HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Healthcare Weekly (May11)-Trump's Executive Order, Pharmacy's Risks, BeiGene 25Q1 Result Is Ok

China Healthcare Weekly (May.18) - Trump to Lower US Drug Prices, Thoughts on Hengrui's IPO Pricing

Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) - Some Points Worth the Attention

BeiGene (6160.HK/​BGNE.US) 24Q3 - Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth

Pre-IPO Fujian Haixi Pharmaceuticals - The Concerns on the Pipeline and the Outlook

BeiGene (6160.HK/BGNE.US) 24Q2 - It Is Time to Open a New Chapter in China's Pharmaceutical Industry

Shanghai Henlius Biotech (2696 HK) - LVC Increased Its Holding of Henlius Again

Pre-IPO Nanjing Leads Biolabs - The Future Prospects of the Pipeline Are Worth Looking Forward To

Equity Bottom-Up

<ul>
<li>BeiGene’s 2024 results beat expectations, mainly driven by strong sales growth of BRUKINSA. In 2025, BRUKINSA's sales would exceed Calquence for the first time.But sales performance of tislelizumab remains lackluster.</li>
<li>Based on positive trend, turning losses into profits is just a matter of time. BeiGene is expected to achieve positive GAAP operating income in 2025, which is an inflection point.</li>
<li>US$24.5-26.5 billion is the valuation bottom line, below which BeiGene is undervalued. Our forecast is that market value would reach US$37.5 billion. So, there is still upside potential in valuation.</li>
</ul>


BeiGene’s 2024 results beat expectations, mainly driven by strong sales growth of BRUKINSA. In 2025, BRUKINSA's sales would exceed Calquence for the first time.But sales performance of tislelizumab remains lackluster.
Based on positive trend, turning losses into profits is just a matter of time. BeiGene is expected to achieve positive GAAP operating income in 2025, which is an inflection point.
US$24.5-26.5 billion is the valuation bottom line, below which BeiGene is undervalued. Our forecast is that market value would reach US$37.5 billion. So, there is still upside potential in valuation.


BeiGene (6160.HK/​ONC US) 2024 Results - The Performance Is Outstanding

BeiGene

BeiGene (6160.HK/​ONC US) 2024 Results - The Performance Is Outstanding

BeiGene (6160.HK/ONC US) 2024 Results - The Performance Is Outstanding