BeiGene continues to solidify its leadership in the global oncology treatment sector through exceptional research and clinical capabilities. The company’s financial performance for the third quarter of 2024 was noteworthy, with total revenue reaching $1.002 billion, marking the first time the company surpassed the $1 billion threshold in a single quarter. Among the significant highlights was the impressive product performance, with global sales of Zanubrutinib (Brukinsa) reaching RMB 4.914 billion, reflecting a year-on-year growth of 91.1%.

Significant Revenue Growth: First-Time Exceeding $1 Billion

According to the company’s financial report, BeiGene achieved revenue of RMB 7.139 billion in Q3, a 26.9% increase compared to the same period last year. More significantly, as reported in its U.S. filings, total revenue for Q3 amounted to $1.002 billion, a historic milestone marking the first time the company exceeded the $1 billion mark in a single quarter. This achievement further consolidates BeiGene’s leadership position in the global oncology sector.

Strong Performance of Core Products

BeiGene’s core products, including the BTK inhibitor Zanubrutinib (Brukinsa) and the PD-1 monoclonal antibody Tislelizumab (Beyfortus), played a pivotal role in driving the company’s revenue growth. Zanubrutinib generated global sales of RMB 4.914 billion, reflecting a 91.1% year-on-year increase and accounting for nearly 70% of the total product revenue for the quarter. In the U.S. market, sales grew by 85%, while the European market experienced a substantial growth rate of 212.7%. Tislelizumab achieved global sales of RMB 1.169 billion, an 11.7% year-on-year increase. The drug has been approved in 42 countries and regions, with over 1.3 million patients globally having received treatment.

Increased Investment in R&D and a Robust Drug Pipeline

BeiGene continues to make substantial investments in innovative research and development. The company’s BTK CDAC BGB-16673 is currently in Phase II clinical trials, with a Phase III trial for R/R CLL planned for the first half of next year. Additionally, BeiGene advanced four new molecular entities into clinical development during Q3, with plans to initiate over 10 new molecular entities into clinical trials by the end of the year.

Improved Operational Efficiency and Continued Sequential Reduction in Net Loss

According to the financial report, the net profit from the same period last year was primarily driven by non-operating income of $363 million (both pre-tax and post-tax), resulting from a settlement with BMS arbitration and the recognition of deferred revenue from a collaboration agreement with Novartis. Furthermore, BeiGene has reported non-GAAP operating profits for two consecutive quarters, with an adjusted operating profit of $65.63 million in Q3. This ongoing profitability demonstrates significant improvements in cost management and operational efficiency.

Legal Challenge from AbbVie

Despite its strong performance, BeiGene faces challenges in its R&D endeavors. In September of this year, AbbVie filed a lawsuit against BeiGene, accusing the company of misappropriating trade secrets for the development of BGB-16673. While BeiGene vehemently denies the allegations and intends to mount a strong defense, the lawsuit could potentially impact the company’s R&D progress and market reputation.