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HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>It’s unrealistic to turn losses into profits by relying on BRUKINSA alone. BeiGene needs to have three blockbuster products with US$1 billion sales, which is difficult considering current pipeline situation. </li>
<li>If investors are optimistic about BeiGene, to some extent, they are betting on the success of BeiGene's model, but of course, they should also bear the corresponding risks and costs. </li>
<li>BeiGene is overvalued, and its current market value has already priced in all positive factors. In this position, we think the risks far outweigh the benefits, because miracles don't always happen.   </li>
</ul>


It’s unrealistic to turn losses into profits by relying on BRUKINSA alone. BeiGene needs to have three blockbuster products with US$1 billion sales, which is difficult considering current pipeline situation. 
If investors are optimistic about BeiGene, to some extent, they are betting on the success of BeiGene's model, but of course, they should also bear the corresponding risks and costs. 
BeiGene is overvalued, and its current market value has already priced in all positive factors. In this position, we think the risks far outweigh the benefits, because miracles don't always happen.   


BeiGene (6160.HK/BGNE.US) - Miracles Don't Always Happen