Industry Notes

Industry Notes / Pharma / Chapter 9 of 20 · Side-by-side

BeOne and Hengrui: two outbound paths

One keeps product profit; the other licenses and monetizes at home

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BeOne

  • Thesis: own US commercial, keep product profit
  • 2026H1 revenue ~RMB 222 bn, net profit ~RMB 33 bn
  • High concentration: Brukinsa ~74% of product revenue
  • The US is already the largest market

Hengrui

  • Thesis: domestic innovative sales + licensing / NewCo
  • 2026H1 revenue ~RMB 155 bn, net profit ~RMB 45 bn
  • More diversified products, thicker profit
  • Overseas value mostly via partners

A side-by-side fits better than one bar. BeOne tests owning US commercial; Hengrui tests domestic innovative sales plus licensing / NewCo. Check each chapter for the revenue figures.

Source：百济神州 2026 半年报；恒瑞医药 2025 年报、2026 半年报

Research notes, not investment advice.