BASEL, Switzerland & BEIJING & CAMBRIDGE, Mass. - BeiGene , Ltd. (NASDAQ: NASDAQ:BGNE), a global biotechnology company focused on developing innovative oncology treatments, reported a narrower-than-expected loss for the fourth quarter, while posting record annual revenues.
The company announced a fourth-quarter loss per share of -$3.53, which was $0.01 better than the analyst consensus of -$3.54. Total revenue for the quarter was $634.4 million, slightly below the consensus estimate of $635.61 million.
The company's total revenue for the fourth quarter marked a significant 67% increase from the same quarter last year, indicating strong year-over-year (YoY) growth.
This growth was primarily driven by the success of its hematology product, BRUKINSA® (zanubrutinib), which saw global sales of $413 million for the quarter, a 135% increase YoY. For the full year, BeiGene's revenue reached $2.5 billion, representing a 74% increase from the previous year.
BeiGene's CEO, John V. Oyler, attributed the company's robust performance to the global success of BRUKINSA®, particularly in the U.S. and Europe, and highlighted the company's cost-advantaged research and development.
Oyler expressed optimism about the company's trajectory, stating, "We look forward to a transformative year for BeiGene as we continue to deliver on operational excellence propelled by outstanding growth in revenue across new and existing geographies."
The company's disciplined management of operating expenses contributed to a decrease in operating losses of 18% on a GAAP basis and 28% on an adjusted basis for the quarter. The gross margin also improved, reflecting a higher product sales mix of BRUKINSA® compared to other products in the portfolio and lower costs per unit for both BRUKINSA® and tislelizumab.
Despite the positive earnings report, BeiGene did not provide specific guidance for the upcoming quarters or fiscal year.
However, the company's continued investment in its pipeline, including the initiation of four registrational trials for sonrotoclax and two global expansion cohorts for BTK CDAC, indicates a commitment to sustaining growth and innovation in the oncology space.
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