On August 6, BeiGene (688235) disclosed its 2025 financial results, showing a net profit of 450 million yuan for the first half of the year, marking the company’s first interim profit since its A-share listing. The company simultaneously raised the lower bound of its full-year revenue forecast and revised its expected gross margin to the "upper-mid range of 80% to 90%".
As a result, BeiGene's U.S.-listed shares rose over 4% in pre-market trading.
According to the financial report, BeiGene achieved total operating revenue of 17.518 billion yuan in the first half of 2025, a year-on-year increase of 46.0%. Net profit attributable to shareholders was 450 million yuan, while net profit excluding non-recurring items was 261 million yuan—both turning around from losses in the same period last year.
The company’s second-quarter performance slightly exceeded market expectations. In Q1 this year, BeiGene achieved GAAP quarterly profitability for the first time, though A-share financial data still showed a net loss of 95 million yuan attributable to shareholders.
“The strong performance in Q2 further solidifies our leadership in global oncology and fully demonstrates our ability to achieve sustainable, long-term growth,” said John Oyler, co-founder, Chairman, and CEO of BeiGene.
Revenue growth in the first half was mainly driven by increased sales of BeiGene’s internally developed product Brukinsa® (zanubrutinib capsules), Amgen-licensed products, and tislelizumab injection (Baizean®). Product revenue for the period reached 17.36 billion yuan, up 45.8% year-on-year. The substantial product revenue growth, coupled with effective expense management, led to improved operational efficiency and ultimately profitability.
Brukinsa® remained the company's most critical product and continued to show high sales growth. In H1 2025, global sales of Brukinsa® totaled 12.527 billion yuan, up 56.2% year-on-year. This included:
U.S. sales of 8.958 billion yuan, up 51.7%, mainly driven by strong demand across all indications and moderate benefit from net pricing;
Baizean® sales in the first half reached 2.643 billion yuan, a year-on-year increase of 20.6%.
Looking ahead, BeiGene expects to announce multiple proof-of-concept data readouts across its broad portfolio, including antibody-drug conjugates (ADCs), bispecific antibodies, and targeted protein degraders. Oyler revealed that over the next 18 months, the company anticipates more than 20 milestone events in its hematologic and solid tumor pipelines.
For example:
Sonrotoclax for R/R MCL is expected to have Phase 2 data readout and may be submitted for global accelerated approval;
Alongside its earnings report, BeiGene announced revised 2025 performance forecasts:
BeiGene attributed the upward revenue revision to Brukinsa®'s leading position in the U.S. and its continued expansion in Europe and other key global markets. The gross margin increase is driven by improved product mix and enhanced manufacturing efficiency.
