In today’s briefing:
- BeOne (6160 HK): Shares Are Breaking Into New Highs. Should You Buy?
- Pre-IPO Hunan Mabgeek Biotech – The Concerns and the Outlook
BeOne (6160 HK): Shares Are Breaking Into New Highs. Should You Buy?
- BeiGene (6160 HK) reported 3Q25 revenues of $1.4B, up 40% YoY (9M25 Revenue: $3.8B, up 43%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.
- In 3Q25, US sale of Brukinsa was $738.7M, up 46% YoY. For four consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $612M in 3Q25.
- BeOne now expects 2025 revenue to be in the range of $5.1–5.3B (up 34–39% YoY) compared to the previous revenue guidance of $5.0–5.3B.
Pre-IPO Hunan Mabgeek Biotech – The Concerns and the Outlook
- The low diagnosis rate has been one of the main reasons why the sales performance of drugs for autoimmune diseases in China is much lower than that in overseas markets.
- Despite slightly better clinical data than dupilumab/stapokibart, MG-K10 may not achieve a significant actual clinical difference in the end. For MG-014, its prospects could be uncertain in China market.
- Since Mabgeek has no commercialized product on the market, and the R&D progress is lagging behind competing products, together with fierce competition, valuation of Mabgeek would be lower than peers.
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