BeOne Medicines Ltd.

BRUKINSA treats chronic B-cell malignancies where patients typically remain on continuous BTK inhibitor therapy for years; once on treatment, discontinuation rates are low. Revenue visibility from the existing patient base is strong, but the model lacks formal contractual underpinning and competitive dynamics in new patient starts create ongoing uncertainty.

BRUKINSA represented approximately 73% of FY2025 total revenue of $5.34B, with TEVIMBRA and collaboration revenue comprising the remainder. Single-product concentration at this level leaves the business structurally exposed to any adverse development affecting zanubrutinib.

China contributed approximately 31% of FY2025 revenue and the US likely represents over 50% of ex-China sales given BRUKINSA's greater than 50% US new patient share in CLL. Two-country concentration in the US and China creates geopolitical sensitivity that the 2025 redomiciliation to Switzerland only partially mitigates.

BRUKINSA gross margins were approximately 97% ex-China in FY2025, reflecting near-zero incremental cost for an approved oral small molecule at commercial scale. Operating leverage is now structurally visible: FY2025 was the company's first year of GAAP profitability, with FY2026 GAAP operating income guidance of $700-800M on $6.2-6.4B revenue.

BRUKINSA treats life-threatening hematologic malignancies where switching to a competitor during active response carries clinical risk for the patient. Repeat prescriptions for multi-year CLL therapy exhibit high persistence, and the oncology indication mix sits at the more mission-critical end of the pharmaceutical spectrum.