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.

Equity Bottom-Up

<ul><li>Strong sales in 2Q23 driven by zanubrutinib’s US sales ramp-up. In 2Q23, BeiGene recorded US$554mn product sales (+35% QoQ or +82% YoY).</li><li>Zanubrutinib (zanu) maintained a strong sales momentum, with sales revenue increasing 46% QoQ or 139% YoY to US$308mn in 2Q23 (accelerated from the +20% QoQ rate in 1Q23), mainly driven by the growth in the US. Zanu sales in the US increased by 61% QoQ to US$234mn in 2Q23 (accelerated from +11% QoQ in 1Q23), mainly due to the accelerated adoption among CLL/SLL patients, in our view.</li><li>The sales in overseas markets other than the US grew by 47% QoQ to US$36mn, while sales in China remained stable on a quarterly basis. </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 sales in 2Q23 driven by zanubrutinib’s US sales ramp-up. In 2Q23, BeiGene recorded US$554mn product sales (+35% QoQ or +82% YoY).Zanubrutinib (zanu) maintained a strong sales momentum, with sales revenue increasing 46% QoQ or 139% YoY to US$308mn in 2Q23 (accelerated from the +20% QoQ rate in 1Q23), mainly driven by the growth in the US. Zanu sales in the US increased by 61% QoQ to US$234mn in 2Q23 (accelerated from +11% QoQ in 1Q23), mainly due to the accelerated adoption among CLL/SLL patients, in our view.The sales in overseas markets other than the US grew by 47% QoQ to US$36mn, while sales in China remained stable on a quarterly basis. 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) – Product Sales Soared in 2Q with Improved Cost Efficiency

<ul><li>BGNE hosted its 2023 R&amp;D Day on 18 Jul. The Company highlighted 3 major synergetic assets in haematology, Brukinsa (BTKi), sonrotoclax (BCL2i) and BGB11673 (BTK CDAC).</li><li>With superior efficacy and safety shown in H2H and multiple pivotal trials, Brukinsa has been widely approved globally for multiple indications, including CLL/SLL, WM, MCL, MZL and potentially FL, and is the backbone of the Company’s haematology franchise.</li><li>Ph3 trial of sonrotoclax to be initiated. Sonrotoclax is a potential BIC BCL2 inhibitor with differentiated profiles. In the Ph1/2 study, in 56 efficacy evaluable treatment-naïve (TN) CLL/SLL patients receiving sonrotoclax + Brukinsa, the ORR reached 100% (CR 26.8%), and in the patients with at least 3 postbaseline response assessments (n=37), the CR reached 35%. I</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.

BGNE hosted its 2023 R&amp;D Day on 18 Jul. The Company highlighted 3 major synergetic assets in haematology, Brukinsa (BTKi), sonrotoclax (BCL2i) and BGB11673 (BTK CDAC).With superior efficacy and safety shown in H2H and multiple pivotal trials, Brukinsa has been widely approved globally for multiple indications, including CLL/SLL, WM, MCL, MZL and potentially FL, and is the backbone of the Company’s haematology franchise.Ph3 trial of sonrotoclax to be initiated. Sonrotoclax is a potential BIC BCL2 inhibitor with differentiated profiles. In the Ph1/2 study, in 56 efficacy evaluable treatment-naïve (TN) CLL/SLL patients receiving sonrotoclax + Brukinsa, the ORR reached 100% (CR 26.8%), and in the patients with at least 3 postbaseline response assessments (n=37), the CR reached 35%. IContent 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) – Solidifying Leadership in Haematology with Three Synergistic BIC Molecules

<ul><li>Strong sales growth continued in 1Q23, mainly driven by zanubrutinib’s overseas sales. In 1Q23, BeiGene recorded US$410mn product sales (+21% QoQ or +57% YoY).</li><li>Zanubrutinib maintained a strong sales momentum, with sales increasing 20% QoQ or 103% YoY to US$211mn in 1Q23 (accelerating from +13% QoQ in 4Q22).</li><li>The sales of zanubrutinib in the US increased by 11% QoQ to US$139mn, and sales in China rose by 18% QoQ to US$48mn, while the sales in the overseas market other than the US recorded remarkable 147% QoQ growth to US$25mn. </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 sales growth continued in 1Q23, mainly driven by zanubrutinib’s overseas sales. In 1Q23, BeiGene recorded US$410mn product sales (+21% QoQ or +57% YoY).Zanubrutinib maintained a strong sales momentum, with sales increasing 20% QoQ or 103% YoY to US$211mn in 1Q23 (accelerating from +13% QoQ in 4Q22).The sales of zanubrutinib in the US increased by 11% QoQ to US$139mn, and sales in China rose by 18% QoQ to US$48mn, while the sales in the overseas market other than the US recorded remarkable 147% QoQ growth to US$25mn. 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) – Improving cost efficiency with rapid sales growth

<ul><li>Strong sales growth continued in 4Q22, mainly driven by zanubrutinib.</li><li>In 4Q22, BeiGene recorded US$339mn product sales (-3% QoQ, +72% YoY).</li><li>Zanubrutinib (BTK) maintained a strong sales momentum, with sales increasing +13% QoQ or +101% YoY to US$176mn in 4Q22, driven by the overseas sales (especially in the US). </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 sales growth continued in 4Q22, mainly driven by zanubrutinib.In 4Q22, BeiGene recorded US$339mn product sales (-3% QoQ, +72% YoY).Zanubrutinib (BTK) maintained a strong sales momentum, with sales increasing +13% QoQ or +101% YoY to US$176mn in 4Q22, driven by the overseas sales (especially in the US). 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) – Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

<ul><li>Strong sales growth continued. BeiGene continued strong sales momentum in 3Q22, similar to 2Q22, with the product revenue in 3Q22 reaching US$349.5mn (+15% QoQ in 3Q22 vs +16% QoQ in 2Q22).</li><li>Sales of zanubrutinib (BTK) in 3Q22 increased to US$155.5mn with a QoQ growth rate of 21% (vs +23% QoQ in 2Q22), mainly driven by the strong sales in the overseas markets.</li><li>Tislelizumab (PD-1) also maintained strong growth in 3Q22, with sales increased by 22% QoQ, reaching US$128.2mn (vs +20% QoQ growth rate in 2Q22).</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 sales growth continued. BeiGene continued strong sales momentum in 3Q22, similar to 2Q22, with the product revenue in 3Q22 reaching US$349.5mn (+15% QoQ in 3Q22 vs +16% QoQ in 2Q22).Sales of zanubrutinib (BTK) in 3Q22 increased to US$155.5mn with a QoQ growth rate of 21% (vs +23% QoQ in 2Q22), mainly driven by the strong sales in the overseas markets.Tislelizumab (PD-1) also maintained strong growth in 3Q22, with sales increased by 22% QoQ, reaching US$128.2mn (vs +20% QoQ growth rate in 2Q22).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) – Strong Sales Momentum Maintained in 3Q22

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 (BGNE US) – Product Sales Soared in 2Q with Improved Cost Efficiency

Strong sales in 2Q23 driven by zanubrutinib’s US sales ramp-up. In 2Q23, BeiGene recorded US$554mn product sales (+35% QoQ or +82% YoY).

CMB International

BeiGene (BGNE US) – Solidifying Leadership in Haematology with Three Synergistic BIC Molecules

BGNE hosted its 2023 R&D Day on 18 Jul. The Company highlighted 3 major synergetic assets in haematology, Brukinsa (BTKi), sonrotoclax (BCL2i) and...

CMB International

BeiGene (BGNE US) – Improving cost efficiency with rapid sales growth

Strong sales growth continued in 1Q23, mainly driven by zanubrutinib’s overseas sales. In 1Q23, BeiGene recorded US$410mn product sales (+21% QoQ...

CMB International

BeiGene (BGNE US) – Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL

Strong sales growth continued in 4Q22, mainly driven by zanubrutinib. In 4Q22, BeiGene recorded US$339mn product sales (-3% QoQ, +72% YoY).

CMB International

BeiGene (BGNE US) – Strong Sales Momentum Maintained in 3Q22

BeiGene continued strong sales momentum in 3Q22, similar to 2Q22, with the product revenue in 3Q22 reaching US$349.5mn (+15% QoQ in 3Q22 vs +16%...

CMB International

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