In "Major Banks," China International Capital Corporation: Beigene's performance last year met expectations, maintaining an "Outperform Industry" rating

CICC published a research report indicating that Beigene (06160.HK) achieved results last year that were basically in line with the bank's expectations. The company reported last year's revenue of USD 5.343 billion, a year-on-year increase of 40%, with product revenue of USD 5.282 billion, also a year-on-year increase of 40%. The GAAP net profit was USD 287 million. CICC stated that sales revenue met expectations, while net profit was slightly below the bank's expectations, mainly due to one-time equity investment impairment and non-recurring tax issues in the fourth quarter. Excluding these negative impacts, the full-year net profit is expected to meet expectations.

Considering the domestic medical insurance price adjustments and the company's cost control, CICC has lowered its revenue forecast for 2026 by 2.7%, but maintained its profit forecast at USD 610 million and introduced a profit forecast for 2027 at USD 870 million for the first time. The rating remains "outperforming the industry," with the target price for H shares maintained at 250 yuan