Financial Data and Key Metrics Changes - Revenue for Q2 reached $1.3 billion, representing a 42% year-on-year growth [4][16] - GAAP earnings per ADS increased by $2 compared to Q2 of the previous year [4] - Free cash flow generated in Q2 was $220 million, an increase of over $400 million compared to last year [4] Business Line Data and Key Metrics Changes - Brukinza's global revenues were $950 million, growing 49% year-on-year, driven by strong performance across all geographies [16] - Tovembra reported a 22% increase in revenue, reflecting continued market leadership in China [18] - In-licensed products grew 27% year-on-year, with the launch of zanadatumab in China [18] Market Data and Key Metrics Changes - The US market generated $685 million with a year-on-year growth of 43% [19] - China revenue totaled $429 million, a 23% increase [19] - Europe contributed $152 million with 87% year-on-year growth [19] - Rest of the world markets grew by 168% driven by market expansions and new launches [19] Company Strategy and Development Direction - The company aims to maintain leadership in the hematology franchise and expand its solid tumor pipeline [5][14] - Plans to run over 20 phase three trials and anticipate more than 10 proof of concept data readouts by 2026 [14] - Focus on serial innovation in CLL to address unmet patient needs across all lines of therapy [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term market leadership for Brukinza despite competitive pricing pressures [17] - The company is optimistic about the prospects for its pipeline and upcoming milestones [14][27] - Management noted that the current guidance reflects known factors, including potential impacts from US tariffs [72] Other Important Information - Gross margin improved to approximately 87% from 85% in the prior quarter, reflecting favorable product mix and production cost efficiencies [20] - Non-GAAP net income reached $253 million, reflecting an increase of $230 million compared to the previous year [22] Q&A Session Summary Question: Update on Brukinza's US net pricing expectations - Management anticipates stable pricing for the remainder of the year and no significant inventory changes [46] Question: Reaction to Bruin CLL 314 data - Management noted that the study did not formally test OR superiority, and emphasized the importance of PFS data [47][48] Question: CDK4 trial timeline - Management updated the timeline for the second line phase three trial to early 2026 to allow for data maturation [52] Question: Market dynamics for CELESTIAL trial - Management expressed optimism about the Xanin plus Sonro combination and its potential market impact [58] Question: Gross margin improvements - Management attributed gross margin improvements to production efficiencies and a favorable product mix [71] Question: Access to Brukinza - Management confirmed that the majority of patients have access to Brukinza, with a successful appeals process for new patients [96] Question: Revenue guidance drivers - Management indicated that the updated revenue guidance reflects confidence in execution across the portfolio [80]

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]

Core Viewpoint - CICC maintains the profit forecast for BeiGene (688235.SH, 06160, ONC.US) for 2025 and 2026, keeping the "outperform" rating, with target prices of 280 CNY, 198 HKD, and 332 USD based on DCF model, indicating upside potential of 15.0%, 41.0%, and 43.1% respectively [1] Group 1 - The company's 1Q25 revenue met expectations, reporting 1.117 billion USD, a 49% year-on-year increase, with product revenue at 1.109 billion USD, up 48%, and a GAAP net profit of 1.27 million USD, exceeding expectations due to revenue growth outpacing operating expenses [2] - Sales of Zanubrutinib reached 792 million USD in 1Q25, a 62% year-on-year increase, accounting for 71.4% of product revenue, with US sales at 563 million USD, up 60%, driven by increased demand, particularly in CLL indications [3] - The company achieved its first quarterly profit turnaround, maintaining guidance for 2025 with expected revenue of 4.9 to 5.3 billion USD, a year-on-year growth of 29% to 39%, and GAAP operating expenses of 4.1 to 4.4 billion USD, projecting a positive GAAP operating profit for 2025 [4] Group 2 - The company has several highlights for 2025-2026, including the approval of BCL2 for R/R CLL treatment, with phase II clinical data expected in 2H25, and plans for a global accelerated filing; ongoing phase II trials for BTK CDAC in r/r CLL with data expected in 2026, and a head-to-head trial with Eli Lilly's Pirto starting in 2025 [5] - In the solid tumor field, preliminary data for CDK4i, CDK2i, and B7H4 ADC is expected in 1H25, with PoC validation for several products planned for 2H25, including collaborations with Amgen on Tarlatamab, which recently met primary clinical endpoints in a phase III trial for 2L SCLC [5]