＜Research＞CCBI Lowers BEIGENE (06160.HK) TP to $140, Solid 2Q Results Expected

　　CCBI has issued a report estimating that BEIGENE (06160.HK) +0.050 (+0.053%) Short selling $7.31M; Ratio 9.314% will record solid results in 2Q, with net loss (GAAP) narrowing to US$187 million from US$251 million in 1Q. As its BTK drug (Brukinsa) is expanding its coverage of blood cancer-related indications to more overseas countries, the broker forecasts that Brukinsa's sales in 2Q will increase by 88% YoY, or 19% QoQ, to US$579 million. Meanwhile, the company's PD-1 biodrug (Tyvyt) is expected to continue to rely on its China sales.

　　CCBI expects BEIGENE's total revenue for 2Q to be US$852 million, up 43% YoY or 13% QoQ, as driven by rising sales for its key drugs. CCBI trimmed the H-share TP to $140 from $148 and maintained the Outperform rating.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-22 16:25.)

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