Event:
The company released its key financial results for the full year 2025 and the fourth quarter of 2025. Total revenue for the full year 2025 reached 5.343 billion USD, a year-on-year increase of 40%; GAAP net profit and adjusted net profit were 287 million USD and 918 million USD, respectively. In 2025Q4, total revenue amounted to 1.498 billion USD, up 33% year-on-year; GAAP net profit turned positive at 67 million USD, compared to a loss in the same period last year; adjusted GAAP net profit was 225 million USD, a year-on-year increase of 1297%. The revenue guidance for 2026 is 6.2–6.4 billion USD, with GAAP operating profit projected at 700–800 million USD and non-GAAP operating profit at 1.4–1.5 billion USD.
Each expense ratio has decreased year by year, reducing costs and boosting efficiency while achieving comprehensive profitability.
In 2025, GAAP R&D expenses totaled 2.15 billion USD, with an R&D expense ratio of 40%, down 11 percentage points year-on-year. Non-GAAP R&D expenses amounted to 1.856 billion USD, corresponding to an expense ratio of 35%, a decrease of 9 percentage points year-on-year. In 2025, GAAP sales and administrative expenses reached 2.08 billion USD, with an expense ratio of 39%, down 9 percentage points year-on-year; non-GAAP sales and administrative expenses were 1.74 billion USD, with an expense ratio of 33%, a decrease of 8 percentage points year-on-year. Compared with GAAP metrics, the adjusted figures for 2025 excluded 220 million USD in equity incentive costs and 72.45 million USD in depreciation expenses from both R&D expenses and sales and administrative expenses, as well as 67,000 USD in intangible asset amortization expenses from sales and administrative expenses. In Q4 2025, GAAP R&D expenses were 620 million USD, with an R&D expense ratio of 41%, down 7 percentage points year-on-year and up 4 percentage points quarter-on-quarter. In Q4 2025, GAAP sales and administrative expenses were 560 million USD, with an expense ratio of 37%, down 8 percentage points year-on-year but flat quarter-on-quarter.
In 2025, zanubrutinib's annual revenue maintained a high growth rate, with the United States remaining its primary market. In 2025, zanubrutinib's global sales revenue reached 3.9 billion USD, a year-on-year increase of 48.6%. In Q4 2025, global sales revenue reached 1.1 billion USD, up 38.4% year-on-year and 10% quarter-on-quarter. By region, the U.S. saw robust growth, with full-year revenue in 2025 reaching 2.8 billion USD, a year-on-year increase of 45.1%, largely benefiting from strong demand growth across all indication areas and moderate positive effects from net pricing. Thanks to its BIC clinical profile, zanubrutinib continues to lead the new patient market share among BTKi drugs.
Revenue in the European region reached 0.596 billion USD, a year-on-year increase of 66.2%, primarily due to increased market share in all major European markets, including Germany, Italy, Spain, France, and the United Kingdom.
2026 will see several key milestone advancements.
Several drug programs are advancing into registration‑enabling clinical trials or moving toward marketing approval. The company anticipates that by the first half of 2026: 1) Sotokla will receive U.S. approval for the R/R MCL indication; 2) Interim analysis data from the Phase 3 MANG ROVE trial, comparing zanubrutinib in combination with R versus BR as first‑line treatment for MCL, will be released; 3) A Phase 3 trial evaluating CDK4 inhibitors as first‑line therapy for HR+/HER2‑ BC will be initiated; and 4) Marketing applications for zanubrutinib in combination with zenocutuzumab for first‑line HER2‑positive GEA will be submitted in both China and the United States. In the second half of 2026: 1) A Phase 3 trial will be launched to evaluate a three‑drug combination regimen of sotokla for second‑line and beyond t(11;14) MM; 2) A submission for potential accelerated approval of Phase 2 BTK CDAC for the R/R CLL indication will be made; and 3) A potential Phase 2 registration‑enabling trial for the GPC3×4‑1BB bispecific antibody will be initiated.
Early pipeline progress is going smoothly. The company expects that in the first half of 2026: 1) Data from the Phase 1b trial of BTK CDAC for the treatment of CSU will be released; 2) Data from the Phase 1 trial of a CDK4 inhibitor for first‑line HR‑positive breast cancer will be released; 3) Phase 1 trial data for the B7-H4 ADC will be released; and 4) Phase 1 trial data for the GPC3 × 4-1BB bispecific antibody will be released. In the second half of 2026: 1) Data from the Phase 1/2 trial of an IRAK4 CDAC for the treatment of RA will be released; 2) Data on the PRMT5 inhibitor will be released; and 3) Data on the CEA ADC will be released.
Earnings Forecast and Investment Rating
We expect operating revenue for 2025–2027 to be 37.555 billion, 43.824 billion, and 54.021 billion yuan; as the company reduces costs and improves efficiency, we are raising our forecast for net profit attributable to parent company for 2025–2027 from 1.793 billion, 4.313 billion, and 6.79 billion yuan to 2.017 billion, 4.424 billion, and 8.027 billion yuan. We maintain a "Buy" rating.
Risk Warning: Risks associated with policy changes, global market risks, and delays in R&D progress falling short of expectations.
