<p>BeiGene achieved a performance milestone in 2025, reporting a full-year net profit of $287 million, successfully turning around from a net loss of $645 million in the prior year. This marks the company's first-ever recorded annual profit since its inception, signifying a transition into a phase of sustainable growth for its business model.</p>
<p>The company's total revenue for the year reached $5.343 billion, a year-on-year increase of 40.2%. Of this, net product sales amounted to $5.282 billion, up 39.8% year-on-year. Core product Brukinsa achieved global sales of $3.928 billion, a year-on-year increase of 48.6%, solidifying its leading global position among BTK inhibitors. Tislelizumab sales were $737 million, up 18.8% year-on-year.</p>
<p>Alongside improved profitability, the company's cash flow situation saw significant improvement. As of the end of 2025, cash and cash equivalents stood at $4.548 billion, a year-on-year increase of 73.1%. Net cash flow from operating activities for the full year was $1.128 billion, compared to a net outflow of $141 million in the prior year period. The company stated that it has maintained positive operating cash flow since the third quarter of 2024.</p>
<p><img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/a3ff2dce-389c-4c43-a99a-2eafa5d9c00a.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/a3ff2dce-389c-4c43-a99a-2eafa5d9c00a.png"/></p>
<h2>Brukinsa Drives Global Revenue Growth, With Strong Contributions from European and US Markets</h2>
<p>In 2025, the company's net product sales reached $5.28 billion, an increase of 39.8% year-on-year. By product:</p>
<ul>
<li>Brukinsa generated revenue of $3.93 billion, up 48.6% year-on-year, accounting for approximately 74% of total product revenue.</li>
<li>Tislelizumab (tislelizumab) revenue was $737 million, up 18.8% year-on-year.</li>
<li>The Amgen collaboration product Xgeva (denosumab) generated $306 million, up 36.4% year-on-year.</li>
<li>Pamiparib (pamiparib) revenue was $104 million, up 40.2% year-on-year.</li>
<li>PuBexi (bevacizumab biosimilar, licensed from Bio-Thera Solutions) revenue was $47.4 million, a decrease of 11.4% year-on-year.</li>
</ul>
<p>It is evident that <strong>Brukinsa's strong performance is the core driving force behind the company's turnaround.</strong> In 2025, sales of this product in the US market reached $2.8 billion, a year-on-year increase of 45.1%, <strong>primarily driven by robust growth across all indications and a modest increase in net pricing.</strong> Sales in the European market were $596 million, up 66.2% year-on-year, with continuous market share expansion in key markets such as Germany, Italy, Spain, France, and the UK. Sales in the Chinese market were $344 million, up 33.3% year-on-year.</p>
<p>Other revenue reached $60.97 million, up 98.6% year-on-year, primarily from royalty income from IMDELLTRA (tarlatoxumab) under the Amgen collaboration agreement ($40.73 million) and Novartis broad market revenue. The significant increase in Amgen royalty income validates the commercial value of this pipeline and provides strong backing for the royalty sale transaction with Royalty Pharma in August 2025.</p>
<h2>Gross Margin Improvement: Driven by Structural Optimization and Manufacturing Efficiency</h2>
<p>Full-year gross profit in 2025 reached $4.67 billion, with a gross margin of 87.3%, an improvement of 3 percentage points from 84.3% in 2024. The increase in cost of sales was only 12.5%, significantly lower than the 40.2% revenue growth rate, demonstrating significant operating leverage.</p>
<p>Management attributes the improvement in gross margin to three factors: first, the increasing contribution of high-margin Brukinsa® revenue to the total revenue; second, continuous optimization of manufacturing costs for Brukinsa® and Tislelizumab®; and third, the gradual commencement of production at the Hopewell manufacturing site in New Jersey, USA, with $469 million in assets put into use in 2025, alleviating amortization pressure. Notably, one-time costs related to capacity adjustments amounted to $33.9 million, slightly dragging down the gross margin.</p>
<h2>Optimized Expense Structure, Demonstrating Economies of Scale</h2>
<p>In 2025, R&amp;D expenses were $2.146 billion, a year-on-year increase of 9.9%; selling, general, and administrative expenses were $2.081 billion, a year-on-year increase of 13.7%. The combined expenses accounted for 78.6% of product revenue, a significant decrease from 90.2% in the prior year period, indicating the gradual emergence of operating leverage.</p>
<p>The increase in R&amp;D expenses was mainly due to higher external costs for clinical development projects and increased co-development expenses with Amgen. The company stated that its global R&amp;D team continues to expand, with an increasing number of clinical and preclinical drug candidates, alongside continued investment in the internalization of R&amp;D activities.</p>
<p>The growth in selling, general, and administrative expenses primarily stemmed from ongoing investments in commercial expansion in the US and European markets. As of the end of 2025, the company's global employee count was nearly 12,000, an increase of approximately 1,000 from the end of the previous year.</p>
<h2>Sound Financial Position, Continuously Optimized Capital Structure</h2>
<p>On the balance sheet side, the company's total assets were $8.189 billion and shareholders' equity was $4.361 billion as of the end of 2025. In terms of liabilities, total liabilities were $3.827 billion, with short-term borrowings significantly decreasing to $57.29 million, compared to $852 million at the end of the previous year.</p>
<p>In November 2025, the company signed a credit agreement with financial institutions including HSBC, securing a term loan of approximately $768 million to refinance short-term working capital borrowings. Additionally, in August, the company entered into a royalty sale agreement with Royalty Pharma, receiving a non-refundable prepayment of $885 million, <strong>further bolstering its cash reserves.</strong></p>
<h2>Pipeline Progress: Advancing Both Hematological and Solid Tumors</h2>
<p><strong>While commercial products continue to achieve substantial sales growth, the company's pipeline progress is also noteworthy.</strong></p>
<p>Sotorasib (a next-generation BCL2 inhibitor) was first approved in January 2026 for the treatment of relapsed or refractory mantle cell lymphoma (R/R MCL) and chronic lymphocytic leukemia/small lymphocytic lymphoma (R/R CLL/SLL). The US FDA has accepted its new drug application and granted Priority Review status, positioning it as another potential blockbuster product in the hematological field after Brukinsa.</p>
<p>The Phase 3 HERIZON-GEA-01 study for Herceptin (zanotrelizumab, a HER2-targeted bispecific antibody) achieved positive endpoints, and the company plans to use this as a basis to submit a marketing application for first-line treatment of HER2-positive esophagogastric adenocarcinoma, marking the beginning of a harvest period for its solid tumor strategy.</p>
<p>Regarding BTK-CDAC, BeiGene is the only company globally with potential best-in-class candidates across all three key targets in chronic lymphocytic leukemia (BTK inhibitor, BCL2 inhibitor, and BTK degrader). The company's CDAC platform currently has over 20 projects in discovery to clinical development stages.</p>

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<p>BeiGene's total revenue for 2025 increased by 40.2% year-on-year, with net product sales amounting to $5.282 billion, up 39.8% year-on-year. Sales of its core product, Brukinsa, reached $3.928 billion globally, a year-on-year increase of 48.6%, maintaining its leading global position among BTK inhibitors. Tislelizumab sales were $737 million, up 18.8% year-on-year</p>

- BeiGene achieved a milestone in 2025 with a net profit of $287 million, reversing a loss of $645 million from the previous year.  
- Total revenue reached $5.343 billion, a 40.2% increase, driven by strong sales of core products and improved cash flow, totaling $4.548 billion by year-end.  
- The company also made significant progress with its pipeline, gaining FDA priority review for a new treatment for blood cancers and advancing its product offerings in solid tumors.

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Achieves Annual Profitability for the First Time! BeiGene Reports 2025 Net Profit of $287 Million, Revenue Surges 40% to $5.34 Billion | Earnings Watch