Mei Ri Jing Ji Xin Wen·2025-08-29 14:43Core Viewpoint - The company BeiGene has achieved its first half-year profit, with significant revenue growth driven by key products, despite facing challenges in maintaining high growth rates in the innovative drug sector [3][4][7]. Financial Performance - In the first half of 2025, BeiGene reported revenue of $2.433 billion, a year-on-year increase of approximately 44.7%, and a net profit of about $95.6 million, marking a turnaround from losses [3][4]. - The operating profit for the first half reached 799 million yuan, with a net profit attributable to shareholders of 450 million yuan [4]. Product Performance - The PD-1 inhibitor, Tislelizumab, and the BTK inhibitor, Zanubrutinib, were the main contributors to sales growth, with Zanubrutinib's global sales reaching 12.527 billion yuan, a year-on-year increase of 56.2% [5]. - Over 70% of Zanubrutinib's revenue came from the U.S. market, with the drug leading the BTK inhibitor market for two consecutive quarters [5]. Market Dynamics - The U.S. market accounted for 51.86% of BeiGene's revenue, followed by China at 34.22% and Europe at 11.14% [5]. - The innovative drug sector in Hong Kong has experienced a phase of adjustment, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index showing a monthly decline of 0.64% in August [7][9]. Industry Outlook - Despite short-term adjustments, foreign investment banks maintain a positive long-term outlook for the Chinese innovative drug sector, citing a critical turning point for the biotechnology industry in China [9][10]. - Predictions indicate that by 2040, the proportion of drugs approved by the FDA originating from China could rise from 5% to 35%, with potential overseas revenue reaching $220 billion [10].