Major Bank Ratings | Citi: BeiGene reports strong Q1 results, target price raised to $453

Glonhui May 11｜Citi issued a report stating that BeiGene's first-quarter results were strong, with total revenue 5% higher than the bank's estimate. Management raised full-year 2026 revenue guidance by $100 million to $6.3-6.5 billion, while operating expense guidance remains unchanged. Operating profit is therefore expected to increase by $50 million. The bank updated its model to reflect the latest performance guidance, raising BeiGene's US stock target price from $430 to $453, with a "Buy" rating.The report noted that BeiGene continues to advance its solid tumor projects, moving from early to later stages. Clinical proof-of-concept (PoC) data for CDK4i/B7-H4 ADC and GPC3x4-1BB are expected to be released at the ASCO Annual Meeting in 2026. In addition, apart from the BTK degrader, which is expected to submit an accelerated approval application for relapsed/refractory CLL in the second half of 2026, the bank looks forward to the fixed duration uMRD data from the ZS frontline Phase III CELESTIAL-301 trial, which is expected to be released this year.