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<Research>CLSA Drops BEONE MEDICINES (06160.HK) TP to $286.2 as 4Q25 NP Misses
Recommend
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Positive
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Negative
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BEONE MEDICINES (06160.HK)'s 4Q25 results were mixed, with sales increasing by 32.8% YoY, beating market consensus, according to CLSA's research report. However, net profit missed expectation due to an one-off impairment. Management guided for sales of US$6.2 billion to US$6.4 billion in 2026, representing a YoY growth of approx. 20%.

CLSA believed that the Company has multiple late-stage pipeline catalysts in the future, including BCL-2, BTK CDAC and CDK4. After factoring in the results, the broker chopped its target prices for BEONE MEDICINES' H-shares/ US stock/ A-shares from $288/ US$491.2/ RMB423.4 to $286.2/ US$485.1/ RMB384.5, with ratings kept at Outperform.

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