Sinolink maintains a "buy" rating for BEONE MEDICINES (06160) with early research pipeline entering the harvest period.

Sinolink released a research report stating that they are maintaining a "buy" rating for BEONE MEDICINES (06160). The company's core products are experiencing rapid growth, and their research and development pipeline is expected to see intensive catalysis. Considering the company's increased R&D investment, the forecasted net profit for 2026/2027 has been adjusted to $685 million/ 1.08 billion, with an additional forecasted net profit of $1.897 billion for 2028. With the company's solid position as a leader in the domestic Biopharma market and significant global presence, both commercialization and research and development are approaching key turning points. Sinolink's main points include: Financial Performance Overview On February 26, 2026, the company released its 2025 financial results report, achieving total revenue of $5.3 billion (up 40% year-on-year) and GAAP net profit of $287 million (profit turnaround from loss); specifically, in Q4 of 2025, total revenue reached $1.5 billion (up 33% year-on-year) and GAAP net profit was $66.5 million (profit turnaround from loss). Zebutinib maintains rapid growth momentum, maintaining its global leading position in the BTKi market In Q4 of 2025, Zebutinib achieved sales of $1.15 billion, up 39% year-on-year and 10% quarter-on-quarter, showing rapid growth momentum and maintaining its leading position in the global BTKi market. The U.S. market is the main source of income, with sales of $840 million, up 37% year-on-year and 14% quarter-on-quarter; the European market continues to increase its market share, with sales of $167 million, up 47% year-on-year and 2% quarter-on-quarter. Additionally, in Q4 of 2025, Teveg Rebetisumab achieved sales of $182 million, up 18%, with continuous volume increases. 2026 full-year guidance announced, accelerating improvement in profitability The company's 2026 full-year guidance includes: total revenue of $6.2-6.4 billion, GAAP operating expenses of $4.7-4.9 billion, gross profit margin at the high end of the 80% range, GAAP operating profit of $700-800 million, and non-GAAP operating profit of $1.4-1.5 billion. Efficient progress in the research and development pipeline, early research pipeline entering the harvest period The company expects upcoming research and development milestones to include: (1) Zebutinib: mid-term analysis of first-line MCL in 26H1; (2) Sotocrar: r/r MCL approved in the U.S. in 26H1; initiation of Phase III clinical trial targeting 2L+ t(11;14) MM in 26H2; (3) BTKCDAC: submission of potential accelerated approval for r/r CLL in 26H2; (4) CDK4: initiation of Phase III clinical trial for first-line HR+HER2-BC in 26H1; (5) Zunidata Monoclonal Antibody: submission of 1LHER2+GEANDA in China and the U.S. in 26H1; (6) GPC3/4-1BB Dual Antibody: initiation of potential registration Phase II clinical trial in 26H2. Additionally, in terms of data disclosure, the company expects to announce Phase I data for CDK4 inhibitors targeting first-line HR+BC, Phase I data for B7-H4 ADC targeting gynecological and breast cancer, and Phase I data for GPC3/4-1BB dual antibodies targeting late-line HCC in 26H1, as well as early clinical data for PRMT5 inhibitors and CEAADC targeting solid tumors in 26H2. Risk Factors Risks include slower-than-expected progress in commercialization, increased market competition, slower-than-expected progress in clinical trials, and slower-than-expected progress in product approval reviews.