BeiGene's third quarter revenue exceeded the hundred billion mark, and the full-year performance guidance has been adjusted upward.

On the evening of November 6, 2025, BEIGENE (06160; 688235.SH) released the third-quarter A-share financial data announcement for 2025. In the third quarter, BEIGENE achieved a single-quarter revenue of over 10 billion, reaching 100.77 billion yuan, a year-on-year increase of 41.1%; product revenue continued to grow rapidly, reaching 99.54 billion yuan, a year-on-year increase of 40.6%. In the first three quarters of 2025, BEIGENE's revenue reached 27.595 billion yuan, a year-on-year increase of 44.2%, exceeding the full-year revenue of 27.21 billion yuan last year. In the first three quarters, the company's product revenue was 27.314 billion yuan, a year-on-year increase of 43.9%. The financial report shows that the net profit attributable to equity holders reached 1.139 billion yuan in the first three quarters, mainly benefiting from the significant increase in product revenue and cost management driving, significantly improving operating efficiency. Thanks to the strong growth in the third quarter, BEIGENE raised its full-year 2025 performance guidance for the year, expecting full-year revenue to be adjusted from between 35.8 billion yuan and 38.1 billion yuan to between 36.2 billion yuan and 38.1 billion yuan. The adjustment in revenue growth is mainly due to the leading position of Bei Yuez (Zebrutinib) in the U.S. market and its continued expansion in Europe and other important global markets. In addition, research and development expenses, sales and administrative expenses are expected to decrease to between 29.5 billion yuan and 30.9 billion yuan, mainly benefiting from continued prudent investments to promote revenue and pipeline growth, achieving significant operating efficiency. Zebrutinib dominated the globe in Q3, with sales reaching nearly 20 billion in the first three quarters of this year. In the third quarter of 2025, BEIGENE continued its strong growth, with product revenue reaching 9.954 billion yuan, a year-on-year increase of 40.6%. Core self-developed products and Anjin authorized licensed products continued to constitute the core drive of BEIGENE's product revenue growth. In the third quarter of 2025, Zebrutinib's global sales reached 7.423 billion yuan, a year-on-year increase of 51.0%, becoming the leader in global BTK inhibitor revenue. It is worth mentioning that in the first three quarters of 2025, Zebrutinib's sales have reached 19.95 billion yuan. In terms of market performance in the third quarter, in the United States, Zebrutinib sales reached 5.266 billion yuan, a year-on-year increase of 46.9%, mainly benefiting from strong demand growth in all indications for the product and moderate pricing. With differentiated and best-in-class clinical characteristics, Bei Yuez continues to maintain a leading position in the market share of new patients among BTK inhibitors. In Europe, Zebrutinib sales reached 1.165 billion yuan, a year-on-year increase of 68.2%, mainly benefiting from market share gains in all major European markets, including Germany, Italy, Spain, France, and the UK. In China, Zebrutinib continued to maintain its leading position, with sales reaching 661 million yuan in the quarter, a year-on-year increase of 36.2%, mainly attributed to sales growth in approved indications areas. Another core self-developed product, Trelurutinib, achieved sales of 1.363 billion yuan this quarter, a year-on-year increase of 16.6%. Trelurutinib's sales in the first three quarters of 2025 reached 4.007 billion yuan. To date, the product has been approved in 47 markets, with 16 markets included in reimbursement, further improving patient accessibility. Accelerated realization of R&D milestones On the research and development front, BEIGENE's pipeline has entered a phase of concentrated realization, with 20 key milestone events expected in the next 18 months. Blood cancer and solid tumor layouts are being developed simultaneously, with differentiated molecular mechanisms, multiple pathway registration strategies, and global clinical advancement capabilities forming the foundational structure for future growth. In the field of blood cancer, BEIGENE is advancing the global development plan of BCL2 inhibitor Sotucra. Its global phase III clinical trial combining with Zebrutinib for first-line treatment of CLL patients has completed all patient enrollments. Recently, the product has been granted breakthrough therapy designation by the U.S. FDA for the treatment of R/R MCL adult patients. Other key studies of Sotucra are also progressing rapidly, including global phase III trials combining with Zebrutinib to treat R/R MCL, and global phase III trials combining with anti-CD20 antibody to treat R/R CLL. According to the financial report, BEIGENE expects to initiate patient enrollment in the global phase III clinical trial comparing Sotucra combined with Zebrutinib to Acalabrutinib combined with Vianeclax in the first half of 2026, and is expected to initiate patient enrollment in the phase III clinical trial for the treatment of multiple myeloma in the second half of 2026. BTK CDAC BGB-16673 has also attracted market attention. The global phase III clinical trial of non-covalent BTK inhibitor Pirtobutinib for treating R/R CLL has completed the enrollment of the first subject. The company expects to have data readouts for the indication of R/R CLL in the first half of 2026 to support potential accelerated marketing applications. In the field of solid tumors, BEIGENE has made new progress with several innovative therapies. For breast cancer, CDK4 inhibitor BGB-43395 is expected to initiate a global phase III clinical trial for first-line treatment of hormone receptor-positive, HER2-negative metastatic breast cancer in the first half of 2026. In addition, B7-H4 ADC has completed concept verification. For lung cancer, BG-58067 (MTA synergistic PRMT5 inhibitor) has completed concept verification, and the global phase III clinical trial of Taratuzumab for first-line treatment of extensive small cell lung cancer has enrolled the first subject. In the field of gastrointestinal cancer, BGB-B2033 (GPC3x41BB bispecific antibody) has completed concept verification. Additionally, BEIGENE expects to have a major PFS data readout for its use in the global phase III clinical trial of Bahean for first-line treatment of HER2-positive gastric esophageal adenocarcinoma in the second half of 2025. In the field of inflammation and immunotherapy, IRAK4 CDAC drug BGB-45035 has completed concept verification of target tissue degradation in healthy volunteers and has completed enrollment of the first subject in a phase II clinical trial for the treatment of moderate to severe rheumatoid arthritis. BEIGENE expects to initiate a phase II clinical trial for the treatment of atopic dermatitis with this product in the first half of 2026.