BeiGene, a leading global oncology firm, has unveiled its first-quarter 2024 results alongside significant business updates.
John V. Oyler, Co-Founder, Chairman, and CEO at BeiGene, expressed satisfaction with the robust financial performance, citing substantial revenue growth propelling the company into the top 15 global oncology innovators based on total oncology sales. Oyler highlighted operational improvements, noting enhanced operating leverage towards sustainable profitability.
Financial Highlights:
- Net product revenues surged to $746.9 million, marking an 82% increase over the prior year.
- Collaborative net revenue decreased to $4.7 million, representing an 87% decline from the previous year.
- Total revenue reached $751.7 million, reflecting a 68% increase compared to the same period in 2023.
- GAAP loss from operations decreased by 30%, while adjusted loss from operations decreased by 47% compared to the first quarter of 2023.
Key Business Updates:
BRUKINSA® (zanubrutinib):
- U.S. BRUKINSA sales soared to $351 million, exhibiting a remarkable 153% growth over the prior year.
- BRUKINSA gained traction in treatment-naïve chronic lymphocytic leukemia (CLL) and emerged as the leader in new-patient share in relapsed or refractory CLL.
- Noteworthy regulatory achievements include FDA approval for R/R follicular lymphoma treatment.
- Significant sales growth was observed in Europe, totaling $67 million, with continued market share gains.
TEVIMBRA® (tislelizumab):
- Tislelizumab sales amounted to $145 million, showcasing a 26% growth compared to the previous year.
- FDA approvals were received for various indications, including second-line esophageal squamous cell carcinoma (ESCC).
- European Commission approval was granted for non-small cell lung cancer (NSCLC) treatment across three indications.
Key Pipeline Highlights:
Hematology:
- Sonrotoclax received FDA fast track designation for R/R mantle cell lymphoma (MCL).
- Expansion cohorts were initiated in R/R MCL and CLL for BGB-16673.
Solid Tumors:
- Ongoing Phase 3 trials for ociperlimab (anti-TIGIT) in first-line PD-L1 high NSCLC.
- Multiple tislelizumab lung cancer combination cohorts expected
- Global oncology company BeiGene unveiled its first-quarter 2024 results alongside significant business updates.
- John V. Oyler, BeiGene’s Co-Founder, Chairman, and CEO, expressed satisfaction with another robust financial quarter. He highlighted the company’s remarkable revenue growth, propelling BeiGene into the top 15 global oncology innovators by total oncology sales. Oyler also emphasized their strides towards sustainable profitability, underlining operational improvements.
- Financially, BeiGene reported substantial growth, with net product revenues reaching $746.9 million, marking an 82% increase compared to the previous year. However, net revenue from collaborations experienced a decline.
- Key highlights included advancements in hematology leadership, notably with BRUKINSA, now recognized as the BTK inhibitor with the broadest label. TEVIMBRA also gained approvals in the U.S. and Europe, expanding BeiGene’s solid tumor therapy portfolio.
- BRUKINSA’s performance in the U.S. and Europe showcased significant growth, with sales totaling $351 million and $67 million, respectively. Notable achievements included FDA approval for the treatment of adult patients with R/R follicular lymphoma.
- TEVIMBRA saw sales of $145 million, with notable milestones such as European Commission approval for non-small cell lung cancer (NSCLC) treatment across multiple indications.
- Pipeline highlights included advancements in hematologic and solid tumor therapies, with notable progress in lung and breast cancer treatments.
- Other business highlights encompassed legal victories, sustainability efforts, and infrastructure development, including the anticipated opening of a state-of-the-art biologics manufacturing facility and clinical R&D center.
- Financially, revenue for Q1 2024 totaled $752 million, primarily driven by BRUKINSA sales growth. Gross margin improved to 83%, attributed to a higher sales mix of BRUKINSA.
- Operating expenses increased, particularly in research and development (R&D) and selling, general, and administrative (SG&A) sectors, reflecting continued investments in commercial launches and R&D programs. However, loss from operations decreased, showcasing improved operating leverage.
- Overall, BeiGene reported improved financial metrics, decreased net loss, and reduced cash usage compared to the prior-year period, signaling positive momentum and strategic advancement. For further details, BeiGene’s full financial statements are available in their Quarterly Report on Form 10-Q for Q1 2024 filed with the U.S. Securities and Exchange Commission.
