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 (Nov.17) - TCM VBP New Updates, CR Boya Completes Acquisition of Green Cross

Pre-IPO Hangzhou Jiuyuan Gene Engineering (PHIP Updates) - The Future Prospects Are Not Optimistic

Pre-IPO S.F. Holding (6936 HK) - Thoughts on Valuation and the Outlook

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

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

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

Equity Bottom-Up

<ul>
<li>BRUKINSA QoQ growth slowed down to single digit in 24Q3, thus dragging down the overall product revenue growth.However, such QoQ growth and market share growth were still higher than Imbruvica/Calquence. </li>
<li>BRUKINSA’s full-year revenue is expected to reach US$2.5 billion. Due to lower 24Q3 product revenue growth, we adjusted our 2024 forecast - Full year revenue would reach about US$3.7 billion.</li>
<li>BeiGene's performance in 24Q1-Q3 is still on track. Peak sales of BRUKINSA + tislelizumab is about US$5.5 billion. Reasonable market value range for <a href="https://www.smartkarma.com/entities/beigene-ltd-1c8ba4ff-edc5-43c3-b3fe-c3e4230f1c53" target="_blank" data-smartkarma-citation="entities:40395:1" rel="noopener">BeiGene</a> is US$18.5-27.5 billion. </li>
</ul>


BRUKINSA QoQ growth slowed down to single digit in 24Q3, thus dragging down the overall product revenue growth.However, such QoQ growth and market share growth were still higher than Imbruvica/Calquence. 
BRUKINSA’s full-year revenue is expected to reach US$2.5 billion. Due to lower 24Q3 product revenue growth, we adjusted our 2024 forecast - Full year revenue would reach about US$3.7 billion.
BeiGene's performance in 24Q1-Q3 is still on track. Peak sales of BRUKINSA + tislelizumab is about US$5.5 billion. Reasonable market value range for BeiGene is US$18.5-27.5 billion. 


BeiGene (6160.HK/​BGNE.US) 24Q3 - Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth

BeiGene

BeiGene (6160.HK/​BGNE.US) 24Q3 - Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth

BeiGene (6160.HK/BGNE.US) 24Q3 - Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth