Glonghui, March 18 | Lyon published a research report stating that BeiGene's core product, PD-1 tirelizumab (trade name Baizean), has recently been approved by the US FDA. It can be used to treat adult patients with grade 2L esophageal squamous cell carcinoma (ESCC), in line with the bank's expectations and company guidelines. The bank believes that although the overseas market is quite mature, it believes that the approval of this application is gradually good news for the company. It raised the 2024-2026 revenue forecast by 1.3%, 0.9% and 0.9%, and narrowed the net loss forecast by 2.8%, 3.6% and 10%. Accordingly, the target price of H shares was raised from HK$136.7 to HK$138.5, reaffirming the “buy” rating. Lyon believes that the FDA approval application means that the geopolitical tension that has arisen in the drug outsourcing industry in recent months will not affect downstream pharmaceutical companies, and it is expected that the market will once again focus on high-quality biotech companies with overseas product marketing records or potential. Among the stocks covered by the bank, BeiGene and Hutchison Pharmaceuticals both have good overseas product listing records, while Kangfang Biotech and Colon Biotech have more potential.