百济神州（688235）：2025Q1首次实现季度GAAP净利润转正，泽布替尼放量稳定

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company achieved its first quarterly GAAP net profit in Q1 2025, with total revenue of $1.117 billion, a year-on-year increase of 49$792 million, a 62% year-on-year increase [3][15]. Financial Performance - In Q1 2025, GAAP operating profit was $11.1 million, marking the first positive result, while adjusted operating profit was$139 million, up 195% year-on-year [1][2]. - The company reported a GAAP net profit of $1.27 million for the first time [1][14]. - The total revenue for 2025 is projected to be between$4.9 billion and $5.3 billion, with GAAP operating expenses estimated at$4.1 billion to 4.4 billion [12][13]. Cost Management - R&D expenses in Q1 2025 were 482 million, with a R&D expense ratio of 43%, down 18 percentage points year-on-year [2][34]. - Sales and management expenses were $459 million, with a corresponding expense ratio of 41$563 million, a year-on-year increase of over 60%, while European sales reached $116 million, up 73$171 million in revenue in Q1 2025, reflecting an 18% year-on-year increase [3][23]. Future Outlook - The company expects to achieve a positive GAAP operating profit for the full year 2025, with a projected gross margin between 80% and 90% [12][13]. - The forecasted revenue for 2025-2027 is $37.52 billion,$45.02 billion, and $54.03 billion, respectively [6].