Major Bank Ratings | Morgan Stanley: BeiGene's First Quarter Earnings Exceed Expectations, U.S. Stock Target Price Raised to $395

Glonghui, May 7th | Morgan Stanley released a research report stating that BeiGene's total revenue for the first quarter reached $1.513 billion, exceeding the estimated $1.433 billion, benefiting from higher collaboration revenue. The American Depositary Shares (ADS) diluted GAAP earnings per share was $1.96, above the market expectation of $0.76, supported by higher interest income. Net product revenue was $1.487 billion, surpassing the market forecast of $1.424 billion. Among these, core product Brukinsa recorded sales of $1.095 billion, also above market expectations. The company's 2026 revenue guidance was raised from $6.2 billion–$6.4 billion to $6.3 billion–$6.5 billion. The firm raised BeiGene's US stock target price to $395 and maintained an "Overweight" rating.