In "The Big Banks," Citigroup lowered the target price for Beigene to 286.2 yuan, with last quarter's net profit falling short of expectations

Citi Research report indicates that Beigene (06160.HK) had mixed results in Q4 2025, with sales growing 32.8% year-on-year, better than market expectations. However, due to a one-time impairment, net profit fell short of expectations. Management guidance for 2026 sales is between $6.2 billion and $6.4 billion, representing an approximate 20% year-on-year growth.

The firm believes there are several late-stage pipeline catalysts for the company, including BCL-2, BTK CDAC, and CDK4. After accounting for performance, the target price for Beigene's Hong Kong stock is lowered from HKD 288 to HKD 286.2, the target price for Beigene (ONC.US) in the U.S. stock market is adjusted from $491.2 to $485.1, and the target price for Beigene (688235.SH) in A-shares is reduced from RMB 423.4 to RMB 384.5; maintaining an "Outperform" rating