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]
百济神州(06160) - 2024 - 中期业绩