Bank of America Securities research report pointed out that Beigene's (06160.HK) independently developed BTK inhibitors zanubrutinib, orelabrutinib, ibrutinib, and acalabrutinib recorded sales of RMB 60.9 million, RMB 26.8 million, RMB 25.3 million, and RMB 0.3 million, respectively, in May, representing a total sales of 53.7%, 23.7%, 22.3%, and 0.3% of the mainland market.

The bank lowered its revenue forecasts for 2024 to 2026 by 0.8%, 0.6%, and 0.5%, respectively, due to updated sales data and increased competition in the mainland BTK inhibitor market. However, because the company's product pipeline still maintains good development in the competition in the mainland market, the Hong Kong target price is lowered from HKD 108.69 to HKD 92.09, and the "Neutral" rating is reiterated. (vc/k)

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