Core Viewpoint - BeiGene reported a significant financial turnaround in the first half of 2025, achieving a total revenue of 17.518 billion yuan, a year-on-year increase of 46.03%, and a net profit of 450 million yuan, marking its first profit of the year [2][3]. Financial Performance - Total revenue for the first half of 2025 reached 17.518 billion yuan, up 46.03% year-on-year [2]. - Product revenue was 17.36 billion yuan, reflecting a growth of 45.8% [2]. - The company achieved a net profit of 450 million yuan, indicating a turnaround from previous losses [2]. Product Performance - The growth in product revenue was driven by sales of self-developed products, namely Brukinsa® (Zebutinib) and Tislelizumab, as well as increased sales from licensed products [2]. - Zebutinib's global sales reached 12.527 billion yuan, a 56.2% increase year-on-year, making it the leading BTK inhibitor in both the U.S. and global markets [2][3]. - In the U.S. market, Zebutinib sales amounted to 8.958 billion yuan, up 51.7% [3]. - In Europe, Zebutinib sales were 1.918 billion yuan, growing by 81.4% [3]. - In China, Zebutinib sales reached 1.192 billion yuan, an increase of 36.5% [3]. - Tislelizumab generated sales of 2.643 billion yuan, reflecting a 20.6% growth, primarily due to new indications being covered by insurance [3]. Research and Development - The company anticipates over 20 milestone advancements in blood cancers and solid tumors within the next 18 months [4]. - In the blood cancer sector, two products, BGB-16673 and Sotorasib, are in Phase 3 clinical trials [4]. - BGB-16673 is noted for its rapid clinical progress as a BTK degrader, showing potential for treating relapsed or refractory B-cell malignancies [4]. - Sotorasib has submitted applications for two indications in China and is expected to file for global accelerated approval in the second half of 2025 [4]. - The company is also developing multiple potential best-in-class products and combination therapies for key cancers, including breast, lung, and gastrointestinal cancers [4]. Stock Performance - As of August 29, BeiGene's A-share price closed at 278 yuan, marking a 12.55% increase and reaching a historical high [5].

格隆汇8月6日丨百济神州(06160.HK)发布公告，2025年第二季度总收入达13亿美元，同比增长42%； 百 悦泽（泽布替尼）全球收入达9.5亿美元，同比增长49%。2025年第二季度，GAAP净利润为9,400万美 元，与上年同期亏损相比增加2.15亿美元，主要得益于收入增长及经营杠杆改善。 公司预计未来18个月内，在血液肿瘤和实体瘤管线中将迎来超过20项里程碑进展。 "第二季度强劲的表现，进一步巩固了公司在全球肿瘤治疗领域的领先地位，并充分证明了我们实现可 持续、长期增长的能力"。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，"我们目标明 确，正在不断朝着使命前进，致力于为全球更多患者带来突破性药物。百悦泽作为公司血液肿瘤领域的 核心产品，确立了同类最佳BTK抑制剂的标杆地位，获批适应症最广泛，并在美国市场继续保持领先优 势，这得益于其在五个适应症中展现出的优异疗效、良好的安全性以及积极的患者获益。另外两款处于 3期临床研究阶段的血液肿瘤产品——BCL2抑制剂索托克拉和BTK嵌合式降解启动化合物(CDAC)BGB- 16673——将在近期公布关键性数据并启动新临床试验，进一步加强我们的领先地位 ...

Core Viewpoint - The company reported strong financial performance for the second quarter of 2025, indicating significant growth in revenue and a shift from losses to profitability, primarily driven by the sales of its core product, 百悦泽 (Zebutinib) [1][2] Financial Performance - For Q2 2025, total revenue reached $1.315 billion, a year-on-year increase of 41.56%; net profit was $94.32 million, compared to a net loss of $120 million in the same period last year; basic earnings per share were $0.07 [1] - In the first half of 2025, total revenue was $2.433 billion, up 44.73% year-on-year; net profit was $95.59 million, compared to a net loss of $372 million in the previous year; basic earnings per share remained at $0.07 [1] Product Performance - The revenue growth in Q2 2025 was mainly attributed to the increase in sales of 百悦泽 (Zebutinib) in the U.S. and Europe, with product revenue of $1.3 billion compared to $921 million in the same period last year [1] - The U.S. remains the largest market for the company, with product revenue of $685 million, up from $479 million year-on-year [1] - Sales from licensed products from Amgen and 百泽安 (Tislelizumab) also contributed to the growth in product revenue [1] Strategic Outlook - The company aims to solidify its leading position in the global oncology treatment market and is focused on sustainable long-term growth [2] - 百悦泽 is positioned as a best-in-class BTK inhibitor with the broadest range of approved indications, maintaining a leading advantage in the U.S. market due to its efficacy and safety [2] - The company plans to announce key data from two blood cancer products currently in Phase 3 clinical trials and expects over 20 R&D milestones in the next 18 months [2] Revenue Guidance - The company projects total revenue for 2025 to be between $5 billion and $5.3 billion, driven by the strong performance of 百悦泽 in the U.S. and continued expansion in Europe and other key markets [2] - Gross margin is expected to be in the mid-to-high 80% range due to improved product mix and production efficiency [2] - The guidance for GAAP operating expenses includes expected investments to support commercialization and research growth, with non-GAAP operating expenses anticipated to follow the same trend [2]