报告中称，公司总收入同比增长28.2%至10.02亿(美元，下同)，其中产品收入9.93亿(同比+66.9%)，主要包括：1)泽布替尼全球销售额6.90亿(环比+8.3%/同比+93.0%);泽布替尼在美国1/2LCLL新患中的份额不断提升，当前已超过阿卡替尼，位居领先。2)替雷利珠单抗继续稳步爬坡，3Q销售达到1.63亿(环比+3.2%/同比+13.2%)。3Q公司经调整non-GAAP经营利润为6,563万，连续两个季度实现non-GAAP经营利润转正。3Q24公司整体毛利率为83.0%。Bocom Intl has raised Beigene's revenue forecast for 2024-2026 by 6-7%, while increasing the peak sales forecast for Zebrutinib by 4% to 5.4 billion.
Zhithong Finance APP learned that Bocom Intl issued a research report stating that they raised Beigene's (06160) target price to 159 Hong Kong dollars. Based on Q3 performance and the ongoing strong product release trend, the revenue forecast for 2024-2026 was raised by 6-7%, and the peak sales forecast for Zebrutinib was raised by 4% to 5.4 billion.
The bank indicated that the focus for the next 12 months includes: 1) Approval of more indications for Talazoparib in core developed markets such as Europe and the USA, and data readouts from I/O combination therapies (Talazoparib combined with OX40, LAG3, etc.); 2) Bcl-2 inhibitor Sonrotoclax starting two Phase III studies in 1H25 (R/R CLL and R/R MCL), and preliminary data readouts for more indications; 3) BTK degrader initiating its first Phase III clinical trial in 1H25 (R/R CLL); 4) More solid tumor candidate molecules entering the clinical stage: eight have already entered clinical this year, and four more are expected before the end of the year.
The report stated that the company’s total revenue grew by 28.2% year-on-year to 1.002 billion (US dollars, same below), with product revenue at 0.993 billion (up 66.9% year-on-year), mainly including: 1) Zebrutinib global sales of 0.69 billion (up 8.3% quarter-on-quarter / up 93.0% year-on-year); Zebrutinib's market share in new patients with 1/2L CLL in the USA continues to rise, currently surpassing Acalabrutinib, leading the market. 2) Talazoparib continues to scale steadily, with Q3 sales reaching 0.163 billion (up 3.2% quarter-on-quarter / up 13.2% year-on-year). The adjusted non-GAAP operating profit for Q3 was 65.63 million, marking the second consecutive quarter of positive non-GAAP operating profit. The overall gross margin for Q3 2024 was 83.0%.
In terms of operational expenses, the company’s R&D expense ratio and sales management expense ratio were 49.5% and 45.4%, respectively, with a quarter-on-quarter decrease of -4.9/-6.4 percentage points, and a year-on-year decrease of -8.5/-1.2 percentage points, demonstrating the company's gradually improving operational efficiency.
