BeiGene Ltd (NASDAQ: BGNE; HKG: 6160; SHA: 688235) has released its financial results for the third quarter of 2023. The biotechnology company reported total revenues of USD 781 million, with global product sales reaching USD 595 million, marking year-on-year (YOY) increases of 102% and 70%, respectively. Net profits for the period were USD 215.4 million, compared to USD 557.6 million in the previous year.
BTK Inhibitor Brukinsa Drives Revenue Growth
BeiGene’s BTK inhibitor, Brukinsa (zanubrutinib), contributed USD 357.7 million in revenues, an impressive 130% YOY increase, as its global launch gains momentum across multiple indications, including chronic lymphocytic leukemia (CLL). In the US, the drug generated USD 270.1 million, a 149.8% YOY increase, while in China, it earned USD 47.4 million, up 20.8% YOY.
End of Licensing Deal with Novartis and Tislelizumab Updates
In September, BeiGene and Novartis mutually agreed to terminate their licensing deal, which began in January 2021, under which Novartis held co-development and commercial rights to tislelizumab in North America, Japan, the EU, and six other European countries. During the reporting period, tislelizumab was approved for the treatment of non-resectable, locally advanced, or metastatic esophageal squamous cell carcinoma (ESCC) in patients who had previously received platinum-containing chemotherapy. It was also filed for marketing for use in first-line non-resectable locally advanced, recurrent, or metastatic ESCC in the US, with review results expected in the following year. Tislelizumab’s sales in China reached USD 144.4 million in Q3, a 12.6% YOY growth.- Flcube.com
