Summary
BeiGene, Ltd. (ONC) reported strong revenue growth in its Q2 2021 filing, with total revenues reaching $150.0 million, a significant increase from $65.6 million in the prior year period. This growth was driven by substantial increases in product revenue, particularly from its internally developed medicines BRUKINSA® and tislelizumab, as well as the addition of collaboration revenue from the Novartis agreement. The company's R&D expenses also saw an increase, reflecting continued investment in its pipeline. Despite a net loss of $480.3 million for the quarter, the company maintains a robust cash position, ending the period with over $1.7 billion in cash, cash equivalents, and restricted cash, bolstered by recent financing activities and upfront payments from collaborations. Key developments during the quarter included positive results from the Phase 3 SEQUOIA trial for BRUKINSA® and multiple regulatory updates for its product candidates.
Financial Highlights
54 data points| Revenue | $149.99M |
| Cost of Revenue | $36.26M |
| Gross Profit | $113.73M |
| R&D Expenses | $356.09M |
| SG&A Expenses | $232.29M |
| Operating Expenses | $624.83M |
| Operating Income | -$474.84M |
| Interest Expense | $7.63M |
| Net Income | -$484.60M |
| EPS (Basic) | $-0.40 |
| EPS (Diluted) | $-0.40 |
| Shares Outstanding (Basic) | 1.19B |
| Shares Outstanding (Diluted) | 1.19B |
Key Highlights
- 1Total revenues increased by 128.5% to $150.0 million for the three months ended June 30, 2021, compared to $65.6 million in the prior year period.
- 2Product revenue grew by 111.2% to $138.6 million, driven by strong sales of tislelizumab and BRUKINSA®.
- 3Collaboration revenue of $11.4 million was recognized from the Novartis agreement, compared to no collaboration revenue in the prior year period.
- 4Research and development expenses increased by 24.5% to $356.1 million, reflecting ongoing investment in clinical trials and drug development.
- 5Selling, general, and administrative expenses increased by 87.3% to $232.3 million, supporting the expansion of commercial operations.
- 6The company ended the period with $1.787 billion in cash, cash equivalents, and restricted cash, indicating a strong liquidity position.
- 7Recent developments include positive topline results from the Phase 3 SEQUOIA trial for BRUKINSA® and Health Canada approval for BRUKINSA® for mantle cell lymphoma.