BeiGene Announces Fourth Quarter and Full Year 2024 Financial Results and Business Updates
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Total global revenues of
$1.1 billion $3.8 billion 78% and55% , respectively; narrowed GAAP operating loss and achieved full-year positive non-GAAP operating income -
Global BRUKINSA revenues of
$828 million $2.6 billion 100% and105% , respectively; progressed pivotal-stage programs for BCL2 inhibitor sonrotoclax and BTK CDAC BGB-16673 - Advanced six and 13 New Molecular Entities (NMEs) into the clinic in the fourth quarter and full year, respectively; anticipate multiple data readouts for innovative solid tumor programs in 1H 2025
-
Full year 2025 revenue guidance of
$4.9 billion $5.3 billion
(Graphic: Business Wire)
“Our fourth quarter and full year results demonstrate our tremendous growth as a global oncology powerhouse, reinforced by the continued success of BRUKINSA and the development of one of the most prolific solid tumor pipelines in oncology with multiple data readouts expected this year,” said John V. Oyler, Co-Founder, Chairman, and CEO at BeiGene. “BRUKINSA is now the unequivocal leader in new CLL patient starts in the
Fourth Quarter and Full Year 2024 Financial Snapshot
(Amounts in thousands of
|
|
Fourth Quarter |
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|
|
Full Year |
|
|
||||||||||||||
|
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||||||||
Net product revenues |
|
$ |
1,118,035 |
|
|
$ |
630,526 |
|
|
77 |
% |
|
$ |
3,779,546 |
|
|
$ |
2,189,852 |
|
|
73 |
% |
Net revenue from collaborations |
|
$ |
9,789 |
|
|
$ |
3,883 |
|
|
152 |
% |
|
$ |
30,695 |
|
|
$ |
268,927 |
|
|
(89 |
)% |
Total revenue |
|
$ |
1,127,824 |
|
|
$ |
634,409 |
|
|
78 |
% |
|
$ |
3,810,241 |
|
|
$ |
2,458,779 |
|
|
55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
GAAP loss from operations |
|
$ |
(79,425 |
) |
|
$ |
(383,795 |
) |
|
(79 |
)% |
|
$ |
(568,199 |
) |
|
$ |
(1,207,736 |
) |
|
(53 |
)% |
Adjusted income (loss) from operations* |
|
$ |
78,603 |
|
|
$ |
(267,224 |
) |
|
129 |
% |
|
$ |
45,356 |
|
|
$ |
(752,473 |
) |
|
106 |
% |
* For an explanation of our use of non-GAAP financial measures refer to the "Note Regarding Use of Non-GAAP Financial Measures" section later in this press release and for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measures, see the table at the end of this press release.
Key Business Updates
BRUKINSA® (zanubrutinib) is an orally available, small molecule inhibitor of BTK designed to deliver complete and sustained inhibition of the BTK protein by optimizing bioavailability, half-life, and selectivity. With differentiated pharmacokinetics compared with other approved BTK inhibitors, BRUKINSA has been demonstrated to inhibit the proliferation of malignant B cells within a number of disease-relevant tissues. BRUKINSA has the broadest label globally of any BTK inhibitor and is the only BTK inhibitor to provide the flexibility of once or twice daily dosing. The BRUKINSA clinical development program includes approximately 7,100 patients enrolled to date in more than 30 countries and regions across more than 35 trials. BRUKINSA is approved in more than 70 markets, and more than 180,000 patients have been treated globally.
-
U.S. sales of BRUKINSA totaled$616 million $2.0 billion 97% and106% , respectively, over the prior-year periods, with more than60% of the quarter-over-quarter demand growth coming from expanded use in chronic lymphocytic leukemia (CLL) as BRUKINSA continued to gain share as the leader in new patient starts in theU.S. in CLL and all other approved indications; BRUKINSA sales inEurope totaled$113 million $359 million 148% and194% , respectively, compared to the prior-year periods, driven by increased market share across all major markets, includingGermany ,Italy ,Spain ,France and theUK ; and -
Entered into a patent litigation settlement agreement with MSN Pharmaceuticals, Inc. and MSN Laboratories Private Ltd. granting MSN the right to sell a generic version of BRUKINSA in the
U.S. no earlier than June 15, 2037, subject to potential acceleration or extension under circumstances customary for settlement of this type.
TEVIMBRA® (tislelizumab) is a uniquely designed humanized immunoglobulin G4 (IgG4) anti-programmed cell death protein 1 (PD-1) monoclonal antibody with high affinity and binding specificity against PD-1; it is designed to minimize binding to Fc-gamma (Fcγ) receptors on macrophages, helping to aid the body’s immune cells to detect and fight tumors. TEVIMBRA is the foundational asset of BeiGene’s solid tumor portfolio and has shown potential across multiple tumor types and disease settings. The TEVIMBRA clinical development program includes almost 14,000 patients enrolled to date in 35 counties and regions across 70 trials, including 21 registration-enabling studies. TEVIMBRA is approved in 45 markets, and more than 1.3 million patients have been treated globally.
-
Sales of tislelizumab totaled
$154 million $621 million 20% and16% , respectively, compared to the prior-year periods; -
Received
U.S. Food and Drug Administration (FDA) approval in combination with platinum and fluoropyrimidine-based chemotherapy for the first-line treatment of unresectable or metastatic HER2-negative gastric or gastroesophageal junction adenocarcinoma in adults whose tumors express PD-L1 (≥1); and - Received European Commission (EC) approval in combination with chemotherapy for the first-line treatment of esophageal squamous cell carcinoma and gastric or gastroesophageal junction adenocarcinoma.
Key Pipeline Highlights
BeiGene’s portfolio strategy emphasizes rapid generation of early-stage clinical proof-of-concept data enabled by its speed- and cost-advantaged (“Fast to Proof of Concept”) approach to global development operations. The Company’s in-house global research and development team, including clinical operations and development, is comprised of nearly 3,700 colleagues conducting trials across six continents and striving to ensure rigorous data quality through collaborations with regulators and investigators in over 45 countries. This strategic approach maximizes resources by channeling data-gated investments into the most promising clinically differentiated candidates quickly and de-prioritizing others. With one of the largest oncology research teams in the industry, BeiGene has demonstrated strengths in translational small molecule and biologics discovery, including three platform technologies: multi-specific antibodies, chimeric degradation activation compounds (CDACs), and antibody-drug conjugates (ADCs).
Hematology
BRUKINSA
-
At the American Society of Hematology (ASH) Annual meeting, presented 5-year follow-up from SEQUOIA study; with adjustment for COVID-19 impact, the study demonstrated treatment with BRUKINSA reduced the risk of progression or death by
75% compared to bendamustine-rituximab in patients with treatment-naïve (TN) CLL; - Anticipate FDA and EC approvals of BRUKINSA tablet formulation in the second half of 2025;
- Anticipate an interim analysis of progression-free survival for the Phase 3 MANGROVE study in TN mantle cell lymphoma (MCL) in the second half of 2025; and
- Anticipate completing enrollment for the relapsed/refractory (R/R) follicular lymphoma portion of the Phase 3 MAHOGANY study in the second half of 2025.
Sonrotoclax (BCL2 inhibitor)
- Planned data readouts in R/R CLL and R/R MCL Phase 2 trials and potential accelerated approval submissions in the second half of 2025;
- At ASH, presented data from the 320 mg expansion cohort of a Phase 1/1b study at a median follow-up of 1.5 years demonstrating no progression in patients with TN CLL in combination with BRUKINSA;
- More than 1,800 patients enrolled to date across the program;
- Completed enrollment in Phase 3 CELESTIAL study in TN CLL;
- Anticipate enrolling first subjects in global Phase 3 trials in R/R CLL and R/R MCL in the first half of 2025; and
- Continued enrollment in global Phase 2 trial in Waldenström’s macroglobulinemia.
BGB-16673 (BTK CDAC)
- Continued to enroll potentially registration enabling R/R CLL Phase 2 study with data readout expected in 2026;
- More than 500 patients enrolled to date across the program;
- Anticipate initiation of Phase 3 trial in R/R CLL compared to physician’s choice in the first half of 2025; and
- Anticipate initiation of Phase 3 head-to-head trial against noncovalent BTK inhibitor pirtobrutinib in R/R CLL in the second half of 2025.
Solid Tumors
Anticipate data readouts for BGB-43395 (CDK4 inhibitor), BG-68501 (CDK2 inhibitor) and BG-C9074 (B7H4 ADC) in the first half of 2025, and internal proof-of-concept data for BG-60366 (EGFR CDAC), BGB-53038 (panKRAS inhibitor), BG-C137 (FGFR2b ADC), BGB-C354 (B7H3 ADC), and BG-C477 (CEA ADC) in the second half of 2025.
Lung Cancer
- Tarlatamab (AMG757, DLL3xCD3 BiTE): anticipate data readout from Phase 3 study in second-line small cell lung cancer in the first half of 2025;
- Advan-TIG-302 (TIGIT antibody): anticipate interim data readout from Phase 3 study in first-line PD(L)1-high non small cell lung cancer in the second half of 2025;
- BG-60366 (EGFR CDAC): entered into the clinic in the fourth quarter of 2024; differentiated degrader mechanism to completely abolish EGFR signaling; highly potent across osimertinib-sensitive and resistant EGFR mutations; strong preclinical efficacy data with oral and daily dosing;
- BG-89894 (MAT2A inhibitor): entered dose escalation in fourth quarter of 2024; potential best-in-class characteristics with superior potency and brain penetration; strong synergy between PRMT5i and MAT2Ai in preclinical models;
- BGB-58067 (MTA-cooperative PRMT5 inhibitor): entered into the clinic in the beginning of January 2025; best-in-class potential with high potency, selectivity, and brain penetrability; and
- BG-T187 (EGFR x MET trispecific antibody): initiated dose escalation in fourth quarter of 2024; differentiated MET biparatopic design with optimal MET inhibitory activity to pursue best-in-class opportunity.
Breast and Gynecologic Cancers
- BGB-43395 (CDK4 inhibitor): continued dose escalation in monotherapy and in combination with fulvestrant and letrozole in the anticipated efficacious dose range; more than 180 patients enrolled to date and proof-of-concept expected in the first half of 2025; planning underway for Phase 3 trial in second-line HR+/HER2- metastatic breast cancer in combination with endocrine therapy; and
- BG-68501(CDK2 inhibitor) and BG-C9074 (B7H4 ADC): continued monotherapy dose escalation; more than 50 patients and more than 70 patients enrolled to date, respectively.
Gastrointestinal Cancers
- Zanidatamab (HER2 bispecific antibody) in combination with tislelizumab and chemotherapy: anticipate primary PFS data readout from Phase 3 study in first-line HER2-positive gastroesophageal adenocarcinoma in the second half of 2025; and
-
NMEs advanced into the clinic in the fourth quarter of 2024:
- BGB-53038 (panKRAS inhibitor): highly potent and selective with broad activity against KRAS mutations in multiple tumor types; limits toxicity by sparing other RAS proteins; KRAS mutations are present in 19 percent of cancers; and
- BG-C137 (FGFR2b ADC): potential first-in-class ADC for a validated target in upper gastrointestinal and breast cancers; potential superior efficacy compared to leading monoclonal antibody in both high- and medium-expression models.
Inflammation and Immunology
BGB-45035 (IRAK4 CDAC): currently in dose escalation in both SAD and MAD cohorts with more than 130 subjects enrolled; potent and selective degrader that targets both kinase and scaffold functions of IRAK4 for complete target degradation; Phase 2 study planned in 2025; proof-of-concept for tissue IRAK4 degradation in the second half of 2025.
Corporate Updates
- Announced intent to change the Company’s name to BeOne Medicines, pending shareholder approval; the new name reflects the Company’s commitment to develop innovative medicines to eliminate cancer by partnering with the global community to serve as many patients as possible;
-
Announced a global licensing agreement with CSPC Zhongqi Pharmaceutical Technology (
Shijiazhuang ) Co., Ltd. for SYH2039 (BG-89894), a novel MAT2A inhibitor being explored for solid tumors as monotherapy and in combination with BGB-58067 (MTA-cooperative PRMT5 inhibitor); - Changed the Company’s Nasdaq stock ticker from “BGNE” to “ONC”; and
- Hosted an investor webinar on December 16, 2024, highlighting key data from the hematology franchise from the ASH 2024 and the 2024 San Antonio Breast Cancer Symposium and presented at the 2025 J.P. Morgan Healthcare Conference on January 13, 2025. Replays and materials can be found at the Investor Events and Presentations section of the Company’s website.
Fourth Quarter and Full Year 2024 Financial Highlights
Revenue for the fourth quarter and full year 2024 was
Product Revenue totaled
Gross Margin as a percentage of global product sales for the fourth quarter and full year 2024 was
Operating Expenses
The following table summarizes operating expenses for the fourth quarter 2024 and 2023, respectively:
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GAAP |
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Non-GAAP |
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(in thousands, except percentages) |
|
Q4 2024 |
|
Q4 2023 |
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% Change |
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Q4 2024 |
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Q4 2023 |
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% Change |
Research and development |
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Selling, general and administrative |
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Total operating expenses |
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The following table summarizes operating expenses for the full year 2024 and 2023, respectively:
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GAAP |
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|
Non-GAAP |
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(in thousands, except percentages) |
|
FY 2024 |
|
FY 2023 |
|
% Change |
|
FY 2024 |
|
FY 2023 |
|
% Change |
Research and development |
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|
Selling, general and administrative |
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Total operating expenses |
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|
Research and Development (R&D) Expenses increased for the fourth quarter and full year 2024 compared to the prior-year periods on both a GAAP and adjusted basis primarily due to advancing preclinical programs into the clinic and early clinical programs into late stage. Upfront fees and milestone payments related to in-process R&D for in-licensed assets totaled
Selling, General and Administrative (SG&A) Expenses increased for the fourth quarter and full year 2024 compared to the prior-year periods on both a GAAP and adjusted basis due to continued investment in the global commercial launch of BRUKINSA primarily in the
Net Loss
GAAP net loss improved for the fourth quarter and full year 2024, as compared to the prior-year periods, primarily attributable to reduced operating losses.
For the fourth quarter of 2024, net loss per share was
Cash Provided by Operations for the fourth quarter 2024 was
For further details on BeiGene’s 2024 Financial Statements, please see BeiGene’s Annual Report on Form 10-K for fiscal year 2024 filed with the
Full Year 2025 Guidance
BeiGene’s financial guidance is summarized below:
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FY 20251 |
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Total Revenue |
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GAAP Operating Expenses (R&D and SG&A) |
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Additional: |
GAAP Gross Margin Percentage in mid |
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||
Positive Full Year GAAP Operating Income |
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|
Generation of Positive Cash Flow from Operations |
|
||
1 Does not assume any potential new, material business development activity or unusual/non-recurring items. Assumes January 31, 2025 foreign exchange rates.
BeiGene’s total revenue guidance for full year 2025 of
Conference Call and Webcast
The Company’s earnings conference call for the fourth quarter and full year 2024 will be broadcast via webcast at 8:00 a.m. ET on Thursday, February 27, 2025, and will be accessible through the Investors section of BeiGene’s website, www.beigene.com. Supplemental information in the form of a slide presentation and a replay of the webcast will also be available.
About BeiGene
BeiGene, which plans to change its name to BeOne Medicines Ltd., is a global oncology company that is discovering and developing innovative treatments that are more affordable and accessible to cancer patients worldwide. With a broad portfolio, we are expediting development of our diverse pipeline of novel therapeutics through our internal capabilities and collaborations. We are committed to radically improving access to medicines for far more patients who need them. Our growing global team of more than 11,000 colleagues spans six continents. To learn more about BeiGene, please visit www.beigene.com and follow us on LinkedIn, X (formerly known as Twitter), Facebook and Instagram.
BeiGene intends to use the Investors section of its website, its X (formerly known as Twitter) account at x.com/BeiGeneGlobal, its LinkedIn account at linkedin.com/company/BeiGene, its Facebook account at facebook.com/BeiGeneGlobal, and its Instagram account at instagram.com/BeiGeneGlobal to disclose material information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors should monitor BeiGene’s website, its X account, its LinkedIn account, its Facebook account, and its Instagram account in addition to BeiGene’s press releases, SEC filings, public conference calls, presentations, and webcasts.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding timing of proof-of-concept data readouts, clinical trial activities and readouts, study enrollment, and regulatory approvals; BeiGene’s future revenue, operating income, cash flow, operating expenses and gross margin percentage; the future of BeiGene’s solid tumor pipeline and its ability to address unmet patient need across multiple disease areas and therapeutic modalities; the future success of BeiGene’s clinical trials and new molecular entities; and BeiGene’s plans, commitments, aspirations and goals under the caption “About BeiGene”. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including BeiGene’s ability to demonstrate the efficacy and safety of its drug candidates; the clinical results for its drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; BeiGene’s ability to achieve commercial success for its marketed medicines and drug candidates, if approved; BeiGene’s ability to obtain and maintain protection of intellectual property for its medicines and technology; BeiGene’s reliance on third parties to conduct drug development, manufacturing, commercialization, and other services; BeiGene’s limited experience in obtaining regulatory approvals and commercializing pharmaceutical products; BeiGene’s ability to obtain additional funding for operations and to complete the development of its drug candidates and achieve and maintain profitability; and those risks more fully discussed in the section entitled “Risk Factors” in BeiGene’s most recent annual report on Form 10-K, as well as discussions of potential risks, uncertainties, and other important factors in BeiGene’s subsequent filings with the
Condensed Consolidated Statements of Operations ( |
||||||||
(Amounts in thousands of |
||||||||
|
Fourth Quarter |
|
Full Year |
|||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
(unaudited) |
|
(audited) |
|||||
Revenue |
|
|
|
|
|
|
|
|
Product revenue, net |
|
|
|
|
|
|
|
|
Collaboration revenue |
9,789 |
|
3,883 |
|
30,695 |
|
268,927 |
|
Total revenues |
1,127,824 |
|
634,409 |
|
3,810,241 |
|
2,458,779 |
|
Cost of sales - products |
160,560 |
|
105,832 |
|
594,089 |
|
379,920 |
|
Gross profit |
967,264 |
|
528,577 |
|
3,216,152 |
|
2,078,859 |
|
Operating expenses |
|
|
|
|
|
|
|
|
Research and development |
542,012 |
|
493,987 |
|
1,953,295 |
|
1,778,594 |
|
Selling, general and administrative |
504,677 |
|
418,385 |
|
1,831,056 |
|
1,508,001 |
|
Total operating expenses |
1,046,689 |
|
912,372 |
|
3,784,351 |
|
3,286,595 |
|
Loss from operations |
(79,425) |
|
(383,795) |
|
(568,199) |
|
(1,207,736) |
|
Interest income , net |
7,808 |
|
16,274 |
|
47,836 |
|
74,009 |
|
Other (expense) income, net |
(13,734) |
|
16,749 |
|
(12,638) |
|
307,891 |
|
Loss before income taxes |
(85,351) |
|
(350,772) |
|
(533,001) |
|
(825,836) |
|
Income tax expense |
66,530 |
|
16,781 |
|
111,785 |
|
55,872 |
|
Net loss |
(151,881) |
|
(367,553) |
|
(644,786) |
|
(881,708) |
|
|
|
|
|
|
|
|
|
|
Net loss per share |
|
|
|
|
|
|
|
|
Weighted-average shares outstanding—basic and diluted |
1,381,378,234 |
|
1,353,005,058 |
|
1,368,746,793 |
|
1,357,034,547 |
|
|
|
|
|
|
|
|
|
|
Net loss per American Depositary Share (“ADS”) |
|
|
|
|
|
|
|
|
Weighted-average ADSs outstanding—basic and diluted |
106,259,864 |
|
104,077,312 |
|
105,288,215 |
|
104,387,273 |
|
Select Condensed Consolidated Balance Sheet Data ( |
||||
(Amounts in thousands of |
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|
|
As of |
|||
|
December 31, |
|
December 31, |
|
|
2024 |
|
2023 |
|
|
(audited) |
|||
Assets: |
|
|
|
|
Cash, cash equivalents and restricted cash |
|
|
|
|
Accounts receivable, net |
676,278 |
|
358,027 |
|
Inventories, net |
494,986 |
|
416,122 |
|
Property, plant and equipment, net |
1,578,423 |
|
1,324,154 |
|
Total assets |
|
|
|
|
Liabilities and equity: |
|
|
|
|
Accounts payable |
|
|
|
|
Accrued expenses and other payables |
803,713 |
|
693,731 |
|
R&D cost share liability |
165,440 |
|
238,666 |
|
Debt |
1,018,013 |
|
885,984 |
|
Total liabilities |
2,588,688 |
|
2,267,948 |
|
Total equity |
|
|
|
|
Select Unaudited Condensed Consolidated Statements of Cash Flows ( |
||||||||||||||||
(Amounts in thousands of |
||||||||||||||||
|
|
Fourth Quarter |
|
Full Year |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
(unaudited) |
|
(audited) |
||||||||||||
Cash, cash equivalents and restricted cash at beginning of period |
|
$ |
2,713,428 |
|
|
$ |
3,080,892 |
|
|
$ |
3,185,984 |
|
|
$ |
3,875,037 |
|
Net cash provided by (used in) operating activities |
|
|
75,160 |
|
|
|
(221,638 |
) |
|
|
(140,631 |
) |
|
|
(1,157,453 |
) |
Net cash (used in) provided by investing activities |
|
|
(93,605 |
) |
|
|
(62,584 |
) |
|
|
(548,350 |
) |
|
|
60,004 |
|
Net cash (used in) provided by financing activities |
|
|
(4,523 |
) |
|
|
347,048 |
|
|
|
193,449 |
|
|
|
416,478 |
|
Net effect of foreign exchange rate changes |
|
|
(51,713 |
) |
|
|
42,266 |
|
|
|
(51,705 |
) |
|
|
(8,082 |
) |
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(74,681 |
) |
|
|
105,092 |
|
|
|
(547,237 |
) |
|
|
(689,053 |
) |
Cash, cash equivalents and restricted cash at end of period |
|
$ |
2,638,747 |
|
|
$ |
3,185,984 |
|
|
$ |
2,638,747 |
|
|
$ |
3,185,984 |
|
Note Regarding Use of Non-GAAP Financial Measures
BeiGene provides certain non-GAAP financial measures, including Adjusted Operating Expenses and Adjusted Operating Loss and certain other non-GAAP income statement line items, each of which include adjustments to GAAP figures. These non-GAAP financial measures are intended to provide additional information on BeiGene’s operating performance. Adjustments to BeiGene’s GAAP figures exclude, as applicable, non-cash items such as share-based compensation, depreciation and amortization. Certain other special items or substantive events may also be included in the non-GAAP adjustments periodically when their magnitude is significant within the periods incurred. BeiGene maintains an established non-GAAP policy that guides the determination of what costs will be excluded in non-GAAP financial measures and the related protocols, controls and approval with respect to the use of such measures. BeiGene believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of BeiGene’s operating performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of the Company’s historical and expected financial results and trends and to facilitate comparisons between periods and with respect to projected information. In addition, these non-GAAP financial measures are among the indicators BeiGene’s management uses for planning and forecasting purposes and measuring the Company’s performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES |
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(Amounts in thousands of |
||||||||
(unaudited) |
||||||||
|
|
Fourth Quarter |
|
Full Year |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Reconciliation of GAAP to adjusted cost of sales - products: |
|
|
|
|
|
|
|
|
GAAP cost of sales - products |
|
|
|
|
|
|
|
|
Less: Depreciation |
|
18,089 |
|
1,898 |
|
42,707 |
|
8,578 |
Less: Amortization of intangibles |
|
1,183 |
|
1,119 |
|
4,729 |
|
3,739 |
Adjusted cost of sales - products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to adjusted research and development: |
|
|
|
|
|
|
|
|
GAAP research and development |
|
|
|
|
|
|
|
|
Less: Share-based compensation expenses |
|
44,992 |
|
39,424 |
|
186,113 |
|
163,550 |
Less: Depreciation |
|
22,146 |
|
17,180 |
|
98,814 |
|
56,084 |
Adjusted research and development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to adjusted selling, general and administrative: |
|
|
|
|
|
|
|
|
GAAP selling, general and administrative |
|
|
|
|
|
|
|
|
Less: Share-based compensation expenses |
|
62,790 |
|
53,328 |
|
255,680 |
|
204,038 |
Less: Depreciation |
|
8,811 |
|
1,784 |
|
25,417 |
|
15,774 |
Less: Amortization of intangibles |
|
17 |
|
1,838 |
|
95 |
|
3,500 |
Adjusted selling, general and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to adjusted operating expenses |
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
1,046,689 |
|
912,372 |
|
3,784,351 |
|
3,286,595 |
Less: Share-based compensation expenses |
|
107,782 |
|
92,752 |
|
441,793 |
|
367,588 |
Less: Depreciation |
|
30,957 |
|
18,964 |
|
124,231 |
|
71,858 |
Less: Amortization of intangibles |
|
17 |
|
1,838 |
|
95 |
|
3,500 |
Adjusted operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to adjusted loss from operations: |
|
|
|
|
|
|
|
|
GAAP loss from operations |
|
|
|
|
|
|
|
|
Plus: Share-based compensation expenses |
|
107,782 |
|
92,752 |
|
441,793 |
|
367,588 |
Plus: Depreciation |
|
49,046 |
|
20,862 |
|
166,938 |
|
80,436 |
Plus: Amortization of intangibles |
|
1,200 |
|
2,957 |
|
4,824 |
|
7,239 |
Adjusted income (loss) from operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250227911272/en/
Investor Contact
Liza Heapes
+1 857-302-5663
ir@beigene.com
Media Contact
Kyle Blankenship
+1 667-351-5176
media@beigene.com
Source: BeiGene, Ltd.
