth in 2024H1 was strong, with total revenue reaching $1.68 billion, a 61$479 million, a 114% YoY increase [3][12] - Tislelizumab continued to expand its market in China, with Q2 sales of $158 million, a 6$929 million, a 56% YoY increase, with a net loss of $120 million, a 68$48.46 million, marking the first quarterly profit [1] - R&D expenses for 2024Q2 were $454 million, with an expense ratio of 49$444 million, with an expense ratio of 48%, a 19 percentage point YoY decrease [2] Product Performance - Zanubrutinib global sales reached $1.126 billion in 2024H1, a 61$637 million, a 107% YoY increase [3] - In the US, Zanubrutinib sales accounted for 29.44% of the BTK inhibitor market in 2024Q2, up from 1.16% in 2021Q2 [14] - Tislelizumab's total revenue in 2024H1 was $303 million, a 15$158 million, a 6% YoY increase [4] Pipeline Progress - Sonrotoclax, a BCL2 inhibitor, completed the first patient enrollment for its Phase III trial in combination with Zanubrutinib for TN CLL patients [4] - BGB-16673, a BTK CDAC drug, entered Phase I/II clinical trials for B-cell malignancies, showing promising safety and anti-tumor activity in early data [4] Market Expansion - Zanubrutinib gained approval for its sixth indication in China for FL treatment in May 2024 [3] - Tislelizumab received new approvals in China for gastric cancer and small cell lung cancer in 2024Q2, bringing its total approved indications in China to 11 [4][15] - Tislelizumab's esophageal squamous cell carcinoma treatment was approved in the US in March 2024, with its first-line treatment for the same indication under review [4]