On August 7, BEIGENE LTD SPON ADS EACH REPR 13 ORD SHS rose 5.48% in pre-market trading, trading at $345.87/share, with turnover of $719,300.

On the news front, the company reported Q2 results that significantly exceeded market expectations. Global revenue reached $1.705 billion, up 30% year-over-year; GAAP net income was $237 million, up 151% YoY. First-half adjusted net income totaled $819.5 million, up 111% YoY. Core product Brukinsa generated $1.2 billion in global revenue, up 31% YoY. Management simultaneously raised full-year revenue guidance to RMB 44.9-46.2 billion from RMB 43.6-45.2 billion previously.

Following the earnings release, multiple institutions upgraded their target prices: CLSA raised its US-listed target to $522.5, Citi raised to $466, DBS Vickers raised its HK-listed target to HK$265, and CMBI maintained a Buy rating, citing improved profitability coupled with a rich R&D catalyst pipeline to support continued valuation upside.

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