百济神州：海外泽布替尼收入再创新高

Investment Rating - The report maintains a "Buy" rating for the US and Hong Kong stocks of BeiGene, with target prices adjusted to $255 and HK$153 respectively. The A-share rating is downgraded to "Hold" with a target price of RMB 181 [1][3][7]. Core Insights - The report highlights that BeiGene's total revenue for Q3 2024 reached $1.002 billion, representing a year-over-year increase of 28.2$993 million, up 66.9% year-over-year and 7.8% quarter-over-quarter, slightly below expectations due to lower-than-expected sales of Zanubrutinib in the US [1][3][4]. - The global sales of Zanubrutinib in Q3 2024 amounted to $690 million, a 93.0$504 million, up 86.5% year-over-year, while European sales surged by 217.2% year-over-year to $97.3 million [1][3][4]. - The report notes a temporary decline in gross margin due to accelerated depreciation from new production lines, with an overall product gross margin of 82.8$65.63 million, an improvement from $48.46 million in Q2 2023. The net loss for the quarter was$121 million, which aligns with expectations but is lower than previous forecasts due to slightly lower revenue gross margins and higher R&D expenses [1][3][4]. - The report projects a slight reduction in revenue forecasts for 2024, with net losses adjusted to $740 million for 2024 and$350 million for 2025, while estimating a near breakeven point by 2026 [3][4]. R&D Pipeline Progress - The report indicates that BeiGene's R&D pipeline is progressing well, with key focus areas including BCL2, BTK CDAC, and CDK4 inhibitors. The BCL2 project has enrolled over 1,300 patients, with several trials expected to complete enrollment by early 2025 [2][3][4]. - The company anticipates that by the end of 2024, a total of 12 solid tumor products will enter clinical trials, with 8 already initiated this year [2].