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.

Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Hangzhou Tongshifu Cultural and Creative Group (PHIP Update)-Some Points Worth the Attention

Pre-IPO Delton Technology (1989 HK) - The IPO Pricing Is Attractive

BeiGene (6160.HK/​ONC US) 25Q2 - The High Growth of BRUKINSA May Not Bring High Valuation

Pre-IPO Shanghai Sunmi Technology (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Nov.9)-Medical Insurance “Warning Lines”, NewCo Model, BeiGene 25Q3 Results

Pre-IPO WinHealth International Holding- A BD-Driven Model May Not Guarantee Sustainable High Growth

Pre-IPO Wuxi Lead Intelligent Equipment (A/H Listing) - The Core Strength and Thoughts on Valuation

Equity Bottom-Up

<ul>
<li>BeiGene’s 2025 performance was in line with expectations. The management’s 2026 guidance is relatively conservative, which could be related to the potential growth slowdown of BRUKINSA, tislelizumab, other agent products.</li>
<li>Future product peak sales is expected to reach US$9 billion.However, investors may not be happy with the net profit margin brought by single revenue driver BRUKINSA based on our calculation.</li>
<li>There’s no next blockbuster that can drive BeiGene to a big step forward.This might be the reason why the market is reluctant to give BeiGene a higher than 10x P/S.  </li>
</ul>


BeiGene’s 2025 performance was in line with expectations. The management’s 2026 guidance is relatively conservative, which could be related to the potential growth slowdown of BRUKINSA, tislelizumab, other agent products.
Future product peak sales is expected to reach US$9 billion.However, investors may not be happy with the net profit margin brought by single revenue driver BRUKINSA based on our calculation.
There’s no next blockbuster that can drive BeiGene to a big step forward.This might be the reason why the market is reluctant to give BeiGene a higher than 10x P/S.  


Jiangsu Hengrui Pharmaceuticals (1276 HK)

BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

BeOne Medicines

BeiGene (6160.HK/ONC US) 2025 Results - The Outlook and the Concerns Behind

BeOne Medicines

BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

BeiGene (6160.HK/ONC US) 2025 Results - The Outlook and the Concerns Behind