（文章来源：证券日报） 证券日报网讯 2月26日，百济神州发布公告称，公司预计2026年中国企业会计准则下营业收入介于436 亿元至450亿元之间，毛利率处于80%区间高位，研发费用、销售及管理费用合计介于333亿元至348亿 元之间，营业收入扣除经调整的经营成本费用后介于98亿元至105亿元之间。 ...

证券日报网讯 2月26日，百济神州发布公告称，公司2025年实现营业总收入382.05亿元，同比增长 40.4%；归属于母公司所有者的净利润14.22亿元，实现扭亏为盈。 （文章来源：证券日报） ...

Core Viewpoint - Despite achieving record revenue, the growth rate of Baiyueze is slowing down [1] Group 1: Financial Performance - On February 26, 2025, the company reported total revenue of 38.205 billion yuan, a year-on-year increase of 40.4% [1] - The net profit attributable to the parent company reached 1.422 billion yuan, marking the first annual profit for the company [1] - Baiyueze's global sales reached 28.067 billion yuan, with a year-on-year growth of 48.8%, which is a slowdown compared to the doubling growth rates in 2023 and 2024 [1] Group 2: Product Performance - Baiyueze is the most widely approved BTK inhibitor globally, with approvals in over 75 markets [3] - In the U.S., Baiyueze remains the largest commercial market, contributing sales of 20.206 billion yuan, with a year-on-year growth of 45.5%, which is lower than the 107.5% growth in 2024 [3] - The second-highest revenue product, PD-1 monoclonal antibody Baizean, achieved global sales of 5.297 billion yuan, with a year-on-year increase of 18.6% [3] Group 3: Future Outlook - The company forecasts 2026 revenue to be between 43.6 billion yuan and 45 billion yuan, representing a growth rate of 14.12% to 17.79% compared to 2025 [3] - The company is working to reduce its reliance on Baiyueze by advancing multiple cornerstone products in late-stage clinical trials [3][4] - Baiyue's new product, Baiyueda, has received the first global marketing approval application in China for treating R/R MCL and is expected to receive regulatory decisions from the FDA in the first half of 2026 [4]

Group 1 - The core viewpoint of the news is that BeiGene Limited reported a significant increase in revenue and net profit for the fiscal year 2025, driven by product sales growth and improved operational efficiency [1][2] Group 2 - For the fiscal year 2025, the total revenue reached 38.205 billion yuan, representing a year-on-year growth of 40.4% [1] - The net profit attributable to the parent company was 1.422 billion yuan, reflecting strong financial performance [1] - Product revenue amounted to 37.770 billion yuan, with a year-on-year increase of 39.9%, primarily due to the sales growth of the drug Brukinsa (Zebutinib) and other licensed products [1] Group 3 - Brukinsa achieved record global sales of 28.067 billion yuan, with a year-on-year growth of 48.8% [1] - In the U.S. market, Brukinsa's annual sales reached 20.206 billion yuan, growing by 45.5% [1] - In Europe, Brukinsa's annual sales were 4.265 billion yuan, with a significant increase of 66.4% [1] - In China, Brukinsa's annual sales reached 2.472 billion yuan, marking a growth of 33.1% [1] Group 4 - BeiGene's Brukinsa is the most widely approved BTK inhibitor globally, with approvals in over 75 markets [2] - The company plans to conduct a mid-term analysis of the MANGROVE trial in the first half of 2026, comparing Brukinsa combined with Rituximab against Bendamustine combined with Rituximab for first-line treatment of adult patients with mantle cell lymphoma [2] - The other core product, Tislelizumab (百泽安), achieved global sales of 5.297 billion yuan, reflecting an 18.6% year-on-year growth [2] - Tislelizumab is approved in over 50 markets, and the company expects to submit a new indication application for its combination with Zai Lab's (Zanidatamab) for HER2-positive gastric adenocarcinoma in the first half of 2026 [2]

Q4 and Full Year 2025 Results Conference call and webcast for investors and analysts FEBRUARY 26, 2026 Disclosures Certain statements contained in this presentation and in the accompanying oral presentation, other than statements of fact that are independently verifiable at the date hereof, constitute forward looking statements. Examples of such forward-looking statements include statements regarding BeOne's research, discovery, preclinical and clinical programs and plans, including proof of concept timing, ...

Core Insights - The company has achieved a historic profitability milestone, crossing the breakeven point with total revenue of $5.343 billion in 2025, a 40% increase year-over-year, and a net profit of $286.933 million, reversing a loss of $645 million in 2024 [1][3]. Financial Performance - Total revenue for Q4 2025 reached $1.498 billion, up 33% from $1.128 billion in Q4 2024 [2] - GAAP operating profit for 2025 was $447.136 million, compared to a loss of $79.425 million in 2024, marking a 333% improvement [2] - Non-GAAP operating profit soared to $1.1 billion, a more than 23-fold increase from $45.36 million in 2024 [3] - Free cash flow turned positive at $942 million, a significant turnaround from a negative $633 million in 2024 [3] Product Performance - The flagship product, Bruton Tyrosine Kinase (BTK) inhibitor, generated $3.9 billion in global sales for 2025, a 49% increase, with Q4 sales exceeding $1.1 billion, up 38% [2][4] - The second core product, 百泽安, achieved global sales of $182 million in Q4, an 18% increase, and $737 million for the year, a 19% increase [5] Pipeline Developments - The BCL2 inhibitor, Sotoclar, received global approval in China and is expected to be a key growth driver with an FDA decision anticipated in H1 2026 [6] - Multiple early-stage products have commenced human trials, with a CDK4 inhibitor expected to start a Phase 3 trial in H1 2026 [6] Profitability and Cost Management - GAAP gross margins improved to 87.3% for 2025, up from 84.3% in 2024, reflecting enhanced production efficiency [7] - Operating expenses grew by 12% to $4.227 billion, significantly lower than the 40% revenue growth, indicating effective cost management [7] Cash Flow and Balance Sheet - Cash and cash equivalents increased to $4.61 billion, a 75% rise from $2.64 billion at the end of 2024 [8] - The company reported a net cash inflow from operating activities of $1.128 billion, a stark contrast to a net outflow of $141 million in 2024 [8] 2026 Guidance - The company projects total revenue between $6.2 billion and $6.4 billion for 2026, representing an approximate 20% year-over-year growth [3][9] - Expected GAAP operating profit is forecasted to be between $700 million and $800 million, with non-GAAP operating profit anticipated to reach $1.4 billion to $1.5 billion [9]

內幕消息 百濟神州有限公司 截至2025年12月31日止三個月未經審核業績 及截至2025年12月31日止全年經審核業績以及 業務進展 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 根據證券及期貨條例（香港法例第571章）第XIVA部而刊發。 百濟神州有限公司（「本公司」或「百濟神州」）欣然公佈其截至2025年12月31日 止第四季度的未經審核綜合財務業績及截至2025年12月31日止全年的經審核綜 合財務業績以及業務進展。 本公司欣然公佈本公司及其附屬公司截至2025年12月31日第四季度未經審核綜合 財務業績（「季度業績」）及截至2025年12月31日止全年經審核綜合財務業績（「全 年業績」）以及關鍵業務亮點和2026年財務指引（「業務進展」）。季度業 ...

目录 美国 证券交易委员会 Washington, D.C. 20549 表格 10-K （选择一项） ☒ 根据 1934 年证券交易法第 13 条或第 15 条(d)节的年度报告 截至 2025 年 12 月 31 日的财政年度 或 ☐ 根据 1934 年证券交易法第 13 条或第 15 条(d)节的过渡报告 过渡期从 至 交易委员会递交编号：001-37686 BEONE MEDICINES LTD. 百济神州有限公司 （注册人章程载明的确切名称） | 各类别名称 | 交易代码 | 各证券交易所名称 | | --- | --- | --- | | 每股美国存托股份相当于 13 股普通股，每股面值 0.0001 美元 | ONC | 纳斯达克全球精选市场 | | 普通股，每股面值 0.0001 美元* | 06160 | 香港联合交易所有限公司 | （注册成立或组建的州或其他司法管辖区） （美国国家税务局雇主身份识别号码） 瑞士 98-1209416 c/o BeOne Medicines I GmbH 94 Aeschengraben 27 Basel 4051 瑞士 （主要行政办事处地址，包括邮政编码） ...

Core Viewpoint - BeiGene reported a significant increase in revenue and profitability for the fiscal year 2025, driven by product sales growth and improved operational efficiency [1] Financial Performance - The company achieved a revenue of 38.205 billion yuan, representing a year-on-year growth of 40.4% [1] - The net profit attributable to shareholders was approximately 1.422 billion yuan, marking a turnaround from previous losses [1] Growth Drivers - The revenue increase was primarily attributed to the sales growth of Baiyueze, licensed products from Amgen, and Baizean [1] - Profitability improvements were supported by revenue growth and enhanced operational efficiency through effective cost management [1]

茲載列本公司於上海證券交易所網站刊發的《百濟神州有限公司自願披露關於 2026年度經營業績預測的公告》，僅供參閱。 承董事會命 百濟神州有限公司 主席 歐雷強先生 香港，2026年2月26日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 海外監管公告 本公告乃百濟神州有限公司（BeOne Medicines Ltd., 「本公司」）根據香港聯合交易 所有限公司證券上市規則第13.10B條作出。 於本公告日期，本公司董事會包括主席兼執行董事歐雷強先生、非執 行董事王曉東博士，以及獨立非執行董事 Olivier Brandicourt 博士、 Margaret Han Dugan博士、Michael Goller先生、Anthony C. Hooper先生、 Ranjeev Krishana先生、Alessandro Riva博士、Cor ...