Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> reported 2025 revenues of $5.3B, up 40% YoY driven primarily by growth in Brukinsa (zanubrutinib) sales in the U.S. and Europe.</li>
<li>In 2025, sale of Brukinsa was $3.9B, up 49% YoY. For five consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported global revenue of $3.5B in 2025.</li>
<li>The company’s second CLL drug candidate, Sonrotoclax has received first global approval in China for relapsed/refractory (R/R) MCL, CLL &amp; SLL.</li>
</ul>



BeiGene (6160 HK) reported 2025 revenues of $5.3B, up 40% YoY driven primarily by growth in Brukinsa (zanubrutinib) sales in the U.S. and Europe.
In 2025, sale of Brukinsa was $3.9B, up 49% YoY. For five consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported global revenue of $3.5B in 2025.
The company’s second CLL drug candidate, Sonrotoclax has received first global approval in China for relapsed/refractory (R/R) MCL, CLL &amp; SLL.


BeiGene (6160 HK): Brukinsa Growth Momentum Lifts 2025, 2026 Guidance Announced

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>BeiGene’s 2025 performance was in line with expectations. The management’s 2026 guidance is relatively conservative, which could be related to the potential growth slowdown of BRUKINSA, tislelizumab, other agent products.</li>
<li>Future product peak sales is expected to reach US$9 billion.However, investors may not be happy with the net profit margin brought by single revenue driver BRUKINSA based on our calculation.</li>
<li>There’s no next blockbuster that can drive BeiGene to a big step forward.This might be the reason why the market is reluctant to give BeiGene a higher than 10x P/S.  </li>
</ul>


BeiGene’s 2025 performance was in line with expectations. The management’s 2026 guidance is relatively conservative, which could be related to the potential growth slowdown of BRUKINSA, tislelizumab, other agent products.
Future product peak sales is expected to reach US$9 billion.However, investors may not be happy with the net profit margin brought by single revenue driver BRUKINSA based on our calculation.
There’s no next blockbuster that can drive BeiGene to a big step forward.This might be the reason why the market is reluctant to give BeiGene a higher than 10x P/S.  


BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>BeOne Medicines has released its Q3 2025 financial results, highlighting both impressive growth and potential opportunities, as well as challenges that remain.</li><li>The company's revenue rose to $1.4 billion, reflecting a robust year-on-year growth of 41%.</li><li>BRUKINSA, a major revenue driver, achieved over $1 billion in global sales for the quarter, affirming its position as the top BTK inhibitor worldwide.</li></ul>

BeOne Medicines has released its Q3 2025 financial results, highlighting both impressive growth and potential opportunities, as well as challenges that remain.The company's revenue rose to $1.4 billion, reflecting a robust year-on-year growth of 41%.BRUKINSA, a major revenue driver, achieved over $1 billion in global sales for the quarter, affirming its position as the top BTK inhibitor worldwide.

ONC: Inside the China Access Strategy & What It Could Change for Pipeline Approvals!

Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>
LEGN 2Q26 results on track, with continued robust QoQ growth of Carvykti and improved operating margin (also thanks to milestone income); catalysts in 2H: in vivo CAR-T data</li>
<li>
Jacobio announced positive profit alert for 1H26, thanks to licensing income from AZ deal on pan-KRAS and income generated from Allist deal on KRAS G12C and SHP2</li>
<li>More updates from BeOne, Innovent, Laekna, Insilico Medicine, Allist, Impact Therapeutics...</li>
</ul>



LEGN 2Q26 results on track, with continued robust QoQ growth of Carvykti and improved operating margin (also thanks to milestone income); catalysts in 2H: in vivo CAR-T data

Jacobio announced positive profit alert for 1H26, thanks to licensing income from AZ deal on pan-KRAS and income generated from Allist deal on KRAS G12C and SHP2
More updates from BeOne, Innovent, Laekna, Insilico Medicine, Allist, Impact Therapeutics...


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&amp;D and drug-development partnerships with global pharmaceutical companies.</li>
<li>Over 30% of new drugs were developed using AI tools in 2025, with discovery timelines reduced by 25–50%, and the industry is projected to grow by 25%/year through 2033.</li>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">Insilico Medicine (3696 HK)</a> is a pure-play AIDD company. Insilico operates an end-to-end AI drug discovery platform (Pharma.AI) spanning target identification, molecule generation, and clinical trial outcome prediction. 
</li>
</ul>


China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&amp;D and drug-development partnerships with global pharmaceutical companies.
Over 30% of new drugs were developed using AI tools in 2025, with discovery timelines reduced by 25–50%, and the industry is projected to grow by 25%/year through 2033.

Insilico Medicine (3696 HK) is a pure-play AIDD company. Insilico operates an end-to-end AI drug discovery platform (Pharma.AI) spanning target identification, molecule generation, and clinical trial outcome prediction. 



China

BeiGene, Ltd. operates as a commercial stage biopharmaceutical company. The Company focuses on discovery, development, and commercialization of molecularly targeted and immuno-oncology drugs for the treatment of cancer. BeiGene serves patients worldwide.

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BeOne (ONC US)

BeiGene (6160 HK): Brukinsa Growth Momentum Lifts 2025, 2026 Guidance Announced

BeiGene reported strong 2025 revenues of $5.3B, driven by growth in Brukinsa. Sonrotoclax received first global approval in China. 2026 Revenue...

Tina Banerjee

BeiGene (6160.HK/ONC US) 2025 Results - The Outlook and the Concerns Behind

BeiGene's 2025 results met expectations, but 2026 would see potential growth slow down of key products. Due to the lack of next blockbuster...

Xinyao (Criss) Wang

ONC: Inside the China Access Strategy & What It Could Change for Pipeline Approvals!

BeOne Medicines has released its Q3 2025 financial results, highlighting both impressive growth and potential opportunities, as well as challenges...

Baptista Research

China Healthcare Weekly Wrap (10-14 Aug)

1) LEGN 2Q results: Cavykti QoQ growth; in vivo CAR-T updates in 2H; 2) Jacobio profit alert on license income: AZ (pan-KRAS) and Allist (KRAS G12C...

Wilfred Yuen

CHINA/HK: AI & RX - Together At Last !!

China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&D and drug-development...

David Mudd

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BeiGene (6160 HK): Brukinsa Growth Momentum Lifts 2025, 2026 Guidance Announced

​BeiGene reported strong 2025 revenues of $5.3B, driven by growth in Brukinsa. Sonrotoclax received first global approval in China. 2026 Revenue...

Tina Banerjee

BeiGene (6160.HK/​ONC US) 2025 Results - The Outlook and the Concerns Behind

​BeiGene's 2025 results met expectations, but 2026 would see potential growth slow down of key products. Due to the lack of next blockbuster...

Xinyao (Criss) Wang

ONC: Inside the China Access Strategy & What It Could Change for Pipeline Approvals!

BeOne Medicines has released its Q3 2025 financial results, highlighting both impressive growth and potential opportunities, as well as challenges...

Baptista Research

China Healthcare Weekly Wrap (10-14 Aug)

1) LEGN 2Q results: Cavykti QoQ growth; in vivo CAR-T updates in 2H; 2) Jacobio profit alert on license income: AZ (pan-KRAS) and Allist (KRAS G12C...

Wilfred Yuen

CHINA/HK: AI & RX - Together At Last !!

China's AI-driven drug discovery (AIDD) sector is growing rapidly, with leading drug and biotech companies entering R&D and drug-development...

David Mudd

BeiGene reported strong 2025 revenues of $5.3B, driven by growth in Brukinsa. Sonrotoclax received first global approval in China. 2026 Revenue...

BeiGene (6160.HK/ONC US) 2025 Results - The Outlook and the Concerns Behind

BeiGene's 2025 results met expectations, but 2026 would see potential growth slow down of key products. Due to the lack of next blockbuster...