Key Takeaways:
- Q2 revenue rose 30% to $1.7 billion, with net income up 151%
- Zanubrutinib global sales climbed 31% to $1.2 billion
- Company raised 2026 revenue guidance to $6.6 billion to $6.8 billion
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BeiGene raises 2026 guidance as zanubrutinib sales jump 31%
BeiGene reported second-quarter revenue of $1.7 billion, up 30% from a year earlier, and raised its full-year 2026 guidance to $6.6 billion to $6.8 billion.
"These strong second-quarter results show our continued growth as a global oncology leader," John V. Oyler, co-founder, chairman and chief executive officer, said. "Our foundational hematology franchise, led by BRUKINSA, continues to gain momentum."
GAAP net income reached $237 million, up 151% from $94 million a year earlier, while adjusted net income rose 76% to $444 million. Diluted GAAP earnings per American Depositary Share came in at $2.05, and non-GAAP diluted EPS was $3.84. Free cash flow nearly doubled to $435 million, and cash and equivalents stood at $5.28 billion at the end of June.
Zanubrutinib, sold as BRUKINSA, generated $1.2 billion in global sales, up 31%, with U.S. sales of $893 million. Tislelizumab, sold as TEVIMBRA, rose 18% to $229 million, and Amgen-licensed products climbed 25% to $157 million. Gross margin widened to 90% from 87% on a higher sales mix of zanubrutinib and lower manufacturing costs.
The company lifted its 2026 revenue outlook to $6.6 billion to $6.8 billion from $6.3 billion to $6.5 billion and raised GAAP operating income guidance to $1 billion to $1.1 billion. CICC maintained its outperform rating on the Hong Kong-listed shares, setting target prices of 340 yuan for the A-share, 266 Hong Kong dollars for the H-share and $445 for the U.S. ADR, and raised its 2026 and 2027 earnings forecasts by 34% and 38%.
Operating expenses rose 13% to $1.2 billion, below the 30% revenue growth, as selling and administrative costs fell to 35% of product sales from 41%. Research and development spending increased 17% to $612 million, including $23.3 million in upfront and milestone payments for in-licensed assets.
BeiGene also reported positive data from the Phase 3 MANGROVE trial of zanubrutinib in mantle cell lymphoma and received U.S. Food and Drug Administration accelerated approval for sonrotoclax, sold as BEQALZI, in relapsed or refractory mantle cell lymphoma. It announced a $300 million expansion of its New Jersey manufacturing and research center.
The guidance raise points to sustained demand for zanubrutinib as BeiGene expands in Europe and other markets. Investors will watch regulatory decisions on zanubrutinib in first-line mantle cell lymphoma and tislelizumab in HER2-positive gastroesophageal adenocarcinoma in the second half of 2026.
This article is for informational purposes only and does not constitute investment advice.
