百济神州：上季产品销售强势，维持“买入”评级-20260304

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a sales figure of $1.1 billion for Zebutinib in Q4, representing a year-over-year increase of 38% and a quarter-over-quarter increase of 10%. Sales in the U.S. reached $845 million, with a year-over-year increase of 37% and a quarter-over-quarter increase of 14% [1] - The gross margin improved by 4.7 percentage points year-over-year to 90.5%, while the general and administrative expense ratio decreased by 7.7 percentage points year-over-year. The non-GAAP net profit surged to $225 million year-over-year [1] - The company guides for revenue between $6.2 billion to $6.4 billion by 2026, with GAAP operating expenses projected at $4.7 billion to $4.9 billion, and a gross margin expected to remain high in the 80% range. The non-GAAP net profit is forecasted to be between $1.4 billion to $1.5 billion [1] Business Focus Areas - The company is focusing on four major areas: 1) Chronic Lymphocytic Leukemia (CLL): Sotoclisib is expected to be launched in Europe and the U.S. within the year, with BTKCDAC anticipated to submit for approval in the second half of 2026. The fixed-cycle therapy of Zebutinib and Sotoclisib has recently initiated a Phase III trial [2] 2) Other Hematological Malignancies: Leveraging Zebutinib, Sotoclisib, and CD19/CD20 targeted tri-antibodies, bispecific antibodies, and cell therapies to expand into other lymphomas, multiple myeloma (MM), and acute myeloid leukemia (AML) indications [2] 3) Solid Tumors: Focused on breast cancer, lung cancer, and gastrointestinal tumors. Recent success in PD-1 and HER2 bispecific antibody combined with chemotherapy in first-line HER2+ gastric cancer is expected to expand overseas application scenarios. CDK4, B7H4ADC, and GPC3/4-1BB bispecific antibodies are either in or will initiate registration studies within the next 12 months [2] 4) Inflammation/Immunology: Early data for BTKCDAC and IRAK4CDAC is expected to be read out in 2026 [2]