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BeOne Medicines (BEIGF) 2025 revenue hits $5.34B as R&D tops $2.1B

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

BeOne Medicines Ltd. furnished additional 2025 financial details tied to its STAR Market annual report, reconciling PRC GAAP disclosures to U.S. GAAP. Revenue for the year ended December 31, 2025 was $5,343,033 thousand, up from $3,810,241 thousand in 2024, with China contributing $1,679,531 thousand and ex-China $3,663,502 thousand.

The gross profit margin ratio was 66.6% in China and 97.0% ex-China for 2025. Total research and development expenses reached $2,145,868 thousand in 2025 versus $1,953,295 thousand in 2024, driven by key programs such as BRUKINSA, TEVIMBRA, sonrotoclax, BGB-16673 and other projects. The company also reported 6,268,800 vials of key products produced or purchased in 2025, with 5,996,100 vials sold and 2,912,600 vials in stock as of year-end.

Positive

  • Revenue growth and margins: 2025 revenue rose to $5,343,033 thousand from $3,810,241 thousand in 2024, with ex-China gross profit margin ratio at a very high 97.0%, suggesting strong international product economics.

Negative

  • None.

Insights

BeOne shows strong 2025 revenue growth with heavy R&D investment.

BeOne Medicines reports 2025 revenue of $5,343,033 thousand versus $3,810,241 thousand in 2024, with especially high ex-China gross margin of 97.0%. China revenue reached $1,679,531 thousand with a 66.6% gross margin ratio.

Research and development spending was substantial at $2,145,868 thousand in 2025, up from $1,953,295 thousand. Large allocations went to sonrotoclax ($176,716 thousand), BGB-16673 ($93,801 thousand) and other projects, indicating continued pipeline expansion alongside marketed drugs such as BRUKINSA and TEVIMBRA.

Operationally, the company produced or purchased 6,268,800 vials of key products in 2025, selling 5,996,100 vials and ending with 2,912,600 vials in stock as of December 31, 2025. Subsequent filings may provide profitability details and updates on specific programs supported by this R&D spend.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Total revenue 2025 $5,343,033 thousand For the year ended December 31, 2025
Total revenue 2024 $3,810,241 thousand For the year ended December 31, 2024
China gross margin ratio 2025 66.6% For the year ended December 31, 2025
Ex-China gross margin ratio 2025 97.0% For the year ended December 31, 2025
Total R&D expenses 2025 $2,145,868 thousand For the year ended December 31, 2025
Total R&D expenses 2024 $1,953,295 thousand For the year ended December 31, 2024
Key products vials produced or purchased 6,268,800 vials For the year ended December 31, 2025
Key products vials sold 5,996,100 vials For the year ended December 31, 2025
PRC GAAP financial
"prepared in accordance with the China Accounting Standards for Business Enterprises – Basic Standard (“CAS”) and other applicable PRC accounting rules, guidance and interpretations (together with CAS, “PRC GAAP”)"
PRC GAAP is the set of accounting rules used by companies operating in the People’s Republic of China to prepare financial statements. It determines how revenue, expenses, assets and liabilities are measured and reported, and can differ from U.S. GAAP or IFRS in ways that change reported profit or asset values—like using a different measuring tape. Investors care because those differences affect comparability, risk assessment and valuation when comparing companies across jurisdictions.
U.S. GAAP financial
"accounting principles generally accepted in the United States (“U.S. GAAP”)"
U.S. GAAP is a set of rules and standards that companies in the United States follow to prepare their financial reports. It helps ensure that financial information is consistent and clear, so investors and others can compare and understand a company's financial health easily.
share-based compensation financial
"Under U.S. GAAP, the Company elects to recognize share-based compensation expenses using the straight-line method"
Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.
right-of-use assets financial
"the Company recognizes a lease liability based on the present value of the total remaining lease payments, and a corresponding right-of-use assets"
Right-of-use assets are the rights a company gains to use a physical space or equipment under a lease agreement. They are recorded as assets on the company's balance sheet, reflecting the value of future benefits from the leased item. For investors, these assets provide a clearer picture of a company's obligations and resources related to leasing arrangements, helping to assess its financial health and operational commitments.
deferred revenue financial
"Under PRC GAAP, the upfront cash consideration is recorded as deferred revenue with incorporation of financing component adjustments"
Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.
gross profit margin ratio financial
"the 2025 STAR Annual Report contained financial information regarding gross profit margin ratio by region"
The gross profit margin ratio measures the share of sales revenue that remains after subtracting the direct costs of making a product or delivering a service, expressed as a percentage. Think of it like the portion of each dollar from a lemonade sale left after paying for lemons and sugar; investors use it to gauge how efficiently a company turns sales into basic profit, compare companies in the same industry, and spot trends that can affect future earnings and valuation.
Revenue $5,343,033 thousand vs $3,810,241 thousand prior year
China gross margin ratio 66.6% regional disclosure under U.S. GAAP
Ex-China gross margin ratio 97.0% regional disclosure under U.S. GAAP
Total R&D expenses $2,145,868 thousand vs $1,953,295 thousand prior year
Understanding 8-K Material Events →
0001651308false00016513082026-04-142026-04-14



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
Form 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): April 14, 2026

BEONE MEDICINES LTD.
(Exact Name of Registrant as Specified in Charter)

Switzerland
001-37686
98-1209416
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)
c/o BeOne Medicines I GmbH
94 Aeschengraben 27
Basel 4051
Switzerland
(Address of Principal Executive Offices) (Zip Code)
+41 61 685 19 00
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
American Depositary Shares, each representing 13 Ordinary Shares, par value $0.0001 per share
ONC
The NASDAQ Global Select Market
Ordinary Shares, par value $0.0001 per share*
06160
The Stock Exchange of Hong Kong Limited
*Included in connection with the registration of the American Depositary Shares with the Securities and Exchange Commission. The ordinary shares are not listed for trading in the United States but are listed for trading on The Stock Exchange of Hong Kong Limited.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02. Results of Operations and Financial Condition.

On April 14, 2026, BeOne Medicines Ltd. (the “Company”) filed its 2025 Annual Report (the “STAR Annual Report”) with the Science and Technology Innovation Board (the “STAR Market”) of the Shanghai Stock Exchange, which was prepared in accordance with the listing rules of the STAR Market and the applicable securities laws and regulations of the Peoples’ Republic of China (the “PRC” and the “PRC Securities Laws”).

As required by the PRC Securities Laws, the STAR Annual Report contains additional financial information of the Company for the year ended December 31, 2025 (the “Reporting Period”), prepared in accordance with the China Accounting Standards for Business Enterprises – Basic Standard (“CAS”) and other applicable PRC accounting rules, guidance and interpretations (together with CAS, “PRC GAAP”). As required by the PRC Securities Laws, the STAR Annual Report also contains financial information of the Company for the Reporting Period prepared in accordance with PRC GAAP. PRC GAAP are different from accounting principles generally accepted in the United States (“U.S. GAAP”). The financial information regarding the Company’s gross profit margin ratio, research and development expenses allocated by key products and other research and development projects and production, sales and inventory stock units for the Reporting Period prepared in accordance with U.S. GAAP as well as a summary of the material differences between PRC GAAP and U.S. GAAP are attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The STAR Annual Report is available to the public in Chinese language only on the website maintained by the Shanghai Stock Exchange at www.sse.com.cn. The STAR Annual Report and the information contained on the Shanghai Stock Exchange’s website are not part of this Current Report on Form 8-K and shall not be deemed filed or furnished by the Company with the U.S. Securities and Exchange Commission, nor shall they be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

The information in Item 2.02 of this Current Report on Form 8-K and in Exhibit 99.1 is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.


(d) Exhibits.
Exhibit No.
Description
99.1
Financial Information, furnished herewith
104
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL




Exhibit Index
Exhibit No.
Description
99.1
Financial Information, furnished herewith
104
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
BEONE MEDICINES LTD.
 
 
 
 
 
 
Date: April 14, 2026
By: 
/s/ Chan Lee        
 
Name:
Chan Lee
 
Title:
Senior Vice President, General Counsel






Exhibit 99.1

Financial Information

On April 14, 2026, BeOne Medicines Ltd. (the “Company”) filed its 2025 Annual Report (the “STAR Annual Report”) with the Science and Technology Innovation Board (the “STAR Market”) of the Shanghai Stock Exchange, which was prepared in accordance with the listing rules of the STAR Market and the applicable securities laws and regulations of the Peoples’ Republic of China (the “PRC” and the “PRC Securities Laws”). The STAR Annual Report is available to the public in Chinese language only on the website maintained by the Shanghai Stock Exchange at www.sse.com.cn.

As required by the PRC Securities Laws, the STAR Annual Report contains additional financial information of the Company’s gross profit margin ratio, research and development expenses allocated by key products and other research and development projects and production, sales and inventory stock units for the year ended December 31, 2025 (the “Reporting Period”), prepared in accordance with the China Accounting Standards for Business Enterprises – Basic Standard (“CAS”) and other applicable PRC accounting rules, guidance and interpretations (together with CAS, “PRC GAAP”), including but not limited to the China Securities Regulatory Commission's Compilation Rule for Information Disclosure by Companies Offering Securities to the Public No. 15 – General Rules for Financial Statement (2023 revised), and Compilation Rule for Information Disclosure by Companies Offering Securities to the Public No. 24-Special Provisions on Information Disclosure in Financial Statements of Pilot Innovative Red-chip Companies on the Sci-Tech Innovation Board.  The key differences between such financial information prepared in accordance with PRC GAAP and those prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for the Reporting Period, which was previously filed with the U.S. Securities and Exchange Commission, are summarized below.

Key Differences between U.S. GAAP and PRC GAAP

Share-based Compensation

Under U.S. GAAP, the Company elects to recognize share-based compensation expenses using the straight-line method for all employee equity awards granted with graded vesting based on service conditions, provided that the amount of compensation cost recognized at any date is at least equal to the portion of the grant-date value of the options that are vested as of that date.

Under PRC GAAP, the Company recognizes share-based compensation expense using the accelerated method for all employee equity awards granted with graded vesting.

Under PRC GAAP, the excess tax benefit resulting from the pre-tax deductible amount arising from U.S. employee share-based payments over the cumulative share-based payment-related expenses recognized for accounting purposes should be recorded in shareholders’ equity rather than in current income tax expenses/benefits under U.S. GAAP.

Leasing

Under U.S. GAAP, as a lessee, the Company recognizes a lease liability based on the present value of the total remaining lease payments, and a corresponding right-of-use assets. The Company subsequently recognizes operating lease expenses on a straight-line basis over the lease term.

PRC GAAP requires lessees to present interest expenses on the lease liability and depreciation on the right-of-use assets separately in the statements of operations. The combination of a straight-line depreciation of the right-of-use assets and the effective interest rate method applied to the lease liability will result in a higher total charge to profit or loss in the initial years of the leases and decreasing expenses during the latter part of the lease term.

Transfer of royalties from collaborative arrangement

The Group is engaged in collaborative drug development and is entitled to receive royalty revenue from drug sales during the collaboration period. In 2025, the Group transferred its royalty rights to an independent third party for a fixed upfront cash consideration.

Under U.S. GAAP, the Company records upfront payments received from the sale of future royalties as a liability. Royalty payments made to the purchaser are recorded as a reduction of the liability or accrued interest. The Company accounts for the associated


interest expense under the effective interest rate method, while continuing to recognize the full amount of royalty revenue in the period in which the counterparty sells the related product and recognizes the related revenue. The Company calculates the liability related to the sale of future royalties, effective interest rate and the related interest expense using the current estimate of anticipated future royalty payments under the arrangement, which is periodically reassessed based on internal projections of future royalty revenues and information from partners who are responsible for commercializing the medicines. If there is a material change in the estimate, the Company will prospectively adjust the effective interest rate and the related interest expense.

Under PRC GAAP, the upfront cash consideration is recorded as deferred revenue with incorporation of financing component adjustments and is amortized over the collaboration period with corresponding financing costs recognized systematically. Subsequent royalty collections and payments are accounted for through receivables and payables..

Gross Profit Margin Ratio

As required by the PRC Securities Laws, the 2025 STAR Annual Report contained financial information regarding gross profit margin ratio by region, which was prepared in accordance with PRC GAAP. The corresponding financial information prepared in accordance with U.S. GAAP is presented below. Amounts reported herein are stated in thousands of U.S. dollars.

For the year ended December 31, 2025
For the year ended December 31, 2024
By RegionRevenueCOGSGross Margin ratioRevenueCOGSGross Margin ratio
China1,679,531 560,143 66.6 %1,411,307 
524,220
62.9%
Ex-China3,663,502 108,397 97.0 %2,398,934 
69,869
97.1 %
Total5,343,033 668,540 - 3,810,241 594,089 - 

Research and Development Expenses Allocated by Key Products and Other R&D Projects

As required by the PRC Securities Laws, the 2025 STAR Annual Report contains financial information regarding the research and development (“R&D”) expenses allocated by key products, which was prepared in accordance with PRC GAAP. The corresponding financial information prepared in accordance with U.S. GAAP is presented below. Amounts reported herein are stated in thousands of U.S. dollars.

Pipeline Products/ Projects
For the year ended December 31, 2025
For the year ended December 31, 2024
BRUKINSA® (zanubrutinib, BTK inhibitor)
97,646 129,226 
TEVIMBRA® (tislelizumab, PD-1 mAb)
56,178 68,684 
Sonrotoclax (BCL2 Inhibitor)
176,716 99,939 
BGB-16673 (BTK-targeted CDAC)
93,801 20,380 
BGB-43395 (CDK4 Inhibitor)17,970 6,078 
Other R&D projects311,557 215,139 
R&D collaboration projects104,852 189,214 
Subtotal of external R&D expenses858,720 728,660 
Subtotal of internal R&D expenses1,287,148 1,224,635 
Total2,145,868 1,953,295 

Production, Sales and Inventory Stock Units

As required by the PRC Securities Laws, the 2025 STAR Annual Report contained financial information regarding the production, sales and inventory stock units of key products, which was prepared in accordance with PRC GAAP. The corresponding financial information prepared in accordance with U.S. GAAP is presented below.

ItemUnit
Production or purchase quantity for the year ended December 31, 2025
Sales quantity for the year ended December 31, 2025
Stock quantity as of December 31, 2025
Key productsvials6,268,800 5,996,100 2,912,600 


Source: View Original Filing on SEC EDGAR

FAQ

How much revenue did BeOne Medicines (BEIGF) generate in 2025?

BeOne Medicines reported 2025 revenue of $5,343,033 thousand, compared with $3,810,241 thousand in 2024. China contributed $1,679,531 thousand, while ex-China markets generated $3,663,502 thousand, highlighting strong growth outside China.

What were BeOne Medicines (BEIGF) gross profit margins by region in 2025?

In 2025, BeOne Medicines posted a 66.6% gross profit margin ratio in China and a 97.0% margin ex-China. These figures, prepared under U.S. GAAP, underscore significantly higher profitability in markets outside China.

How much did BeOne Medicines (BEIGF) spend on R&D in 2025?

Total 2025 research and development expenses were $2,145,868 thousand, up from $1,953,295 thousand in 2024. External R&D accounted for $858,720 thousand, while internal R&D reached $1,287,148 thousand, reflecting continued heavy investment in the pipeline.

Which key projects drove BeOne Medicines (BEIGF) R&D spending in 2025?

Major 2025 R&D allocations included $176,716 thousand for sonrotoclax, $97,646 thousand for BRUKINSA, $56,178 thousand for TEVIMBRA, and $93,801 thousand for BGB-16673. Other R&D projects consumed $311,557 thousand, plus $104,852 thousand for R&D collaborations.

What production and sales volumes did BeOne Medicines (BEIGF) report for key products in 2025?

For 2025, BeOne Medicines reported 6,268,800 vials of key products produced or purchased, with 5,996,100 vials sold. Stock quantity was 2,912,600 vials as of December 31, 2025, showing significant ongoing inventory to support demand.

How do BeOne Medicines (BEIGF) accounting standards differ between PRC GAAP and U.S. GAAP?

BeOne highlights key differences including share-based compensation recognition (accelerated under PRC GAAP vs straight-line under U.S. GAAP), separate presentation of lease interest and depreciation under PRC GAAP, and different treatment of transferred royalty rights as deferred revenue under PRC GAAP.

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