Guojin Securities has reaffirmed a "Buy" rating for BEIGENE (06160). The firm's core products are experiencing rapid sales growth, and its research pipeline is expected to see a series of catalysts. Considering increased R&D investments, Guojin has adjusted its net profit forecasts for 2026 and 2027 to $685 million and $1.08 billion, respectively, and introduced a new 2028 net profit forecast of $1.897 billion. The assessment is based on BEIGENE's solid position as a leading domestic biopharmaceutical company, its effective global strategy, and the approaching inflection points in both commercialization and research. Key points from Guojin Securities are as follows.

Performance Overview: On February 26, 2026, BEIGENE released its 2025 performance bulletin. Full-year total revenue reached $5.3 billion, a 40% year-over-year increase, with GAAP net profit at $287 million, marking a turnaround to profitability. In the fourth quarter of 2025, revenue was $1.5 billion, up 33% year-over-year, and GAAP net profit was $66.5 million, also reflecting a profitable turnaround.

Zanubrutinib Maintains High Growth and Leadership in Global BTKi Market: In Q4 2025, Zanubrutinib achieved sales of $1.15 billion, increasing 39% year-over-year and 10% quarter-over-quarter, demonstrating strong growth and maintaining its leading position in the global BTK inhibitor market. The US market was the primary revenue driver, with sales of $840 million, up 37% year-over-year and 14% sequentially. Market share in Europe continued to grow, with sales reaching $167 million, a 47% year-over-year increase and 2% sequential growth. Additionally, sales of Tislelizumab in Q4 2025 were $182 million, an 18% year-over-year increase, showing continued sales momentum.

Full-Year 2026 Guidance Indicates Accelerating Profitability Improvement: BEIGENE's guidance for full-year 2026 includes total revenue between $6.2 billion and $6.4 billion, GAAP operating expenses of $4.7 billion to $4.9 billion, a gross margin at the high end of the 80% range, GAAP operating profit of $700 million to $800 million, and non-GAAP operating profit of $1.4 billion to $1.5 billion.

R&D Pipeline Advances Efficiently, Early-Stage Pipeline Nears Harvest: The company anticipates several upcoming R&D milestones, including: (1) Zanubrutinib: interim analysis for first-line Mantle Cell Lymphoma in the first half of 2026; (2) Sotorasib: anticipated US approval for relapsed/refractory MCL in H1 2026; initiation of a Phase III trial for a triple-therapy regimen in second-line or later t(11;14) Multiple Myeloma in H2 2026; (3) BTK CDAC: potential accelerated approval submission for relapsed/refractory Chronic Lymphocytic Leukemia in H2 2026; (4) CDK4 inhibitor: initiation of a Phase III trial for first-line HR+/HER2- Breast Cancer in H1 2026; (5) Zanidatamab: submission for first-line HER2+ Gastroesophageal Adenocarcinoma in both China and the US in H1 2026; (6) GPC3/4-1BB bispecific antibody: initiation of a potential registrational Phase II trial in H2 2026. Regarding data disclosures, the company expects to release Phase I data for its CDK4 inhibitor in first-line HR+ Breast Cancer, Phase I data for its B7-H4 ADC in gynecological and breast cancers, and Phase I data for its GPC3/4-1BB bispecific antibody in later-line Hepatocellular Carcinoma in H1 2026. Early clinical data for its PRMT5 inhibitor and CEA ADC in solid tumors are expected in H2 2026.

Risk Warnings: Risks include commercialization progress falling short of expectations, intensifying market competition, clinical trial delays, and slower-than-expected regulatory review timelines for product approvals.