China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Zai LAB (ZLAB US) Target Price Change]: Demonstrating Directionally Business Model to Profit

[BeiGene, LTD. (BGNE US) Target Price Change]: Valuation Adjustment Can Drive the Stock Upside

[Zai LAB (ZLAB US) Earnings Review]: Pretty Much the Same…Maintain SELL

China/Asia TMT

Shawn Yang

Thematic (Sector/Industry)

China Pharmaceuticals, biotechnology and life sciences / Thematic (Sector/Industry)

<ul>
<li>Novartis’s forfeit of option to license BeiGene’s (BGNE) Ociperlimab (TIGIT) likely suggested pessimism towards its year-end read-out.  </li>
<li>The priority of Tislelizumab in Novartis’s pipeline may also be sidelined; With Chinese innovative drug sales subdued under NDRL, the global biotech model is gaining superiority over local biopharma model.</li>
<li>BGNE’s pipeline faces an aging problem, which must be mitigated by smart licensing. We downgrade BGNE to SELL and ZLAB to BUY.</li>
</ul>


Novartis’s forfeit of option to license BeiGene’s (BGNE) Ociperlimab (TIGIT) likely suggested pessimism towards its year-end read-out.  
The priority of Tislelizumab in Novartis’s pipeline may also be sidelined; With Chinese innovative drug sales subdued under NDRL, the global biotech model is gaining superiority over local biopharma model.
BGNE’s pipeline faces an aging problem, which must be mitigated by smart licensing. We downgrade BGNE to SELL and ZLAB to BUY.


[블루로터스 혁신 의약품 부문 업데이트]: 중국 바이오테크-바이오파마 생태계 성숙기에 접어들다