China Merchants Jinling International: Maintains Beigene "Buy" Rating and Raises Target Price to HKD 208.8

JiaoYin International released a research report stating that it maintains a "Buy" rating for Beigene, raising the target prices for US stocks, Hong Kong stocks, and A-shares to $348, HKD 208.8, and RMB 289.22, respectively. The company guides for full-year revenue of $4.9 to $5.3 billion in 2025, GAAP operating expenses of $4.1 to $4.4 billion, and a gross margin in the median range of 80% to 90%, with positive GAAP operating profit and operating cash flow. JiaoYin International's report pointed out that Beigene's core products are rapidly gaining market share, with the US market share of Zebutini jumping to first place. Last year's fourth-quarter sales revenue was $1.118 billion, a year-on-year increase of 77%, including $828 million from Zebutini, a quarterly increase of 20%, of which US sales were $616 million, a quarterly increase of 22%. The firm raised its revenue forecasts for the company to $5.1 billion and $6.2 billion for 2025 and 2026, respectively, and the global peak sales forecast for Zebutini to $6.9 billion