Citi started BeiGene (NASDAQ:BGNE) with a Buy rating and $275 price target in a note Monday, based on the firm's bullish view of the U.S. Brukinsa launch.
Analysts told investors in a note that detailed CLL survey work supports their view of BeiGene's flagship asset, Brukinsa.
"Our detailed survey of 85 U.S. hematologists/oncologists suggests BeiGene's flagship asset Brukinsa is positioned to become the favored BTK inhibitor for CLL patients starting first-line therapy," wrote the analysts.
"We project the global annual BTKi market will grow from its ~$7B revenue base in 2022 to ~$12B by 2028, of which, we see Brukinsa generating 2028 global sales of ~$4B (vs. consensus ~$3B)," they added.
In addition, Citi sees the successful execution of the U.S. launch of Brukinsa elevating BeiGene's perception as a major global biopharma player as the company diversifies revenues geographically.
"Beyond Brukinsa, BeiGene has established leading commercial capabilities in China, evidenced by tislelizumab's rapid rise to market share leadership within the China PD-(L)1 class," the analysts added.