百济神州：2025 Q1首次实现季度GAAP净利润转正，泽布替尼放量稳定-20250529

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$11.1 million, marking the first positive result, while adjusted operating profit was $139 million, a 195$1.27 million for the first time [1][14]. - The total revenue for Zebutini in Q1 2025 was $792 million, a 62$563 million, also showing significant growth [3][15]. 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%, down 16 percentage points year-on-year [2][34]. Future Outlook - The company forecasts revenues of $3.7517 billion,$4.5024 billion, and $5.4034 billion for 2025, 2026, and 2027 respectively, with net profits expected to be$703 million, $4.010 billion, and$6.744 billion in the same years [6][11]. - The company anticipates a GAAP operating profit for the full year 2025, with a gross margin expected to be in the range of 80%-90% [12][13].