公司管理团队将于北京时间2026年2月26日（星期四）晚上9时举行业绩电话会议 OpenExchange非共价BTK抑制剂pirto对泽布替尼影响有限，我们持续看好泽布替尼业绩兑现 横向比较pirto vs ibru数据：1）从疗效上，泽布替尼中位随访时间42.5mo，PFS HR为0.69；而pirto在中位随访时间为 18.2mo下，PF 【国泰海通医药】百济神州重点推荐：看好泽布替尼业绩兑现+年内实体瘤进展 公司管理团队将于北京时间2026年2月26日（星期四）晚上9时举行业绩电话会议 OpenExchange非共价BTK抑制剂pirto对泽布替尼影响有限，我们持续看好泽布替尼业绩兑现 横向比较pirto vs ibru数据：1）从疗效上，泽布替尼中位随访时间42.5mo，PFS HR为0.69；而pirto在中位随访时间为 18.2mo下，PFS HR为0.845；2）从安全性上看，zanu在多个临床主要的副作用发生率均肩对肩下发生率均优于 pirto。 公司认为从目前数据看，pirto难以撼动CLL用药格局。 【国泰海通医药】百济神州重点推荐：看好泽布替尼业绩兑现+年内实体瘤进展 Soron+Zan ...

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]