BeiGene tops the list: first innovative drug giant with a market cap of 500 billion emerges

(Source: Yidu Pharmaceutical

Reposted from: Y

On September 2, 2025, a seemingly ordinary trading day, the capital market was stirred by a piece of newsBei(688235) The stock price has been soaring. During today's session, the stock climbed to 333.04 yuan, marking a significant increase of 11.01%. The total market capitalization successfully surpassed the 500 billion mark, reaching 512.835 billion.

As of this morning's market close, BeiGene's stock price was 329.51 yuan per share, with a total market capitalization reaching 507.4 billion yuan

In the first half of 2025, BeiGene achieved profitability in both operating profit and net income attributable to shareholders for the first time in a half-year period, marking a significant milestone as the 14-year-old innovative biopharmaceutical company entered a new stage of self-sustaining growth. The company’s total operating revenue reached RMB 17.518 billion, a year-on-year increase of 46.0%, while product revenue amounted to RMB 17.360 billion, up 45.8% compared to the same period last

Particularly noteworthy is the fact that the company achieved an operating profit of 799 million yuan, a net profit attributable to the parent company of 450 million yuan, marking its first half-year profitability, and a net cash flow from operating activities of 1.631 billion yuan.

In terms of core product sales, zanubrutinib generated global sales of RMB 12.527 billion, a year-on-year increase of 56.2%, with sales in the United States reaching RMB 8.958 billion (up 51.7% year-on-year), sales in Europe totaling RMB 1.918 billion (up 81.4% year-on-year), and sales in China amounting to RMB 1.192 billion (up 36.5% year-on-year). Tislelizumab achieved sales of RMB 2.643 billion, a year-on-year growth of 20.6%, maintaining a leading share in the Chinese PD-1

Since its inception, BeiGene has maintained a high level of R&D investment. In the first half of 2025, the company's R&D expenses reached 7.278 billion yuan, a year-on-year increase of 9.80%. It is evident that this substantial investment in R&D has yielded significant results for Bei

Overall, its overseas revenue accounts for more than 50% of its total, with strong sales of its key drugs in the European and American markets. Through global expansion and the establishment of its own overseas team, BeiGene has successfully broken through the ceiling of the domestic market.

The financial report also revealed that over the next 18 months, the company expects to achieve more than 20 milestone developments in its hematologic oncology and solid tumor pipelines. Additionally, it raised the lower end of its full-year revenue forecast and increased its projected gross margin to the "mid-to-high 80% to 90% range," highlighting the company's strong growth trajectory and potential.

The rise of BeiGene coincidedChina PharmaceuticalsA period of profound transformation in the industry. Policies such as the reform of the drug review and approval system and the regular implementation of volume-based procurement are driving the industry’s shift from generic drugs to innovative drugs. Capital market innovations, such as the STAR Market and Chapter 18A of the Hong Kong Stock Exchange, have also provided financing channels for unprofitable biotech companies.

On the other hand, factors such as population aging, increased health awareness among residents, and the improvement of the healthcare system are continuously expanding the scale of China's pharmaceutical market. According to predictions from multiple institutions, China is expected to become the world's second-largest pharmaceutical market around 2023, providing broad development opportunities for domestic innovative drug companies like BeiGene, Inc.

Looking back to October 2010, BeiGene emerged at a pivotal moment. Co-founded by National Academy of Sciences member Wang Xiaodong and entrepreneur John V. Oyler, the company adopted the vision of “Bridging Innovation to Heal the World,” focusing on the research and development of innovative oncology drugs, including targeted therapies and immuno-oncology treatments. At that time, generic drugs dominated 95% of China’s pharmaceutical market, and the development of innovative drugs faced significant challenges—high risk, substantial investment, and long development

BeiGene has been anchored in "original drugs" since its inception, leveraging its "all-star founding team" to drive capital leverage and overcome the "valley of death" challenge in innovative drug development.

In 2013, the company completed a Series A funding round of $75 million, setting a record for the largest single financing round in China's biopharmaceutical industry at the time. In 2016, BeiGene was listed on NASDAQ, becoming the first Chinese biotech company to go public in the United States. In 2019, its first innovative drug, Zanubrutinib (Brukinsa), received approval from the U.S. FDA, marking a "zero breakthrough" for China's original research drugs entering the global market

In August 2018, BeiGene was listed on the Hong Kong Stock Exchange. On December 15, 2021, it successfully debuted on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the world's first biotechnology company to be listed on the Shanghai Stock Exchange, Nasdaq, and the Hong Kong Stock Exchange. This triple listing not only provides BeiGene with diversified financing channels but also marks its rise in the global pharmaceutical market

However, a high market capitalization also comes with high expectations, and BeiGene faces numerous challenges—

For example, although BeiGene is projected to achieve its first full-year positive operating profit in 2025, sustaining profitability remains challenging. The company must continue its high-intensity R&D investments while further optimizing cost control and operational efficiency to ensure stable and sustainable profitability. This requires not only greater breakthroughs in product sales and market expansion but also more precise and efficient financial management.

In the global pharmaceutical market, BeiGene faces dual competitive pressures from international giants and domestic peers. Multinational pharmaceutical companies possess extensive experience and robust resources in innovative drug development and market promotion, while domestic innovative drug companies are continuously rising, making market competition increasingly intense. BeiGene needs to consistently innovate and optimize its product pipeline to maintain its competitive edge in the market.

Furthermore, geopolitical risks and changes in the global regulatory environment may also introduce uncertainties to the company's globalization strategy

BeiGene's market value has surpassed HKD 500 billion, marking a significant milestone in the development of China's innovative drug industry. This figure not only reflects the market's recognition of Chinese innovative pharmaceutical companies but also embodies expectations for their future growth.

However, market capitalization is just one measure of a company's value, which ultimately must be validated through product innovation, commercial success, and sustainable profitability. For China's biotech industry, which is still in its growth phase, BeiGene's next steps warrant continued attention, but the challenges it faces cannot be overlooked.