BD（Business Development，商务拓展）潮起之际，擅长资本运作的百济神州（688235）把"药物特许权投资"这一在境外很活跃，但国内尝试尚少的创新药 交易模式带入大众视野。 百济神州最新公告显示，公司及全资子公司与Royalty Pharma Investments 2023 ICAV（一家爱尔兰集体资产管理工具，以下简称"Royalty Pharma"）签订了 一份《特许权使用费购买协议》，Royalty Pharma将以8.85亿美元购买包含单克隆抗体Imdelltra（Tarlatamab，中文通用名：塔拉妥单抗）产品在中国以外地 区年度销售的净收入中特许权使用费的大部分权利。简单来说，这家爱尔兰的投资机构购买的是塔拉妥单抗的"未来潜在收益"。 交易金额最高9.5亿美元 在业内人士看来，这一模式使得被投企业可以在不稀释现有股东权益的情况下获得资金，特别适用于希望维持独立性并专注于产品开发和商业化的企业。 百济神州方面向北京商报记者表示，这笔交易将进一步增强公司的运营与战略灵活性，推动公司执行长期业务战略。 8月26日，百济神州公告称，公司及其全资子公司百济神州瑞士与Royalty Ph ...

近日，《新闻联播》报道了北京昌平区生物医药产业发展情况，并在昌发展运营管理的中关村生命科学 园内深入调研，百济神州（北京）生物科技有限公司、北京飞镖国际创新中心、图湃（北京）医疗科技 有限公司、北京优脑银河科技有限公司、康桥资本等多家企业、投资、研发和医疗机构负责人参与交 流。 百济神州为昌发展集团直投企业，同时为生命科学园入驻企业 百济神州是一家全球肿瘤治疗创新公司。专注于为全世界的癌症患者研发创新抗肿瘤药物，是全球首家 同时在美国纳斯达克、中国香港港交所和中国上交所科创板三地上市的生物科技公司。百济神州已跻身 全球肿瘤治疗创新公司前15强，2025年上半年营收175亿元人民币，同比增长46%。公司拥有超过30款 潜在在研药物，在45个国家/地区启动130+项临床试验。临床前项目超过60项，大部分具备"同类首 创"或"同类最优"潜力。百悦泽（泽布替尼胶囊）是公司首个在美国获批上市的自主研发抗癌新药，是 国内首个达成"十亿美元"的重磅炸弹药物。 北京飞镖国际创新中心成立于2021年，由昌发展集团联合共建。作为北京市引领类标杆型孵化器，平台 对标国际顶级生物医药研发实验室标准，设计和建设Class A级的共享与 ...

上半年研发投入逾38亿元 创新药方面，恒瑞医药半年报显示，2025年上半年，公司创新药销售及许可收入为95.61亿元，占公司 营业收入比重的60.66%，其中创新药销售收入为75.70亿元。 业内人士表示，当前我国创新药相关企业已经实现从量变到质变的转化，逐渐从"跟跑者"到"引领者"。 创新药板块景气度有望持续，"创新+国际化"步伐逐渐加快，成为医药板块的核心方向。 恒瑞医药 恒瑞医药表示，瑞维鲁胺、达尔西利、恒格列净等创新药收入继续保持快速增长。艾瑞昔布、瑞马唑 仑、吡咯替尼及氟唑帕利等上市较早的创新药，随着上市后研究循证医学证据的逐步积累及新适应症的 持续获批，持续为公司销售收入贡献增量。 ● 本报记者 李梦扬 近日，恒瑞医药发布2025年半年度报告。2025年上半年，恒瑞医药实现营业收入157.61亿元，同比增长 15.88%；归属于上市公司股东的净利润44.50亿元，同比增长29.67%；经营性现金流净额达43.00亿元， 同比增长41.80%。上半年公司营收、净利及经营性现金流净额均创同期新高。记者梳理发现，截至目 前，百济神州、翰森制药等多家创新药企披露上半年业绩情况，创新药收入情况、研发管线进展 ...

近日，多家创新药企公布或预告2025年上半年业绩情况，交出亮眼"成绩单"。 具体来看，据百济神州公告，公司2025年上半年实现营业总收入175.18亿元，同比上升46%；归母净利 润4.50亿元，实现扭亏为盈。这也是百济神州A股上市以来首次半年度实现盈利。"这标志着公司从'研 发投入期'逐渐迈入了'全球化商业兑现期'。"巨丰投顾高级投资顾问丁臻宇说。 据了解，公司产品收入的增长主要得益于自主研发产品百悦泽(泽布替尼胶囊)和安进授权产品以及百泽 安(替雷利珠单抗注射液)的销售增长。报告期内，百悦泽全球销售额总计125.27亿元，同比增长56.2%。 丁臻宇表示，百济神州核心产品的全球销量情况验证了公司创新药的国际竞争力。 例如，8月8日，甘李药业（603087）股份有限公司发布2025年半年度报告。报告期内，公司营收达 20.67亿元，同比增长57.18%；实现归属于上市公司股东的净利润6.04亿元，同比增长101.96%。 8月7日，百济神州有限公司(以下简称"百济神州")发布未经审计的2025年半年度主要财务数据公告，公 司上半年实现扭亏为盈。 8月6日，乐普生物科技股份有限公司(以下简称"乐普生物")发布 ...

Core Viewpoint - BeiGene has achieved profitability for the first time since its listing on the STAR Market in December 2021, driven by significant revenue growth and effective cost management [2][3][5]. Financial Performance - In the first half of 2025, BeiGene reported revenue of 17.518 billion yuan, a year-on-year increase of 46%, and a net profit attributable to shareholders of approximately 450 million yuan, marking a turnaround from previous losses [3][4]. - The company's revenue for the first half of 2024 was 11.996 billion yuan, with a significant loss of 2.877 billion yuan in net profit [3][4]. - The second quarter of 2025 saw a net profit of 545 million yuan, indicating a reversal in financial performance [5]. Product Performance - BeiGene's flagship product, Brukinsa (Zebutinib), generated global sales of 12.527 billion yuan in the first half of 2025, a 56.2% increase year-on-year [2][5]. - Sales in the U.S. reached 8.958 billion yuan, up 51.7%, while European sales grew by 81.4% to 1.918 billion yuan [5]. - The sales of another product, Tislelizumab, totaled 2.643 billion yuan, reflecting a 20.6% increase, driven by new patient demand following its inclusion in insurance coverage in China [5][7]. Future Outlook - BeiGene has raised its full-year revenue guidance for 2025 to a range of 35.8 billion to 38.1 billion yuan, with expectations of positive cash flow from operating activities [2][9]. - The company anticipates over 20 milestone developments in its hematology and solid tumor pipelines within the next 18 months [8][9]. - Significant investments in R&D and sales expenses are expected to support continued growth, with R&D expenditures increasing from 9.538 billion yuan in 2021 to 14.140 billion yuan in 2024 [9].

Core Viewpoint - BeiGene has shown significant improvement in reducing losses, with a notable increase in revenue driven by the sales of its self-developed products [1][2][3] Financial Performance - In Q1 2025, BeiGene reported revenue of 8.048 billion yuan, a year-on-year increase of 50.2%, marking the second consecutive quarter with revenue exceeding 8 billion yuan [1][2] - The net profit attributable to shareholders was -94.503 million yuan, a substantial reduction from -1.908 billion yuan in the same period last year, achieving a loss reduction rate of 95.05% [1][2] - For the full year 2024, the company reported revenue of 27.21 billion yuan, up 56.2% year-on-year, with a net profit loss reduced to 4.98 billion yuan [2] Product Performance - BeiGene has three major self-developed products: BTK inhibitor Zebrutinib (brand name "百悦泽"), PD-1 monoclonal antibody Tislelizumab (brand name "百泽安"), and PARP inhibitor Pamiparib (brand name "百汇泽") [3][4] - In Q1 2025, Zebrutinib generated global sales of 5.692 billion yuan, a 63.7% increase, accounting for 70.73% of total revenue [4] - Tislelizumab's sales reached 1.245 billion yuan in Q1 2025, a 19.3% increase, primarily due to new indications being included in the national medical insurance catalog in China [4] Research and Development Investment - BeiGene has invested heavily in R&D, with cumulative expenditures reaching approximately 69.788 billion yuan over the past eight years [5] - R&D expenses have consistently increased from 2.017 billion yuan in 2017 to 14.14 billion yuan in 2024, reflecting the company's commitment to innovation [5]

Core Viewpoint - The announcement presents the preliminary financial data for BeiGene, Ltd. for the first quarter of 2025, highlighting significant revenue growth driven by the sales of its self-developed products, particularly Brukinsa and Tislelizumab, while also noting a net loss for the period [4][13]. Financial Data Summary - In Q1 2025, product revenue reached 7.985 billion RMB, a year-on-year increase of 49.9% [4] - Total operating revenue for Q1 2025 was 8.048 billion RMB, up 50.2% compared to the previous year [4] - The net profit attributable to the parent company was -0.095 billion RMB [4] - Total assets at the end of the reporting period were 42.126 billion RMB, a decrease of 1.7% from the beginning of the period [4] - Shareholder equity attributable to the parent company increased by 4.3% to 25.206 billion RMB [4] Product Performance - Global sales of Brukinsa totaled 5.692 billion RMB in Q1 2025, reflecting a 63.7% year-on-year growth [5] - In the U.S., sales of Brukinsa reached 4.041 billion RMB, a 61.9% increase, driven by demand growth, particularly in chronic lymphocytic leukemia (CLL) [5] - European sales of Brukinsa were 0.836 billion RMB, up 75.4%, attributed to market share gains in major European markets [5] - In China, Brukinsa sales amounted to 0.590 billion RMB, a 43.1% increase, maintaining a leading market position in the BTK inhibitor segment [5] Clinical Development and Regulatory Progress - Brukinsa is the most widely approved BTK inhibitor globally, with ongoing clinical trials in over 30 countries and regions [7] - The product has received approvals for multiple indications in the U.S., EU, and China, with plans for further regulatory submissions in 2025 [7] - Tislelizumab sales reached 1.245 billion RMB in Q1 2025, a 19.3% increase, driven by new indications and increased patient demand in China [6] - Tislelizumab has been approved for 14 indications in China, with a strong market presence in the PD-1 segment [6] Strategic Initiatives - The company is advancing its pipeline of next-generation products and emphasizes a rapid concept validation strategy in its global clinical development [9] - The internal R&D team consists of approximately 3,700 personnel, focusing on high-quality data generation and resource optimization [9] - The company plans to present data on various products, including antibody-drug conjugates and multi-specific antibodies, throughout 2025 [9] Corporate Developments - The company received shareholder approval to adopt a new English name, BeOne Medicines Ltd., and plans to relocate its registered office to Switzerland [12] - Recent patent decisions have favored the company, enhancing its intellectual property position [12] - An investor R&D day is scheduled for June 26, 2025, to showcase developments in breast cancer and broader solid tumor treatment portfolios [12]

Core Viewpoint - BeiGene achieved its first quarterly profit under GAAP in Q1 2025, maintaining its previous financial guidance while experiencing significant revenue growth [1][2]. Financial Performance - In Q1 2025, BeiGene reported revenue of 8.048 billion RMB, a year-on-year increase of 50.2% [1]. - Product revenue contributed 7.985 billion RMB, driven by sales growth of self-developed products such as Brukinsa (Zebutinib) and Tislelizumab [1]. - The company achieved a GAAP profit of 1.27 million USD, marking a shift from losses to profitability in its A-share financial data, with a net profit attributable to shareholders of -0.095 billion RMB [1]. Product Sales - Brukinsa generated global sales of 5.692 billion RMB in Q1, reflecting a 63.7% year-on-year increase, with U.S. sales reaching 4.041 billion RMB, up 61.9% [1]. - In Europe, Brukinsa sales totaled 0.836 billion RMB, a 75.4% increase year-on-year [1]. - Tislelizumab sales amounted to 1.245 billion RMB in Q1, a 19.3% increase, primarily due to new patient demand from recently approved indications in China [2]. Strategic Outlook - The company plans to expand Brukinsa's global regulatory registration projects, expecting FDA and EC approvals for new tablet formulations in H2 2025 [2]. - Tislelizumab is anticipated to receive EC approval for new indications in non-small cell lung cancer and nasopharyngeal carcinoma in 2025 [2]. - BeiGene aims to maintain its financial guidance for 2025, projecting total revenue between 35.2 billion RMB and 38.1 billion RMB, with positive operating profit and cash flow from operations [3]. R&D Progress - BeiGene is making significant advancements in its pipeline for late-stage hematologic and solid tumors, with expected data readouts in antibody-drug conjugates, multispecific antibodies, and targeted protein degraders [3].

Core Viewpoint - The article discusses the implications of the U.S. government's decision to impose tariffs on imported pharmaceuticals, highlighting potential impacts on global pharmaceutical supply chains and the strategies that Chinese innovative drug companies may adopt in response [2][6][10]. Group 1: Impact of Tariffs on Pharmaceutical Industry - The U.S. tariffs on pharmaceuticals aim to encourage multinational companies to establish production facilities in the U.S., thereby reducing reliance on imports [2][5]. - Analysts suggest that the tariff policy may lead to increased instability in the global pharmaceutical supply chain, particularly affecting Chinese innovative drug companies' international strategies [2][6]. - The tariffs could result in higher export costs and reduced profit margins for Chinese companies that depend on the U.S. market [6][10]. Group 2: Responses from Chinese Innovative Drug Companies - Several Chinese innovative drug companies are assessing the potential impacts of the tariffs, with some indicating that they may face valuation pressures in the short term [2][6]. - Companies like Hengrui Medicine and Zai Lab have stated that the tariffs will have limited impact on their operations due to their low reliance on U.S. sales [7][8]. - Analysts recommend that Chinese companies accelerate local production in the U.S. to mitigate tariff risks and explore supply chain diversification in lower-cost regions [10][11]. Group 3: Long-term Strategies and Market Dynamics - The article emphasizes the importance of maintaining strong research and development capabilities and diversifying risk through licensing agreements [3][12]. - The global pharmaceutical landscape may shift, with Indian pharmaceutical companies potentially benefiting from the changes in the supply chain dynamics [6][10]. - The article notes that while geopolitical risks are significant, the ultimate competitive advantage for innovative drug companies lies in their ability to deliver clinical value and innovation [12].