China-based BeiGene, Ltd. (NASDAQ: BGNE, HKG: 6160, SHA: 688235) has reported financial results for the first quarter of 2023, highlighting recent business achievements and upcoming milestones. The company’s revenue for the three months ended March 31, 2023, was USD 447.8 million, marking a robust 46.05% increase year-on-year (YOY). Product revenue totaled USD 410.3 million for the quarter, up 56.9% YOY, driven primarily by BRUKINSA (zanubrutinib), tislelizumab, and in-licensed products.
Collabor Revenue and R&D Expenses
Collabor revenue for the three months was USD 37.5 million, resulting from partial recognition of upfront payments from Novartis related to the tislelizumab and ociperlimab agreements. This is a decrease compared to USD 45.1 million in the prior-year period, due to reduced research and development (R&D) service revenue, which dropped from USD 13.427 million to USD 6.817 million. R&D expenses were USD 408.6 million, up 4.8% YOY, primarily due to increases in headcount and costs related to investment in the company’s discovery and development activities. The net loss was USD 348.4 million, down 20% YOY, attributed to improved operating leverage as product revenues grew faster than operating expenses.
Major Product Sales and Regional Revenues
BeiGene generated substantial net revenue in China, the US, and other countries and regions, with significant year-over-year increases. The company’s major product sales showed strong global net sales and substantial year-over-year growth percentages, indicating a robust market performance.
Global Expansion Plans and Upcoming Milestones
Going forward, BeiGene will continue to expand BRUKINSA’s registration program globally, support regulatory reviews for sNDA for PFS superiority in R/R CLL, and other indications. The company will initiate a global pivotal trial for BGB-11417 in first-line CLL in combination with BRUKINSA and announce readouts for multiple Phase 2 studies in 2023. Additionally, BeiGene will post abstracts for a Phase 1 study of the OX40 agonist, BGB-A445, and initiate dose expansion in combination with tislelizumab in solid tumors.-Fineline Info & Tech
