重磅药品销量破百亿 创新药“一哥”持续盈利仍存隐忧

Core Viewpoint - The company, BeiGene, has achieved significant financial milestones, including its first half-year profit, marking a new phase of self-sustainability despite ongoing risks related to profitability and high R&D costs [2][7]. Financial Performance - In the first half of 2025, BeiGene reported total revenue of 17.518 billion yuan, with a net profit of 450 million yuan, a turnaround from a loss of 2.88 billion yuan in the same period last year [3]. - The company achieved a net cash flow from operations of 1.631 billion yuan, representing a year-on-year increase of 152.6% [3]. - The significant profit increase is attributed to a surge in product sales and improved cost management, particularly in high-margin overseas markets and expanded domestic healthcare access [3]. Key Products - BeiGene's profitability is heavily reliant on two main products: BTK inhibitor "Zebutinib" and PD-1 inhibitor "Tislelizumab" [5]. - Zebutinib's global sales reached 12.527 billion yuan in the first half of 2025, a 56.2% increase year-on-year, with U.S. sales at 8.958 billion yuan, up 51.7% [5]. - Tislelizumab generated sales of 2.643 billion yuan, a 20.6% increase, driven by new indications approved for reimbursement in China [5]. Market Expansion - Tislelizumab has been approved in 47 markets globally, with significant sales growth in Europe and China, where sales increased by 81.4% and 36.5% respectively [6]. - The product's pricing strategy in the U.S. market is notably high, with a price adjustment post-reimbursement negotiations leading to a significant markup compared to domestic prices [5]. R&D and Future Outlook - The company anticipates over 20 milestone developments in its blood cancer and solid tumor pipelines within the next 18 months [4]. - Despite the positive revenue outlook, BeiGene acknowledges potential risks of future losses, particularly related to new drug development and market acceptance [7]. Financial Challenges - BeiGene has faced long-term losses primarily due to high R&D expenses, which amounted to 7.278 billion yuan in the reporting period, a 9.8% increase year-on-year [7]. - The company's cash reserves have decreased significantly, from 25.88 billion yuan in 2021 to 12.2 billion yuan as of June 30, 2025, while cumulative losses reached 62.217 billion yuan [7].