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BeiGene , Ltd. (NASDAQ:BGNE), a prominent $26.4 billion market cap biotechnology company focused on developing innovative molecularly targeted and immuno-oncology drugs for the treatment of cancer, has filed its 2024 Annual Report with the Shanghai Stock Exchange’s Science and Technology Innovation Board (STAR Market), as disclosed in a recent 8-K filing with the U.S. Securities and Exchange Commission. According to InvestingPro data, the company has demonstrated impressive revenue growth of 55% over the last twelve months, positioning itself as a key player in the oncology space.
The report, prepared in accordance with the listing rules of the STAR Market and applicable securities laws of the People’s Republic of China (PRC), presents additional financial details for the year ended December 31, 2024. The financial statements follow the China Accounting Standards for Business Enterprises (CAS) and other relevant PRC accounting rules, which differ from U.S. Generally Accepted Accounting Principles (U.S. GAAP). With the company’s next earnings report due on May 7, 2025, investors can access comprehensive financial analysis and 10+ additional ProTips through InvestingPro.
Key financial information, including the company’s impressive gross profit margin of 84.4%, research and development expenses by major products and projects, and production, sales, and inventory figures, were also prepared in accordance with U.S. GAAP. This information, along with a summary of the significant differences between PRC GAAP and U.S. GAAP, is attached to the 8-K filing as Exhibit 99.1. Based on InvestingPro’s Fair Value analysis, the stock is currently trading near its fair value.
It is important to note that the STAR Annual Report is available only in Chinese on the Shanghai Stock Exchange’s website and is not deemed filed or furnished with the SEC, nor is it incorporated by reference into any SEC filings.
The disclosure in the 8-K filing is intended to be furnished and is not considered "filed" for purposes of Section 18 of the Exchange Act, nor is it incorporated by reference in any filing under the Securities Act or the Exchange Act, except as explicitly stated in such a filing. This information is based on a press release statement.
In other recent news, BeiGene Ltd. (NASDAQ:ONC) reported a strong fourth quarter, surpassing expectations and prompting several analysts to adjust their outlooks. BofA Securities upgraded BeiGene’s stock from Neutral to Buy, raising the price target to $320, citing robust sales growth in the U.S. for its cancer drug Brukinsa. Similarly, JPMorgan maintained its Overweight rating with a $311 target, highlighting the company’s strategic spending and anticipated profitability. JMP analysts reiterated a Market Outperform rating and a $348 target, despite a trial halt for ociperlimab, viewing the reallocation of resources as a positive move. Bernstein increased its price target to $259, noting the competitive edge of BeiGene’s sonrotoclax and the potential market share for BGB-16673. RBC Capital initiated coverage with an Outperform rating and a $312 target, emphasizing BeiGene’s promising revenue growth and strong oncology pipeline. These developments reflect a broad confidence in BeiGene’s strategic direction and financial health.
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