首次覆盖: 泽布替尼持续放量，实体瘤加速推进 百济神州-U(688235) | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 17,423 | 27,214 | 37,261 | 45,308 | 51,151 | | (+/-)% | 82.1% | 56.2% | 36.9% | 21.6% | 12.9% | | 净利润(归母) | -6,716 | -4,978 | 2,046 | 4,260 | 5,304 | | (+/-)% | 50.8% | 25.9% | 141.1% | 108.2% | 24.5% | | 每股净收益(元) | -4.67 | -3.46 | 1.42 | 2.96 | 3.69 | | 净资产收益率(%) | -26.8% | -20.6% | 7.8% | 13.9% | 14.8% | | 市盈率(现价&最新股本摊薄) | — | — | 196.18 | 94.21 | 75.6 ...

海通国际发布研报称，考虑到百济神州（06160）泽布替尼在美国和欧洲市场放量超过该行此前预期，上调公司FY25-27营收分别至53亿/64亿/71亿美元，对应三年收入CAGR为23%；此外该行 海通国际主要观点如下： 事件 CDK4抑制剂临床进展：1．公司目前II期临床扩展试验中探索了400mg和600mg两个剂量水平，并已完成一线联合治疗的入组，目前数据呈现出较高的缓解率，足以支持启动III期试验。管理层 其他实体瘤管线，管理层表示：1.B7-H4ADC（BG-C9074）剂量爬坡完成，目前在卵巢癌、子宫内膜癌和乳腺癌中开展剂量优化实验；2.PRMT5i（BGB-58067）安全性和有效性数据良好，管 GPC3-targeting T-cell activator，在经多线治疗的肝癌中效果良好。 风险提示：商业化不及预期风险；研发不及预期风险；行业政策风险；地缘政治不确定性。 责任编辑：史丽君 索托克拉（BCL-2抑制剂），管理层预计：1.2H25索托克拉用于复发/难治套细胞淋巴瘤（R/RMCL）的数据将于2025ASH读出；管理层计划递交R/R MCL适应症的美国上市申请；2.1H26开展在慢性淋巴细胞白 ...

事件 2025年三季度，百济神州实现收入14.1亿美元(同比+41%，环比+7.7%)，其中公司产品收入14.0亿美元。公司实现毛利率86.1%(同比+3.1ppts)。公司研发费用 5.2亿美元(同比+5.5%)，销售费用5.3亿美元(同比+16.2%)，经营利润为1.6亿美元。三季度公司实现净利润1.2亿美元，管理层上调2025全年总收入指引至51- 53亿美元(前值50-53亿美元)，略微下调经营费用至41-43亿美元(前值41-44亿美元)。 智通财经APP获悉，海通国际发布研报称，考虑到百济神州(06160)泽布替尼在美国和欧洲市场放量超过该行此前预期，上调公司FY25-27营收分别至53亿/64 亿/71亿美元，对应三年收入CAGR为23%;此外该行上调FY25-27归母净利润分别至3.6亿/6.6亿/10.5亿美元，以反映公司销售费用和研发费用增长好于该行预 期。该行使用现金流折现(DCF)模型及FY26-FY34的现金流进行估值。基于WACC9%，永续增长率4.0%(均不变)，对应目标价213.10港元，维持"优于大 市"评级。 海通国际主要观点如下： 血液瘤方面，重点关注BCL-2抑制剂和B ...

2025年三季度，百济神州实现收入14.1亿美元(同比+41%，环比+7.7%)，其中公司产品收入14.0亿美 元。公司实现毛利率86.1%(同比+3.1ppts)。公司研发费用5.2亿美元(同比+5.5%)，销售费用5.3亿美元(同 比+16.2%)，经营利润为1.6亿美元。三季度公司实现净利润1.2亿美元，管理层上调2025全年总收入指引 至51-53亿美元(前值50-53亿美元)，略微下调经营费用至41-43亿美元(前值41-44亿美元)。 智通财经APP获悉，海通国际发布研报称，考虑到百济神州(06160)泽布替尼在美国和欧洲市场放量超过 该行此前预期，上调公司FY25-27营收分别至53亿/64亿/71亿美元，对应三年收入CAGR为23%;此外该 行上调FY25-27归母净利润分别至3.6亿/6.6亿/10.5亿美元，以反映公司销售费用和研发费用增长好于该 行预期。该行使用现金流折现(DCF)模型及FY26-FY34的现金流进行估值。基于WACC9%，永续增长率 4.0%(均不变)，对应目标价213.10港元，维持"优于大市"评级。 海通国际主要观点如下： 事件 CDK4抑制剂临床进展：1.公司目前 ...

Group 1 - The core viewpoint of the news is that the private equity firm Shangya Investment has conducted research on the listed company BeiGene, highlighting its market performance and future prospects [1] - BeiGene's product, Baiyueze, has seen a mid-single-digit percentage increase in net pricing in the U.S. and is expected to maintain price stability throughout the year [1] - Baiyueze has been approved in 75 markets, while Baizean has received approval in 47 markets, indicating the company's ongoing global regulatory expansion efforts [1] - The U.S. remains the largest market for BeiGene, with rapid growth in Europe and other regions, leading to a more diversified revenue structure [1] - Revenue guidance adjustments are based on Baiyueze's leading position in the U.S. and continued expansion in Europe and other markets [1] - Gross margin growth is attributed to improved production efficiency of Baiyueze and Baizean, with considerations for tariff policy impacts [1] Group 2 - The ORR data from the BRUIN CLL-314 study lacks statistical significance, while the ALPINE study shows Baiyueze's superiority over Ibrutinib [1] - BTK CDAC is being explored for applications in immunology and inflammation due to its long half-life, penetrative properties, and degradation characteristics [1] - The Phase III trial for the CDK4 inhibitor has been postponed to early 2026, with plans to release dose optimization data this year, indicating a positive market outlook for breast cancer treatment [1] - The Phase III clinical trial for BTK CDAC is expected to start in the second half of 2025, with pivotal Phase II trials and registration submissions planned for 2026 [1]

Group 1 - The core viewpoint of the news is that Cormand Capital has conducted research on a listed company, BeiGene, highlighting its market performance and future prospects [1] - BeiGene's product, Baiyueze, has seen a moderate single-digit percentage increase in net pricing in the U.S. and is expected to maintain price stability throughout the year [1] - Baiyueze has been approved in 75 markets, while Baizean has received approval in 47 markets, indicating the company's ongoing global regulatory expansion [1] Group 2 - The revenue guidance adjustment is based on Baiyueze's leading position in the U.S. and the rapid growth in Europe and other markets, suggesting a diversification of the revenue structure [1] - Gross margin growth is attributed to improved production efficiency of Baiyueze and Baizean, with considerations for tariff policy impacts [1] - The ORR data from the BRUIN CLL-314 study lacks statistical significance, while the ALPINE study shows Baiyueze's superiority over Ibrutinib [1] Group 3 - The BTK CDAC is being explored for applications in immunology and inflammation, with a long half-life, penetrative properties, and degradation characteristics [1] - The Phase III trial for the CDK4 inhibitor has been postponed to early 2026, with plans to release dose optimization data this year, indicating a positive market outlook for breast cancer treatment [1] - The Phase III clinical trial for BTK CDAC is expected to start in the second half of 2025, with pivotal Phase II trials and registration submissions planned for 2026 [1]

Group 1 - The core viewpoint of the news is that Tongyuan Investment has conducted research on a listed company, specifically focusing on Baiji Shenzhou, which has shown positive developments in its product pricing and market approvals [1] - Baiji Shenzhou reported a moderate single-digit percentage increase in the net price of Baiyueze in the U.S. and plans to maintain price stability throughout the year [1] - Baiyueze has been approved in 75 markets, while Baizean has received approval in 47 markets, indicating the company's ongoing efforts to expand its global regulatory registration projects [1] Group 2 - The U.S. remains the largest market for Baiji Shenzhou, with rapid growth observed in Europe and other markets, leading to a gradual diversification of the revenue structure [1] - The guidance for revenue adjustment is based on Baiyueze's leading position in the U.S. and the continuous expansion in Europe and other markets [1] - The increase in gross margin is attributed to improved production efficiency of Baiyueze and Baizean, which has taken tariff policy impacts into account [1] Group 3 - The ORR data from the BRUIN CLL-314 study lacks statistical significance, while the ALPINE study indicates that Baiyueze performs better than Ibrutinib [1] - BTK CDAC is being explored for its applications in immunology and inflammation, showcasing the company's innovative research directions [1] - The Phase III trial for the CDK4 inhibitor has been postponed to early 2026, with plans to release dose optimization data this year, indicating a positive market outlook for breast cancer treatment [1] Group 4 - The BTK CDAC is expected to initiate Phase III clinical trials in the second half of 2025, with pivotal Phase II trials planned for 2026 and subsequent registration submissions [1]

Group 1 - The core viewpoint of the news is that Dan Yi Investment has conducted research on a listed company, specifically focusing on the performance and market expansion of BeiGene's products, particularly Baiyueze and Baizean [1] - Baiyueze has seen a moderate single-digit percentage increase in net pricing in the U.S. and is expected to maintain price stability throughout the year [1] - Baiyueze has been approved in 75 markets, while Baizean has received approval in 47 markets, indicating the company's ongoing efforts to expand its global regulatory registration projects [1] Group 2 - The U.S. is identified as the largest market for BeiGene, with rapid growth in Europe and other markets, leading to a gradual diversification of the revenue structure [1] - The guidance for revenue adjustment is based on Baiyueze's leading position in the U.S. and the continuous expansion in Europe and other markets [1] - Gross margin growth is attributed to improved production efficiency of Baiyueze and Baizean, with considerations for tariff policy impacts [1] Group 3 - The ORR data from the BRUIN CLL-314 study lacks statistical significance, while the ALPINE study shows Baiyueze performing better than Ibrutinib [1] - BTK CDAC is being explored for applications in immunology and inflammation due to its long half-life, penetrative properties, and degradation characteristics [1] - The Phase III trial for CDK4 inhibitors has been postponed to early 2026, with plans to release dose optimization data this year, indicating a positive market outlook for breast cancer treatment [1] Group 4 - BTK CDAC is expected to initiate Phase III clinical trials in the second half of 2025, with pivotal Phase II trials planned for 2026 and subsequent registration submissions [1]

Group 1 - Dapeng Asset recently conducted research on BeiGene, indicating that the net price of Baiyueze in the U.S. has seen a mid-single-digit percentage increase, with price stability expected throughout the year [1] - Baiyueze has been approved in 75 markets, while Baizean has received approval in 47 markets, with plans for continued global regulatory expansion [1] - The revenue guidance adjustment is based on Baiyueze's leading position in the U.S. and ongoing expansion in Europe and other markets, leading to a diversified revenue structure [1] Group 2 - Gross margin growth is attributed to improved production efficiency of Baiyueze and Baizean, taking tariff policy impacts into account [1] - The ORR data from the BRUIN CLL-314 study lacks statistical significance, while the ALPINE study shows Baiyueze outperforming Ibrutinib [1] - BTK CDAC is being explored for applications in immunology and inflammation, with a Phase III trial expected to start in the second half of 2025 [1] Group 3 - The Phase III trial for CDK4 inhibitors has been postponed to early 2026, with plans to release dose optimization data this year, indicating a positive market outlook for breast cancer treatment [1] - A Phase II pivotal trial for BTK CDAC is scheduled for 2026, along with submission for regulatory approval [1]

Core Viewpoint - The Hong Kong innovative drug sector has achieved a 78% increase as of June 6, 2025, marking the highest half-year growth since 2018, driven by multiple factors including domestic drug approvals and supportive national policies [1][2]. Group 1: 1H25 Review - As of June 6, 2025, the MSCI China Pharmaceutical Index and the Hang Seng Biotechnology Index have risen by 31% and 48% respectively, significantly outperforming the MSCI China Index (up 16%) and the Hang Seng Index (up 19%) [2]. - The innovative drug sector has seen the best performance with a 62% increase, while the pharmaceutical distribution sector has declined by 8% [2]. - The outperformance of the pharmaceutical sector is attributed to its immunity to the "tariff war," continuous improvement in fundamentals, and historically low valuations attracting new capital [2]. Group 2: 2H25 Outlook - The pharmaceutical sector's fundamentals are expected to improve further in 2H25 due to anticipated overseas licensing of domestic innovative drugs, supportive national policies, and rapid growth in innovative drug sales [3]. - The innovative drug sector is recommended as a top choice, particularly companies with strong R&D capabilities and significant commercial potential, such as Innovent Biologics (01801) and BeiGene (06160) [3]. - Innovent Biologics is positioned well with upcoming approvals for key drugs, while BeiGene has multiple catalysts expected in the second half of the year [3]. Group 3: Other Sectors - The medical device sector is expected to benefit from policy-driven demand for high-value consumables and equipment upgrades, with companies like Aikang Medical (01789) and Mindray Medical (300760.SZ) recommended for attention [4]. - The CXO sector shows signs of recovery in new order growth, with companies like WuXi AppTec (02269) and WuXi Biologics (02359) highlighted for their growth potential [4]. - The medical services sector is viewed positively, particularly in traditional Chinese medicine and ophthalmology services [5].