BeiGene (NASDAQ: BGNE, HKG: 6160, SHA: 688235) reported its financial results for Q2 2022, recording USD304.5 million in product revenues, a 120% increase compared to USD138.6 million from the same period last year. The growth was primarily driven by strong sales of its Bruton’s tyrosine kinase (BTK) inhibitor Brukinsa (zanubrutinib) and the PD-1 inhibitor tislelizumab.
Product Sales Breakdown
- Brukinsa: Global sales reached USD128.7 million, up 203% year-on-year (YOY). Sales in the US were USD88.4 million, a 456% YOY increase, driven by rising prescriptions for approved indications including mantle cell lymphoma (MCL), Waldenström’s macroglobulinemia (WM), and marginal zone lymphoma (MZL). Sales in China were USD36.7 million, up 39% YOY.
- Tislelizumab: Sales in China were USD104.9 million, up 40% from USD74.9 million in the same period last year.
- Licensed Products: Products licensed from Amgen generated USD29.5 million in sales, compared to USD3.3 million last year. Products licensed from Bristol-Myers Squibb generated USD23.4 million in sales in China, up from USD13.4 million in the same period last year.
Collaboration Revenues
Revenues from collaboration projects were USD37.1 million, primarily from advance payments by Novartis related to tislelizumab and ociperlimab. Collaboration revenues of USD11.4 million were mainly from partial revenue recognition from Novartis related to tislelizumab.
Operating Losses
For the three months ending June 30, 2022, operating losses decreased by USD35.4 million, or 7.5% YOY, to USD439.4 million, down from USD474.8 million in the same period in 2021. The decrease was mainly due to the increase in gross profit from product sales outpacing the rise in operating expenses.
COVID-19 Impact
BeiGene expects the ongoing COVID-19 pandemic to continue to negatively impact its business, including commercial sales, drug administration communication, inspection and regulatory filing, production, and clinical trial patient enrollment, participation, and data release. The company is working to mitigate delays and disruptions caused by the outbreak and has established protocols to ensure continued operations in line with global commercialization, regulatory affairs, manufacturing, and clinical development goals.-Fineline Info & Tech
