20230720-招银国际-R_D_Day_takeaways__solidifying_leadership_in_haematology_with_three_synergistic_BIC_molecules_6页_1mb

BeiGene (BGNE US) R&D Day Summary

Key Highlights from R&D Day

• Company hosted its 2023 R&D Day, emphasizing leadership in hematology with three synergistic assets.
• Focused on innovations in blood cancer treatments, including broad tumor pipelines.

Hematology Assets

• Brukinsa: Approved globally for multiple indications, including CLL/SLL, WM, MCL, MZL, with robust efficacy and safety data. Serves as a core franchise backbone.
• Sonrotoclax: Phase 1/2 studies show 100% ORR in TN CLL/SLL patients when combined with Brukinsa. Phase 3 trial (vs venetoclax+obinutuzumab) planned, with top-line results expected by end-2023.
• BGB11673 (BTK CDAC): Designed to overcome BTK inhibitor resistance; Phase 1 study achieved 62% ORR in pre-treated patients. Currently in Phase 1 dose escalation, with pivotal expansion expected in 2024.

Solid Tumor Pipeline

• Tislelizumab (PD-1) is the best-selling PD-1 monoclonal antibody in China.
• Pipeline includes multiple Phase 2 trials for assets like TIGIT, LAG3, TIM3, and innovative molecules targeting lung cancer, such as EGFR CDAC and PanKRAS inhibitor. Revised financial target price is US$291.01, reflecting a 50.7% downside from current price.

Analyst Recommendation

• Maintain BUY rating with a revised target price to US$291.01.
• Financial projections: Revenue expected to grow to US$4,390 million by 2025, with net profit turning positive in 2025. DCF valuation supports the target, underpinned by cost efficiencies and rapid sales growth.

Financial Summary

• Revenue outlook: FY23E US$2,370 million, growing to US$4,390 million by FY25E.
• Net profit: Expected to reach US$78 million in FY25E after negative figures in prior years.
• Valuation metrics: P/E ratio at 265.0 as of FY25E, with DCF-based fair value supporting the target price.

Note: Figures and data provided in the original report should be verified independently.