Bank of America: Raised BeiGene's H-share target price to HK$242.87 and reiterated a "buy" rating.

Bank of America Securities released a research report stating that BeiGene's third-quarter product revenue was $1.395 billion, a year-on-year increase of 40.4%; total revenue was $1.412 billion, a year-on-year increase of 41%, mainly driven by a 51% year-on-year increase in sales of BeiYue Ze. Net profit for the period was $125 million, turning from loss to profit year-on-year. Management raised the full-year revenue guidance from $5 to $5.3 billion to $5.1 to $5.3 billion. Based on the performance in the first three quarters, the bank slightly lowered sales and other expense forecasts, and raised earnings per share forecasts for 2025 to 2027 by 55.2%, 0.6%, and 0.4% respectively. The target price for US stocks was raised from $389 to $402.2, and the target price for H shares was raised from 234.9 Hong Kong dollars to 242.87 Hong Kong dollars. The bank reiterated its "buy" rating based on BeiGene's strong global commercial performance and stable progress in its research and development pipeline.