External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

[BeiGene, LTD. (BGNE US) Target Price Change]: Non-China Growth Drives the Biz…Maintain BUY

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

[Blue Lotus Innovative Drugs Sector Update]: Biotech-Biopharma Ecosystem Is Coming of Age in China

Equity Bottom-Up

<ul><li>Strong sales growth continued. BeiGene continued strong sales momentum in 3Q22, similar to 2Q22, with the product revenue in 3Q22 reaching US$349.5mn (+15% QoQ in 3Q22 vs +16% QoQ in 2Q22).</li><li>Sales of zanubrutinib (BTK) in 3Q22 increased to US$155.5mn with a QoQ growth rate of 21% (vs +23% QoQ in 2Q22), mainly driven by the strong sales in the overseas markets.</li><li>Tislelizumab (PD-1) also maintained strong growth in 3Q22, with sales increased by 22% QoQ, reaching US$128.2mn (vs +20% QoQ growth rate in 2Q22).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong sales growth continued. BeiGene continued strong sales momentum in 3Q22, similar to 2Q22, with the product revenue in 3Q22 reaching US$349.5mn (+15% QoQ in 3Q22 vs +16% QoQ in 2Q22).Sales of zanubrutinib (BTK) in 3Q22 increased to US$155.5mn with a QoQ growth rate of 21% (vs +23% QoQ in 2Q22), mainly driven by the strong sales in the overseas markets.Tislelizumab (PD-1) also maintained strong growth in 3Q22, with sales increased by 22% QoQ, reaching US$128.2mn (vs +20% QoQ growth rate in 2Q22).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BeiGene (BGNE US) – Strong Sales Momentum Maintained in 3Q22