External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

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<ul><li>CDK4i demonstrated favourable hematologic safety with reduced neutropenia.</li><li>BeOne’s CDK4 inhibitor (BGB-43395) shows a favorable hematologic safety profile, supported by improved CDK4/CDK6 selectivity that reduces off-target and CDK6-mediated toxicities.</li><li>In dose optimization cohorts (n=61), grade ≥3 TRAEs occurred in only 19.7% of pre-treated breast cancer and solid tumor patients receiving BGB-43395 (240–600 mg BID) plus fulvestrant. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CDK4i demonstrated favourable hematologic safety with reduced neutropenia.BeOne’s CDK4 inhibitor (BGB-43395) shows a favorable hematologic safety profile, supported by improved CDK4/CDK6 selectivity that reduces off-target and CDK6-mediated toxicities.In dose optimization cohorts (n=61), grade ≥3 TRAEs occurred in only 19.7% of pre-treated breast cancer and solid tumor patients receiving BGB-43395 (240–600 mg BID) plus fulvestrant. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BeiGene (ONC US) - CDK4i Showed Preliminary Efficacy While Data Still Maturing

<ul><li>Sales of zanubrutinib remained strong. BeiGene reported product revenue of US$1.11bn in 1Q25 (+48% YoY, -1% QoQ), with zanubrutinib (Zanu) contributing US$792mn (+62% YoY, -4% QoQ).</li><li>Adjusting for the US$30mn positive impact from seasonality and timing of customer order patterns in 4Q24, Zanu’s underlying QoQ growth in 1Q25 was approximately +3%, which we consider strong given that the first quarter typically registers moderate sequential growth across the BTKi class.</li><li>Additionally, Zanu’s performance also outperformed its competitors in 1Q—ibrutinib (-9% QoQ), acalabrutinib (-6%), and pirtobrutinib (-19%). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sales of zanubrutinib remained strong. BeiGene reported product revenue of US$1.11bn in 1Q25 (+48% YoY, -1% QoQ), with zanubrutinib (Zanu) contributing US$792mn (+62% YoY, -4% QoQ).Adjusting for the US$30mn positive impact from seasonality and timing of customer order patterns in 4Q24, Zanu’s underlying QoQ growth in 1Q25 was approximately +3%, which we consider strong given that the first quarter typically registers moderate sequential growth across the BTKi class.Additionally, Zanu’s performance also outperformed its competitors in 1Q—ibrutinib (-9% QoQ), acalabrutinib (-6%), and pirtobrutinib (-19%). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BeiGene (ONC US) - First-Ever Quarterly GAAP Profit Marks Major Milestone

<ul><li>Robust product sales driven by zanubrutinib. BeiGene’s FY24 total product sales reached US$3.78bn (+73% YoY), in-line with our previous estimate.</li><li>Total revenue was US$3.81bn, in-line with our previous estimate and beating Bloomberg consensus by 2.7%.</li><li>In FY24, sales of zanubrutinib (Zanu) surged by 105% YoY to US$2.64bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Robust product sales driven by zanubrutinib. BeiGene’s FY24 total product sales reached US$3.78bn (+73% YoY), in-line with our previous estimate.Total revenue was US$3.81bn, in-line with our previous estimate and beating Bloomberg consensus by 2.7%.In FY24, sales of zanubrutinib (Zanu) surged by 105% YoY to US$2.64bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BeiGene (ONC US) - Strong FY25 guidance issued

<ul><li>Targeting GAAP operating income breakeven in FY25. BeOne is on track to achieve GAAP operating income breakeven in FY25.</li><li>Excluding share-based compensation and D&amp;A impacts, non-GAAP operating profit in 3Q24 reached US$66mn.</li><li>This marks the second consecutive quarter of non-GAAP profitability. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Targeting GAAP operating income breakeven in FY25. BeOne is on track to achieve GAAP operating income breakeven in FY25.Excluding share-based compensation and D&amp;A impacts, non-GAAP operating profit in 3Q24 reached US$66mn.This marks the second consecutive quarter of non-GAAP profitability. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BeOne (ONC US) - Inflection Point Arrives: Operating Breakeven in 2025E

<ul><li>Strong product sales. In 3Q24, BeiGene recorded product sales of US$993mn (+8% QoQ, +67% YoY).</li><li>The 9M24 total product sales reached US$2.66bn, representing 69% of our previous FY24 estimate.</li><li>In 3Q24, sales of zanubrutinib (Zanu) increased 8% QoQ or 93% YoY to US$690mn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong product sales. In 3Q24, BeiGene recorded product sales of US$993mn (+8% QoQ, +67% YoY).The 9M24 total product sales reached US$2.66bn, representing 69% of our previous FY24 estimate.In 3Q24, sales of zanubrutinib (Zanu) increased 8% QoQ or 93% YoY to US$690mn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BeiGene (BGNE US) - Growing Non-GAAP Profit

Switzerland

BeOne Medicines is a global oncology biotechnology company focused on the discovery, development, and commercialization of cancer medicines. Its portfolio includes commercial-stage products like BRUKINSA, TEVIMBRA, and PARTRUVIX, which target various blood cancers and solid tumors. The company was founded in 2010 and is headquartered in Basel, Switzerland.

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BeOne Medicines (6160 HK)

BeiGene (ONC US) - CDK4i Showed Preliminary Efficacy While Data Still Maturing

BeOne’s CDK4 inhibitor (BGB-43395) shows a favorable hematologic safety profile, supported by improved CDK4/CDK6 selectivity that reduces off...

CMB International

BeiGene (ONC US) - First-Ever Quarterly GAAP Profit Marks Major Milestone

Sales of zanubrutinib remained strong. BeiGene reported product revenue of US$1.11bn in 1Q25 (+48% YoY, -1% QoQ), with zanubrutinib (Zanu)...

CMB International

BeiGene (ONC US) - Strong FY25 guidance issued

Robust product sales driven by zanubrutinib. BeiGene’s FY24 total product sales reached US$3.78bn (+73% YoY), in-line with our previous estimate.

CMB International

BeOne (ONC US) - Inflection Point Arrives: Operating Breakeven in 2025E

Targeting GAAP operating income breakeven in FY25. BeOne is on track to achieve GAAP operating income breakeven in FY25.

CMB International

BeiGene (BGNE US) - Growing Non-GAAP Profit

Strong product sales. In 3Q24, BeiGene recorded product sales of US$993mn (+8% QoQ, +67% YoY). The 9M24 total product sales reached US$2.66bn,...

CMB International

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