BeiGene (BeOne Medicines): How China Built a $30B Global Pharma Company
From Brukinsa's market share dominance to a 13-NME pipeline — the definitive BD analysis of China's most successful biotech and what it means for cross-border deal strategy.
The Template for Chinese Biotech Globalization
BeiGene has accomplished something no other Chinese biotech has: built a globally integrated pharmaceutical company that competes head-to-head with Western giants — and wins. With Brukinsa surpassing Imbruvica as the #1 BTK inhibitor in US new patient starts, BeiGene has shattered the assumption that Chinese-originated drugs cannot win in Western markets. For BD professionals, this case study is essential reading.
Executive Summary
BeiGene — soon to rebrand as BeOne Medicines — is the most important case study in cross-border biotech for 2026. Founded in 2010 by John Oyler and Xiaodong Wang, the company has grown from a Beijing startup to a $30 billion market cap global pharma company with 10,000+ employees, manufacturing facilities across three continents, and a self-built commercial infrastructure in the US, EU, and 70+ countries.
The company's flagship product, Brukinsa (zanubrutinib), generated $792 million in Q1 2025 alone — a 62% year-over-year increase — and has become the overall BTK inhibitor market share leader in the United States. Full-year 2025 revenue guidance of $4.9-$5.3 billion would make BeiGene the highest-revenue Chinese-originated biotech company in history.
For business development professionals, BeiGene represents both an opportunity and a competitive challenge. Its success validates the quality of Chinese drug innovation, but its self-commercialization model also demonstrates that the next generation of Chinese biotechs may not need Western licensing partners at all.
BeiGene at a Glance (2025)
Company Overview & Financial Trajectory
BeiGene's financial trajectory is one of the most impressive in biotech history — from zero revenue to profitability in under 15 years, while simultaneously building global commercial and manufacturing infrastructure from scratch.
BeiGene Revenue Trajectory (2021-2025E)
| Year | Total Revenue | YoY Growth | Key Milestone |
|---|---|---|---|
| 2021 | $1.2B | +267% | Novartis tislelizumab deal ($650M upfront) |
| 2022 | $1.5B | +25% | Brukinsa FDA approval for CLL/SLL |
| 2023 | $2.5B | +67% | First quarterly profit; Novartis returns tislelizumab |
| 2024 | $3.8B | +55% | 13 NMEs entered clinic; profitability achieved |
| 2025E | $4.9-5.3B | +29-39% | Brukinsa becomes #1 BTKi in US; BeOne rebrand |
The Profitability Milestone
Brukinsa (Zanubrutinib): The $3.5B+ Franchise
Brukinsa is the commercial engine that powers BeiGene's entire global operation — and its success story holds critical lessons for BD professionals evaluating competitive dynamics in any therapeutic area.
Brukinsa Commercial Performance (Q1 2025)
How Brukinsa Beat Imbruvica
Brukinsa's ascent to the #1 BTK inhibitor position in US new CLL patient starts is remarkable. It displaced AbbVie's Imbruvica — a drug that peaked at $5.4 billion in annual sales — through a combination of superior clinical data (head-to-head ALPINE trial win) and aggressive commercial execution. Key factors:
- Clinical Superiority: The ALPINE Phase III trial demonstrated Brukinsa's superior PFS and lower cardiac toxicity compared to Imbruvica in relapsed/refractory CLL.
- Best-in-Class Safety: Lower rates of atrial fibrillation, hypertension, and bleeding — critical differentiators for hematologists.
- Global Approvals: Approved in 70+ countries including US, EU, UK, Japan, and China across multiple B-cell malignancies.
- Self-Built Commercial Team: BeiGene did not license Brukinsa to a Western partner. It built its own US and EU sales force — a first for a Chinese biotech.
Pipeline Analysis: The Next Growth Wave
BeiGene's pipeline extends well beyond Brukinsa, with 13 new molecular entities entering the clinic in 2024 alone. The portfolio spans next-gen hematology, solid tumors, ADCs, bispecifics, and targeted protein degraders.
BeiGene Key Pipeline Assets (2026)
| Asset | Target/Mechanism | Stage | Indication |
|---|---|---|---|
| Sonrotoclax | BCL2 Inhibitor | Phase III | CLL, WM, NHL |
| BGN-16673 | BTK CDAC (Degrader) | Pivotal (EMA PRIME) | R/R CLL, WM |
| Tevimbra (tislelizumab) | PD-1 | Approved (US/EU/CN) | ESCC, NSCLC, HCC |
| BGB-53038 | panKRAS Inhibitor | Phase I/II | Solid Tumors |
| BG-C137 | FGFR2b ADC | Phase I | Gastric, Solid Tumors |
| BGB-43395 | CDK4 Inhibitor | Late-Stage | Breast Cancer |
Sonrotoclax + Brukinsa: The Combination Play
The most commercially significant pipeline asset is sonrotoclax — a next-generation BCL2 inhibitor designed to be best-in-class versus AbbVie's venetoclax. When combined with Brukinsa, this all-oral combination has the potential to become the standard of care for CLL, creating a franchise worth $5-8 billion at peak. This combination approach mirrors the venetoclax + ibrutinib paradigm but with improved safety profiles on both components.
The Degrader Opportunity: BGN-16673
Partnership & Licensing History
BeiGene's partnership history is instructive for BD professionals — it reveals a company that has systematically shifted from licensing-dependent to self-sufficient, with important lessons about deal dynamics with Chinese biotechs.
Novartis — BeiGene Tislelizumab: The Deal That Came Back
Novartis ↔ BeiGene • PD-1 Checkpoint Inhibitor (Tislelizumab)
BeiGene needed a global partner for tislelizumab to compete in the crowded PD-1 market outside China. Novartis needed a PD-1 after its own spartalizumab underperformed.
In January 2021, Novartis licensed tislelizumab ex-China rights for $650 million upfront, $1.55 billion in milestones, plus tiered royalties. BeiGene retained China and select market rights.
Novartis returned tislelizumab to BeiGene in 2023, citing a 'changing PD-1 landscape.' BeiGene then self-launched Tevimbra globally, gaining EU/US approvals and retaining 100% of economics — a better outcome for BeiGene.
Key BeiGene Partnership Timeline
| Year | Partner | Asset/Area | Status |
|---|---|---|---|
| 2019 | Amgen | Oncology portfolio ($2.8B equity + collaboration) | Active (modified) |
| 2021 | Novartis | Tislelizumab ($650M upfront) | Returned (2023) |
| 2021 | Novartis | Ociperlimab (TIGIT) | Terminated (2023) |
| 2024 | CSPC Zhongqi | SYH2039/BG-89894 (MAT2A inhibitor) | Active |
| 2024 | NewBridge | Brukinsa MENA (concluded) | Internalized |
The Novartis Lesson for BD Teams
The Self-Commercialization Model
BeiGene's most disruptive contribution to the industry is proving that a Chinese-origin biotech can build its own global commercial infrastructure — bypassing the traditional model of licensing to Western partners.
United States: 600+ Person Sales Force
BeiGene built a dedicated US oncology sales force from scratch, now exceeding 600 commercial representatives. This team drove Brukinsa to the #1 position in new CLL patient starts — displacing AbbVie's Imbruvica, which was supported by a sales force three times larger. Quality of execution, not quantity, proved decisive.
Europe: Self-Launch in 30+ Markets
After Novartis returned tislelizumab, BeiGene launched Tevimbra and Brukinsa across European markets with its own teams. This required navigating 30+ different pricing and reimbursement systems — a capability that most Chinese biotechs have avoided building.
Manufacturing: Three-Continent Network
BeiGene operates manufacturing facilities in China (Guangzhou, Suzhou), the US (Hopewell, NJ), and is expanding European capacity. This multi-continent manufacturing footprint provides supply chain resilience and BIOSECURE Act compliance for US government contracts.
Chinese Biotech Peer Comparison
How does BeiGene compare to other leading Chinese biotechs? The gap is substantial and growing — but the competitive landscape offers different BD opportunities depending on the counterparty's stage and strategy.
BeiGene vs Chinese Biotech Peers: BD-Relevant Comparison
| Dimension | In-Licensing | Out-Licensing |
|---|---|---|
2024 Revenue Annual revenue comparison. | $3.8B | $0.5-1.5B |
Global Commercial Presence Self-commercialization footprint. | US, EU, China, 70+ countries | Primarily China + select partners |
US FDA Approvals Western regulatory track record. | 3 (Brukinsa, Tevimbra, etc.) | 0-2 |
Pipeline NMEs R&D productivity. | 13+ entered clinic in 2024 | 3-8 |
Partnership Model Go-to-market strategy. | Self-commercialize globally | License to Western partners |
Chinese Biotech Landscape: Key Players for BD Teams
| Company | Focus Area | Licensing Model | BD Opportunity |
|---|---|---|---|
| BeiGene (BeOne) | Hematology, Solid Tumors | Self-commercialize globally | Limited (prefer self-launch) |
| Hengrui Medicine | Oncology, Autoimmune | Selective out-licensing | High (large pipeline, selective) |
| Innovent Biologics | I/O, Bispecifics | Mixed (self + partners) | High (active licensor) |
| Legend Biotech | Cell Therapy (CARVYKTI) | J&J global partnership | Moderate (J&J relationship) |
| Akeso | Bispecifics (Ivonescimab) | Out-license ex-China | High (active deal-maker) |
| Hansoh Pharma | Oncology, CNS | Selective out-licensing | High (emerging pipeline) |
BD Implications: 5 Lessons from the BeiGene Model
What should Western pharma BD teams learn from BeiGene's trajectory? These five lessons should inform every cross-border licensing strategy in 2026:
Chinese Biotechs Are No Longer Desperate to License
The era of licensing Chinese assets at a discount because the originator "needed" a Western partner is over. BeiGene proved self-commercialization is viable. Expect higher upfronts, tighter territory carve-outs, and more competitive processes.
Speed Matters More Than Premium
Chinese biotechs increasingly evaluate partners on speed-to-market, not just deal economics. BeiGene chose to self-launch Tevimbra rather than wait for another licensing partner. BD teams must demonstrate they can accelerate timelines, not just write checks.
The Best Assets May Never Be Available
If BeiGene had licensed Brukinsa to a Western partner in 2018, it would have captured a fraction of the $15B+ in lifetime revenue the drug will generate. The implication: the highest-quality Chinese biotech assets may never reach the licensing market. BD teams must engage earlier — at the preclinical and Phase I stage.
BIOSECURE Is Not a Licensing Barrier
BeiGene's US manufacturing facility in New Jersey ensures BIOSECURE Act compliance. Forward-thinking Chinese biotechs are already building non-Chinese manufacturing. Do not dismiss Chinese-originated assets on BIOSECURE grounds alone — focus on the manufacturing plan.
Build Relationships Before You Need Them
The most successful cross-border deals are built on years of relationship development. BeiGene's Amgen partnership ($2.8 billion) was the result of extensive engagement. BD teams must invest in China-based relationships continuously, not just when a specific asset is identified.
Investment & M&A Outlook
With a market cap exceeding $30 billion and growing toward $50 billion on current revenue trajectories, BeiGene has moved past the "acquisition target" phase and into the "potential acquirer" phase. This shifts the M&A dynamic significantly.
Bull Case
- Brukinsa reaches $5B+ annual peak sales
- Sonrotoclax creates $8B+ Brukinsa combo franchise
- Pipeline NMEs deliver 2-3 additional blockbusters
- BeOne rebrand unlocks Western institutional investment
- M&A capacity enables bolt-on acquisitions
Risk Factors
- Geopolitical risk (US-China tensions, tariffs)
- BTK inhibitor class competition intensifies
- Pipeline clinical failures (especially sonrotoclax)
- BIOSECURE expansion could impact operations
- Margin pressure from global commercial buildout
Conclusion: The BeiGene Blueprint
BeiGene's transformation from a Chinese startup to the world's fastest-growing oncology company is the defining story of the 2020s in biopharma. For business development professionals, the implications are clear: Chinese biotech innovation is real, it is globally competitive, and the companies behind it are increasingly sophisticated in how they approach partnerships.
The next BeiGene is already being built. Companies like Hengrui, Innovent, Akeso, and Hansoh are following variations of the same playbook — with some choosing to license and others choosing to self-commercialize. BD teams that understand these dynamics, build relationships early, and offer genuine value beyond capital will be the ones who secure the best assets.
At Vision Lifesciences, with offices in Shanghai, Hong Kong, Zurich, and Chicago, we live at the intersection of Chinese biotech innovation and Western commercial strategy. We help companies on both sides of the licensing table — whether you're seeking to in-license Chinese assets or structure outbound partnerships for your own portfolio.