[Guotai Haitong Pharma] BeiGene: Bullish on Sustained Sales Realization of Zanubrutinib

English summary

Zanubrutinib sales grew well in 26Q1, and we are bullish on continued sales realization. Zanubrutinib is the fastest-growing cBTKi, driving overall BTK market growth of 14%. In 26Q1, it achieved revenue of US$1.094 billion (YoY +38.3%, QoQ -4.62%); Zanubrutinib's Q1 sales exceeded previous company expectations. Overall US market demand was good from March to April, while European market growth was strong. The company raised its 26-year performance guidance in Q1: revenue raised to US$6.3-6.5 billion, an increase of 17.9-21.65% YoY (previously US$6.2-6.4 billion); GAAP operating income raised to US$0.75-0.85 billion (previously US$0.7-0.8 billion); ...