BeiGene-百济神州：2025年泽布替尼全球销售有望维持强劲增长-20250304

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK $208.22, indicating a potential upside of 25% from the current price of HK$ 166.70 [1][6]. Core Insights - The company's revenue for 2024 is projected to reach US $3.81 billion, representing a year-on-year growth of 55.96%. The GAAP net loss is expected to narrow to US$ 568 million, a 53% improvement compared to the previous year [1]. - Global sales of the drug Zepzelca are anticipated to drive strong growth, with sales reaching US $2.6 billion in 2024, a 104.9% increase year-on-year. The U.S. market sales are expected to grow by 106.3% to US$ 2 billion, while European sales are projected to increase by 194% to US $359 million [2]. - The company is optimistic about 2025, forecasting revenue between US$ 4.9 billion and US $5.3 billion, a year-on-year growth of 29% to 39%, and aims to achieve operational breakeven [2]. Financial Summary - The company’s financial data for the years 2022 to 2026 shows a significant increase in revenue, with projections of US$ 4.9 billion in 2025 and US $5.8 billion in 2026. The gross profit is expected to rise to US$ 3.86 billion in 2025 [4]. - The net profit is projected to turn positive in 2025, with an expected net income of US $137 million, compared to a loss of US$ 554 million in 2024 [4]. - The earnings per share (EPS) is expected to improve from a loss of US $0.40 in 2024 to a profit of US$ 0.10 in 2025 [4].