Investment Rating - The report maintains an "Overweight" rating for the company [2][3]. Core Views - The company achieved product revenue of 993millioninQ32024,representingayear−on−yearincreaseof66.9121 million, a decrease compared to a profit of 215millioninQ32023,primarilyduetonon−cashgainsfromarbitrationsettlements[2].−Therevenueforecastsfor2025−2027havebeenraisedto3.673 billion, 4.471billion,and5.224 billion, respectively, from previous estimates of 3.645billion,4.440 billion, and 5.044billion[2].−Thecompany’scoreproduct,Zebrutinib,continuestogainmarketshareintheUSandEurope,withQ32024revenueof690 million, a year-on-year increase of 93% and a quarter-on-quarter increase of 8% [2]. - The operational efficiency is improving, with SG&A and R&D expenses for Q3 2024 at 455millionand496 million, respectively, accounting for 45.5% and 49.5% of total revenue [2]. Financial Summary - The company reported revenue of 1,192millionin2022,withaprojectedincreaseto2,459 million in 2023, reflecting a growth rate of 73.7% [1]. - Gross profit for 2022 was 1,129million,withprojectionsof2,079 million for 2023 [1]. - The net profit is expected to turn positive by 2025, with a forecasted net profit of $278 million [1].
