BeOne Medicines Announces Third Quarter 2025 Financial Results and Business Updates
06.11.2025 - 13:02:10- Third quarter total revenues increased 41% to $1.4 billion versus third quarter 2024
- Global BRUKINSA® (zanubrutinib) revenues increased 51% to $1.0 billion versus third quarter 2024
- Diluted GAAP Earnings per American Depository Share (ADS) of $1.09, non-GAAP diluted Earnings per ADS of $2.65
- 47 abstracts accepted at American Society of Hematology (ASH) Annual Meeting
(NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced financial results and corporate updates from the third quarter of 2025.
“These strong financial results reinforce our position as a global oncology leader with exceptional topline growth and a strong balance sheet,” said John V. Oyler, Co-Founder, Chairman and CEO at BeOne. “BRUKINSA is now the global revenue leader in the BTKi class, supported by long-term efficacy and safety data and a growing body of evidence reinforcing its scientific hypothesis of sustained BTK inhibition. Our late-stage hematology portfolio continues to advance with sonrotoclax, a potentially best-in-class BCL2 inhibitor that has demonstrated impressive clinical results, and our BTK CDAC BGB-16673, further strengthening our leadership in B cell malignancies, including CLL. With one of the most promising oncology pipelines in the industry, we are poised to deliver multiple data and regulatory milestones that will drive long-term value.”
(Amounts in thousands of U.S. dollars and unaudited)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2025 |
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2024 |
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% Change |
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2025 |
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2024 |
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% Change |
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Net product revenues |
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$ |
1,395,013 |
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$ |
993,447 |
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40 |
% |
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$ |
3,805,619 |
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$ |
2,661,511 |
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43 |
% |
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Other revenue |
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$ |
17,271 |
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$ |
8,152 |
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112 |
% |
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$ |
39,244 |
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$ |
20,906 |
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88 |
% |
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Total revenue |
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$ |
1,412,284 |
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$ |
1,001,599 |
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41 |
% |
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$ |
3,844,863 |
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$ |
2,682,417 |
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43 |
% |
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GAAP income (loss) from operations |
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$ |
163,114 |
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$ |
(120,265 |
) |
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236 |
% |
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$ |
262,101 |
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$ |
(488,774 |
) |
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154 |
% |
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Adjusted income (loss) from operations* |
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$ |
341,184 |
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$ |
65,630 |
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420 |
% |
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$ |
755,486 |
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$ |
(33,247 |
) |
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2372 |
% |
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GAAP net income (loss) |
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$ |
124,841 |
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$ |
(121,350 |
) |
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203 |
% |
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$ |
220,431 |
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$ |
(492,905 |
) |
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145 |
% |
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Adjusted net income (loss)* |
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$ |
303,663 |
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$ |
51,582 |
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489 |
% |
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$ |
692,622 |
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$ |
(71,020 |
) |
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1075 |
% |
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GAAP basic EPS per ADS |
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$ |
1.13 |
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$ |
(1.15 |
) |
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198 |
% |
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$ |
2.03 |
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$ |
(4.71 |
) |
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143 |
% |
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Adjusted basic EPS per ADS* |
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$ |
2.76 |
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$ |
0.49 |
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463 |
% |
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$ |
6.38 |
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$ |
(0.68 |
) |
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1038 |
% |
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GAAP diluted EPS per ADS |
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$ |
1.09 |
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$ |
(1.15 |
) |
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195 |
% |
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$ |
1.96 |
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$ |
(4.71 |
) |
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142 |
% |
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Adjusted diluted EPS per ADS* |
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$ |
2.65 |
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$ |
0.48 |
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452 |
% |
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$ |
6.14 |
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$ |
(0.68 |
) |
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1003 |
% |
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Free Cash Flow* |
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$ |
354,469 |
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$ |
54,714 |
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548 |
% |
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$ |
561,916 |
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$ |
(615,974 |
) |
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191 |
% |
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* For an explanation of our use of non-GAAP financial measures refer to the “Note Regarding Use of Non-GAAP Financial Measures” section later in this press release and for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measures, see the table at the end of this press release. |
Third Quarter 2025 Financial Results
Revenue for the third quarter of 2025 was $1.4 billion, compared to $1.0 billion in the prior-year period driven primarily by growth in BRUKINSA product sales in the U.S. and Europe.
Product Revenue totaled $1.4 billion for the third quarter of 2025 compared to $993 million in the prior-year period. The increase in product revenue was primarily attributable to increased sales of BRUKINSA. The U.S. continued to be the Company’s largest market, with product revenue of $743 million compared to $504 million in the prior-year period. In-licensed products from Amgen and TEVIMBRA® (tislelizumab) also contributed to product revenue growth.
- U.S. sales of BRUKINSA totaled $739 million in the third quarter of 2025, representing growth of 47% over the prior-year period driven primarily by robust demand growth across all indications and modest benefit due to net pricing. BRUKINSA continues to maintain its leading new patient share across the BTKi class due to its differentiated, best-in-class clinical profile. BRUKINSA sales in Europe totaled $163 million in the third quarter of 2025, representing growth of 68% compared to the prior-year period, driven by increased market share across all major European markets, including Germany, Italy, Spain, France and the UK.
- Sales of TEVIMBRA totaled $191 million in the third quarter of 2025, representing growth of 17% compared to the prior-year period.
Gross Margin as a percentage of global product sales for the third quarter of 2025 was 85.9% compared to 82.8% in the prior-year period on a GAAP basis. The gross margin percentage increased due to a proportionally higher sales mix of global BRUKINSA compared to other products in our portfolio. Gross margin also benefited from production productivity improvements for both BRUKINSA and TEVIMBRA. On an adjusted basis, which does not include depreciation and amortization, gross margin as a percentage of product sales increased to 86.3% for the third quarter of 2025, compared to 84.9% in the prior-year period.
Operating Expenses
The following table summarizes operating expenses for the third quarter of 2025:
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GAAP |
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Non-GAAP |
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(unaudited, in thousands, except percentages) |
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Q3 2025 |
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Q3 2024 |
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% Change |
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Q3 2025 |
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Q3 2024 |
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% Change |
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Research and development |
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$ |
523,662 |
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$ |
496,179 |
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6 |
% |
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$ |
445,904 |
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$ |
405,545 |
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10 |
% |
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Selling, general and administrative |
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$ |
528,998 |
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$ |
455,223 |
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16 |
% |
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$ |
434,484 |
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$ |
380,737 |
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14 |
% |
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Total operating expenses |
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$ |
1,052,660 |
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$ |
951,402 |
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11 |
% |
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