Yamato: Raised BeiGene (06160) target price to HK$286, third quarter results beat expectations

The Zhitong Finance App learned that Daiwa released a research report saying that BeiGene (06160)'s third-quarter results beat expectations. The bank reaffirmed the “buy” rating, raised the target price from HK$270 to HK$286, and raised the 2026-2028 earnings forecast per share by 1% to 15%.

Revenue for the period increased 34% year over year to US$1.89 billion. Among them, product revenue increased 33% year over year to US$1.86 billion, higher than the bank and market forecasts, mainly driven by Brukinsa's sales victory expectations. Adjusted non-GAAP net profit for the third quarter increased 77% year over year to US$539 million, which also beat the bank's and market expectations.

Following the next quarter, the company raised its 2026 guidance again, with expected revenue of $6.9 billion to US$7 billion and non-GAAP operating profit of US$1.9 billion to US$2 billion. The bank believes that the relevant goals are easy to achieve.