Stock Track | BeiGene Soars 5.37% as Four Drugs Gain National Insurance Coverage in China

Stock Track

Nov 29, 2024

BeiGene (BGNE) experienced a significant surge in its stock price, soaring 5.37% in the 24-hour period leading up to Friday's trading session. This remarkable increase followed the announcement that four of the company's drugs were included in China's national medical insurance catalog.

According to a filing with the Shanghai Stock Exchange on Friday, China's medical products administrator has approved the inclusion of BeiGene's Tislelizumab and Zebutinib for tumors, Baituowei for prostate and breast cancer, and Carfilzomib for myeloma in the national medical insurance catalog. This pivotal decision means that these drugs will now be covered under the country's healthcare system, potentially increasing their accessibility and affordability for patients.

The news was well-received by investors, as BeiGene's shares rose 5% in Hong Kong and 3% in Shanghai during Friday's trading session. Analysts view this development as a significant milestone for the biopharmaceutical company, as it solidifies its position in the Chinese market and opens up new avenues for revenue growth through increased sales of these four drugs.

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