百济神州2025年三季报点评：盈利大幅跃升，泽布替尼引领增长

东吴证券11-13

投资要点事件：2025Q3公司营收14.12亿美金(前三季度累计38.45亿美金)，同比+41%，产品收入14.0亿美金，同比+41%。主要得益于泽布替尼在欧美市场的持续放量(10亿美金)及百泽安、安进授权产品的协同增长。25Q3GAAP口径毛利率85.9%(+3.1pct)，主要因为泽布替尼在产品销售中占比的提高和整体生产效率的提高，GAAP口径净利润1.25亿美金(同比扭亏为盈)，经调整净利润...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2583513442?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-11-13 08:16","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2583513442","market":"us","top_or_hot":-1,"title":"百济神州2025年三季报点评：盈利大幅跃升，泽布替尼引领增长","media":"东吴证券","content":"<div>\n<p>投资要点事件：2025Q3公司营收14.12亿美金(前三季度累计38.45亿美金)，同比+41%，产品收入14.0亿美金，同比+41%。主要得益于泽布替尼在欧美市场的持续放量(10亿美金)及百泽安、安进授权产品的协同增长。25Q3GAAP口径毛利率85.9%(+3.1pct)，主要因为泽布替尼在产品销售中占比的提高和整体生产效率的提高，GAAP口径净利润1.25亿美金(同比扭亏为盈)，经调整净利润...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202511130849159500fc61&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>百济神州2025年三季报点评：盈利大幅跃升，泽布替尼引领增长</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n百济神州2025年三季报点评：盈利大幅跃升，泽布替尼引领增长\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-13 08:16 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202511130849159500fc61&s=b><strong>东吴证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>投资要点事件：2025Q3公司营收14.12亿美金(前三季度累计38.45亿美金)，同比+41%，产品收入14.0亿美金，同比+41%。主要得益于泽布替尼在欧美市场的持续放量(10亿美金)及百泽安、安进授权产品的协同增长。25Q3GAAP口径毛利率85.9%(+3.1pct)，主要因为泽布替尼在产品销售中占比的提高和整体生产效率的提高，GAAP口径净利润1.25亿美金(同比扭亏为盈)，经调整净利润...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202511130849159500fc61&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ONC","symbol_name":"百济神州","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202511130849159500fc61&s=b","article_id":"2583513442","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202511130849159500fc61&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2583513442","pubTimestamp":1762992981,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"主要得益于泽布替尼在欧美市场的持续放量及百泽安、安进授权产品的协同增长。25Q3GAAP口径毛利率85.9%，主要因为泽布替尼在产品销售中占比的提高和整体生产效率的提高，GAAP口径净利润1.25亿美金，经调整净利润3.04亿美金。上调2025年收入指引为51-53亿美金，业绩增长确定性进一步增强。盈利预测与投资评级：核心产品泽布替尼持续放量，实体瘤管线逐步迈入收获期，我们预计公司未来三年营收将保持增长态势。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"ONC":"百济神州","BK4585":"ETF&股票定投概念","BK4526":"热门中概股","BK4139":"生物科技"},"translate_title":"Comments on BeiGene's 2025 third quarterly report: Profit jumps sharply, zanubrutinib leads growth","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ONC":1.5},"content_text":"投资要点事件：2025Q3公司营收14.12亿美金(前三季度累计38.45亿美金)，同比+41%，产品收入14.0亿美金，同比+41%。主要得益于泽布替尼在欧美市场的持续放量(10亿美金)及百泽安、安进授权产品的协同增长。25Q3GAAP口径毛利率85.9%(+3.1pct)，主要因为泽布替尼在产品销售中占比的提高和整体生产效率的提高，GAAP口径净利润1.25亿美金(同比扭亏为盈)，经调整净利润3.04亿美金(同比+489%)。上调2025年收入指引为51-53亿美金(前值50-53)，业绩增长确定性进一步增强。催化剂：1)索托克拉(BCL2抑制剂)获得FDA BTD认定用于治疗R/R MCL，公司计划在即将召开的学术大会上公布全部数据，年底前向FDA提交NDA；针对R/R WM注册2期临床完成FPI；与泽布替尼联合用药对比阿可替尼+维奈克拉(AV)的3期临床试验，公司预计26H1启动患者入组；用于治疗MM的3期临床试验，公司预计26H2启动患者入组。2)BGB-16673(BTK CDAC)：R/R CLL的注册2期持续入组，26H1有望读出数据，以加速上市申请；头对头礼来的匹妥布替尼针对R/R CLL的3期临床完成FPI；3)BGB-43395(CDK4抑制剂)：潜在同类最佳，公司预计2026H1启动针对HR+/HER2-BC的一线和二线注册3期临床，计划12月SABCS会议更新数据；4)泽尼达妥单抗(HER2双抗)：公司预计25H2读出治疗1L HER2+GC的3期数据；5)BGB-45035(IRAK4CDAC)：25H2治疗中重度风湿关节炎2期完成FPI，公司预计26H1启动治疗AD的2期临床。盈利预测与投资评级：核心产品泽布替尼持续放量，实体瘤管线逐步迈入收获期，我们预计公司未来三年营收将保持增长态势。规模效应驱动费用管控升级，公司有望在近几年实现利润的快速释放。我们将2025-2027年的归母净利润从8.13/41.68/95.43亿元分别上调至21.15/52.58/96.81亿元，对应2025-2027年PE估值为200/80/44X。公司作为国内创新药龙头，临床开发效率卓越，全球商业化能力突出，成长确定性较高，维持“买入”评级。风险提示：新药研发及审批进展不及预期，药品销售不及预期，产品竞争格局加剧，政策的不确定性，全球业务相关风险等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.10","shortVersion":"4.35.10","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2583513442","isCrawlerRequest":true}