BeiGene(688235) 兴业证券·2024-12-09 06:42Investment Rating - Maintain "Overweight" rating for BeiGene (688235 SH) [1] Core Views - BeiGene's core products continue to drive high revenue growth, with total operating revenue reaching RMB 19 136 billion in the first three quarters of 2024, a YoY increase of 48 63% [3] - BRUKINSA (zanubrutinib) demonstrates best-in-class potential, with global sales reaching 163 million, a YoY increase of 13% [4] - R&D pipeline achieves multiple key milestones, with Sonrotoclax and BTK CDAC progressing in global clinical trials [4] Product Performance BRUKINSA (Zanubrutinib) - Global sales in Q3 2024: 504 million (YoY +87%, QoQ +5 22%) [4] - European sales: 163 million (YoY +13%, QoQ +2 72%) [15] - New indications approved in US and Europe, with more solid tumor indications expected within the next year [15] - Market penetration increases due to expanded reimbursement and sales team expansion [15] R&D Pipeline Progress Sonrotoclax (BCL2 Inhibitor) - Received FDA Fast Track designation for R/R MCL [18] - Over 1,300 patients enrolled in global Phase 3 trial for TN CLL/SLL [18] - Potential to establish new treatment standard for first-line CLL [18] BTK CDAC (BGB-16673) - Initiated expansion cohort studies for R/R MCL and R/R CLL [19] - Phase 3 trial for R/R CLL expected to start in late 2024 or early 2025 [19] Financial Projections - 2024 revenue forecast: RMB 26 653 billion [5] - 2025 revenue forecast: RMB 35 490 billion [5] - 2026 revenue forecast: RMB 42 403 billion [5] - EPS projections: -2 77 (2024), 0 54 (2025), 3 39 (2026) [5] Market Data - Closing price (2024 12 5): RMB 170 95 [2] - Total shares outstanding: 1 382 billion [2] - Net assets: RMB 24 172 billion [2] - Total assets: RMB 40 856 billion [2]