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 (May.12) - Three Globalization Strategies, GLP-1/Weight Loss Drug, Bio-Heart

China Healthcare Weekly (May.19) - "Hedge Logic" Of CXO, Beijing's DRG+VBP Policy, Zylox-Tonbridge

The Truth of China Medical Insurance Fund - Time to Clarify Misunderstandings with Investors

BeiGene (6160.HK/BGNE.US) 22Q3 - The Price of Being an “Outlier”

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

Innovent Biologics (1801.HK) - Time to Enter the Next Stage After the Dividend of Special Era Ends

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>A significant change in 23Q1 was not just a narrowing of net loss, but a sudden turnaround in sales profit under the rapid revenue growth, which was an important leap.</li>
<li>BeiGene’s commercialization capabilities largely rely on high expense level that significantly deviating from the industry average, making eventual commercialization success more difficult. BeiGene is an "outlier" even among global peers.</li>
<li>How to control expenses while ensuring sustained sales growth and long-term competitiveness is an important issue for BeiGene. If no new blockbuster product emerges ultimately, high valuation would not last.</li>
</ul>


A significant change in 23Q1 was not just a narrowing of net loss, but a sudden turnaround in sales profit under the rapid revenue growth, which was an important leap.
BeiGene’s commercialization capabilities largely rely on high expense level that significantly deviating from the industry average, making eventual commercialization success more difficult. BeiGene is an "outlier" even among global peers.
How to control expenses while ensuring sustained sales growth and long-term competitiveness is an important issue for BeiGene. If no new blockbuster product emerges ultimately, high valuation would not last.


BeiGene (6160.HK/BGNE.US) 23Q1 - Qualitative Changes Are Taking Place