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 article highlights that BeiGene has achieved significant financial milestones, including its first half-year profit, driven by strong sales of its key innovative drugs, while also indicating potential risks related to future profitability and ongoing R&D expenses [2][5][9]. 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, marking a turnaround from a loss of 2.88 billion yuan in the same period last year [6][10]. - The company achieved a net cash flow of 1.631 billion yuan, representing a year-on-year increase of 152.6% [6]. - 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 [6][10]. Key Products - BeiGene's two main products, BTK inhibitor "Zebutinib" and PD-1 inhibitor "Tislelizumab," have driven sales growth, with Zebutinib achieving global sales of 12.527 billion yuan, a 56.2% increase year-on-year [7]. - In the U.S. market, Zebutinib sales reached 8.958 billion yuan, up 51.7% [7]. - Tislelizumab generated sales of 2.643 billion yuan, reflecting a 20.6% increase, primarily due to new patient demand from recent approvals and increased hospital access [7][8]. 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 [8]. - The product's pricing strategy in overseas markets, particularly the U.S., where it is priced significantly higher than in China, has contributed to its profitability [7][8]. Future Outlook and Risks - Despite the positive financial results, BeiGene faces ongoing risks related to potential future losses, particularly in new drug development and market acceptance [10]. - The company reported cumulative losses of 62.217 billion yuan as of June 30, 2025, with R&D expenses amounting to 7.278 billion yuan, indicating continued financial pressure [10].