Summary
BeiGene, Ltd. (ONC) presented its 2022 annual report on February 27, 2023, highlighting significant product revenue growth driven by its internally developed medicines, BRUKINSA® (zanubrutinib) and tislelizumab. Total revenues increased by 20.4% to $1.4 billion, primarily due to a 97.9% surge in product revenue to $1.25 billion, propelled by strong global sales of BRUKINSA and expanding indications for tislelizumab, particularly in China. Despite increasing operating expenses, especially in R&D and SG&A to support growth, the company is focused on advancing its robust pipeline with over 50 medicines and drug candidates in development, including over 30 pivotal trials. Financially, the company ended 2022 with substantial cash and short-term investments totaling approximately $4.5 billion, providing liquidity for ongoing operations and future development. The company continues to expand its manufacturing capabilities globally, with new facilities being built in China and New Jersey. Collaborations with industry leaders like Amgen and Novartis remain a key strategic component, providing both revenue and pipeline advancement opportunities. While the company is committed to long-term value creation, it acknowledges the ongoing investments required in R&D and commercialization and anticipates continued revenue growth to outpace operating expense growth in the near term.
Financial Highlights
55 data points| Revenue | $1.42B |
| Cost of Revenue | $286.48M |
| Gross Profit | $1.13B |
| R&D Expenses | $1.64B |
| SG&A Expenses | $1.28B |
| Operating Expenses | $2.92B |
| Operating Income | -$1.79B |
| Interest Expense | $21.70M |
| Net Income | -$2.00B |
| EPS (Basic) | $-1.49 |
| EPS (Diluted) | $-1.49 |
| Shares Outstanding (Basic) | 1.34B |
| Shares Outstanding (Diluted) | 1.34B |
Key Highlights
- 1Total revenues grew 20.4% to $1.4 billion in 2022, driven by a significant increase in product revenue.
- 2Product revenue nearly doubled, increasing by 97.9% to $1.25 billion, primarily due to strong sales of BRUKINSA and tislelizumab.
- 3BRUKINSA global sales surged 159.0% to $564.7 million, with U.S. sales growing 237.0% to $389.7 million.
- 4Tislelizumab sales in China increased 65.8% to $422.9 million, benefiting from broader reimbursement and expanded market access.
- 5R&D expenses increased 12.4% to $1.6 billion, reflecting continued investment in internal development programs and expanding global teams.
- 6The company ended 2022 with approximately $4.5 billion in cash, cash equivalents, and short-term investments, providing significant liquidity.
- 7Strategic collaborations with Amgen and Novartis continue to drive revenue and pipeline advancement.