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.

Sino Biopharmaceutical (1177.HK) 24H1 - The Concerns Behind the Performance Turnaround

China Healthcare Weekly (Sep15)- Tiantan's New Deal, BeiGene-AbbVie Lawsuit, BIOSECURE Act Will Pass

Jiangsu Hengrui Medicine (600276.CH) - Share Price Is at Risk of Correction

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

BeiGene (6160.HK/​BGNE.US/688235.CH) - Pain Points Behind the High Growth

BeiGene (6160.HK/​BGNE.US/688235.CH) 24Q1- A Breakeven Point Is on the Horizon, but It Is Not Stable

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

WuXi AppTec (2359.HK/603259.CH) - The Pain of 2024 Has Just Begun

Equity Bottom-Up

<ul>
<li>BeiGene's 24Q2 results far exceeded expectations. Sales of BRUKINSA may exceed that of Calquence for the first time next year. Breakeven in 2024 becomes possible if effective cost control continues.</li>
<li>BeiGene's 2024 revenue could exceed Hengrui, marking the official transition of China's innovative pharmaceutical industry from the old generation to the new one. Reasonable market value for BeiGene is US$19-27.5bn.</li>
<li>Current valuation cannot reflect strong fundamentals.As BeiGene has established a convincing profit model, the market turmoil actually provides investors with a good opportunity to buy the stock at low price.</li>
</ul>


BeiGene's 24Q2 results far exceeded expectations. Sales of BRUKINSA may exceed that of Calquence for the first time next year. Breakeven in 2024 becomes possible if effective cost control continues.
BeiGene's 2024 revenue could exceed Hengrui, marking the official transition of China's innovative pharmaceutical industry from the old generation to the new one. Reasonable market value for BeiGene is US$19-27.5bn.
Current valuation cannot reflect strong fundamentals.As BeiGene has established a convincing profit model, the market turmoil actually provides investors with a good opportunity to buy the stock at low price.


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