百济神州（688235）：2025年将实现GAAP口径下经营利润为正，实体瘤领域多款早研分子将POC

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is expected to achieve positive GAAP operating profit by 2025, with several early-stage molecules in the solid tumor field progressing towards proof of concept [1] - Total revenue for 2024 is projected at $3.81 billion, representing a 55$645 million, a 27% improvement compared to the previous year [1][13] - The company has achieved its first annual non-GAAP operating profit, with adjusted operating profits of $45.36 million and$78.60 million for the full year and Q4 of 2024, respectively [1][2] Financial Performance - In 2024, the company reported GAAP and non-GAAP R&D expenses of $1.95 billion and$1.67 billion, respectively, with R&D expense ratios decreasing by 21 percentage points and 20 percentage points year-over-year [2] - Sales and management expenses for 2024 were $1.83 billion and$1.55 billion, with corresponding expense ratios of 48% and 41%, showing a year-over-year decrease of 13 percentage points and 12 percentage points [2] - For Q4 2024, R&D expenses were 542 million, with an R&D expense ratio of 48%, down 30 percentage points year-over-year [3] Product Performance - The core product, Zebrutinib, saw global sales of 2.64 billion in 2024, a 105% increase year-over-year, with Q4 sales reaching $828 million, also up 100$616 million and $2 billion, respectively, reflecting year-over-year growth of 97$154 million and $621 million for Q4 and the full year of 2024, marking a 20$27.21 billion, $37.52 billion, and$45.02 billion, respectively, reflecting the company's strong growth trajectory [7] - The projected net profit for 2025-2026 has been revised to $703 million and$4.01 billion, respectively [7]