TacticScaleWhat BeOne Medicines (百济神州) Does & How It Makes Money (688235.SS)
Updated October 2026 · reflects BeOne Medicines's latest reported financials
Global oncology biotech developing and selling cancer medicines. It earns revenue mainly from selling its approved cancer drugs such as BRUKINSA and TEVIMBRA, supplemented by partnership and licensing agreements with other pharmaceutical companies.
How BeOne Medicines makes money
It earns revenue mainly from selling its approved cancer drugs such as BRUKINSA and TEVIMBRA, supplemented by partnership and licensing agreements with other pharmaceutical companies.
What BeOne Medicines does
BeOne Medicines AG, formerly BeiGene, Ltd. (renamed May 2025), is a Basel-based oncology company founded in 2010. It sells cancer treatments in the United States, China, Europe and other markets. Its main commercial products are BRUKINSA, a BTK inhibitor for various blood cancers, and TEVIMBRA, an anti-PD-1 immunotherapy used in solid tumors and blood cancers. It also markets SYLVANT, BAITUOWEI and PARTRUVIX. The clinical pipeline is broad. It includes the Bcl-2 inhibitor sonrotoclax, BTK degraders (CDACs), bispecific and trispecific antibodies, antibody-drug conjugates, and small-molecule inhibitors that target KRAS, CDK2/4, PRMT5 and MAT2A. The company also has agreements with partners including Amgen, BMS, Novartis, Bio-Thera, EUSA Pharma and Luye Pharmaceutical.
Products & services
- BRUKINSA (zanubrutinib, BTK inhibitor)
- TEVIMBRA (anti-PD-1 antibody)
- SYLVANT
- PARTRUVIX
- BAITUOWEI
- Sonrotoclax (Bcl-2 inhibitor, clinical)
百济神州是做什么的？
BeOne Medicines AG原名百济神州（BeiGene），于2025年5月更名。公司成立于2010年，总部位于瑞士巴塞尔，是一家专注肿瘤领域的生物医药公司，在美国、中国、欧洲等市场销售抗癌药物。核心商业化产品包括用于多种血液肿瘤的BTK抑制剂百悦泽（BRUKINSA），以及用于实体瘤和血液肿瘤的PD-1抗体百泽安（TEVIMBRA），另有SYLVANT、BAITUOWEI、PARTRUVIX等产品。 公司研发管线丰富，包括Bcl-2抑制剂sonrotoclax、BTK降解剂、双/三特异性抗体、抗体偶联药物（ADC）以及KRAS、CDK2/4等靶点的小分子抑制剂。公司还与安进、百时美施贵宝、诺华、百奥泰等药企有合作协议。
What is BeOne Medicines worth?
On an owner-earnings DCF, BeOne Medicines's most-likely value is about ¥22 versus a recent price near ¥248 (1037% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥7) with a margin of safety — so the honest verdict here is “Stretched — richly priced.” Fair value earns its keep only at the extremes, not in the wide middle.
Today's $248 is above even the optimistic Bull case ($70) — the market expects faster, longer growth than modeled here. Expensive unless that extra growth actually shows up.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
BeOne Medicines trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shanghai (A shares) | 688235.SS | ¥248.02 | 82.9× |
| Hong Kong (H shares) | 6160.HK | HK$212.20 | 62.4× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.
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