CITIC Securities: Maintains the "Buy" rating on BeiGene, as clinical research for solid tumor pipeline accelerates.

CITIC Securities' research report indicates that BeiGene has raised its performance guidance, with clinical research on solid tumor pipelines accelerating. The net profit attributable to shareholders of the listed company is expected to reach 3.271 billion yuan in the first half of 2026. The company has raised its full-year 2026 revenue guidance from 43.6-45.2 billion yuan to 44.9-46.2 billion yuan; the guidance for full-year 2026 operating revenue after deducting operational costs has been raised from 4.8-5.5 billion yuan to 6.5-7.1 billion yuan. The clinical value of Zanubrutinib is prominent, with significant growth potential remaining. The company plans to submit a marketing application for Zanubrutinib for first-line treatment of adult patients with MCL in the U.S., Europe, China, and Japan in the second half of 2026. With the accumulation of patient numbers, extended duration of treatment (DoT), and expansion of new indications, the company believes there is still substantial growth potential for Zanubrutinib's sales. The pipeline for innovative hematologic oncology drugs is robust, and the clinical research on solid tumor pipelines is advancing rapidly. For lung cancer, the company has initiated the first human trial of BON-110. The rating is maintained as "Buy."