Core Viewpoint - BeiGene's stock rose over 4%, reaching HKD 205.6, following the announcement of its third-quarter earnings, which showed significant revenue growth and profitability [1] Financial Performance - Third-quarter revenue surpassed RMB 10 billion for the first time, reaching RMB 10.077 billion, a year-on-year increase of 41.1% [1] - Operating profit for the quarter was RMB 746 million, with net profit attributable to shareholders at RMB 689 million and adjusted net profit at RMB 708 million [1] Product Performance - The revenue growth was primarily driven by the strong sales of BTK inhibitor Brukinsa (Zebutinib) and PD-1 inhibitor Tislelizumab, alongside increased sales from Amgen's licensed products [1] - According to CMB International, product revenue for the third quarter was USD 1.41 billion, reflecting a 41% year-on-year increase [1] Future Outlook - CMB International raised its net profit forecast for the company by 3% to 52%, based on more optimistic expectations regarding operating expense ratios [1] - Haitong International adjusted its revenue forecasts for Zebutinib in the U.S. and European markets, projecting revenues of USD 5.3 billion, USD 6.4 billion, and USD 7.1 billion for 2025-2027, corresponding to a compound annual growth rate of 23% [1]

Group 1 - HHLR Fund, L.P. and its affiliates reduced their stake in BeiGene by selling 32.24 million shares through block trading, decreasing their holding from 125 million shares to approximately 92.81 million shares, which represents a reduction in ownership from 8.97% to 6.66% [1] - The sale resulted in HHLR cashing out approximately 5 billion HKD based on the closing stock price of 155.7 HKD per share [1] - HHLR has historically been a significant investor in BeiGene, participating in seven rounds of financing, but has been reducing its stake over the past six months as the stock price has continued to rise [1] Group 2 - BeiGene's stock prices across its US, H, and A shares have increased by over 35% since the beginning of the year as of March 7 [2] - The company reported a revenue of 27.214 billion CNY for 2024, marking a 56.2% increase from 17.423 billion CNY in the previous year [2] - The growth in product revenue, which reached 26.994 billion CNY, was primarily driven by the sales of Brukinsa® (Zebutinib capsules), which generated 18.859 billion CNY, accounting for nearly 70% of total revenue [2] - BeiGene anticipates revenue for 2025 to be between 35.2 billion CNY and 38.1 billion CNY, driven by the leading position of Brukinsa® in the US and ongoing expansion in Europe and other key global markets [2]