01—Abstract
Summary
Summary of the 10-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.
BeOne Medicines Ltd. has demonstrated robust financial performance and significant pipeline progress in its 2025 annual report.
The company achieved total global revenue of $5.3 billiona, representing a 40.2% increase year-over-year, with a net income of $286.9 million. This growth was primarily driven by strong sales of BRUKINSA®, its leading Bruton's tyrosine kinase (BTK) inhibitor, which became the global market leader in B-cell malignancies and generated $3.9 billion in sales. The company also saw growth from TEVIMBRA®, its anti-PD-1 antibody, and its in-licensed products from Amgen.
BeOne Medicines is strategically focused on expanding its differentiated hematology franchise with BRUKINSA, sonrotoclax (a next-generation BCL2 inhibitor with its first global approval in China), and its BTK chimeric degradation activation compound (BTK-CDAC). Sonrotoclax is currently under Priority Review by the FDA, with potential approval in the first half of 2026. The company's extensive clinical development programs, supported by its integrated global development "superhighway" and internal manufacturing capabilities, are designed to bring innovative and accessible treatments to patients worldwide.
02—Key points
Key Highlights
- Achieved total global revenue of $5.3 billion, a 40.2% increase year-over-year, with net income of $286.9 million.
- BRUKINSA® sales reached $3.9 billion, becoming the global market leader in BTK inhibitors and demonstrating superior efficacy and lower cardiac toxicity compared to ibrutinib in the ALPINE trial.
- Sonrotoclax received its first global regulatory approval in China for R/R MCL and CLL/SLL, and is under FDA Priority Review for potential accelerated approval in the first half of 2026.
- TEVIMBRA® sales grew by 18.8% to $737.3 million, driven by expanded indications and reimbursement.
- Maintained a strong financial position with $4.5 billion in cash and cash equivalents and $1.0 billion in debt as of December 31, 2025.
- Advanced a diversified pipeline with five differentiated solid tumor New Molecular Entities (NMEs) entering the clinic in 2025, each with first-in-class or best-in-class potential.
- Invested $2.1 billion in R&D, a 9.9% increase year-over-year, supporting its pipeline advancement and internal development capabilities.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, BeOne Medicines Ltd. kept $0.05.
- Revenue$5.34B100.0%
- Cost of revenue−$668.5M12.5%
- Gross profit$4.67B87.5%
- Operating costs−$4.23B79.1%
- Operating income$447.1M8.4%
- Interest, other & tax−$160.2M3.0%
- Net income$286.9M5.4%
Where FY2025 revenue went
$5.34B- R&D: $2.15B, 40% of revenue
- SG&A: $2.08B, 39% of revenue
- Cost of revenue: $668.5M, 13% of revenue
- Net income: $286.9M, 5.4% of revenue
- Interest, other & tax: $160.2M, 3.0% of revenue
Kept 5.4% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 26, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $5.34B$3.81B | +40.2% |
| Gross Profit | $4.67B$3.22B | +45.3% |
| R&D Expenses | $2.15B$1.95B | +9.9% |
| SG&A Expenses | $2.08B$1.83B | +13.7% |
| Operating Expenses | $4.23B$3.78B | +11.7% |
| Operating Income | $447.14M-$568.20M | +178.7% |
| Interest Expense | $49.95M$46.89M | +6.5% |
| Net Income | $286.93M-$644.79M | +144.5% |
| EPS (Basic) | $0.20$-0.47 | +142.6% |
| EPS (Diluted) | $0.19$-0.47 | +140.4% |
| Shares Outstanding (Basic) | 1.42B1.37B | +3.6% |
| Shares Outstanding (Diluted) | 1.47B1.37B | +7.8% |
05—Questions
Frequently Asked Questions
What was BeOne Medicines' overall financial performance in 2025?
BeOne Medicines reported total global revenue of $5.3 billion, a 40.2% increase from the prior year, and achieved a net income of $286.9 million. The company also generated $1.1 billion in net cash from operating activities and positive free cash flow of $941.7 million.
Which products were the main drivers of BeOne Medicines' revenue growth?
The primary drivers of revenue growth were BRUKINSA®, with sales of $3.9 billion (a 48.6% increase year-over-year), and TEVIMBRA®, which saw sales of $737.3 million (an 18.8% increase year-over-year). The company also benefited from growth in its in-licensed products from Amgen.
What are the key updates regarding BeOne Medicines' pipeline, particularly in hematology?
BeOne Medicines is strengthening its hematology franchise with BRUKINSA, sonrotoclax, and its BTK-CDAC. Sonrotoclax received its first global approval in China and is under FDA Priority Review, potentially marking a significant advancement. The company is also exploring best-in-class combinations with these assets for various B-cell malignancies.
How is BeOne Medicines managing its R&D and commercialization capabilities?
The company invested $2.1 billion in R&D, focusing on advancing its pipeline and internalizing trial activities. It also expanded its global commercial capabilities, particularly in the U.S. and Europe, to support its growing portfolio, leveraging its unique 'superhighway' development model for speed and cost-efficiency.
06—Continue