Investment Rating - The report maintains a "Buy" rating for the company and raises the target prices for its US, Hong Kong, and A-shares [1][10]. Core Insights - The company's Q2 2025 performance exceeded expectations, leading to a slight upward revision of its 2025 revenue, gross margin, and cash flow guidance [1][3]. - The strong performance is attributed to better-than-expected overseas sales of Zepzelca, particularly in the US market, which is the largest driver of growth [2][4]. Financial Performance Summary - Q2 2025 total revenue reached $1.315 billion, representing a 41.6% year-over-year increase and a 17.7% quarter-over-quarter increase, with product revenue at $1.302 billion [2]. - The GAAP operating profit was $87.89 million, and the adjusted operating profit was $275 million, both exceeding previous expectations [2]. - The GAAP net profit was $94.32 million, with an adjusted net profit of $253 million, marking two consecutive quarters of positive GAAP operating profit and net profit [2]. - The product gross margin improved to 87.4%, up 2.4 percentage points year-over-year and 2.2 percentage points quarter-over-quarter [2]. Guidance Adjustments - The company slightly raised its 2025 total revenue guidance from $4.9-5.3 billion to $5-5.3 billion, and the GAAP gross margin guidance from the mid-range of 80%+ to the upper mid-range [3]. - The cash flow guidance was adjusted from positive operating cash flow to positive free cash flow, while GAAP operating expenses and operating profit guidance remain unchanged [3]. Sales Performance - Zepzelca's sales in Q2 2025 reached $950 million, a 49% year-over-year increase and a 20% quarter-over-quarter increase, with US sales being the primary growth driver [4]. - US sales of Zepzelca amounted to $684 million, reflecting a 42.7% year-over-year increase and a 21.4% quarter-over-quarter increase [4]. - European sales reached $150 million, up 84.9% year-over-year, while sales in China grew to $83.3 million, a 31% year-over-year increase [4]. Research and Development Outlook - The company has a rich pipeline of catalysts expected in the second half of 2025 and 2026, including multiple NDA submissions and clinical trial initiations for various products [9].

Group 1 - BeOne Medicines Ltd. reported $1.32 billion in revenue for the quarter ended June 2025, a year-over-year increase of 41.6% [1] - The earnings per share (EPS) for the same period was $0.84, compared to -$1.15 a year ago, indicating a significant turnaround [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.24 billion by 6.17%, and the EPS surprise was 75% above the consensus estimate of $0.48 [1] Group 2 - Key product revenue included BRUKINSA at $949.84 million, TEVIMBRA at $193.52 million, and total product revenue net at $1.3 billion, all surpassing analyst estimates [4] - Collaboration revenue reached $13.22 million, a 64.9% increase compared to the year-ago quarter, exceeding the average estimate of $7.59 million [4] - Other notable product revenues included KYPROLIS at $19.42 million, BLINCYTO at $25.59 million, and XGEVA at $81.32 million, all of which met or exceeded analyst expectations [4] Group 3 - BeOne Medicines Ltd. shares have returned +25.7% over the past month, significantly outperforming the Zacks S&P 500 composite's +0.5% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

This presentation and the accompanying oral presentation contain data and information obtained from third-party studies and internal company analysis of such data and information. BeOne has not independently verified the data and information obtained from these sources. Forward-looking information obtained from these sources is subject to the same qualifications noted above. This presentation is intended for the investor community only; it is not intended to promote the products referenced herein or otherwi ...

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]

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to USD 324 for US stocks, HKD 194 for Hong Kong stocks, and CNY 273 for A-shares [1][11]. Core Insights - The company's revenue guidance for 2025 is stronger than market expectations, reaffirming the GAAP operating profit guidance [1][3]. - The company achieved a product revenue of USD 1.118 billion in Q4 2024, representing a year-over-year increase of 77.3% and a quarter-over-quarter increase of 12.5% [2]. - The adjusted non-GAAP operating profit for Q4 2024 was USD 78.6 million, marking the third consecutive quarter of profitability [2]. - The strong overseas sales of the drug Zebutinib contributed to a gross margin of 85.6% in Q4 2024, an increase of 2.4 percentage points year-over-year [2]. Revenue Guidance - The total product revenue guidance for 2025 is set at USD 4.9-5.3 billion, reflecting a year-over-year growth of 29.6% to 40.2%, which exceeds both Visible Alpha's expectation of 27% and the previous forecast of 21% [3]. - GAAP operating expenses are projected to be USD 4.1-4.4 billion, aligning with market expectations [3]. Product Performance - Zebutinib's global sales reached USD 828 million in Q4 2024, showing a year-over-year growth of 100.5% and a quarter-over-quarter growth of 20% [4]. - The US sales of Zebutinib amounted to USD 616 million, a 96.7% increase year-over-year, while European sales reached USD 113 million, up 147.8% year-over-year [4]. Research and Development Progress - The company is expected to have multiple research catalysts in 2025, including the announcement of global phase II data for Sonrotoclax in the second half of 2025 [5][10]. - The company plans to initiate several phase III clinical trials in 2025 for various indications [10]. Financial Projections - Revenue projections for 2025 are estimated at USD 4.972 billion, with a year-over-year growth of 30.5% [12][16]. - The company is expected to achieve a net profit of USD 81 million in 2025, transitioning from a loss in previous years [12][16].