In today’s briefing:
- BeiGene (6160.HK/BGNE.US) 22Q3 – The Price of Being an “Outlier”
BeiGene (6160.HK/BGNE.US) 22Q3 – The Price of Being an “Outlier”
- Our forecast of the total peak sales of BRUKINSA, tislelizumab and the rest commercialized products is about RMB10 billion, which is not enough for BeiGene to turn losses into profits.
- BeiGene has the highest R&D/academic ability among domestic pharmaceutical enterprises,but BeiGene cannot be assessed according to the standards of Chinese pharmaceutical enterprises due to its fundamentally different cost structure/breakeven point.
- The current market value has already priced in the success of TIGIT project to some extent. In other words, the upward elasticity may be limited. But BeiGene deserves long-term follow.
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