BeiGene achieved its first full-year profit last year, with an expected revenue of at least 43.6 billion yuan this year.

BeiGene, a company established 16 years ago, has finally achieved full-year profitability.

On the evening of February 26, BeiGene (BeiGene, ONC.US; 6160.HK; 688235.SH) released its 2025 annual performance report. During the reporting period, the company’s total revenue reached 38.205 billion yuan, a year-on-year increase of 40.4%. Of this, product revenue was 37.77 billion yuan, up 39.9%, mainly driven by sales growth of Zepzelca, Tislelizumab, and licensed products from Amgen, with sales of licensed products from Amgen reaching 3.471 billion yuan, an increase of 33.6%.

BeiGene’s 2025 Performance

Founded in 2010, BeiGene went public on NASDAQ in 2016, listed in Hong Kong in 2018, and on the STAR Market in 2021. In 2025, the company’s registered office was moved to Switzerland. The latest financial report shows that BeiGene’s net profit attributable to shareholders in 2025 was 1.422 billion yuan, marking its first full-year profit.

In terms of product contribution, global sales of Zepzelca reached 28.067 billion yuan, an increase of 48.8%, setting a new record. Currently, Zepzelca has been approved in over 75 markets worldwide and is the most widely approved BTK inhibitor globally. Regionally, in the U.S., annual sales of Zepzelca reached 20.206 billion yuan, up 45.5%. In Europe, annual sales were 4.265 billion yuan, up 66.4%; in China, annual sales were 2.472 billion yuan, up 33.1%.

Another core product is the PD-1 cancer drug Tislelizumab, with global sales reaching 5.297 billion yuan in 2025, an increase of 18.6%. Tislelizumab has been approved in over 50 markets worldwide. It is expected to submit an additional indication application in the first half of 2026 in the U.S. and China for combined use with Zyneda (Zanidatamab) for first-line treatment of HER2-positive gastric and esophageal adenocarcinoma patients. It is also anticipated to receive regulatory approval in Japan for first-line treatment of gastric cancer in adults in the second half of 2026.

Beyond these two products, BeiGene has other products nearing commercialization. In hematologic tumors, the BCL2 inhibitor Sotoroclax has received its first global marketing authorization approval in China. Additionally, Sotoroclax has been granted priority review status by the U.S. FDA and has submitted a marketing authorization application in the EU. BeiGene has also completed enrollment of the first patient in a Phase 3 trial comparing Sotoroclax combined with Zepzelca as a fixed-duration regimen versus Acalabrutinib combined with Venetoclax for treatment of newly diagnosed CLL in adults.

Alongside the 2025 performance report, BeiGene also announced its 2026 operational forecast, estimating that under Chinese accounting standards, revenue will range between 43.6 billion and 45 billion yuan, with a high gross profit margin of around 80%. R&D, sales, and administrative expenses are expected to total between 33.3 billion and 34.8 billion yuan.

As of the close on February 26, BeiGene’s A-shares traded at 263.44 yuan per share, down 5.65%, with a market capitalization of 405.88 billion yuan; H-shares fell 9.16% to HKD 194.4 per share, with a market cap of HKD 299.57 billion; U.S. stocks closed at $352.23 per share on the 25th, down 4.54%, with a market value of $35.223 billion.

(Source: The Paper)