BeiGene is still pumping and dumping. With a chaotic, over-priced, and ineffectual R&D program for me-too drugs, BeiGene is trying to excite the market and prop up share price by posting high growth in sales of drugs on behalf of Celgene (CELG). But our research indicates that these sales reports are simply a lie

BeiGene’s September 8 investor call was heavy on declarations of the company’s integrity and light on facts. In attempting to rebut our findings, BeiGene made a number of statements that are provably false. On several occasions they failed to refute our core assertions. In fact, they confirmed some of them. The call wasn’t all bad. We want to praise the company for finally disclosing that it uses an exclusive distributor for all drug sales in China, a fact that had been hidden from investors for the three and a half years the company has been listed. We also want to commend BeiGene for admitting that it has inventory of Celgene drugs in China. Since BeiGene buys from Celgene then sells all the drugs to its distributor, China Resources, offshore, any inventory in China has to have been repurchased from China Resources. That is round-tripping, plain and simple