Di Yi Cai Jing·2025-05-07 13:38Core Viewpoint - BeiGene has achieved its first quarterly profit under GAAP, with a net profit of $1.27 million, driven by rapid global revenue growth and effective management of operating expenses [1] Financial Performance - In Q1 2025, BeiGene reported a revenue of 8.048 billion yuan, a year-on-year increase of 50.2%, with product revenue reaching 7.985 billion yuan, up 49.9% [1] - The company transitioned from losses to profits, achieving an operating profit and total profit of approximately 150 million yuan [1] - The company maintains its 2025 financial guidance, expecting annual revenue between 35.2 billion yuan and 38.1 billion yuan, with positive operating profit and cash flow from operations [2] Product Performance - The BTK inhibitor, Brukinsa (Zebutinib), generated sales of 5.692 billion yuan in Q1 2025, a 63.7% increase year-on-year, and ranked 20th globally in oncology drug sales with projected sales of $2.6 billion in 2024 [2] - In the U.S. market, Brukinsa's sales reached 4.041 billion yuan in Q1 2025, reflecting a 61.9% year-on-year growth, and it became the market leader in the BTK inhibitor segment [2] - The PD-1 monoclonal antibody, Tislelizumab (BGB-A317), achieved sales of 1.245 billion yuan, a 19.3% increase, driven by new patient demand from recently approved indications included in the national medical insurance catalog [2] Market Dynamics - The global BTK inhibitor market has six approved products, with BeiGene's Brukinsa being a second-generation BTK inhibitor that has shown continuous sales growth due to its efficacy over first-generation inhibitors [3] - The competitive landscape includes Eli Lilly's Jaypirca (Pirtobrutinib), the only third-generation BTK inhibitor, which addresses resistance issues through a unique mechanism [4] Research and Development - BeiGene is developing a new BTK degrader, BGB-16673, which has shown therapeutic advantages in patients with prior BTK treatment, and is expected to enter Phase 3 clinical trials comparing it to non-covalent BTK inhibitors [5]