BeiGene Earnings: We Raise Our Valuation on Strong Brukinsa Sales; Shares Fairly Valued

We raise our fair value estimate for no-moat BeiGene to HKD 149 per share from HKD 132, based on better-than-expected Brukinsa sales in the last quarter and a faster ramp-up going forward. Following adjustments, we expect BeiGene to be profitable in 2026, one year ahead of our initial forecast. However, our long-term revenue growth rate projection is unchanged. We reiterate that the key upside to our valuation depends on a more diversified pipeline portfolio. Given the expected risk/reward, we see BeiGene as fairly valued, and we think investors should wait for a more attractive entry point.