Investment Rating - The report maintains a "Buy" rating for the US and Hong Kong stocks of BeiGene, with target prices adjusted to $255 and HK$153 respectively. The A-share rating is downgraded to "Hold" with a target price of RMB 181 [1][3][7]. Core Insights - The report highlights that BeiGene's total revenue for Q3 2024 reached $1.002 billion, representing a year-over-year increase of 28.2% and a quarter-over-quarter increase of 7.8%. Product revenue was $993 million, up 66.9% year-over-year and 7.8% quarter-over-quarter, slightly below expectations due to lower-than-expected sales of Zanubrutinib in the US [1][3][4]. - The global sales of Zanubrutinib in Q3 2024 amounted to $690 million, a 93.0% increase year-over-year and an 8.3% increase quarter-over-quarter. US sales were $504 million, up 86.5% year-over-year, while European sales surged by 217.2% year-over-year to $97.3 million [1][3][4]. - The report notes a temporary decline in gross margin due to accelerated depreciation from new production lines, with an overall product gross margin of 82.8% in Q3 2024 [1][3][4]. Financial Performance Summary - For Q3 2024, the adjusted non-GAAP operating profit was $65.63 million, an improvement from $48.46 million in Q2 2023. The net loss for the quarter was $121 million, which aligns with expectations but is lower than previous forecasts due to slightly lower revenue gross margins and higher R&D expenses [1][3][4]. - The report projects a slight reduction in revenue forecasts for 2024, with net losses adjusted to $740 million for 2024 and $350 million for 2025, while estimating a near breakeven point by 2026 [3][4]. R&D Pipeline Progress - The report indicates that BeiGene's R&D pipeline is progressing well, with key focus areas including BCL2, BTK CDAC, and CDK4 inhibitors. The BCL2 project has enrolled over 1,300 patients, with several trials expected to complete enrollment by early 2025 [2][3][4]. - The company anticipates that by the end of 2024, a total of 12 solid tumor products will enter clinical trials, with 8 already initiated this year [2].

Investment Rating - The report maintains an "Overweight" rating for the company [2][3]. Core Views - The company achieved product revenue of $993 million in Q3 2024, representing a year-on-year increase of 66.9% and a quarter-on-quarter increase of 7.9%, indicating a sustained high growth trend [2]. - The net loss for Q3 2024 was $121 million, a decrease compared to a profit of $215 million in Q3 2023, primarily due to non-cash gains from arbitration settlements [2]. - The revenue forecasts for 2025-2027 have been raised to $3.673 billion, $4.471 billion, and $5.224 billion, respectively, from previous estimates of $3.645 billion, $4.440 billion, and $5.044 billion [2]. - The company’s core product, Zebrutinib, continues to gain market share in the US and Europe, with Q3 2024 revenue of $690 million, a year-on-year increase of 93% and a quarter-on-quarter increase of 8% [2]. - The operational efficiency is improving, with SG&A and R&D expenses for Q3 2024 at $455 million and $496 million, respectively, accounting for 45.5% and 49.5% of total revenue [2]. Financial Summary - The company reported revenue of $1,192 million in 2022, with a projected increase to $2,459 million in 2023, reflecting a growth rate of 73.7% [1]. - Gross profit for 2022 was $1,129 million, with projections of $2,079 million for 2023 [1]. - The net profit is expected to turn positive by 2025, with a forecasted net profit of $278 million [1].

Financial Performance - Total revenue for Q3 2024 reached $1.00 billion, representing a 28% increase compared to $781.3 million in Q3 2023[7] - Product revenue net amount was $993.4 million, a 67% increase from $595.3 million in the same quarter last year[7] - Non-GAAP operating profit for Q3 2024 was $65.6 million, a significant improvement of 502% compared to a loss of $16.3 million in Q3 2023[7] - GAAP operating loss decreased to $120.3 million, a 10% improvement from a loss of $134 million in Q3 2023[7] - Collaboration revenue net amount fell to $8.2 million, a 96% decrease from $186 million in the same quarter last year[7] - GAAP net loss for Q3 2024 was $121 million, compared to a net profit of $215 million in Q3 2023, primarily due to non-operating income from a previous arbitration settlement[26] - Total revenue for the nine months ended September 30, 2024, was $2.68 billion, compared to $1.82 billion for the same period in 2023, reflecting a 47% year-over-year growth[33] - Cash provided by operating activities for Q3 2024 was $18.8 million, an increase of $26.7 million compared to the same period last year, driven by improved non-GAAP operating profit[28] - The company experienced a net cash inflow from operating activities of $188.4 million in Q3 2024, compared to a cash outflow of $78.2 million in Q3 2023[35] Product Sales and Market Performance - Core product Baiyueze® global sales amounted to $690 million, contributing to the company's leading position in the chronic lymphocytic leukemia (CLL) field[5] - Baiyueze® sales in the US reached $504 million in Q3 2024, a year-over-year increase of 87%, with over 60% of the quarterly growth driven by its use in chronic lymphocytic leukemia (CLL) patients[8] - In Europe, Baiyueze® sales amounted to $97 million in Q3 2024, representing a 217% year-over-year increase, primarily due to market share gains in Germany, Italy, Spain, France, and the UK[8] - Bai Za An® (Tislelizumab) sales reached $163 million in Q3 2024, a 13% year-over-year increase[10] Research and Development - R&D expenses for Q3 2024 were $496.2 million, a 9% increase from $453.3 million in Q3 2023, attributed to advancing clinical projects[24] - The company has implemented an internal innovation strategy for rapid concept validation to explore clinical potential efficiently[5] - New molecular entities (NME) entering clinical development include BGB-B2033 and BGB-53038, with potential for significant market impact in oncology[17][20] - The clinical project for Sonrotoclax (BCL2 inhibitor) has enrolled over 1,300 patients, with ongoing trials expected to complete patient enrollment by Q1 2025[14] - BGB-16673 (BTK CDAC) has enrolled over 350 patients, with a Phase 3 trial for R/R CLL expected to start in H1 2025[15] Operational Efficiency and Strategy - The company aims to have over 10 new molecular entities (NME) enter clinical development by the end of the year, with 4 NMEs already in clinical development this quarter[5] - The company is expanding its oncology product pipeline and enhancing global commercialization capabilities for multiple promising anti-cancer drugs[6] - The company is committed to improving global patient accessibility and advancing treatment options for various cancers[6] - The company expects to continue leveraging operational efficiencies to improve margins and reduce losses in future quarters[26] Financial Metrics and Adjustments - GAAP gross margin for Q3 2024 was 83%, down from 84% in the same period last year, while adjusted gross margin increased to 85% from 84%[23] - Adjusted R&D expenses for the nine months ended September 30, 2024, were $1,193,494 thousand, up from $1,121,577 thousand in 2023, indicating a year-over-year growth of approximately 6.4%[38] - Adjusted operating expenses for the nine months ended September 30, 2024, totaled $2,310,299 thousand, compared to $2,044,831 thousand in 2023, representing an increase of about 13%[39] - The company’s non-GAAP financial metrics are intended to provide a more comprehensive understanding of its operational performance, supplementing GAAP data rather than replacing it[36] Leadership and Organizational Changes - The company appointed Matt Shaulis as General Manager for North America and Shalini Sharp as a board member to strengthen its global leadership team[21] Cash and Assets - Cash and cash equivalents as of September 30, 2024, were $2.71 billion, down from $3.19 billion at the end of 2023[34] - Total assets increased slightly to $5.83 billion as of September 30, 2024, compared to $5.81 billion at the end of 2023[34] - The company’s total liabilities rose to $2.39 billion as of September 30, 2024, from $2.27 billion at the end of 2023[34]

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million for the first half of 2024, representing a 25% year-over-year growth[6]. - Total revenue for Q2 2024 reached $929 million, a year-on-year increase of 56%[11]. - Total revenue for the six months ended June 30, 2024, was $1,680,818 thousand, a 61.1% increase from $1,043,062 thousand in the same period of 2023[18]. - Product revenue reached $1,668,064 thousand, up 73.0% from $964,036 thousand in the prior year, driven by increased sales of proprietary products Baiyueze® and Baizean®[20]. - The company reported a net loss of approximately $371.6 million, compared to a net loss of approximately $729.6 million for the same period in 2023[36]. - Operating loss decreased by 46.6% to $368.5 million for the six months ending June 30, 2024, compared to a loss of $690 million in the same period in 2023[17]. - The gross profit for the six months ended June 30, 2024, rose to $1.405 billion, compared to $786.3 million in the same period last year, with a gross margin of 84.2%[22]. Research and Development - Investment in R&D has increased by 20%, with a focus on developing new therapies and technologies to enhance treatment options[6]. - Research and development expenses increased by 10.1% to $915.1 million for the six months ending June 30, 2024[17]. - Key projects for BCL2 inhibitor sonrotoclax and BTK degrader BGB-16673 are progressing steadily[11]. - Over 15 innovative molecules in the pipeline for solid tumors, including ADCs and targeted therapies for lung, breast, and gastrointestinal cancers[11]. - The company has established a global development and medical affairs team of over 3,000 colleagues across five continents, enabling independent clinical trials[13]. - The company aims to provide impactful, accessible, and affordable medications to more patients globally[13]. Market Expansion and Strategy - The company is planning to enter new markets in Europe and Asia, aiming for a 10% market share in these regions by the end of 2025[6]. - A strategic acquisition of a biotech firm was announced, expected to enhance the company's product pipeline and accelerate growth[6]. - The company has successfully launched two new products in Q2 2024, contributing to a 15% increase in market penetration[6]. - Future guidance includes a commitment to achieving profitability by Q4 2025, with a focus on operational efficiency and cost reduction[6]. - The company plans to leverage its pipeline, including sonrotoclax and BTK-CDAC, to strengthen its position in CLL treatment and expand into other B-cell malignancies[15]. Financial Position and Cash Flow - The company aims to maintain a strong cash position, with cash reserves of $200 million, ensuring sufficient liquidity for future investments[6]. - The company has a strong financial position with approximately $2.6 billion in cash and cash equivalents as of June 30, 2024[16]. - Cash used in operating activities was $404.2 million for the six months ended June 30, 2024, down from $857.7 million for the same period in 2023[38]. - Cash and cash equivalents decreased to $2,592,655 thousand as of June 30, 2024, down from $3,171,800 thousand, a decline of 18.2%[144]. - The company expects to have sufficient cash and cash equivalents to meet operational and capital expenditure needs for at least 12 months following the date of the financial statements[36]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance and transparency in its operations[120]. - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting integrity[122]. - The company has maintained compliance with corporate governance codes and regulations throughout the reporting period[123]. - The chairman and CEO roles are currently held by the same individual, which the board believes facilitates effective execution of strategic initiatives[121]. Stock Options and Employee Compensation - The company has granted stock options to various executives, with the maximum potential shares for Brandicourt being 61,945 upon exercise[60]. - The total compensation cost incurred by the company for the six months ended June 30, 2024, was $891.8 million, compared to $753.0 million for the same period in 2023, reflecting an increase in labor costs[53]. - The company has a total of 34,151 stock options that remain unexercised for 2024[88]. - The stock options granted have a vesting schedule where 25% can be exercised after one year, with the remaining 75% vesting monthly over three years[98]. Collaborations and Partnerships - The company has established collaborations with world-leading biopharmaceutical companies to develop and commercialize innovative drugs[150]. - The company’s collaboration revenue for the six months ended June 30, 2024, was primarily derived from agreements with Novartis[162]. - The company has regained full global rights for the development, production, and commercialization of Tislelizumab after terminating the collaboration with Novartis in September 2023[164]. Future Outlook - The company provided an optimistic outlook, projecting a revenue growth of 30% for the full year 2024, driven by new product launches and market expansion[6]. - The company plans to continue expanding its market presence and product offerings in the upcoming quarters[90]. - Future guidance suggests a focus on new product development and potential acquisitions to enhance market position[90].

Financial Performance - Total revenue for the six months ended June 30, 2024, increased by approximately $637.8 million or 61.1% to about $1,680.8 million compared to the same period in 2023[2]. - Product revenue for the same period rose by approximately $704.0 million or 73.0% to about $1,668.1 million[2]. - Net loss for the six months ended June 30, 2024, decreased by approximately $358.0 million or 49.1% to about $371.6 million compared to the same period in 2023[2]. - Basic and diluted loss per share for the six months ended June 30, 2024, was $0.27, a decrease of 50.0% from $0.54 in the same period in 2023[2]. - The company reported a comprehensive loss of $412.6 million for the six months ended June 30, 2024, compared to a comprehensive loss of $795.8 million in the same period in 2023[4]. - The company reported a net loss of $371,555 thousand for the six months ended June 30, 2024, a significant improvement from a net loss of $729,568 thousand for the same period in 2023, representing a reduction of approximately 49%[7]. - The company reported a net loss of $371.6 million for the six months ended June 30, 2024, compared to a net loss of $729.6 million in the same period in 2023, showing a significant reduction in losses[76]. Cash and Liquidity - Cash and cash equivalents as of June 30, 2024, were $2,592.7 million, down from $3,171.8 million as of December 31, 2023[5]. - The company reported a total cash and cash equivalents balance of $2,592,655 thousand as of June 30, 2024, compared to $3,410,368 thousand at the end of June 30, 2023, reflecting a decrease of approximately 24%[8]. - As of June 30, 2024, the company's cash and cash equivalents amounted to $899,346 thousand, a decrease from $1,052,149 thousand as of December 31, 2023, representing a decline of approximately 14.5%[19]. - Cash used in operating activities for the first half of 2024 was $404,160 thousand, down from $857,665 thousand in the same period of 2023, indicating a 53% decrease in cash outflow[7]. - The company expects to repay approximately $851.7 million in loans over the next 12 months and anticipates being able to refinance these loans[118]. - Cash, cash equivalents, restricted cash, and short-term investments totaled approximately $1.1 billion in USD and about 10 billion RMB (approximately $1.4 billion) as of June 30, 2024[104]. Assets and Liabilities - Total assets as of June 30, 2024, were $5,712.2 million, a decrease from $5,805.3 million as of December 31, 2023[6]. - Total liabilities as of June 30, 2024, were $2,345.9 million, an increase from $2,267.9 million as of December 31, 2023[6]. - The total equity as of June 30, 2024, was $3,366,255 thousand, down from $3,798,559 thousand as of June 30, 2023, indicating a decrease of about 11%[9]. - The company’s total liabilities amounted to $2,345.9 million, with total equity reported at $3,366.3 million as of June 30, 2024[77]. - The company’s total liabilities, including both short-term and long-term, reflect a strategic focus on managing debt levels while investing in growth initiatives[50]. Research and Development - Research and development expenses increased to $219,304 thousand for the six months ended June 30, 2024, up from $178,693 thousand in the same period of 2023, marking a rise of about 23%[9]. - Research and development costs for the six months ended June 30, 2024, were $915,104,000, up from $831,348,000 in the same period of 2023[57]. - The company’s total research and development expenses for the six months ended June 30, 2024, were $93,451,000, compared to $79,976,000 for the same period in 2023, indicating an increase of approximately 16.8%[63]. - The company is focused on ongoing product development and market expansion strategies in the biopharmaceutical sector[12]. - The company has established a global development and medical affairs team with over 3,000 colleagues across five continents, enabling clinical trials without reliance on third-party CROs, which helps reduce trial costs and accelerate patient enrollment[86]. Collaboration and Partnerships - The company reported collaboration revenue of $12,754 thousand for the six months ended June 30, 2024, a significant decrease of 83.9% compared to $79,026 thousand for the same period in 2023[23]. - The company has terminated its collaboration and licensing agreements with Novartis for the drugs Tislelizumab and Osemitamab, regaining full global rights without further royalty obligations[24][26]. - The company confirmed no research and development service collaboration revenue related to Tislelizumab for the six months ended June 30, 2024, compared to $16,796 thousand for the same period in 2023[25]. - The company continues to explore new collaboration opportunities and market expansions as part of its growth strategy[21]. Operational Highlights - The company has three approved drugs on the market, with a focus on innovative oncology treatments, enhancing drug accessibility and affordability[11]. - The company has established a clinical team of over 3,000 members, aiming to reduce reliance on third-party contract research organizations (CROs)[11]. - The company is actively pursuing partnerships with leading biopharmaceutical companies to develop and commercialize innovative drugs[11]. - The company announced the opening of a flagship base in Hopewell, New Jersey, enhancing its biomanufacturing and clinical R&D capabilities[85]. Market Performance - Global sales of Baiyueze® reached $637 million, a year-over-year growth of 107%, reinforcing its leading position in hematology[84]. - The core drug Brukinsa® has shown a 116.7% increase in global sales for the six months ending June 30, 2024, compared to the same period in 2023, establishing a strong position in hematology[88]. - The company expects continued growth in product sales and market expansion, particularly in the U.S. and China, supported by an expanded sales team and increased patient demand[94]. Employee and Management Compensation - The total compensation paid to key management personnel amounted to $24.97 million for the six months ended June 30, 2024, compared to $22.80 million in 2023, reflecting an increase of 9.5%[72]. - Total employee compensation costs for the six months ended June 30, 2024, amounted to $891.8 million, compared to $753.0 million for the same period in 2023[135]. Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with financial reporting and internal controls[138]. - The compensation committee is responsible for reviewing and recommending executive compensation, consisting of three independent non-executive directors[138]. - The nomination and corporate governance committee includes four independent non-executive directors, focusing on board member qualifications and governance guidelines[139]. Future Outlook - The company plans to utilize current financial resources and expected receivables and product sales revenue to meet significant cash needs[121]. - The company has submitted a shelf registration statement to the SEC for unspecified amounts of securities, allowing for future capital raising through equity or debt financing[120]. - The company faces potential dilution of shareholder equity if additional capital is raised through equity or convertible debt[120].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 156.00, indicating a potential upside of 42.9% from the current price of HKD 109.20 [7]. Core Insights - The company has turned profitable in Q2 2024, reporting an adjusted non-GAAP operating profit of USD 48 million, a significant improvement from a loss of USD 193 million in Q2 2023. The operating cash outflow has narrowed to USD 404 million [1]. - The strong performance is attributed to the rapid growth in global sales of the drug Zebrutinib, which increased by 107% year-on-year and 30% quarter-on-quarter to USD 637 million, with U.S. sales growing by 114% year-on-year [1]. - The report projects an increase in the peak global sales forecast for Zebrutinib from USD 4.4 billion to USD 5.2 billion [1]. Financial Projections - Revenue projections for 2024-2026 have been raised by 13-18%, reflecting a more optimistic outlook on Zebrutinib sales and adjustments in gross margin and operating expense forecasts [2]. - The expected revenues are USD 3.463 billion for 2024, USD 4.366 billion for 2025, and USD 5.252 billion for 2026, with corresponding year-on-year growth rates of 40.8%, 26.1%, and 20.3% respectively [3][8]. - The company is expected to achieve a net profit of USD 410 million by 2026, compared to a projected loss of USD 762 million in 2024 [3][8]. Key Financial Metrics - The gross profit margin is expected to improve to 86.0% by 2026, up from 84.1% in 2024 [8]. - The report indicates a significant reduction in operating expenses, with R&D and SG&A expense ratios decreasing to 49% and 48% respectively by 2024 [1]. - The company’s cash flow situation is projected to improve, with free cash flow expected to turn positive by 2025 [6].

Investment Rating - The report maintains an "Overweight" rating for BeiGene [2][4]. Core Insights - The company's operational performance exceeded expectations, with a significant increase in product revenue and a narrowing of net losses. The core product, Zebrutinib, is experiencing rapid growth in the US and is entering a harvest phase in Europe [4][5]. - The company achieved product revenue of $921 million in Q2 2024, representing a year-on-year increase of 66.3%. The net loss for Q2 2024 was $120 million, a reduction from a loss of $381 million in the same period last year [5]. - The report highlights the ongoing optimization of operational efficiency, with non-GAAP operating profit reaching $48 million, marking a turnaround from previous losses [5]. Financial Summary - For 2024, the company is projected to achieve revenues of $3.645 billion, with forecasts for 2025 and 2026 adjusted to $4.440 billion and $5.044 billion, respectively [5]. - The gross profit for 2024 is expected to be $3.033 billion, with a significant improvement in net profit projected for 2025 at $145 million [5]. - The report notes a decrease in SG&A and R&D expenses as a percentage of total revenue, indicating improved operational efficiency [5]. Pipeline Development - The report outlines several ongoing clinical trials, including potential registrations for Sonrotoclax and various other therapies, with multiple data readouts expected in 2024 [5]. - The company is advancing its pipeline with several candidates entering clinical stages, including a range of antibody therapies and inhibitors targeting various cancers [5].

Revenue Performance - Total revenue reached $929.17 million, a year-over-year increase of 56%[3] - Product revenue net amounted to $921.15 million, reflecting a 66% growth compared to $553.75 million in the same quarter last year[4] - Total revenue for the six months ended June 30, 2024, was $1.68 billion, a 61% increase from $1.04 billion in the same period last year[4] - Total revenue for Q2 2024 was $929 million, compared to $595 million in the same period of 2023, primarily due to the sales increase of Baiyueze® in the US and Europe[13] - Product revenue for Q2 2024 was $921 million, a 66% increase from $554 million in Q2 2023, largely attributed to the sales growth of Baiyueze®[13] Product Sales - Global sales of Baiyueze® reached $637 million, a 107% increase, solidifying its leading position in hematology[3] - In Q2 2024, sales of Baiyueze® in the US reached $479 million, a year-over-year increase of 114%, with over 60% of the quarterly demand growth coming from expanded use in chronic lymphocytic leukemia (CLL) indications[5] - In Q2 2024, sales of Baiyueze® in Europe reached $81 million, a year-over-year increase of 209%, driven by market share gains across all major markets including Germany, Italy, Spain, France, and the UK[5] - Baiyueze® demonstrated a 100% overall response rate in a Phase 3 trial for high-risk CLL patients, with a complete response rate of 48%[5] - Baiyueze® sales in the US reached $479 million in Q2 2024, while sales in China and Bai Za An® also positively impacted product revenue[13] Operating Performance - GAAP operating loss decreased to $107.16 million, down 66% from $318.72 million in the same quarter last year[4] - Adjusted operating profit was $48.46 million, a 125% improvement from a loss of $193.05 million in the same quarter last year[4] - The company achieved an adjusted operating profit of $48 million in Q2 2024, marking a significant turnaround from a GAAP operating loss[16] - GAAP net loss for the quarter ended June 30, 2024, improved to $120,405 from $381,137 in the same quarter last year[20] - The company reported a gross profit of $791,034 for Q2 2024, compared to $499,271 in Q2 2023[20] Expenses - The total operating expenses for Q2 2024 were $898 million, a 10% increase from $818 million in Q2 2023[14] - R&D expenses for the first half of 2024 were $915,104, a 10% increase from $831,348 in the first half of 2023[15] - SG&A expenses for the first half of 2024 reached $871,156, reflecting a 20% increase from $723,533 in the first half of 2023[15] - Total operating expenses for the first half of 2024 amounted to $1,786,260, a 15% increase compared to $1,555,256 in the first half of 2023[15] - The company continues to invest in the global commercialization of its product, particularly in the U.S. and Europe, with SG&A expenses accounting for 48% of product revenue in Q2 2024, down from 71% in the same period last year[16] Strategic Developments - The company is advancing over 15 innovative molecules in its solid tumor pipeline, targeting lung, breast, and gastrointestinal cancers[3] - A flagship biopharmaceutical manufacturing base and clinical R&D center in New Jersey, USA, has been officially launched with an investment of $800 million[3] - The company plans to relocate its registered office from the Cayman Islands to Switzerland to enhance its global development strategy[3] - The company plans to initiate Phase 3 studies for Sonrotoclax in R/R CLL and R/R MCL in Q4 2024 or Q1 2025[7] Financial Position - As of June 30, 2024, total assets decreased to $5,712,179 thousand from $5,805,275 thousand as of December 31, 2023, representing a decline of approximately 1.6%[21] - Cash and cash equivalents decreased to $2,617,931 thousand from $3,185,984 thousand, a reduction of about 17.8%[21] - Total liabilities increased to $2,345,924 thousand from $2,267,948 thousand, marking an increase of approximately 3.4%[21] - Accounts receivable increased to $529,449 thousand from $358,027 thousand, representing a growth of approximately 47.9%[21] - Inventory increased to $443,260 thousand from $416,122 thousand, reflecting a rise of about 6.5%[21] Non-GAAP Measures - The company has established a set of non-GAAP policies to provide a clearer understanding of its operational performance, which includes adjustments for non-cash items[22] - The adjusted operating loss for the six months ended June 30, 2024, was $(98,877) thousand, an improvement from $(468,910) thousand in the same period of 2023[24] - Adjusted R&D expenses for the six months ended June 30, 2024, were $787,949 thousand, compared to $725,431 thousand for the same period in 2023, an increase of approximately 8.6%[23]

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[百I Tnaf 济bol]e 神_Ti州tle]（ 6160） [评Tab级le_：Inv est] 增持 当前价格（港元）： 99.95 泽布替尼欧美放量，PD-1 开启海外市场 2024.05.09 海 ——百济神州2024Q1 业绩点评 [ 交Ta易bl数e_M据a rket] 外 52周内股价区间（港元） 77.00- 丁丹(分析师) 甘坛焕(分析师) 姜铸轩(研究助理) 148.40 公 0755-23976735 021-38675855 021-38674878 当前股本（百万股） 1,359 司 dingdan@gtjas.com gantanhuan028803@gtjas.com jiangzhuxuan029022@gtjas.com 当前市值（百万港元） 135,832 证书编号 S0880514030001 S0880523080007 S0880123100004 （ 中 本报告导读： [ Table_PicQuote] 52周内股价走势图 核心产品高速放量，泽布替尼美国高速放量、欧洲市场迎来 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 BeiGene, Ltd. 百濟神州有限公司 （於開曼群島註冊成立的有限公司） （股份代號：06160） 內幕消息 百濟神州有限公司 截至2024年3月31日止三個月未經審核業績以及 業務進展最新情況 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 根據證券及期貨條例（香港法例第571章）第XIVA部而刊發。 百濟神州有限公司（「本公司」或「百濟神州」）欣然公佈其截至2024年3月31日止 三個月的未經審核簡要合併財務業績以及業務進展最新情況。 本公司欣然公佈本公司及其附屬公司截至2024年3月31日止三個月未經審核簡要 合併財務業績（「第一季度業績」）以及2024年第一季度關鍵業務進展和管線亮點 （「業務進展」）。第一季度業績乃根據美國證券交易委員會的適用規則刊發。 第一季度業績乃根據美國公認會計準則編製，而美國公認會計準則有別於國際財 ...