Revenue Performance - Total revenue reached 929.17million,ayear−over−yearincreaseof56921.15 million, reflecting a 66% growth compared to 553.75millioninthesamequarterlastyear[4]−TotalrevenueforthesixmonthsendedJune30,2024,was1.68 billion, a 61% increase from 1.04billioninthesameperiodlastyear[4]−TotalrevenueforQ22024was929 million, compared to 595millioninthesameperiodof2023,primarilyduetothesalesincreaseofBaiyuezeR◯intheUSandEurope[13]−ProductrevenueforQ22024was921 million, a 66% increase from 554millioninQ22023,largelyattributedtothesalesgrowthofBaiyuezeR◯[13]ProductSales−GlobalsalesofBaiyuezeR◯reached637 million, a 107% increase, solidifying its leading position in hematology[3] - In Q2 2024, sales of Baiyueze® in the US reached 479million,ayear−over−yearincreaseof11481 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 479millioninQ22024,whilesalesinChinaandBaiZaAnR◯alsopositivelyimpactedproductrevenue[13]OperatingPerformance−GAAPoperatinglossdecreasedto107.16 million, down 66% from 318.72millioninthesamequarterlastyear[4]−Adjustedoperatingprofitwas48.46 million, a 125% improvement from a loss of 193.05millioninthesamequarterlastyear[4]−Thecompanyachievedanadjustedoperatingprofitof48 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 120,405from381,137 in the same quarter last year[20] - The company reported a gross profit of 791,034forQ22024,comparedto499,271 in Q2 2023[20] Expenses - The total operating expenses for Q2 2024 were 898million,a10818 million in Q2 2023[14] - R&D expenses for the first half of 2024 were 915,104,a10831,348 in the first half of 2023[15] - SG&A expenses for the first half of 2024 reached 871,156,reflectinga20723,533 in the first half of 2023[15] - Total operating expenses for the first half of 2024 amounted to 1,786,260,a151,555,256 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 800million[3]−ThecompanyplanstorelocateitsregisteredofficefromtheCaymanIslandstoSwitzerlandtoenhanceitsglobaldevelopmentstrategy[3]−ThecompanyplanstoinitiatePhase3studiesforSonrotoclaxinR/RCLLandR/RMCLinQ42024orQ12025[7]FinancialPosition−AsofJune30,2024,totalassetsdecreasedto5,712,179 thousand from 5,805,275thousandasofDecember31,2023,representingadeclineofapproximately1.62,617,931 thousand from 3,185,984thousand,areductionofabout17.82,345,924 thousand from 2,267,948thousand,markinganincreaseofapproximately3.4529,449 thousand from 358,027thousand,representingagrowthofapproximately47.9443,260 thousand from 416,122thousand,reflectingariseofabout6.5(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]
