Nomura: Reiterates "Buy" rating on Beigene (06160) and raises target price to HK$206.6.

Nomura released a research report stating that it reaffirmed its "buy" rating on BEIGENE (06160) and raised its target price by 9.6% from HK$188.53 to HK$206.6. Benefiting from the higher growth guidance provided by management, the bank raised its sales forecast for the fiscal years 2025 and 2026 by 9.1% to $5.1 billion and $8.1 billion, respectively, and lowered its profit forecast for fiscal year 2025 by 0.6% while raising its profit forecast for 2026 by 20.4%. Nomura pointed out that management is confident in the competitive advantage of its drug zanubrutinib and its sales outlook for fiscal year 2025. Although management did not provide specific details about the product, Nomura believes that zanubrutinib in the U.S. market remains a major driver of growth, while sales in the European Union are also increasing.