【行业研究报告】百济神州-Strong sales momentum maintained in 3Q22

类型: 美股公司研究

机构: 招银国际

发表时间: 2022-11-11 00:00:00

更新时间: 2022-11-11 12:10:38

11Nov2022
CMBInternationalGlobalMarkets|EquityResearch|CompanyUpdate
BeiGene(BGNEUS)
Strongsalesmomentummaintainedin3Q22
Strongsalesgrowthcontinued.BeiGenecontinuedstrongsales
momentumin3Q22,similarto2Q22,withtheproductrevenuein3Q22
momentumin3Q22,similarto2Q22,withtheproductrevenuein3Q22
reachingUS$349.5mn(+15%QoQin3Q22vs+16%QoQin2Q22).Salesof
zanubrutinib(BTK)in3Q22increasedtoUS$155.5mnwithaQoQgrowthrate
of21%(vs+23%QoQin2Q22),mainlydrivenbythestrongsalesinthe
overseasmarkets.Tislelizumab(PD-1)alsomaintainedstronggrowthin
3Q22,withsalesincreasedby22%QoQ,reachingUS$128.2mn(vs+20%
QoQgrowthratein2Q22).Thegrossmarginonproductsalesincreasedto
78.1%in3Q22from76.6%in2Q22,mainlyduetoaproportionallyhigher
salesmixofzanubrutinibandtislelizumab(73.2%in3Q22vs68.4%in2Q22),
comparedtolowermarginsalesofin-licensedproducts.
Continuedtoimprovecostefficiency.BeiGenecontinuedtoimproveits
costefficiency,withtheSG&Aexpensesasapercentageofproductsales
significantlydecreasingto92%in3Q22(vs109%in2Q22,113%in1Q21,
and156%inFY2021).Webelievethetrendwillcontinuethankstothefast
growingproductsalesandeconomiesofscale.Netlossin3Q22was
US$557.6mn,comparedtoUS$571.4mninthepriorquarter.Asof3Q22,
BeiGenehasasufficientcashbalanceofUS$5.1bn,providingastrong
supportfortheCompany’sR&Dactivitiesandglobalexpansion.
Near-termapprovalofzanubrutinibforlargeindicationsintheoverseas
markets.BeiGenerecentlyreportedsuperiorPFSresultsofthePh3trial
APLINEassessingzanubrutinibvsibrutinibforthetreatmentofr/rCLL(CMBI
report),whichsupportsthebest-in-classpotentialofthedrug.Thedetailed
dataoftheAPLINEtrialwillbereleasedatanupcomingconference.TheBLA
ofzanubrutinibforCLL/SLLinEuropehasreceivedapositiveCHMPoption
forapproval,andintheUS,webelievethesBLAwillbeapprovedbyFDAin
Jan2023.Additionally,zanubrutinibwasrecentlyapprovedinEuropefor
MZL,whichmarksthefirstandonlyapprovedBTKinhibitorforMZLinEurope.
TislelizumabmayaddnewindicationstoNRDLwithmoderateprice
reduction.WithfiveindicationsalreadycoveredbyChinaNRDL,including
largeindicationssuchas1Lnsq/sq-NSCLCand2LHCC,weexpectthe
Companytoexpandtislelizumab’sNRDLcoverageviasimplifiedrenewal
procedureswitharelativelysmallpricecuttoaddfouradditionalindications
(1LNPC,2LESCC,2LNSCLC,MSI-H/dMMRsolidtumors).ThesBLAof1L
GCand1LESCCisunderreviewbyCDE,andthesBLAfilingof1LHCCis
indiscussionwithCDE.ForBLAof2LESCCintheUS,BeiGeneis
schedulingwithFDAregardingthesiteinspections.Additionally,weexpect
theNovartisandBeiGenetofileUSBLAsoftislelizumabfor1LGC,1LESCC
and1LHCCin2023E.
MaintainBUY.Weanticipatezanubrutinibandtislelizumabtomaintainstrong
salesmomentumintherestof2022andbeyond.ForBGB-11417(Bcl-2),one
oftheCompany’scoreclinical-stageassets,BeiGenehasstartedPh2trials
inr/rMCLandr/rCLL/SLL,andwillreleaseadditionalPh1dataatthe
upcomingASHmeeting.WerevisedourDCF-basedTPfromUS$253.13to
US$255.56(WACC:9.20%,terminalgrowthrate:3.0%).