百济神州：2025年将实现GAAP口径下经营利润为正，实体瘤领域多款早研分子将POC-20250316

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is expected to achieve positive GAAP operating profit by 2025, with significant revenue growth and a reduction in net losses [1][13] - The company reported total revenue of $3.81 billion for 2024, a year-on-year increase of 55$645 million, which is a 27% reduction in losses compared to the previous year [1][14] - The adjusted operating profit for 2024 was 45.36 million, marking the first annual non-GAAP operating profit [1][7] Financial Performance - In 2024, the company's GAAP and non-GAAP R&D expenses were 1.953 billion and 1.668 billion, respectively, with R&D expense ratios decreasing by 21 percentage points and 20 percentage points year-on-year [2] - The sales and management expenses for 2024 were 1.831 billion and 1.550 billion, with corresponding expense ratios decreasing by 13 percentage points and 12 percentage points year-on-year [2] - For Q4 2024, R&D expenses were 542 million, with an R&D expense ratio of 48%, a 30% decrease year-on-year [3] Product Performance - The core product, Zebrutinib, saw global sales of $2.64 billion in 2024, a 105$828 million, also a 100% increase year-on-year [4] - The sales in the U.S. for Zebrutinib in 2024 were $2 billion, a 106$616 million, a 97% increase year-on-year [4][19] - The company’s other product, Tislelizumab, generated total revenue of $154 million and$621 million in Q4 2024 and for the full year, respectively, with year-on-year growth of 20% and 16% [5][23] Clinical Development - The development plans for BGB-16673 and Sonrotoclax are progressing steadily, with clinical trials expected to start in 2025 [6] - The company has received new indications for Tislelizumab, which have been included in the 2024 medical insurance directory, expanding its market presence [5][20] Cost Management - The company has successfully reduced its sales and management expense ratio to 45% in Q4 2024, down from the previous year, indicating effective cost management [26] - The overall sales and management expenses for 2024 were $1.831 billion, with a ratio of 48%, reflecting a decrease in costs [26]