Investment Rating - The report assigns a rating of "Outperform" for BeiGene, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [16]. Core Insights - BeiGene reported 2Q25 results with revenue of USD 1.32 billion, representing a year-on-year increase of 42%. The net income attributable to shareholders was USD 94 million, compared to a loss of USD 120 million in the same quarter last year, marking the second consecutive quarter of profitability in recurring operations. Management has raised the full-year revenue guidance to USD 5.0-5.3 billion from the previous guidance of USD 4.9-5.3 billion [2][6][7]. Summary by Sections Revenue Breakdown - Zanubrutinib generated revenue of USD 950 million, up 49% year-on-year and 20% quarter-on-quarter. U.S. sales accounted for USD 684 million (up 21% q-q), European sales were USD 150 million (up 30% q-q), and China sales were USD 83 million (up 3% q-q). Tislelizumab generated revenue of USD 194 million, up 22% year-on-year. Sales from Amgen-partnered products in China reached USD 130 million, up 40% year-on-year, primarily driven by growth in XGEVA [3][9]. Financial Metrics - The company achieved a gross margin of 87.5%, an increase of 2.4 percentage points year-on-year. R&D expenses were USD 530 million, up 16% year-on-year, with an R&D expense ratio of 40%, down 9 percentage points year-on-year. SG&A expenses were USD 540 million, up 21% year-on-year, with an SG&A expense ratio of 41%, down 6.9 percentage points year-on-year. Operating profit for the quarter was USD 88 million, compared to a loss of USD 107 million in 2Q24 [3][7]. Future Catalysts - Key future catalysts for BeiGene include the readout of phase II data for Sonrotoclax (BCL2) in R/R MCL and the submission of a global accelerated approval application. The company also anticipates the approval of Tislelizumab for early NSCLC in the EU and plans to initiate phase III trials for CDK4 in HR+/HER2- breast cancer in 2026 [4].
百济神州（06160）：二季度业绩：泽布替尼环比+20%，管理层上修收入指引