百济神州：Growing non-GAAP profit

Investment Rating - Maintain BUY with a target price of US$276.02, down from the previous target price of US$288.93, indicating a potential upside of 42.5% from the current price of US$193.64 [3][21]. Core Insights - BeiGene reported strong product sales of US$993 million in 3Q24, representing an 8% quarter-over-quarter increase and a 67% year-over-year increase. Total product sales for the first nine months of 2024 reached US$2.66 billion, accounting for 69$690 million in 3Q24, capturing approximately 25% of the global BTK inhibitor market [1][2]. Summary by Sections Financial Performance - Revenue for FY24E is projected at US$3.835 billion, with a net profit expected to improve to US$52 million in FY25E, compared to a net loss of US$603 million in FY24E [14][15]. - Gross profit is estimated at US$3.207 billion for FY24E, with a gross margin of 83.63% [16][19]. Product Development - BeiGene is advancing multiple clinical trials, including a Phase 3 study of sonrotoclax combined with zanubrutinib for first-line CLL, with full enrollment expected by 1Q25 [1][2]. - The company is also expanding cohorts for BGB-16673 in R/R CLL and plans to initiate a Phase 3 study for BTK CDAC in R/R CLL in 1H25 [1][2]. Market Position - Zanu continues to outperform competitors, with significant market share gains in the BTK inhibitor market, supported by strong sales growth in both the US and EU [1][2]. - The company is positioned to break even in FY25E, driven by strong sales momentum and improving operating margins [1][2].