BeiGene's net loss narrowed in the first half of the year, and sales of zanubrutinib more than doubled to 8 billion yuan
2024-08-08
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
BeiGene
Relying on its two core products, BeiGene's revenue grew by more than 60% in the first half of the year and its net loss further narrowed.
On August 7, BeiGene (BGNE.NS; 06160.HK; 688235.SH) released its second quarter 2024 US stock performance report and A-share semi-annual performance report. During the reporting period, BeiGene's operating income was 11.996 billion yuan, a year-on-year increase of 65.4%, of which product revenue increased by 77.8% year-on-year to 11.908 billion yuan.
BeiGene's key financial data and indicators for the first half of 2024
BeiGene has not yet turned a profit, but its financial report has narrowed its losses year-on-year: operating losses and total losses in the first half of the year narrowed to 2.699 billion yuan, net losses attributable to the parent company narrowed to 2.877 billion yuan, and net losses attributable to the parent company excluding non-recurring items narrowed to 3.125 billion yuan. It is worth mentioning that its US stock financial report shows that BeiGene's GAAP (non-U.S. generally accepted accounting principles) operating losses in the second quarter fell 66% year-on-year. On a non-GAAP basis, the company achieved adjusted operating profits of $48 million.
The revenue growth in the first half of the year was also due to the sales growth of two self-developed products, Beiyueze (Zebutinib Capsules) and BeiGene (Tislelizumab Injection). Among them, the global sales of the blood cancer drug Zebutinib totaled 8.018 billion yuan, a year-on-year increase of 122%.
Zebutinib is a BTK inhibitor that will enter the "billion-dollar molecule" club in 2023. In the field of biopharmaceuticals, drugs with annual revenues of more than $1 billion are often called "blockbuster" drugs. In the first half of the year alone, Zebutinib broke the billion-dollar mark again. Currently, Zebutinib has been approved in more than 70 markets around the world, with the European and American markets contributing more than 80% of revenue. From a regional perspective, in the first half of 2024, Zebutinib's US sales totaled 5.903 billion yuan, a year-on-year increase of 134.4%; European sales reached 1.057 billion yuan, a year-on-year increase of 231.6%; and Chinese sales totaled 873 million yuan, a year-on-year increase of 30.5%.
Another core product is the anti-PD-1 antibody drug BeiGene (tislelizumab), with sales of 2.191 billion yuan in the first half of the year, a year-on-year increase of 19.4%. In March of this year, BeiGene announced that tislelizumab was approved in the United States, becoming the second domestically produced PD-1 to successfully export to the United States. BeiGene did not mention the sales of PD-1 in the United States. Regarding the growth in sales of the drug, BeiGene said that it was mainly due to the new patient demand brought about by the inclusion of new indications in medical insurance and the increase in the number of drug admissions. At present, tislelizumab has been approved for 13 indications in China, and 11 indications have been included in the national medical insurance catalog.
In addition to the two core independent products, BeiGene is also continuously expanding its pipeline. Currently, the company is continuing to advance four registration clinical trials, including a global pivotal Phase III clinical trial of sonrotoclax in combination with Biancocel for the first-line treatment of CLL patients, with more than 1,000 subjects enrolled.
In the field of solid tumors, for breast cancer and gynecological cancers, the CDK4 inhibitor BGB-43395 developed by BeiGene has shown good safety as a monotherapy and in combination with fulvestrant and letrozole. More than 60 patients have been enrolled to date, and the Phase I trial data is expected to be announced for the first time in the fourth quarter of 2024.
As of the close of August 7, BeiGene's A shares were at 137.5 yuan per share, up 0.31%; its H shares were at 103.4 Hong Kong dollars per share, up 1.57%. The US stock closed up 3.42% on August 6 at $171.32 per share, and the highest pre-market gain on August 7 was over 6%.
The Paper reporter Li Xiaoxiao
(This article is from The Paper. For more original information, please download the "The Paper" APP)
