BeiGene's Q1 revenue increased by 31% year-on-year, with a net profit of 1.608 billion yuan, turning losses into gains｜Financial Report Insights

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BeiGene’s revenue increased year-on-year in Q1 2026, with net profits turning from loss to gain.

On May 6, the company disclosed its Q1 2026 report, showing a total operating revenue of 10.544 billion RMB, up 31.0% year-on-year. Product revenue was 10.321 billion RMB, up 29.3%. The net profit attributable to shareholders was 1.608 billion RMB, compared to a loss of 94.5 million RMB in the same period last year.

The main driver of product revenue growth in Q1 was the global sales of BeiGene’s core product BRUKINSA (zanubrutinib). This BTK inhibitor generated global sales of 7.598 billion RMB in Q1, a 33.5% increase over last year. In the U.S. market, sales were 5.283 billion RMB, up 30.8%; in Europe, sales were 1.266 billion RMB, up 51.4%.

On the same day, the company adjusted its 2026 full-year outlook. According to the announcement, the forecast for full-year operating revenue’s upper bound rose from “43.6 billion to 45.0 billion RMB” to 45.2 billion RMB; the range for “operating revenue minus operating costs” rose from “4.6 billion to 5.3 billion RMB” to “4.8 billion to 5.5 billion RMB”.

On the cost side, Q1 operating profit was 1.813 billion RMB, compared to 151 million RMB last year. Adjusted operating profit (excluding share-based compensation, depreciation/amortization, and other non-cash items) was 3.029 billion RMB, up from 1.171 billion RMB last year. The company said profit improvement was mainly due to product revenue growth and increased operational efficiency from cost management.

BRUKINSA: Contributes over 70% of product revenue, European market up 51%, leading three key regions

As BeiGene’s flagship product, BRUKINSA achieved global sales of 7.598 billion RMB in Q1, accounting for 73.6% of total product revenue. The drug has received approval in over 70 markets globally. It is currently the BTK inhibitor with the widest range of approved indications and the only BTK inhibitor allowing flexible daily once or twice dosing.

In the US, BRUKINSA sales were 5.283 billion RMB, up 30.8%, continuing to benefit from replacing ibrutinib for chronic lymphocytic leukemia (CLL). Long-term results from the ALPINE trial and six-year follow-up data from the SEQUOIA trial, presented at the 2025 ASH annual meeting, further solidified its clinical status as first-choice BTK inhibitor. The company anticipates interim analysis for the MANGROVE trial (first-line mantle cell lymphoma) in H1 2026.

In Europe, revenue was 1.266 billion RMB, a year-on-year increase of 51.4%, far outperforming the US and China. This is due to continuous expansion of approved indications in the EU, UK, etc., and recognition of head-to-head efficacy data by local physicians. China sales were 651 million RMB, up 10.4%, a modest rate largely reflecting intensified competition from domestic BTK inhibitors.

TEVIMBRA and Amgen-licensed products: Second and third growth drivers

Q1 global sales of TEVIMBRA (tislelizumab) were 1.429 billion RMB, up 14.8%. As the backbone of BeiGene’s solid tumor portfolio, its new indications are advancing rapidly. The sBLA for first-line treatment of HER2-positive gastroesophageal adenocarcinoma in combination with zanidatamab-based chemo has been accepted by the FDA with priority review; a regulatory decision is expected in H2 2026. In Japan, a regulatory decision for first-line gastric cancer therapy is anticipated in H1 2026.

Q1 revenue from Amgen-licensed products was 989 million RMB, up 20.9%. This revenue comes from the global oncology partnership signed with Amgen in 2020, with BeiGene commercializing multiple Amgen products in Greater China.

Pobezatoclax (BCL2 inhibitor, China branded as BAIZEDA) is already commercially available in China for relapsed/refractory mantle cell lymphoma and CLL/small lymphocytic lymphoma. The company expects to obtain FDA approval for R/R mantle cell lymphoma for the drug in H1 2026 and start a Phase 3 trial for multiple myeloma in H2 2026.

Pipeline updates: BTK CDAC and solid tumor ADCs take the baton

BeiGene is transitioning from reliance on a single BTK inhibitor to a diversified pipeline. BGB-16673 (BTK CDAC), a potential first-in-class targeted protein degrader, has shown promise in relapsed/refractory CLL patients. The company plans to file an accelerated approval application for R/R CLL based on Phase 2 data in H2 2026.

In solid tumors, Phase 1 data for BGB-43395 (CDK4 inhibitor) will be presented as a poster at ASCO; a Phase 3 trial for first-line HR-positive, HER2-negative metastatic breast cancer is expected to start in H1 2026. BGB-B2033 (GPC3×41BB bispecific antibody) has received FDA orphan drug designation and has begun a potential registrational trial for hepatocellular carcinoma. In addition, BG-C0979 (ADAM9 ADC) has started its first-in-human trial, and BON-110 (PD-1×VEGF-A×CTLA-4 trispecific antibody) is expected to enter first-in-human trials in H1 2026.

In inflammation and immunity, the company expects to start a Phase 2 trial of BGB-16673 for chronic spontaneous urticaria in H2 2026, marking a key step in expanding BTK CDAC to non-oncology indications.

Full-year outlook raised: Implies acceleration in the second half

Upon releasing its Q1 report, BeiGene proactively adjusted its 2026 guidance. The upper bound for operating revenue increased from 45.0 billion to 45.2 billion RMB; for operating revenue minus costs (i.e., at the operating profit level), from 5.3 to 5.5 billion RMB; and for the same adjusted indicator (excluding share-based compensation, depreciation/amortization), from 10.5 to 10.6 billion RMB.

Note: The company also reminded investors that net profit is affected by other income and expenses (estimated at 180 to 350 million RMB) as well as potential tax benefits from deferred tax asset recognition. If deferred tax assets are confirmed within the year, there will be a significant one-off positive impact on net profits.

Based on Q1 revenue of 10.544 billion RMB, to reach the 43.6–45.2 billion RMB full-year target, average quarterly revenue for the next three quarters needs to be 11.0–11.5 billion RMB—an increase over Q1. The company’s raised guidance indicates management’s positive expectations for continued BRUKINSA expansion in the US and Europe, new indication approvals for TEVIMBRA, and contributions from new products.

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