Zhongjin: BeiGene achieves quarterly profit reversal for the first time, maintains "outperform industry" rating.

The research report from Zhongjin Securities pointed out that BeiGene's revenue in the first quarter of 2025 was 1.117 billion US dollars, a year-on-year increase of 49%, of which product revenue was 1.109 billion US dollars, a year-on-year increase of 48%. GAAP net profit was 1.27 million US dollars, and the revenue met our expectations. The progress in turning losses around exceeded our expectations, mainly due to the revenue growth rate being significantly higher than the growth in operating expenses. The company expects to achieve revenue of 4.9-5.3 billion US dollars in 2025, a year-on-year increase of 29%-39%, with GAAP operating expenses of 4.1-4.4 billion US dollars, and GAAP operating profit turning positive in 2025. Due to the improvement in gross profit margin and expense control, the company achieved a GAAP net profit of 1.27 million US dollars in the first quarter of 2025 and is optimistic about the company's smooth completion of the full-year guidance. The "outperform industry" rating is maintained, and based on the DCF model, the target prices for A/H/US stocks are maintained at 280 yuan/198 Hong Kong dollars/332 US dollars.