百济神州（688235）：百创新药济世惠民，创新全球化龙头迎来经营拐点

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company has established itself as a global leader in innovative drug development, particularly in oncology, and is experiencing a pivotal operational turnaround [1][14]. - The company is leveraging its leading position in hematological malignancies with its flagship product, Zebutini, which has achieved significant market share in the U.S. [1][3]. - The company is expanding its pipeline with a focus on various cancer types, aiming to enter clinical research for 13 new molecular entities (NMEs) in 2024 [2][28]. Financial Performance - The company’s revenue is projected to grow significantly, with estimates of 27.21 billion yuan in 2024, 36.66 billion yuan in 2025, and 46.04 billion yuan in 2026, reflecting year-on-year growth rates of 56.2%, 34.7%, and 25.6% respectively [3][4]. - The company has shown a continuous improvement in profitability, with expectations of achieving positive GAAP operating profit by 2025 [2][3]. - The revenue from Zebutini is expected to reach 2.644 billion USD in 2024, representing a year-on-year increase of 105% [25]. Product Pipeline and Development - The company is advancing multiple products in its pipeline, including Sonrotoclax and BTK CDAC, with significant clinical milestones expected in 2025 [2][28]. - The company has a diverse range of drug forms and is exploring various molecular types for high-incidence cancers, including breast cancer and lung cancer [2][28]. - The company has established a robust global commercialization capability, having successfully launched its products in multiple markets [3][5]. Market Position - The company is recognized as the first biotech firm to be listed on NASDAQ, Hong Kong Stock Exchange, and Shanghai Stock Exchange, highlighting its global presence [1][14]. - The company’s strategic partnerships with leading global firms enhance its market position and development capabilities [15][20].