Core Viewpoint - BeiGene (06160) reported a 43.3% increase in Q3 revenue to $3.8 billion, with adjusted net profit of $693 million, exceeding both the firm's and market expectations [2] Financial Performance - Q3 revenue reached $3.8 billion, marking a 43.3% year-over-year increase [2] - Adjusted net profit was $693 million, surpassing expectations [2] Future Guidance - The company raised its revenue guidance for 2025 while slightly lowering cost forecasts [2] - Strong sales outlook for BRUKINSA and improved operational efficiency are expected to drive steady profit and cash flow growth [2] Research and Development - Efficient R&D progress is anticipated to support future product launches, contributing to sustainable long-term growth [2] Investment Rating - The stock maintains a "Buy" rating, with the H-share target price increased from HKD 240 to HKD 252 [2]

Core Viewpoint - BeiGene (06160) reported a 43.3% increase in Q3 revenue to $3.8 billion, with adjusted net profit of $693 million, exceeding both the firm's and market expectations [1] Financial Performance - Q3 revenue increased by 43.3% to $3.8 billion [1] - Adjusted net profit reached $693 million, surpassing expectations [1] Future Guidance - The company raised its revenue guidance for 2025 while slightly lowering cost forecasts [1] - Strong sales outlook for BRUKINSA and improved operational efficiency are expected to drive steady profit and cash flow growth [1] Research and Development - Efficient R&D progress is anticipated to support sustainable long-term growth through future product launches [1] Stock Rating - The stock is maintained with a "Buy" rating, and the target price for H-shares has been raised from HKD 240 to HKD 252 [1]

Core Insights - BeiGene's Q3 revenue increased by 43.3% year-on-year to $3.8 billion, with adjusted net profit of $693 million, exceeding both the bank's and market expectations [1] - The company raised its revenue guidance for 2025 while slightly lowering its cost forecast [1] - Strong sales outlook for BRUKINSA and improved operational efficiency are expected to drive robust profit and cash flow growth [1] - Efficient R&D progress is anticipated to support sustainable long-term growth through future product launches [1] - The bank maintains a "Buy" rating on the stock, raising the target price for H-shares from HKD 240 to HKD 252 [1]

Financial Performance - BeOne reported Q2 2025 revenue of $1.3 billion, a 42% year-over-year increase[13] - BRUKINSA U S revenue reached $684 million, representing a 43% year-over-year growth[16] - TEVIMBRA revenue increased by 22% year-over-year[45] - GAAP earnings per ADS were $0.84, while non-GAAP earnings per ADS were $2.25[13] - GAAP operating cash flow was $264 million, and free cash flow was $220 million[13] BRUKINSA Highlights - BRUKINSA is the U S revenue leader among BTK inhibitors and the fastest-growing brand[15] - BRUKINSA demonstrated an overall response rate (ORR) ranging from 76.3% to 88.4% across different follow-up periods in the ALPINE trial[23] - In the ALPINE trial, BRUKINSA showed progression-free survival (PFS) superiority over ibrutinib in relapsed/refractory CLL patients, with a hazard ratio of 0.66 (95% CI: 0.52, 0.84)[26] Pipeline Development - Registrational filings for Sonro in China for R/R CLL and R/R MCL have been submitted[13] - Phase 3 trials have been initiated for Sonro in combination with CD20 antibody[13] - Global registrational filings for Sonro in R/R MCL are expected in the second half of 2025[13]

Company Strategy & R&D Model - BeOne aims to transform cancer care globally by delivering innovative medicines faster, more equitably, and affordably[12, 16] - The company's R&D model leverages a prolific research organization, global manufacturing, efficient clinical development, and global commercial access to achieve superior R&D returns[25] - BeOne focuses on delivering high-quality innovation by designing superior molecules with exceptional profiles and halting programs that don't meet high standards; over 60 preclinical programs have been terminated in the past 3.5 years[30, 32] - The company is building a deep pipeline, aiming to deliver 8-10 highly differentiated new molecular entities (NMEs) into the clinic in each focused disease area in the next 3-6 years[42] Hematology Portfolio & CLL - BeOne is positioned to address unmet needs in CLL with a wholly-owned portfolio including BRUKINSA, sonrotoclax, and BTK CDAC[93] - BRUKINSA is the only BTKi to demonstrate PFS superiority over ibrutinib in a head-to-head Phase 3 R/R CLL trial[100] - In treatment-naive CLL/SLL patients, 60-month PFS with zanubrutinib was 72.2% in patients with del(17p), similar to 75.8% in patients without del(17p)[105] - Sonrotoclax + zanubrutinib achieved fast and deep responses in TN CLL/SLL, with 84% uMRD at week 48 in the 160mg dose group and 92% uMRD in the 320mg dose group[133] Solid Tumor Portfolio - The global CDK4/6i market is large and growing, estimated at approximately $13 billion[244] - BG-C9074 (B7-H4 ADC) demonstrated a confirmed ORR of 24% and an unconfirmed ORR of 29% among 68 efficacy-evaluable patients, with activity at 6mg/kg Q3W showing a confirmed ORR of 43% and an unconfirmed ORR of 48%[296] - BGB-58067 (PRMT5i) showed early responses at the second dose level in a Phase 1 study, with three objective responses observed in histologically distinct tumor types[331]

Business Highlights - BeiGene's Q1 2025 execution sets a strong foundation for the year, focusing on hematology franchise leadership, pipeline advancement, and superior financial performance[11] - Brukinsa is now the U S revenue leader among BTKis, with over 200,000 patients treated globally[17] - BeiGene has launched Brukinsa in Japan and it is now approved in 75 markets, with 11 new or expanded reimbursements including in Japan, EU, and Brazil[21] - Enrollment is complete in the Phase 3 CELESTIAL-TNCLL trial for Sonrotoclax, with global filing expected in R/R MCL in H2 2025[23] - BeiGene achieved GAAP profitability in Q1 2025, with GAAP Operating Income of $11 million compared to a loss of $261 million in Q1 2024[40] Financial Performance - Total revenue for Q1 2025 increased by 49% year-over-year, reaching $1.117 billion, compared to $752 million in Q1 2024[93, 95] - Net product revenue in Q1 2025 was $1.109 billion, a 48% increase from $747 million in Q1 2024[95, 96] - Brukinsa revenue in Q1 2025 reached $792 million, a 62% increase from $489 million in Q1 2024[95] - Tevimbra revenue in Q1 2025 was $171 million, an 18% increase from $145 million in Q1 2024[95] - GAAP earnings per ADS was $0.01 in Q1 2025, compared to a loss of $2.41 in Q1 2024[96]