On Friday, BofA Securities updated its assessment of BeiGene , Ltd. (NASDAQ:BGNE), increasing the biotechnology firm's price target from $171.40 to $179.30, while keeping a Neutral rating on the stock. The adjustment comes in response to BeiGene's reported sales figures for January 2024, which show significant year-over-year (YoY) and month-over-month (MoM) growth for several of its drugs.
BeiGene's self-developed drugs pamiparib, tislelizumab, and zanubrutinib experienced robust sales in the first month of 2024. Pamiparib sales reached RMB 1.0 million, tislelizumab sales hit RMB 233.1 million, and zanubrutinib sales were at RMB 65.8 million.
These figures represent a YoY growth of 27.7%, 120.8%, and 37.5%, respectively. The MoM changes for these drugs were -2.3%, 26.3%, and 62.7%, respectively, indicating a mixed short-term trend but overall strong performance compared to the previous year.
The company's licensed-in products also showed impressive growth. Sales of denosumab, lenalidomide, pazopanib, trametinib, dabrafenib, ceritinib, bevacizumab, and blinatumomab displayed a range of YoY changes, with denosumab sales growing by 178.6%, bevacizumab by 214.8%, and blinatumomab by 110.2%.
Conversely, some products like pazopanib and ceritinib saw a decrease in sales by 8.3% and 38.0%, respectively.
The MoM changes for these licensed-in products were also notable, with increases across the board. Denosumab led with a 45.6% rise, followed by blinatumomab at 46.1%, and lenalidomide at 32.4%. The lowest MoM growth was seen in ceritinib at 7.8%.
BeiGene's financial performance, particularly the sales growth of its proprietary and licensed drugs, is a key factor in BofA Securities' revised price target. The new target reflects the company's recent successes and the potential for continued growth in the biopharmaceutical sector.
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