Sign in

    Ziyi Chen

    Managing Director at Goldman Sachs & Co.

    Ziyi Chen is a Managing Director at Goldman Sachs & Co., specializing in equity research with a focus on the Asian markets. Promoted to Managing Director as part of Goldman Sachs' 2021 class, Chen has established a reputation for analytical excellence, delivering critical insights into listed companies and supporting institutional investment strategies. Her career at Goldman Sachs has been marked by steady advancement, and she operates as an employee of Beijing Gao Hua Securities Company Limited, contributing to the firm's cross-border financial expertise. Chen possesses advanced professional credentials in the industry, underscored by her seniority and recognition within the leading global investment bank.

    Ziyi Chen's questions to Zai Lab (ZLAB) leadership

    Ziyi Chen's questions to Zai Lab (ZLAB) leadership • Q2 2025

    Question

    Ziyi Chen from The Goldman Sachs Group, Inc. asked about VIVGART's inventory management in Q2 and the outlook for the second half, as well as the company's strategy for the subcutaneous versus IV formulations in China. Additionally, she inquired about Zai Lab's strategy for its DLL3 ADC in the U.S. market, specifically whether the company is seeking a partner or planning to self-sponsor the pivotal study.

    Answer

    Josh Smiley, President & COO, explained that VIVGART inventory was managed closely in H1 2025 after a build-up in 2024, with normal builds expected in H2. He anticipates the subcutaneous formulation will become a significant option post-NRDL listing. Rafael Amado, President and Head of Global R&D, addressed the DLL3 ADC strategy, stating that Zai Lab is committed to initiating and moving forward with the pivotal trial itself, while remaining open to partnership discussions.

    Ask Fintool Equity Research AI

    Ziyi Chen's questions to BGNE leadership

    Ziyi Chen's questions to BGNE leadership • Q1 2025

    Question

    Ziyi Chen asked about the potential impact of Calquence's IRA negotiation on BRUKINSA and the company's base case for its own IRA exposure. She also questioned how R&D spending might trend with more pivotal studies starting, given the company's profitability targets.

    Answer

    Matt Shaulis, GM of North America, stated Calquence's IRA impact would be manageable and emphasized BRUKINSA's clinical differentiation. CFO Aaron Rosenberg reiterated the company's commitment to growth with margin expansion, explaining that as investments in assets like TEVIMBRA roll over, they are replaced by new investments in sonrotoclax and the BTK degrader, all within their guided spending.

    Ask Fintool Equity Research AI

    Ziyi Chen's questions to BGNE leadership • Q1 2025

    Question

    Ziyi Chen asked about the potential impact of the Inflation Reduction Act (IRA) on the BTK inhibitor class, specifically regarding Calquence's negotiation and the company's base case for BRUKINSA. She also questioned how R&D spending would trend with more pivotal trials starting, given the company's profitability targets.

    Answer

    Matt Shaulis, GM of North America, stated that any IRA impact from Calquence would be manageable and that BRUKINSA's strong differentiation is key. CFO Aaron Rosenberg reiterated the company's commitment to its dual mandate of growth with margin expansion, explaining that investments are being reallocated from maturing programs to new late-stage assets like sonrotoclax and the BTK CDAC.

    Ask Fintool Equity Research AI

    Ziyi Chen's questions to BeOne Medicines (ONC) leadership

    Ziyi Chen's questions to BeOne Medicines (ONC) leadership • Q1 2025

    Question

    Ziyi Chen posed two questions: one on the potential impact of the Inflation Reduction Act (IRA) on Calquence and BRUKINSA, and another on future R&D spending trends as the solid tumor pipeline matures, given the company's profitability targets.

    Answer

    Matt Shaulis, GM of North America, stated that Calquence's IRA implications won't be felt until 2026 and that BRUKINSA's strong differentiation will be critical. CFO Aaron Rosenberg addressed R&D spending, affirming the company's dual mandate of growth with margin expansion. He explained that as investments in late-stage assets like TEVIMBRA roll over, capital is freed up for the next wave of programs like sonrotoclax and the BTK CDAC, allowing for disciplined investment within their financial framework.

    Ask Fintool Equity Research AI

    Ziyi Chen's questions to BeOne Medicines (ONC) leadership • Q4 2024

    Question

    Asked about patient preference between fixed-duration and continuous BTK therapy in frontline CLL, and the potential impact of new fixed-duration options on the overall franchise.

    Answer

    The company believes current competitor fixed-duration options are underwhelming compared to continuous BRUKINSA. They see an opportunity for their own combination (sonrotoclax + BRUKINSA) to become a best-in-class fixed-duration therapy and capture share from the 50% of patients not on continuous therapy. The overall franchise strategy involves having best-in-class options for both continuous and fixed-duration settings to cover all patient needs.

    Ask Fintool Equity Research AI

    Ziyi Chen's questions to BeOne Medicines (ONC) leadership • Q4 2024

    Question

    Ziyi Chen of Goldman Sachs & Co. asked about physician and patient preference between fixed-duration and continuous BTK therapy in frontline CLL and the potential sales impact of a shorter-duration treatment on the franchise.

    Answer

    CEO John Oyler argued that current fixed-duration options are inferior to continuous BRUKINSA. He positioned BeiGene's sonrotoclax-BRUKINSA combo as a superior future option that could capture the 50% of the market not on continuous therapy. He stressed that even with fixed-duration treatments, a substantial relapsed/refractory market will remain, ensuring franchise durability.

    Ask Fintool Equity Research AI

    Ziyi Chen's questions to BeOne Medicines (ONC) leadership • Q4 2024

    Question

    Ziyi Chen questioned how patient and physician preferences might shift between fixed-duration therapies and continuous BTK monotherapy in frontline CLL, and the potential impact on the overall franchise sales.

    Answer

    CEO John Oyler argued that current fixed-duration options are underwhelming compared to continuous BRUKINSA. He believes the market split will not change dramatically and sees an opportunity for BRUKINSA monotherapy to gain share. He positioned BeiGene's own combination of BRUKINSA plus sonrotoclax as the first truly compelling fixed-duration option that could capture significant share from the 50% of patients not on continuous therapy.

    Ask Fintool Equity Research AI

    Ziyi Chen's questions to BeOne Medicines (ONC) leadership • Q4 2024

    Question

    Ziyi Chen of Goldman Sachs & Co. inquired about patient and physician preferences between fixed-duration and continuous BTK therapies in frontline CLL. She also asked about the potential impact of a fixed-duration combo on the franchise's sales, given the shorter treatment time.

    Answer

    CEO John Oyler argued that current fixed-duration options are underwhelming compared to continuous BRUKINSA. He positioned BeiGene's own sonrotoclax-BRUKINSA combo as a superior future option that could capture the half of the market not on continuous therapy. He also noted that even with fixed-duration treatments, a substantial relapsed/refractory market will remain, ensuring franchise durability.

    Ask Fintool Equity Research AI

    Ziyi Chen's questions to Legend Biotech (LEGN) leadership

    Ziyi Chen's questions to Legend Biotech (LEGN) leadership • Q4 2024

    Question

    Ziyi Chen requested more details on the expected data for the DLL3 and CLAUDIN 18.2 CAR-T assets this year, future clinical strategies, and the company's perspective on positioning CAR-T therapies in solid tumors.

    Answer

    Executive Jessie Yeung confirmed that dose escalation data, including safety, preliminary efficacy, and biomarker data, for both DLL3 and CLAUDIN 18.2 programs will be presented this year. Executive Guowei Fang added that for high unmet need areas like pancreatic cancer, good efficacy with manageable safety could provide a commercial path, while other areas may require more innovation to improve duration of response and tumor infiltration.

    Ask Fintool Equity Research AI