BEIGENE (06160; 688235.SH) announced its Q3 2025 financial results on the evening of November 6, 2025. The company reported quarterly revenue exceeding RMB 10 billion for the first time, reaching RMB 10.077 billion, a 41.1% year-over-year (YoY) increase. Product revenue grew 40.6% YoY to RMB 9.954 billion.

For the first nine months of 2025, BEIGENE's total revenue reached RMB 27.595 billion, up 44.2% YoY, surpassing its full-year 2024 revenue of RMB 27.21 billion. Product revenue for the period stood at RMB 27.314 billion, a 43.9% YoY increase. Net profit attributable to shareholders rose to RMB 1.139 billion, driven by strong product revenue growth and improved operational efficiency.

Buoyed by robust Q3 performance, BEIGENE raised its full-year 2025 revenue guidance to RMB 36.2–38.1 billion (previously RMB 35.8–38.1 billion). The upward revision reflects the leading position of BRUKINSA® (zanubrutinib) in the U.S. market and its continued expansion in Europe and other key regions. R&D and SG&A expenses are expected to narrow to RMB 29.5–30.9 billion due to disciplined investment strategies.

**BRUKINSA Dominates Global BTK Market** BRUKINSA achieved global sales of RMB 7.423 billion in Q3 (+51.0% YoY), with cumulative nine-month sales nearing RMB 19.95 billion. Key regional highlights: - **U.S.**: Sales grew 46.9% YoY to RMB 5.266 billion, supported by strong demand across indications and favorable net pricing. - **Europe**: Sales surged 68.2% YoY to RMB 1.165 billion, driven by market share gains in Germany, Italy, Spain, France, and the UK. - **China**: Sales rose 36.2% YoY to RMB 661 million, maintaining leadership in approved indications.

Another core product, tislelizumab, generated Q3 sales of RMB 1.363 billion (+16.6% YoY), with nine-month sales totaling RMB 4.007 billion. The drug is now approved in 47 markets, with reimbursement in 16.

**Pipeline Accelerates with 20 Key Milestones** BEIGENE’s pipeline is entering a high-value inflection phase, with 20 critical milestones expected within 18 months: - **Hematology**: BCL2 inhibitor sonrotoclax advances globally, including a Phase III trial for CLL (completed enrollment) and Breakthrough Therapy Designation for R/R MCL in the U.S. Head-to-head Phase III trials against non-covalent BTK inhibitors are underway. - **Solid Tumors**: Progress includes CDK4 inhibitor BGB-43395 (Phase III initiation planned for HR+/HER2- breast cancer in H1 2026) and B7-H4 ADC/BG-58067 (proof-of-concept completed). - **Immunology**: IRAK4 CDAC BGB-45035 demonstrated target engagement in healthy volunteers and initiated Phase II trials for rheumatoid arthritis.

BEIGENE anticipates pivotal data readouts for multiple programs through 2026, reinforcing its position as a global oncology innovator.