Core Viewpoint - Haitong International maintains an "outperform" rating for BeiGene (06160), with revenue forecasts for FY26 and FY27 at $6.4 billion and $7.1 billion respectively, and slightly adjusts net profit forecasts to $610 million and $1.04 billion for the same periods [1] Group 1: Financial Performance - In 2025, BeiGene achieved revenue of $5.34 billion, a year-on-year increase of 40%, with product revenue of $5.28 billion, slightly exceeding previous management guidance [1] - The net profit attributable to shareholders for 2025 was $290 million, marking a turnaround in annual recurring business [1] - Management anticipates revenue of $6.2 billion to $6.4 billion for 2026, with GAAP operating profit projected at $700 million to $800 million [1] Group 2: Product Performance - Zepzelca generated revenue of $3.93 billion for the year, a 49% increase year-on-year, with U.S. sales at $2.8 billion (up 45%), European sales at $600 million (up 66%), and Chinese sales at $340 million (up 33%) [2] - The quarterly revenue for Zepzelca in Q4 2025 was $1.15 billion, reflecting a 10% increase quarter-on-quarter and a 38% increase year-on-year [2] - Tislelizumab achieved annual revenue of $740 million, a 19% increase year-on-year, with Q4 2025 revenue of $180 million, up 18% year-on-year [2] - Collaborative product sales in China totaled $620 million for the year, a 20% increase, driven by growth in Duzallo and Belantamab Mafodotin [2] Group 3: Upcoming Catalysts - Key catalysts for 1H26 include the approval of Sotigalimab for R/RMCL in the U.S., interim analysis of Zepzelca in 1L-MCL Phase III, initiation of CDK4 in 1L-HR+ HER2- BC Phase III, and data readout for BTKCDAC in moderate to severe chronic spontaneous urticaria Phase Ib [3] - In 2H26, key catalysts include submission of BTKCDAC for accelerated approval based on Phase II clinical data for R/R-CLL, initiation of Sotigalimab in a triplet regimen for 2L+ multiple myeloma Phase III, and expected initiation of BGB-B2033 (GPC3x41BB) for gastrointestinal cancer in a potential registrational Phase II study [3]

海通国际主要观点如下： 智通财经APP获悉，海通国际发布研报称，维持百济神州(06160)"优于大市"评级，维持FY26/27营收预 测64亿/71亿美元，略微调整FY26/27的归母净利润预测至6.1亿/10.4亿美元，该行使用现金流折现(DCF) 模型及FY27-FY35的现金流进行估值。基于WACC 9%，永续增长率4.0%(均不变)，对应目标价212.09港 元。 2025业绩快报 2026催化剂丰富 1H26百济神州重点催化剂包括：索托克拉用于R/RMCL在美国获批;泽布替尼用于1LMCL的三期进行期 中分析;CDK4预计启动1LHR+ HER2- BC的III期临床;BTKCDAC用于中重度自发性荨麻疹1b期预计读出 数据。 2H26百济神州重点催化剂包括：递交BTKCDAC基于2期临床R/RCLL适应症的加速批准申请;启动索托 克拉三药联用，用于2L+多发性骨髓瘤的III期临床;BGB-B2033(GPC3x41BB)预计启动用于胃肠道癌的潜 在注册性II期研究;BGB-45035(IRAK4 CDAC):类风湿关节炎的I/II期数据预计读出 风险提示 商业化不及预期风险;研发不及预期风险;行业 ...

Group 1 - The core viewpoint emphasizes the importance of industry trends in identifying good companies, which are often aligned with significant industry developments and technological innovations [1] - The investment value is primarily anchored using the Discounted Cash Flow (DCF) model for evaluation [1] - Three main criteria are highlighted for defining a good company: a clear upward trend in the industry over the next three to five years, a strong product or technological foundation with a deep "moat," and a commitment to high R&D investment and continuous innovation [1]

Core Viewpoint - Haitong International has raised its revenue forecasts for BeiGene (06160) for FY25-27, expecting revenues of $5.3 billion, $6.4 billion, and $7.1 billion respectively, reflecting a CAGR of 23% over three years, due to better-than-expected sales and R&D expenses [1] Group 1: Financial Performance - In Q3 2025, BeiGene achieved revenues of $1.41 billion, a year-on-year increase of 41% and a quarter-on-quarter increase of 7.7%, with product revenues of $1.4 billion [2] - The company reported a gross margin of 86.1%, up 3.1 percentage points year-on-year [2] - R&D expenses were $520 million, up 5.5% year-on-year, while sales expenses were $530 million, up 16.2% year-on-year, resulting in an operating profit of $160 million [2] - The net profit for the quarter was $120 million, and management raised the full-year revenue guidance for 2025 to $5.1-5.3 billion [2] Group 2: Product Performance - The global revenue for Zebrutinib is expected to approach $3.9 billion in 2025, with Q3 revenues of $1.04 billion, a year-on-year increase of 50.8% and a quarter-on-quarter increase of 9.6% [3] - In the U.S., Zebrutinib generated $740 million, a year-on-year increase of 46.7%, while in Europe, it reached $160 million, a year-on-year increase of 67.7% [3] - The global revenue for Tislelizumab (PD-1) was $190 million, reflecting a year-on-year increase of 16.7% [3] Group 3: Clinical Development - In the hematological malignancies area, the company is focusing on the BCL-2 inhibitor and BTK CDAC, with plans to submit a U.S. market application for Zebrutinib in R/R MCL [4] - The management plans to initiate a Phase III clinical trial for multiple myeloma in 2026, using a regimen based on the BCL-2 inhibitor [4] - For the solid tumor area, the company is advancing the CDK4 inhibitor and B7-H4 ADC, with plans to start a Phase III trial for HR+/HER2- breast cancer in 1H26 [5]