BeiGene(688235) 申万宏源·2024-11-14 01:08Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a total revenue of 19.136 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 48.63%. The adjusted operating loss for the same period was 0.52 billion yuan, significantly improved from a loss of 34.89 billion yuan in the previous year [5][6] - In Q3 2024, the company achieved an adjusted operating profit of 6.44 billion yuan, compared to a loss of 1.47 billion yuan in the same quarter last year, indicating a positive trend in operational efficiency [5][6] - The product revenue for the first three quarters reached 18.986 billion yuan, with Q3 product revenue alone at 7.079 billion yuan, driven by strong sales of Zebrutinib and PD-1 monoclonal antibodies [6] Financial Summary - For the first three quarters of 2024, the company reported a net loss attributable to shareholders of 3.687 billion yuan, an improvement from a loss of 6.716 billion yuan in the same period of 2023 [8] - The projected revenues for 2024 to 2026 are 24.017 billion yuan, 34.325 billion yuan, and 43.351 billion yuan respectively, with corresponding net profits expected to be -4.078 billion yuan, 1.178 billion yuan, and 3.893 billion yuan [8][10] - The gross margin is projected to remain stable around 84.2% to 85.4% from 2024 to 2026 [8] Product Performance - In Q3 2024, Zebrutinib's global sales reached 4.914 billion yuan, with significant growth in the US (3.584 billion yuan, +85.0% YoY) and Europe (0.693 billion yuan, +212.7% YoY) [6] - The sales of PD-1 monoclonal antibodies totaled 1.169 billion yuan in Q3 2024, reflecting a year-on-year increase of 11.7% [6] Pipeline Development - The company is advancing its clinical trials for new generation self-developed pipeline products, with expectations to complete several key trials by 2025 [7] - The company aims to have over 10 new molecular entities enter clinical development by the end of the year [7]