Summary
BeiGene, Ltd. (BeiGene) reported robust revenue growth in the third quarter of 2021, driven by strong performance of its internally developed products, BRUKINSA® and tislelizumab, as well as in-licensed products. Total revenue surged by 126.7% year-over-year to $206.4 million. Product revenue, in particular, more than doubled to $192.5 million, fueled by significant increases in BRUKINSA® sales in the U.S. and China, and continued strong sales of tislelizumab in China. The company also saw positive contributions from newly launched products like pamiparib and Amgen's XGEVA® and BLINCYTO® in China. Despite the impressive revenue growth, BeiGene reported a net loss of $413.9 million for the quarter. This was primarily driven by substantial investments in research and development, which increased slightly year-over-year to $351.9 million, and a significant rise in selling, general, and administrative expenses, up 67.4% to $269.2 million, reflecting the expansion of its global commercial and R&D organizations. The company ended the quarter with a strong cash position of approximately $1.39 billion in cash, cash equivalents, and restricted cash, supported by a substantial $2.5 billion in short-term investments.
Financial Highlights
55 data points| Revenue | $206.44M |
| Cost of Revenue | $47.41M |
| Gross Profit | $159.03M |
| R&D Expenses | $351.94M |
| SG&A Expenses | $269.23M |
| Operating Expenses | $668.76M |
| Operating Income | -$462.32M |
| Interest Expense | $7.61M |
| Net Income | -$438.11M |
| EPS (Basic) | $-0.36 |
| EPS (Diluted) | $-0.36 |
| Shares Outstanding (Basic) | 1.21B |
| Shares Outstanding (Diluted) | 1.21B |
Key Highlights
- 1Total revenue for Q3 2021 increased by 126.7% to $206.4 million compared to $91.1 million in Q3 2020.
- 2Product revenue grew by 111.3% to $192.5 million, driven by strong sales of BRUKINSA® and tislelizumab.
- 3BRUKINSA® global sales reached $65.8 million, a 320% increase year-over-year, with significant growth in both the U.S. and China.
- 4Tislelizumab sales in China increased by 54% to $77.0 million, benefiting from broader reimbursement and salesforce expansion.
- 5Research and Development expenses remained high at $351.9 million, a slight increase of 0.8% year-over-year.
- 6Selling, General, and Administrative expenses increased significantly by 67.4% to $269.2 million, reflecting global expansion.
- 7The company maintained a strong liquidity position with $1.39 billion in cash, cash equivalents, and restricted cash as of September 30, 2021.