CICC: Maintaining BeiGene's (06160) “Outperform the Industry” rating and raising the target price to HK$266

The Zhitong Finance App learned that CICC released a research report stating that considering the high growth and cost control of zebutinib, it raised BeiGene (06160)'s profit forecast for this year by 34% to US$871 million, and raised the 2027 earnings forecast by 38% to US$1.2 billion. The bank maintained its “outperforming the industry” rating, and the target price of H shares increased 6.4% to HK$266.

The bank said that the company's second-quarter results beat expectations, with revenue up 30% year on year, of which product revenue increased 29% year on year; GAAP expected a year-on-year increase of 151% to US$237 million. Sales revenue was slightly better than expected. The excess was due to high growth in zebutinib and good cost control. As mentioned in the report, BeiGene has drastically increased its main routes, and the total revenue route is estimated to be about 6.6 billion to 6.8 billion US dollars; GAAP operating profit guidelines have increased to about 1 billion to 1.1 billion US dollars.