BeiGene(688235) 天风证券·2025-03-16 08:23Investment 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 a total revenue of 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, Zebutinib, saw global sales of 828 million, also a 100% increase year-on-year [4] - The sales in the U.S. for Zebutinib were 616 million, a 97% increase year-on-year [4][19] - The company’s other product, Tislelizumab, generated total revenue of 27.214 billion, 45.024 billion respectively [7][11] - The net profit forecast for 2025 has been revised to 4.010 billion in 2026 [7][11]