Capital Securities has issued a research report maintaining a "Buy" rating on BEIGENE. Based on the company's latest guidance, the firm has correspondingly adjusted its profit forecasts. It is projected that BEIGENE's net profit attributable to shareholders for 2026-2028 will be 2.47 billion yuan, 4.15 billion yuan, and 5.56 billion yuan, respectively, representing year-on-year growth of 73%, 68%, and 34%. Earnings per share are forecasted at 2.4 yuan, 4.1 yuan, and 5.5 yuan. The corresponding price-to-earnings ratios for the H-shares are estimated at 70x, 42x, and 31x. The company's commercialization efforts are now demonstrating effectiveness. The main points from Capital Securities are as follows:

The company released its 2025 performance bulletin, reporting total operating revenue of 38.21 billion yuan, a year-on-year increase of 40.4%. Product revenue accounted for 37.77 billion yuan, up 39.9% year-on-year. Net profit attributable to shareholders reached 1.42 billion yuan, meeting expectations. In the fourth quarter alone, revenue was 10.61 billion yuan, a 31.3% year-on-year increase, with a net profit attributable to shareholders of 280 million yuan.

Zanubrutinib served as the primary growth driver, while tislelizumab showed steady growth. BEIGENE's 2025 revenue growth exceeded 40%, primarily driven by global sales of its self-developed product BRUKINSA (zanubrutinib capsules, a BTK inhibitor主要用于治疗淋巴瘤、白血病), which reached $28.1 billion, a 48.8% year-on-year increase. Sales in the largest market, the United States, amounted to 20.2 billion yuan, up 46% year-on-year. European market sales were $4.27 billion, increasing 66% year-on-year, while sales in China totaled 2.47 billion yuan, rising 18.6% year-on-year. Additionally, sales of TEVIMBRA (tislelizumab injection, a PD-1 monoclonal antibody主要用于治疗胃癌、食管癌、肺癌等实体瘤) reached 5.3 billion yuan, up 19% year-on-year, mainly due to new approved indications in China and increased hospital adoption.

The company also issued its 2026 operational guidance, forecasting revenue between 43.6 billion and 45 billion yuan (approximately 14% to 18% year-on-year growth). The gross margin is expected to remain high at around 80%. GAAP operating profit is projected to be between 4.6 billion and 5.3 billion yuan, while non-GAAP operating profit is forecast between 9.8 billion and 10.5 billion yuan.

Risk factors include potential impacts from geopolitics, risks associated with research and development timelines not meeting expectations, commercialization underperformance, and changes in regulatory policies.