长江商报消息 ●长江商报记者 黄聪 盈利转正后，百济神州（688235.SH、06160.HK、NASDAQ:BGNE）爆发出巨大的增长动力。 2月27日，百济神州发布业绩快报显示，公司2025年营业收入达382.05亿元，同比增长40.4%，其中产品收入达 377.7亿元，同比增长39.9%。同期，公司归母净利润达14.22亿元，上年同期亏损49.78亿元。 长江商报记者发现，百济神州研发费用已连续四年超过100亿元。近四年来，公司研发费用累计达492.64亿元，占 同期营业收入比例约60%。 进入2025年，百济神州业绩出现好转，除了一季度归母净利润亏损9450.3万元外，二季度和三季度归母净利润分 别为5.44亿元和6.89亿元。 百济神州介绍，2025年，公司产品收入的增长主要得益于百悦泽^?（泽布替尼），以及安进公司授权产品和百泽 安^?（替雷利珠单抗）的销售增长。 2025年，百悦泽^?全球销售额总计280.67亿元，同比增长48.8%，已在BTK抑制剂领域稳固确立全球领导者的地 位。其广泛的监管批准、持续深化的全球布局、临床医生的高度认可，以及在慢性淋巴细胞白血病（CLL）领域 卓越的长期疗效与 ...

核心产品表现亮眼 全球化布局加速推进 百济神州表示，2025年实现扭亏为盈，核心得益于产品收入的持续增长和费用管理推动的经营效率提 升。2025年，产品收入达377.70亿元，同比增长39.9%，主营业务优势凸显。从产品结构看，公司产品 收入增长主要得益于BTK抑制剂百悦泽（泽布替尼），以及安进公司授权产品和百泽安（替雷利珠单 抗）的销售增长。 其中，百悦泽2025年全球销售额总计280.67亿元，同比增长48.8%。按地区看，在美国市场，百悦泽销 售额总计202.06亿元，同比增长45.5%；在欧洲销售额总计42.65亿元，同比增长66.4%；在中国销售额 总计24.72亿元，同比增长33.1%。 公告显示，百悦泽是全球获批适应症最广泛的BTK抑制剂。目前，百悦泽已在全球超过75个市场获批。 在2025年美国血液学会（ASH）年会上，百济神州公布3期SEQUOIA试验六年随访数据以及ALPINE试 验的长期结果，进一步验证百悦泽在治疗初治及R/R CLL/SLL成人患者具有持续的获益。2026年上半 年，百济神州预计将对百悦泽联合利妥昔单抗对比苯达莫司汀联合利妥昔单抗用于套细胞淋巴瘤成人患 者一线治疗的3期 ...

Core Insights - BeiGene has become a focal point in China's innovative drug sector, achieving significant revenue and profit growth driven by its core products and strategic market positioning [1][11] - The company's total global revenue for 2025 reached $5.3 billion, marking a 40% year-on-year increase, primarily due to the strong performance of its flagship product, Brukinsa (Zebutinib) [1][11] - Brukinsa generated $3.9 billion in global sales, a 49% increase year-on-year, solidifying its role as the main driver of revenue growth [1][11] Revenue Growth - The two main self-developed products contributed over 90% of total revenue, with Brukinsa accounting for more than 70% [2][12] - The product matrix's synergy and the launch of new products, such as the BCL-2 inhibitor, have established a sustainable growth model for the company [2][12] Market Positioning - Brukinsa is recognized as the most widely approved BTK inhibitor globally, benefiting from its efficacy and safety, which has helped it secure a leading market position [3][13] - The BTK inhibitor market is experiencing a structural shift, with new-generation products gaining traction as first-generation products lose market share, providing a favorable environment for Brukinsa's growth [3][14] Product Development - The approval of the BCL-2 inhibitor, BeiGene's new product, in January 2026, fills a gap in the domestic treatment landscape and is expected to contribute to future revenue growth [5][15] - The steady growth of the other core product, Tislelizumab (Breztri), in the solid tumor space, further supports the company's dual-driven growth strategy [4][15] Industry Trends - The global demand for oncology drugs is expanding, driven by an aging population and increasing healthcare awareness, creating a broad market opportunity for innovative drug companies [6][16] - The competitive landscape in the innovative drug sector is intensifying, with both domestic and international companies vying for market share, leading to a phenomenon of "Matthew Effect" where established players gain more advantages [6][17] Future Outlook - The company projects total revenue for 2026 to be between $6.2 billion and $6.4 billion, indicating continued growth potential [9][20] - Future growth will rely on multiple product launches and expansions into new therapeutic areas, including autoimmune diseases, which could open new revenue streams [8][19]

Core Insights - BeiGene reported a total revenue of 38.205 billion RMB for the fiscal year 2025, marking a 40.4% year-on-year increase, driven by product revenue growth and improved operational efficiency [1] - The net profit attributable to the parent company reached 1.422 billion RMB, indicating a significant turnaround from previous losses [1] - The company's flagship product, Brukinsa (Zebutinib), achieved global sales of 28.067 billion RMB, a 48.8% increase, solidifying its position as a global leader in the BTK inhibitor market [1][2] Revenue Breakdown - Product revenue for BeiGene reached 37.770 billion RMB, up 39.9%, primarily due to the sales growth of Brukinsa, Amgen-licensed products, and Tislelizumab [1][2] - In the U.S. market, Brukinsa's annual sales were 20.206 billion RMB, a 45.5% increase; in Europe, sales reached 4.265 billion RMB, up 66.4%; and in China, sales were 2.472 billion RMB, a 33.1% increase [1] Product Approvals and Pipeline - Brukinsa is the most widely approved BTK inhibitor globally, with approvals in over 75 markets [2] - The company plans to conduct a mid-term analysis of the MANGROVE trial in the first half of 2026, comparing Brukinsa combined with Rituximab against Bendamustine plus Rituximab for adult patients with mantle cell lymphoma [2] - Tislelizumab's global sales reached 5.297 billion RMB, an 18.6% increase, with ongoing efforts to submit new indications for regulatory approval in the U.S. and China [2] Market Position and Future Outlook - Analysts noted that BeiGene's transition from a "cash-burning machine" to a "cash-generating machine" reflects a significant shift in the global strategy for Chinese innovative drugs [3] - The company is expected to generate revenue between 43.6 billion and 45 billion RMB in 2026, with a gross margin projected to remain high at around 80% [4] - Concerns remain regarding the pipeline for new products following Brukinsa and Tislelizumab, with several late-stage candidates nearing commercialization [4][5] Strategic Initiatives - BeiGene is exploring the introduction of BTK inhibitors and IRAK4 degraders into autoimmune diseases, which could expand its market reach beyond oncology [5] - The company has received priority review status from the FDA for its BCL2 inhibitor, which is aimed at treating adult patients with relapsed/refractory mantle cell lymphoma [4][5] - The market is keenly awaiting the potential of new innovative candidates to emerge from BeiGene's pipeline, which could further enhance its valuation in the long term [5]

2026.02.26 本文字数：1121，阅读时长大约2分钟 作者 |第一财经 林志吟 封图｜第一财经记者任玉明摄 2月26日下午临近收盘时，百济神州（ONC.NS、06160.HK、688235.SH）港股股价突然暴跌，最后以大 跌9.16%收盘。伴随着股价大跌，公司港股市场的市值也跌破3000亿港元，最后报2995亿港元，由此引 发市场对公司即将发布的业绩快报的担忧。 2月26日晚间，百济神州发布的2025年度业绩快报显示，2025年，公司营业总收入达382.05亿元，同比 增长40.4%。得益于产品收入增长和费用管理推动的经营效率提升，归属于母公司所有者的净利润达 14.22亿元，首次实现全年盈利。 不过，百济神州收入第一高产品，BTK抑制剂百悦泽（泽布替尼）收入虽然再创新高，2025年全球销售 额达280.67亿元，但同比增速为48.8%，较2023年、2024年的翻倍增长有所放缓。 百悦泽优势主要在血液瘤领域，销售放缓背后，其实跟美国市场表现有关，虽然美国仍是这款药物最大 的商业化市场，贡献的销售额达到202.06亿元，同比增长45.5%，但这样的销售增速低于2024年107.5% 的增速。 作为百 ...

Core Viewpoint - Despite achieving record revenue, the growth rate of Baiyueze is slowing down [1] Group 1: Financial Performance - On February 26, 2025, the company reported total revenue of 38.205 billion yuan, a year-on-year increase of 40.4% [1] - The net profit attributable to the parent company reached 1.422 billion yuan, marking the first annual profit for the company [1] - Baiyueze's global sales reached 28.067 billion yuan, with a year-on-year growth of 48.8%, which is a slowdown compared to the doubling growth rates in 2023 and 2024 [1] Group 2: Product Performance - Baiyueze is the most widely approved BTK inhibitor globally, with approvals in over 75 markets [3] - In the U.S., Baiyueze remains the largest commercial market, contributing sales of 20.206 billion yuan, with a year-on-year growth of 45.5%, which is lower than the 107.5% growth in 2024 [3] - The second-highest revenue product, PD-1 monoclonal antibody Baizean, achieved global sales of 5.297 billion yuan, with a year-on-year increase of 18.6% [3] Group 3: Future Outlook - The company forecasts 2026 revenue to be between 43.6 billion yuan and 45 billion yuan, representing a growth rate of 14.12% to 17.79% compared to 2025 [3] - The company is working to reduce its reliance on Baiyueze by advancing multiple cornerstone products in late-stage clinical trials [3][4] - Baiyue's new product, Baiyueda, has received the first global marketing approval application in China for treating R/R MCL and is expected to receive regulatory decisions from the FDA in the first half of 2026 [4]

Group 1 - The core viewpoint of the news is that BeiGene Limited reported a significant increase in revenue and net profit for the fiscal year 2025, driven by product sales growth and improved operational efficiency [1][2] Group 2 - For the fiscal year 2025, the total revenue reached 38.205 billion yuan, representing a year-on-year growth of 40.4% [1] - The net profit attributable to the parent company was 1.422 billion yuan, reflecting strong financial performance [1] - Product revenue amounted to 37.770 billion yuan, with a year-on-year increase of 39.9%, primarily due to the sales growth of the drug Brukinsa (Zebutinib) and other licensed products [1] Group 3 - Brukinsa achieved record global sales of 28.067 billion yuan, with a year-on-year growth of 48.8% [1] - In the U.S. market, Brukinsa's annual sales reached 20.206 billion yuan, growing by 45.5% [1] - In Europe, Brukinsa's annual sales were 4.265 billion yuan, with a significant increase of 66.4% [1] - In China, Brukinsa's annual sales reached 2.472 billion yuan, marking a growth of 33.1% [1] Group 4 - BeiGene's Brukinsa is the most widely approved BTK inhibitor globally, with approvals in over 75 markets [2] - The company plans to conduct a mid-term analysis of the MANGROVE trial in the first half of 2026, comparing Brukinsa combined with Rituximab against Bendamustine combined with Rituximab for first-line treatment of adult patients with mantle cell lymphoma [2] - The other core product, Tislelizumab (百泽安), achieved global sales of 5.297 billion yuan, reflecting an 18.6% year-on-year growth [2] - Tislelizumab is approved in over 50 markets, and the company expects to submit a new indication application for its combination with Zai Lab's (Zanidatamab) for HER2-positive gastric adenocarcinoma in the first half of 2026 [2]

百济神州2月26日公布2025年第四季度及全年财务业绩，跨越盈亏平衡点，告别了长达数年的"烧钱"时代。 全年总收入达53.43亿美元，同比增长40%；第四季度总收入15亿美元，同比增长33%。 展望2026年，公司给出62亿至64亿美元的总收入指引，同比增幅约20%，预期GAAP经营利润7亿至8亿美元。索托克拉等后期血液肿瘤管线产品临近商业 化，将为公司注入下一阶段增长动能。 核心产品：百悦泽称霸赛道，百泽安稳健拓展 百悦泽依托广泛监管批准和深厚临床数据壁垒，在BTK抑制剂市场建立绝对主导地位。ASH年会公布的SEQUOIA试验六年随访及ALPINE长期随访数据，进 一步验证其在初治及复发难治CLL/SLL患者中的持续获益，领先优势持续巩固。 2025年全年GAAP净利润2.87亿美元，一举扭转2024年净亏损6.45亿美元的局面，实现历史性盈利。 | | | 第四季度 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2025年 | | 2024年 | 愛動(%) | | 2025年 | | 產品收入 | S 1,476,442 | S | ...

Core Insights - The company reported a significant increase in product revenue and total revenue for the fiscal year 2025, with product revenue reaching 37.77 billion yuan, a year-on-year increase of 39.9%, and total revenue at 38.205 billion yuan, up 40.4% [1] Group 1: Financial Performance - The net profit attributable to the parent company was 1.422 billion yuan for the reporting period [1] - Total assets increased to 57.423 billion yuan, reflecting a growth of 34.1% compared to the beginning of the period [1] - Equity attributable to the parent company rose to 30.601 billion yuan, marking a 26.6% increase from the start of the period [1] Group 2: Product Performance - The global sales of Baiyueze reached 28.067 billion yuan, representing a year-on-year growth of 48.8%, solidifying its position as a global leader in the BTK inhibitor market [2] - Sales in the U.S. amounted to 20.206 billion yuan, up 45.5%, while European sales were 4.265 billion yuan, increasing by 66.4% [2] - In China, sales totaled 2.472 billion yuan, reflecting a growth of 33.1% [2] - Baiyueze's sales in 2025 were significantly driven by its broad regulatory approvals and strong clinical efficacy data in chronic lymphocytic leukemia (CLL) [2] Group 3: Clinical Development - Baiyueze is the only BTK inhibitor with flexible dosing options and has been involved in over 45 clinical trials across more than 30 countries, enrolling over 7,900 patients [3] - The drug has shown significant benefits in progression-free survival (PFS) in the global Phase 3 ALPINE trial, with a median follow-up of 29.6 months [3] - The company plans to conduct a mid-term analysis of the Phase 3 MANGROVE trial in the first half of 2026 [3] Group 4: Other Products - Baizean, a cornerstone product for solid tumors, has shown potential across various cancer types and has been approved in over 50 markets globally [4] - The company is expanding Baizean's market presence and has reported significant survival improvements in HER2-positive gastric cancer patients when combined with chemotherapy [4] - Regulatory submissions for new indications of Baizean are expected in the first half of 2026 in the U.S. and China [4]

百济神州(06160)发布公告，2025年第四季度，全球总收入达15亿美元，同比增长33%;全年全球总收入 达53亿美元，同比增长40%。2025年第四季度经调整净利润约2.25亿美元，同比增长12.97倍;全年经调 整净利润约9.18亿美元，同比扭亏为盈。2025年第四季度，自由现金流为3.8亿美元，比上年同期增加 3.97亿美元。2025年全年，自由现金流为9.42亿美元，比上年同期增加16亿美元。2026年全年总收入指 引为62亿美元至64亿美元之间。 其中，百悦泽 (泽布替尼)第四季度全球销售额达11亿美元，同比增长38%;全球年销售额达39亿美元，同 比增长49%。百泽安 (替雷利珠单抗)2025年第四季度全球销售额为1.82亿美元，同比增长18%;全年全球 销售额为7.37亿美元，同比增长19%。 "2025年第四季度及全年取得的强劲财务业绩，彰显了我们持续演进为全球肿瘤治疗领域领导者的实 力。我们在临床开发与生产方面构建的持久竞争优势，以及业内屈指可数的深厚且最具差异化的研发管 线，为这一成果奠定了坚实基础。"百济神州联合创始人、董事长兼首席执行官欧雷强先生表示。"百悦 泽 已在BTK 抑制剂领 ...