BeiGene Ltd ADR

BGNE: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$444.75	Nvxmkq	—

BeiGene: Initiating Coverage With a No-Moat Rating; Shares Fairly Valued

Yurou Zheng

Oct 1, 2024

We initiate coverage of BeiGene with a fair value estimate of HKD 125 per share and a no-moat rating. Focusing on oncology therapeutics, BeiGene is a commercial-stage biotechnology company with global revenue. We think the shares are fairly valued and investors should wait for a better entry point. The key upside to our valuation depends on patent-protected portfolio expansion rather than indication expansion from existing commercialized drugs.

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