SAN MATEO, California – Beijin , Ltd. (NASDAQ:), a global biotechnology company developing innovative cancer treatments, reported a significant increase in its first-quarter revenue, which rose 68% to $752 million from $448 million in the same period last year. Shares were up 0.9% in premarket trading.
The company’s product revenue, including its flagship drug BRUKINSA, rose 82% to $747 million, marking impressive year-over-year growth and beating analysts’ consensus estimate of $670.44 million.
Adjusted earnings per share (EPS) for the first quarter were -$2.41, which was more favorable than analysts’ estimates of -$2.92. Revenue growth was primarily driven by increased BRUKINSA sales in the US and Europe, where year-on-year (YoY) growth was 153% and 243%, respectively.
John W. Oyler, co-founder, chairman and CEO of BeiGene, expressed satisfaction with the quarter’s strong financial results, attributing the success to the company’s global revenue growth and improved operating leverage. Oyler highlighted the expansion of the BRUKINSA brand to make it the broadest-labeled BTK inhibitor in its class, as well as the development of the company’s pipeline for the treatment of hematologic malignancies.
The company’s net loss for the quarter narrowed to -$251.15 million from -$348.43 million in the same quarter last year, indicating an improvement in its net income.
In addition to BRUKINSA’s success, BeiGene’s TEVIMBRA (tislelizumab) also contributed to revenue growth, with sales of $145 million, up 26% year over year. The company’s progress and strategic moves, including the anticipated opening of a new biologics manufacturing facility and clinical research and development facility in New Jersey, underscore its commitment to innovation and global expansion.
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