Beigene's 2024 revenue is expected to grow by 56.2%, with global R&D accelerating | Financial Report Insights

Thanks to the sales growth of its core products, Baiyueze (Zebutinib Capsules) and Baizean (Tislelizumab), Beigene achieved significant performance growth in 2024, with losses narrowing compared to the same period last year.

On the 28th, Beigene released its 2024 annual performance report:

• Revenue: The total operating revenue for 2024 reached RMB 27.214 billion, a year-on-year increase of 56.2%, with product revenue of RMB 26.994 billion, up 74.1% year-on-year.
• Net Profit: The net profit attributable to the owners of the parent company was -RMB 4.978 billion, narrowing from -RMB 6.716 billion in the same period last year.

Beigene expects that the operating revenue for 2025 is expected to be between RMB 35.2 billion and RMB 38.1 billion, with strong revenue growth mainly benefiting from the leading position of Baiyueze® in the United States and its continued expansion in Europe and other key global markets.

At the same time, based on the improvement of the company's product portfolio and production efficiency, the gross profit margin for 2025 is expected to be in the mid-range of 80% to 90%. The total R&D expenses, sales, and management expenses for 2025 are expected to be between RMB 29.5 billion and RMB 31.9 billion.

Core Products Drive Growth, Continuously Advancing Global R&D

Beigene's performance growth is mainly attributed to the sales growth of its core products, Baiyueze (Zebutinib Capsules) and Baizean (Tislelizumab). In 2024, the global sales of Baiyueze reached RMB 18.859 billion, a year-on-year increase of 106.4%. Among them:

• Sales in the U.S. market were RMB 13.890 billion, a year-on-year increase of 107.5%;
• Sales in the European market were RMB 2.564 billion, a year-on-year increase of 195.4%;
• Sales in the Chinese market were RMB 1.856 billion, a year-on-year increase of 35.2%.
• Baiyueze has become the BTK inhibitor with the most approved indications globally and has the highest number of approved indications in the U.S. and China.

Baizean also achieved significant sales growth in 2024, with sales reaching RMB 4.467 billion, a year-on-year increase of 17.4%. This product holds a leading position in the PD-1 market in China and has currently been approved for 14 indications, of which 13 are included in the national medical insurance catalog.

Beigene continues to invest in R&D, committed to advancing the global clinical layout of its next-generation independently developed pipeline products. In 2024, the company completed the clinical development of 13 new molecular entities and conducted over 35 clinical trials in more than 30 countries and regions worldwide. The company's internal R&D team is large, with approximately 3,700 professionals covering six continents, ensuring that data quality meets strict standards The announcement shows that in the field of hematologic oncology, Beigene is advancing multiple key research projects. For example, the global clinical trial of the BCL2 inhibitor sonrotoclax has enrolled over 1,800 subjects, with a potential accelerated approval application for relapsed or refractory CLL and MCL expected to be submitted in the second half of 2025. Additionally, the clinical trial of BTK CDAC (BGB-16673) has enrolled over 500 patients, with data readout expected in 2026.

In the field of solid tumors, the company expects to read out data for the CDK4 inhibitor BGB-43395, the CDK2 inhibitor BG-68501, and the B7H4 ADC (BG-C9074) in the first half of 2025, and plans to obtain internal proof-of-concept data for multiple projects in the second half of 2025