Investment Rating - The report assigns a rating of "Outperform" for BeiGene, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [16]. Core Insights - BeiGene reported 2Q25 results with revenue of USD 1.32 billion, representing a year-on-year increase of 42%. The net income attributable to shareholders was USD 94 million, compared to a loss of USD 120 million in the same quarter last year, marking the second consecutive quarter of profitability in recurring operations. Management has raised the full-year revenue guidance to USD 5.0-5.3 billion from the previous guidance of USD 4.9-5.3 billion [2][6][7]. Summary by Sections Revenue Breakdown - Zanubrutinib generated revenue of USD 950 million, up 49% year-on-year and 20% quarter-on-quarter. U.S. sales accounted for USD 684 million (up 21% q-q), European sales were USD 150 million (up 30% q-q), and China sales were USD 83 million (up 3% q-q). Tislelizumab generated revenue of USD 194 million, up 22% year-on-year. Sales from Amgen-partnered products in China reached USD 130 million, up 40% year-on-year, primarily driven by growth in XGEVA [3][9]. Financial Metrics - The company achieved a gross margin of 87.5%, an increase of 2.4 percentage points year-on-year. R&D expenses were USD 530 million, up 16% year-on-year, with an R&D expense ratio of 40%, down 9 percentage points year-on-year. SG&A expenses were USD 540 million, up 21% year-on-year, with an SG&A expense ratio of 41%, down 6.9 percentage points year-on-year. Operating profit for the quarter was USD 88 million, compared to a loss of USD 107 million in 2Q24 [3][7]. Future Catalysts - Key future catalysts for BeiGene include the readout of phase II data for Sonrotoclax (BCL2) in R/R MCL and the submission of a global accelerated approval application. The company also anticipates the approval of Tislelizumab for early NSCLC in the EU and plans to initiate phase III trials for CDK4 in HR+/HER2- breast cancer in 2026 [4].

大行评级｜大摩：药明康德上半年业绩超预期 予A股目标价92元及"增持"评级 大行评级｜美银：上调 药明康德目标价至115.7港元 上半年新增订单增长强劲 相关事件 花旗发表研究报告指，药明康德(2359.HK)上半年收入按年增长21%至208亿元人民币，期内净利润增长 102%至86亿元人民币，若撇除一次性收益增幅为26%，符合此前盈喜公告。管理层已将全年收入指引 由原预期的415亿至430亿元人民币，上调至介乎425亿至435亿元人民币，预料持续经营业务增长13%至 17%，原预期增长10%至15%，并有信心进一步提升经调整净利率。花旗基于估值给予药明康德目标价 95港元，评级为买入，将在业绩电话会议后再作更新。 ...