[ET Net News Agency, 13 August 2019] Credit Suisse raised its target price for BeiGene
(06160) to HK$94.51 from HK$87.86 and maintained its "outperform" rating.
The research house said BeiGene's 2Q/1H results beat its expectations. Excluding
US$150mn one-off termination fee, 2Q revenue grew 77%. 1H revenue reached 77% of Credit
Suisse's estimates due to higher-than-expected milestone revenue.
BeiGene's cash and equivalents were US$1,561.5mn as of 30 June 2019, enough to support
the company's routine operations for 8 quarters at the current cash burn rate, the
research house said.
Credit Suisse increased its revenue forecast for 2019/20/21 by US$46/135/149mn due to
the higher-than-expected milestone revenue in 2019 and continuous revenue contribution
from Revlimid in 2020/21. (KL)