Beigene's Q4 revenue increased by 33% year-on-year, turning a profit for the full year, with Baiyueze achieving a record high of 1.1 billion in a single quarter｜Financial Report Insights

Beigene announced its financial results for the fourth quarter and full year of 2025 on February 26, crossing the breakeven point and bidding farewell to years of "burning money."

• Total annual revenue reached $5.343 billion, a year-on-year increase of 40%; fourth quarter total revenue was $1.5 billion, a year-on-year increase of 33%.
• The GAAP net profit for the full year of 2025 was $287 million, reversing the net loss of $645 million in 2024, achieving historic profitability.

The flagship product Brukinsa (Zebutinib) continues to expand rapidly, with global sales for the year reaching $3.9 billion, a year-on-year increase of 49%; fourth quarter sales exceeded $1.1 billion, a year-on-year increase of 38%. The U.S. market contributed $2.8 billion for the year, a year-on-year increase of 45%, maintaining its position as the global leader in the BTK inhibitor market.

Profit quality has significantly improved, with non-GAAP operating profit reaching $1.1 billion for the year, soaring over 23 times compared to $45.36 million in 2024. Free cash flow turned positive for the year at $942 million, a qualitative leap from a negative $633 million in 2024, and the full release of operating leverage marks the company's commercialization entering a new phase.

Looking ahead to 2026, the company provided guidance for total revenue of $6.2 billion to $6.4 billion, with a year-on-year growth rate of approximately 20%, and expects GAAP operating profit of $700 million to $800 million. Products in the late-stage hematologic oncology pipeline, such as Sotukafa, are nearing commercialization, which will inject growth momentum for the next phase of the company.

Core Products: Brukinsa Dominates the Field, Tazemetostat Steadily Expands

Brukinsa has established an absolute dominant position in the BTK inhibitor market, relying on extensive regulatory approvals and a strong clinical data barrier. The six-year follow-up data from the SEQUOIA trial and long-term follow-up data from the ASH annual meeting further validate its sustained benefits in treatment-naive and relapsed/refractory CLL/SLL patients, continuously solidifying its leading advantage.

Tazemetostat's global sales in the fourth quarter were $182 million, a year-on-year increase of 18%; total sales for the year were $737 million, a year-on-year increase of 19%. Trial data show that the combination of Zenocutuzumab in first-line treatment for HER2-positive gastric adenocarcinoma demonstrates statistically significant OS improvement, laying the foundation for submitting a new indication application in 2026.

Sales of Amgen-licensed products reached $486 million for the year, a year-on-year increase of 33%.

Pipeline Progress: Sotukafa Opens a Second Growth Curve

The BCL2 inhibitor Sotukafa (Brukinsa) is the most significant pipeline breakthrough this quarter: it received global first approval in China, covering R/R MCL and CLL/SLL indications; simultaneously, it obtained FDA priority review status, and the EU marketing application has also been submitted. In the first half of 2026, the FDA will make a regulatory decision on R/R MCL, which is expected to become the company's next core commercial product.

The BTK CDAC candidate drug BGB-16673 announced phase I CLL data at ASH and is expected to submit an accelerated approval application in the second half of 2026.

Several early pipeline products for solid tumors have initiated first-in-human trials; the CDK4 inhibitor BGB-43395 is expected to start a phase III trial for HR+/HER2- metastatic breast cancer in the first half of 2026, continuously enriching the pipeline.

Profitability: Gross Margin Expansion, Cost Control Effectiveness Evident

In the fourth quarter and for the full year of 2025, GAAP gross margins were 90.4% and 87.3%, respectively, higher than 85.6% and 84.3% in the same period of 2024. Non-GAAP gross margins (excluding depreciation and amortization) reached 90.7% and 87.8%, with economies of scale and improvements in production efficiency continuously reflected in profit quality.

Total GAAP operating expenses for the year were $4.227 billion, a year-on-year increase of 12%, significantly lower than the 40% revenue growth, demonstrating notable operating leverage.

The SG&A as a percentage of product revenue decreased from 48% in 2024 to 39%, while R&D expenses increased by 10% year-on-year. It is important to note that the annual net profit includes $76 million in equity investment impairment and $25 million in non-recurring tax items, among other one-time negative factors.

Balance Sheet and Cash Flow: Ample Ammunition, Increased Confidence

As of the end of 2025, the company's cash and cash equivalents reached $4.61 billion, a significant increase of approximately 75% from $2.64 billion at the end of 2024, greatly enhancing financial strength.

The net cash inflow from operating activities for the year was $1.128 billion, in stark contrast to a net outflow of $141 million in 2024, marking the first substantial positive turnaround in operating cash flow.

On the balance sheet, total assets rose to $8.19 billion, with shareholders' equity at $4.36 billion.

An additional $907 million in future royalty liabilities was added due to the Royalty Pharma agreement. Capital expenditures for the year were $186 million, significantly narrowed from $493 million in 2024, with a notable improvement in free cash flow quality.

2026 Guidance: Targeting $6.4 Billion, Profit Expansion Expected

The full-year total revenue guidance for 2026 is $6.2 billion to $6.4 billion, with a midpoint of $6.3 billion, representing a year-on-year growth of approximately 18%. GAAP gross margins are expected to be in the high 80% range, with GAAP operating profit of $700 million to $800 million, and non-GAAP operating profit of $1.4 billion to $1.5 billion, all achieving substantial expansion compared to 2025.

The company indicates that other income (expenses) is expected to net a spending of $25 million to $50 million, related to Royalty Pharma interest amortization.

If the 2026 performance provides sufficiently positive evidence, the reversal of some valuation provisions will bring significant tax benefits, although the specific timing remains uncertain. Approximately 118 million diluted ADS are expected to be outstanding, roughly in line with current levels