SAN MATEO, Calif. - BeiGene , Ltd. (NASDAQ:BGNE), a global biotechnology company focused on developing innovative oncology treatments, reported a significant increase in its first-quarter revenue, which surged 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, which includes its flagship BRUKINSA treatment, soared 82% to $747 million, marking an impressive growth from the prior-year period and exceeding the analyst consensus estimate of $670.44 million.
The adjusted earnings per share (EPS) for the first quarter was reported at -$2.41, which was more favorable than the analyst estimate of -$2.92. The growth in revenue was primarily driven by increased sales of BRUKINSA in the U.S. and Europe, which saw year-over-year (YoY) increases of 153% and 243%, respectively.
John V. 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 growth in revenue and improved operating leverage. Oyler highlighted the expansion of BRUKINSA's label, making it the BTK inhibitor with the broadest label in its class, and the advancement of the company's pipeline of therapies for 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, showing an improvement in its bottom line.
In addition to BRUKINSA's success, BeiGene's TEVIMBRA (tislelizumab) also contributed to the revenue growth with sales totaling $145 million, a 26% increase compared to the prior-year period. The company's pipeline advancements and strategic moves, including the anticipated opening of a new biologics manufacturing facility and clinical R&D center in New Jersey, underscore its commitment to innovation and global expansion.
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