BeiGene Raises 2026 Outlook for Third Time as Nine-Month Profit Climbs 432%

Zanubrutinib sales drive a sharp rise in earnings

BeiGene raised its 2026 revenue forecast to 46.3 billion to 47.0 billion yuan on November 5 after profit attributable to shareholders reached 6.055 billion yuan in the first nine months, up 431.8% from a year earlier. Its cancer drug zanubrutinib supplied nearly three quarters of revenue, with the United States accounting for most of that medicine's quarterly sales.

The company, also known as BeOne Medicines, reported revenue of 34.993 billion yuan for January through September, an increase of 26.8%. Third quarter revenue reached 12.774 billion yuan, also up 26.8%, while quarterly profit attributable to shareholders rose 304.3% to 2.785 billion yuan.

The latest forecast marks the third increase this year. BeiGene began 2026 expecting revenue of 43.6 billion to 45.0 billion yuan. Its new range lifts the lower end by 2.7 billion yuan and the upper end by 2.0 billion yuan, reflecting stronger sales and a growing ability to turn those sales into earnings.

John Oyler, the company's cofounder, chairman and chief executive, described the financial performance during the November 5 earnings call:

Financially, we continue to deliver rapid growth and strong earnings.

The next stage of growth involves both existing medicines and experimental treatments. BeiGene is seeking permission to use zanubrutinib earlier in mantle cell lymphoma treatment, advancing several drugs for solid tumors and expanding a partnership with Revolution Medicines in selected Asian markets.

Profit grows faster than revenue

BeiGene's earnings show how its business has changed since 2025, when revenue for the first nine months was 27.595 billion yuan and profit attributable to shareholders was 1.139 billion yuan. Revenue has increased by about 7.4 billion yuan since that period, while profit has risen by roughly 4.9 billion yuan.

Profit attributable to shareholders represented approximately 17.3% of revenue in the first nine months of 2026, compared with about 4.1% a year earlier. The calculation uses reported profit divided by revenue. In practical terms, BeiGene retained substantially more profit from each yuan of sales.

Growing product sales and tighter expense management helped produce that change. Drug development and international sales networks require substantial spending. As revenue expands, a company can spread some of those expenses across a larger business, allowing earnings to grow faster than sales.

BeiGene reported adjusted operating profit of 10.702 billion yuan for the first nine months, up 93.1%. Adjusted net profit reached 9.643 billion yuan, an increase of 103.9%. These measures exclude specified accounting charges, including compensation paid in shares, depreciation, amortization and impairment losses on assets held for long periods.

The mainland listing figures and the United States results use different accounting frameworks. Under U.S. generally accepted accounting principles, BeiGene reported quarterly revenue of $1.89 billion, up 33.8%, and net income of $385 million, up 208.2%. The mainland figures were 12.774 billion yuan in revenue, up 26.8%, and 2.785 billion yuan in attributable profit, up 304.3%.

U.S. diluted earnings were $0.25 per ordinary share and $3.28 per American depositary share, a security that represents underlying shares traded through a U.S. listing. Adjusted quarterly net income was $539 million.

Three forecast increases, with a larger lift to earnings

BeiGene raised its revenue outlook gradually during the year, before making a larger increase in November. The sequence shows how expectations changed as sales accumulated:

• At the start of 2026, revenue guidance was 43.6 billion to 45.0 billion yuan.
• On May 7, the company raised the upper end to 45.2 billion yuan, leaving the lower end unchanged.
• On August 6, it increased the range to 44.9 billion to 46.2 billion yuan.
• On November 5, it raised the range again to 46.3 billion to 47.0 billion yuan.

The latest revenue range has a midpoint of 46.65 billion yuan, about 2.4% above the previous midpoint of 45.55 billion yuan. The increase in expected operating earnings was much larger.

BeiGene raised its forecast for revenue after operating costs and expenses to 8.4 billion to 9.0 billion yuan, from 6.5 billion to 7.1 billion yuan. The midpoint rose approximately 28%, compared with the 2.4% increase in the revenue midpoint.

Revenue after adjusted operating costs and expenses is now expected to reach 13.1 billion to 13.7 billion yuan, up from 11.5 billion to 12.2 billion yuan. In dollar terms, the company forecast revenue of $6.9 billion to $7.0 billion, operating income under U.S. accounting rules of $1.2 billion to $1.3 billion, and adjusted operating income of $1.9 billion to $2.0 billion.

The dollar guidance uses exchange rates from November 1. BeiGene described the outlook as a preliminary assessment subject to uncertainty and excluded potential material new business developments and special items.

One medicine supplies most of the sales

Zanubrutinib, sold as Brukinsa, generated global sales of 9.424 billion yuan in the third quarter, up 27%. Sales for the first nine months reached 25.551 billion yuan, an increase of 28.1%.

Those figures put zanubrutinib at about 73% of total revenue for the first nine months and approximately 74% of product revenue. Its success finances much of the company's expansion, while making continued demand for the medicine central to financial performance.

U.S. quarterly sales of zanubrutinib reached 6.816 billion yuan, up 29.4%, representing about 72% of its global sales. On the earnings call, management said U.S. sales exceeded $1 billion for the first time and included an approximately $50 million benefit from order timing and an extra shipping day.

Zanubrutinib blocks Bruton's tyrosine kinase, or BTK, a protein involved in signals that help certain cancerous immune cells survive. It is approved in more than 80 markets for several cancers involving B cells, including chronic lymphocytic leukemia, Waldenstrom macroglobulinemia, mantle cell lymphoma and marginal zone lymphoma.

Oyler also cited six collections of data from routine treatment of chronic lymphocytic leukemia, covering survival, treatment discontinuation and the time until another treatment was needed. He said all 21 reported hazard ratios favored Brukinsa. A hazard ratio compares how frequently an event occurs over time in different treatment groups.

Other medicines and regions broaden the business

Tislelizumab, sold internationally as Tevimbra, generated quarterly global sales of 1.640 billion yuan, up 20.3%. The medicine blocks PD-1, a protein that can restrain the immune response, helping immune cells attack cancer.

Products licensed from Amgen contributed a further 1.133 billion yuan, an increase of 19.4%. Together with zanubrutinib, these medicines supplied most of BeiGene's product revenue, which reached 12.560 billion yuan in the quarter, compared with 9.954 billion yuan a year earlier.

Product revenue for January through September totaled 34.357 billion yuan, up 25.8%, and accounted for about 98% of total revenue. Sales of medicines, rather than other income streams, therefore explain almost all of the company's revenue base.

Figures discussed on the earnings call put quarterly revenue at approximately $1 billion in the United States, $527 million in China, $234 million in Europe and $80 million elsewhere. China revenue growth of 21% included a contribution of seven percentage points from foreign exchange movements.

The regional picture gives BeiGene several sources of demand, although the United States remains its largest market. Currency movements also affect reported growth when sales earned in different countries are translated into the currency used for financial statements.

Regulators review an earlier use in mantle cell lymphoma

The U.S. Food and Drug Administration has granted priority review to an application for zanubrutinib as an initial treatment for mantle cell lymphoma, based on the phase 3 MANGROVE trial. Priority review gives an application a faster assessment timetable.

BeiGene has also submitted an application for the additional use to the European Medicines Agency. China's Center for Drug Evaluation, part of the National Medical Products Administration, has accepted the application for review.

An approval would expand the circumstances in which doctors can prescribe the medicine under its authorized label. For patients with newly diagnosed mantle cell lymphoma, the proposed change concerns treatment at the beginning of care, rather than after another treatment has been used.

BeiGene expects regulatory decisions on several applications for additional uses of its medicines during the first half of 2027. It did not provide individual decision dates for those applications.

The company also previously disclosed a development in U.S. patent litigation involving zanubrutinib. Pharmacyclics, an AbbVie subsidiary, decided against appealing a U.S. Patent and Trademark Office final written decision finding all claims of U.S. Patent No. 11,672,803 invalid. That patent had formed the basis of an infringement lawsuit against BeiGene and its U.S. subsidiary.

Experimental treatments target lung and ovarian cancers

BeiGene presented initial clinical findings for several experimental treatments at the 2026 European Society for Medical Oncology Congress. The programs extend its research beyond blood cancers into solid tumors, including lung and ovarian cancers.

BG-C477 is an antibody-drug conjugate directed at CEA, a protein found at high levels on some cancer cells. An antibody-drug conjugate combines an antibody that recognizes a target with a drug intended to kill the targeted cell.

The FDA granted BG-C477 Fast Track designation for advanced or metastatic non-small cell lung cancer with high CEA levels after disease progression following systemic treatment. Metastatic cancer has spread to other parts of the body, while systemic treatment travels through the body rather than treating only one location.

The company reported a confirmed response rate of 60% for the CEA treatment in patients with non-small cell lung cancer who had received extensive previous treatment. A response rate measures the share of patients whose tumors shrink enough to meet the study's criteria.

BeiGene also presented initial findings for BGB-58067, an MTA-cooperative PRMT5 inhibitor. The treatment targets a cellular process that certain cancers depend on, particularly tumors lacking the MTAP gene. The earnings call summary described a confirmed response rate of 38.5% in a previously treated lung cancer group and median progression free survival of 8.1 months, meaning half the patients reached that length of time without their cancer worsening.

A third program, a GPC3/4-1BB bispecific treatment designed to engage two biological targets, produced a confirmed response rate of 36% in heavily treated liver cancer. About 79% of responders were reported to retain a response at six months.

In ovarian cancer, BeiGene has started the phase 3 Starstone-301 trial of BG-C9074, an antibody-drug conjugate targeting B7-H4, combined with bevacizumab. The trial evaluates maintenance treatment after initial therapy, aiming to keep the cancer controlled. Larger trials will assess how long benefits last and the treatments' safety.

Cash generation supports research and a new partnership

BeiGene ended September with cash and cash equivalents of $5.781 billion. Operating activities generated $1.173 billion in cash during the first nine months, and quarterly free cash flow reached $474 million, up 34%. Free cash flow is cash remaining after spending on assets needed to run the business.

Total assets stood at 66.654 billion yuan on September 30, up 16.3% from the beginning of the year. Equity attributable to shareholders reached 39.487 billion yuan, an increase of 28.9%.

The company is putting resources into internal development and outside collaborations. Its agreement with Revolution Medicines includes evaluating selected BeiGene experimental cancer treatments in combination with four experimental RAS(ON) inhibitors. These inhibitors target active forms of RAS proteins, which can send signals that drive cancer growth.

A regional licensing agreement also gives BeiGene exclusive development and commercialization rights for the covered candidates in selected Asian markets. The arrangement connects clinical testing of combinations with rights to develop and sell medicines in those territories.

BeiGene expects net other expenses of 180 million to 350 million yuan for 2026. It also anticipates a possible reversal of part of a tax valuation allowance in the fourth quarter. Such a reversal would create an accounting tax benefit by recognizing that previously reserved tax benefits are more likely to be usable.

Shares rise as attention turns to the next approvals

BeiGene's mainland shares closed November 5 at 274.05 yuan, up 3.84%, while its Hong Kong shares rose 7.34% to HK$248.60. U.S. shares closed November 4 at $377.78, up 6.42%, and gained more than 6% in trading before the market opened on November 5.

The mainland shares were up 2.03% for 2026 through November 5. That modest gain across the year puts the day's stronger move in perspective.

The next concrete milestones are the fourth quarter financial results, including any tax allowance reversal, and regulatory decisions expected during the first half of 2027. Commercially, the central task is sustaining zanubrutinib sales while growing other medicines. In research, the priority is moving promising early results into larger studies that can support applications for approval.

Key Points

• BeiGene raised its 2026 revenue forecast for the third time, to 46.3 billion to 47.0 billion yuan.
• Profit attributable to shareholders reached 6.055 billion yuan in the first nine months, up 431.8%.
• Zanubrutinib generated 25.551 billion yuan in sales during that period, about 73% of total revenue.
• U.S., European and Chinese regulators are reviewing an additional use of zanubrutinib in initial mantle cell lymphoma treatment.
• BeiGene is advancing experimental treatments for solid tumors and combinations with Revolution Medicines candidates.
• Several decisions on additional approved uses are expected in the first half of 2027.