Morningstar

BeiGene Ltd ADR BGNE

Morningstar Rating
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Stock XNAS Rating as of
$226.46 +1.78 (0.79%)
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As of Cboe BZX Real-Time Price Open

Company Report

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

Yurou Zheng

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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Price vs Fair Value

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BGNE is trading at a 346% premium.
Price
$225.65
Fair Value
$565.56
Uncertainty
High
1-Star Price
$822.67
5-Star Price
$934.97
Economic Moat
Lzhpv
Capital Allocation
—

Bulls Say, Bears Say

Bulls

Price cuts on its existing drugs are more lenient, which may boost its gross margin.

Bears

Additional fundraising via equity may lower its current shareholder value.

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News

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Trading Information

Previous Close Price
$224.68
Day Range
$221.22–226.70
52-Week Range
$127.26–234.52
Bid/Ask
$225.29 / $226.59
Market Cap
$24.02 Bil
Volume/Avg
126,959 / 284,535

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
7.57
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
—

Company Profile

Founded in 2010 in Beijing and having listed on the Hong Kong exchange in 2018, BeiGene is a commercial-stage biotechnology company with global sales. It focuses on oncology therapeutics and differentiates itself from other companies with a contract research organization-free, or CRO-free strategy. BeiGene runs global clinical trials with its own team. As of 2023, its core drug is Brukinsa, a small molecule drug for various blood cancers that makes up more than 50% of BeiGene’s revenue.
Sector
Healthcare
Industry
Biotechnology
Stock Style Box
Large Growth
Total Number of Employees
9,000
Website
https://www.beigene.com

Competitors

Valuation

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Metric
BGNE
ABBV
01801
Price/Earnings (Normalized)
 —18.46—
Price/Book Value
 7.0651.456.53
Price/Sales
 7.576.369.32
Price/Cash Flow
 —18.735,745.18
Price/Earnings
BGNE
ABBV
01801

Financial Strength

Metric
BGNE
ABBV
01801
Quick Ratio
 1.640.592.46
Current Ratio
 1.980.812.68
Interest Coverage
 —3.51−19.08
Quick Ratio
BGNE
ABBV
01801

Profitability

Metric
BGNE
ABBV
01801
Return on Assets (Normalized)
 −2.03%13.66%−2.47%
Return on Equity (Normalized)
 −3.24%189.99%−4.60%
Return on Invested Capital (Normalized)
 −4.24%27.06%−5.53%
Return on Assets
BGNE
ABBV
01801

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