BeiGene (NASDAQ: BGNE; HKG: 6160; SHA: 688235) has reported its financial results for the second quarter of 2024, with total revenues hitting USD 929 million, representing a robust 56% increase year-on-year (YOY). Product sales accounted for USD 921 million of this total, marking a 66% YOY uptick. Operating losses, according to Generally Accepted Accounting Principles (GAAP), were USD 107 million for Q2 2024, a 66% decrease from the same quarter last year, and amounted to USD 369 million for the first half of the year, a 47% YOY decrease. On a non-GAAP basis, BeiGene reported a profit of USD 48.464 million for Q2 2024.
Geographically, the United States emerged as BeiGene’s largest market, with product revenue soaring to USD 479 million, more than double the figure from the same period in the previous year (USD 224 million). The company’s commercialized products, including the BTK inhibitor Brukinsa (zanubrutinib) and the PD-1 inhibitor tislelizumab, were identified as the primary growth drivers. Brukinsa’s U.S. sales reached USD 479 million, part of its total global sales of USD 637 million, which saw a 107% YOY increase. In Europe, Brukinsa’s sales totaled USD 81 million. Tislelizumab’s sales reached USD 158 million, up 6% YOY.
Research and development (R&D) expenses for the period were USD 454 million, a 7% YOY increase. BeiGene’s late-stage pipeline includes the BCL2 inhibitor sonrotoclax and the BTK targeted degradation agent BGB-16673. Sonrotoclax, which has been granted fast-track status in the U.S., is expected to begin enrolling patients in a Phase III study for relapsed/refractory chronic lymphocytic leukemia (R/R CLL) and relapsed/refractory mantle cell lymphoma (R/R MCL) by the end of 2024 or the beginning of 2025. BGB-16673 has shown promising preliminary efficacy and safety data in R/R CLL/SLL patients and is anticipated to start Phase III clinical trials in the same timeframe.
To bolster its global presence, BeiGene has inaugurated an USD 800 million, 42-acre flagship U.S. biologics manufacturing facility and clinical R&D center in New Jersey. The company has also proposed to redomicile from the Cayman Islands to Switzerland, aiming to leverage Switzerland’s innovative biotech ecosystem, which is home to leading life science organizations and institutions.- Fineline.com
