BeOne Medicines reported 2025 revenue of $5.34 billion, up from $3.81 billion in 2024, as gross profit widened to $4.67 billion from $3.22 billion.
The company’s China business generated $1.68 billion of revenue in 2025, compared with $1.41 billion a year earlier, while cost of goods sold rose to $560.1 million from $524.2 million. That left the China gross margin ratio at 66.6%, up from 62.9%.
Outside China, revenue climbed to $3.66 billion from $2.40 billion, while cost of goods sold increased to $108.4 million from $69.9 million. The ex-China gross margin ratio was 97.0%, slightly below 97.1% in 2024.
Research and development spending allocated to key products and projects increased to $2.15 billion in 2025 from $1.95 billion in 2024. The largest single R&D line item was other R&D projects at $311.6 million, up from $215.1 million. Sonrotoclax spending jumped to $176.7 million from $99.9 million, while BGB-16673 rose to $93.8 million from $20.4 million. Spending on BRUKINSA fell to $97.6 million from $129.2 million, and TEVIMBRA declined to $56.2 million from $68.7 million. R&D collaboration projects dropped to $104.9 million from $189.2 million.
On the production side, BeOne said it produced or purchased 6.27 million vials in 2025, sold 6.00 million, and ended the year with 2.91 million vials in stock. Today the company's shares have moved -2.29% to a price of $276.95. If you want to know more, read the company's complete 8-K report here.
