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 (Feb16)-Innovative Drug Is "Innocent" In Geopolitics, BeiGene's BTK, Jacobio

BeiGene (6160.HK/​BGNE.US/688235.CH) - 2023 Results Preview and Undervaluation Concerns

China Healthcare Weekly (Feb.23)- TCM Ushers in a Harvest Period, Biotech Bottom-Line, Kelun-Biotech

BeiGene (6160.HK/BGNE.US) - The Truth Behind Novartis' Divorce Decision on PD-1

Remegen (9995.HK/688331.CH) - The Survival Problem Is Becoming Imminent

BeiGene (6160.HK/​BGNE.US) 23H1 - "Accidents" Behind the Strong Growth

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

Equity Bottom-Up

<ul>
<li>BeiGene performed well in 23Q3. Product sales maintained strong growth momentum. Together with effective cost control measures, net loss significantly narrowed (close to breakeven), which exceeds expectation.</li>
<li>BeiGene plans to rely primarily on BRUKINSA/tislelizumab to achieve breakeven, which means BRUKINSA needs to contribute about US$2 billion revenue. Given prescriptions volume, however, Astrazeneca’s Calquence is the biggest holdup.</li>
<li>Whether BeiGene's overall revenue can reach US$4 billion is the key point of marginal change in logic. How to further reduce SG&amp;A/R&amp;D expenses has become important topic at this stage.</li>
</ul>


BeiGene performed well in 23Q3. Product sales maintained strong growth momentum. Together with effective cost control measures, net loss significantly narrowed (close to breakeven), which exceeds expectation.
BeiGene plans to rely primarily on BRUKINSA/tislelizumab to achieve breakeven, which means BRUKINSA needs to contribute about US$2 billion revenue. Given prescriptions volume, however, Astrazeneca’s Calquence is the biggest holdup.
Whether BeiGene's overall revenue can reach US$4 billion is the key point of marginal change in logic. How to further reduce SG&amp;A/R&amp;D expenses has become important topic at this stage.


BeiGene (6160.HK/​BGNE.US) 23Q3 - Beautiful Story Is About to Happen

BeiGene

BeiGene (6160.HK/​BGNE.US) 23Q3 - Beautiful Story Is About to Happen

BeiGene (6160.HK/BGNE.US) 23Q3 - Beautiful Story Is About to Happen