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]

Group 1 - The core viewpoint of 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 a slight adjustment of net profit forecasts to $610 million and $1.04 billion [1] - The company achieved revenue of $5.34 billion in 2025, a year-on-year increase of 40%, with product revenue of $5.28 billion, slightly exceeding previous management guidance [1] - Management anticipates revenue of $6.2 billion to $6.4 billion in 2026, with GAAP operating profit projected at $700 million to $800 million [1] Group 2 - The revenue for Zebutini reached $3.93 billion in 2025, reflecting a 49% year-on-year growth, 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 revenue for Tislelizumab was $740 million in 2025, showing a 19% year-on-year increase, with Q4 2025 revenue at $180 million (up 18%) [2] - Revenue from collaborative products in China was $620 million, a 20% increase, driven by growth in Duzallo and Belantamab Mafodotin [2] Group 3 - Key catalysts for 1H26 include the approval of Sotigalimab for R/RMCL in the U.S., interim analysis of Zebutini in the Phase III trial for 1L MCL, and the expected initiation of Phase III clinical trials for CDK4 in HR+ HER2- BC [3] - In 2H26, key catalysts include the submission of an accelerated approval application for BTKCDAC based on Phase II clinical data for R/R CLL, initiation of a Phase III trial for Sotigalimab in combination therapy for 2L+ multiple myeloma, and expected initiation of a potential registration Phase II study for BGB-B2033 in gastrointestinal cancer [3]

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]