Source: Beast Finance Author: Beast Finance
Beast Finance learned that because BeiGene (06160) announced 2023Q1 revenue of 448 million US dollars, of which product revenue was 410 million US dollars, a year-on-year increase of 56.9%; the net loss was 348 million US dollars, a year-on-year reduction of 87 million US dollars. In line with expectations. Guotai Junan issued a research report to maintain the overweight rating of BeiGene. . The main points of Guotai Junan are as follows:
The increase in product revenue mainly benefits from the increase in the number of self-developed varieties. In 23Q1, Zanubrutinib achieved revenue of US$211 million, a year-on-year increase of 103%, of which the US revenue was US$139 million, a year-on-year increase of 104%, and China’s revenue was US$48 million, a year-on-year increase of 44%; sales in the United States continued to grow, mainly due to Promotion of CLL/SLL indications. Tislelizumab has added 4 new indications including non-squamous NSCLC and ESCC into the medical insurance in China, and was recently approved for first-line PD-L1 high-expression G/GEJ adenocarcinoma. In 23Q1, it achieved revenue of US$115 million, a year-on-year increase of 31% Overseas, it is expected that there will be review progress in 23 years. The US FDA will conduct an on-site inspection of the production base before approval in 23Q2, and will make a second-line ESCC review decision later; European EMA will make first-line/second-line NSCLC and second-line ESCC review Resolution; partner Novartis plans to submit sBLA for first-line gastric cancer and first-line ESCC to the US FDA in 23 years. The products licensed from Amgen and Bio-Thera also increased rapidly.
Mid-to-early research and development may welcome harvest. In 23 years, Ospolizumab (TIGIT) will announce the phase 2 data of second-line ESCC, first-line HCC, and first-line NSCLC, and complete the enrollment of first-line NSCLC phase 3 (AdvanTIG302); 23H2 will start BGB-11417 (BCL2) in combination with Zeb The global registration clinical trial of tinib for first-line CLL, and the clinical development of potential registration-available phase 2 studies of this type of R/RMCL and R/RCLL/SLL is currently being promoted; BGB-16673 (BTKCDAC), BGB-A445 ( OX40 antibody) will announce preliminary Phase 1 data. 23Q1 R&D expenses were US$409 million, a year-on-year increase of 5%. At the end of the reporting period, the cash and equivalents were US$3.8 billion, which was relatively sufficient.
Risk warning: R&D failure; strategic cooperation less than expected; geopolitical risks.
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