BeiGene(BGNE) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2024 was $1,002 million, a 28% increase from $781 million in Q3 2023, primarily driven by BRUKINSA sales growth in the U.S. and Europe[15]. - Net product revenues for Q3 2024 were $993 million, up 67% from $595 million in Q3 2023, largely due to increased BRUKINSA sales[16]. - GAAP net loss for Q3 2024 was $121,350,000, compared to a net income of $215,413,000 in Q3 2023[30]. - The company reported an operating income of $66,000,000 on an adjusted basis for Q3 2024, an increase of $82,000,000 from the prior-year period[21]. - Adjusted income from operations was $65,630 thousand in Q3 2024, compared to a loss of $(16,339) thousand in Q3 2023, marking a 502% increase[3]. Sales Performance - BRUKINSA generated $690 million in global revenue for Q3 2024, with U.S. sales reaching $504 million (87% growth) and European sales totaling $97 million (217% growth) compared to the prior year[5]. - TEVIMBRA sales reached $163 million in Q3 2024, reflecting a 13% increase compared to the same period last year[6]. - Total revenues for Q3 2024 were $1,001,599,000, a 28% increase from $781,308,000 in Q3 2023[30]. - Product revenue for Q3 2024 was $993,447,000, up 67% from $595,290,000 in the prior-year period[30]. Expenses and Costs - Research and development expenses for Q3 2024 were $496,179,000, a 9% increase from $453,259,000 in Q3 2023[30]. - Selling, general and administrative expenses for Q3 2024 rose to $455,223,000, a 24% increase compared to $365,708,000 in Q3 2023[30]. - Total operating expenses for Q3 2024 were $951,402,000, a 16% increase from $818,967,000 in Q3 2023[30]. - GAAP cost of sales for products was $170,462, up from $96,309 in the previous year[35]. - Adjusted operating expenses for the three months ended September 30, 2024, were $786,282, compared to $704,639 in the same period last year[35]. Cash Flow and Assets - Cash provided by operations for Q3 2024 was $188,000,000, an increase of $267,000,000 over the prior-year period[24]. - Net cash provided by operating activities for the three months ended September 30, 2024, was $188,369, compared to a net cash used of $(78,150) in the same period last year[32]. - Cash, cash equivalents, and restricted cash at the beginning of the period was $2,617,931, down from $3,421,574[32]. - Cash, cash equivalents, and restricted cash at the end of the period was $2,713,428, down from $3,080,892[32]. - The company’s total assets as of September 30, 2024, were $5,830,860,000, compared to $5,805,275,000 as of December 31, 2023[31]. Liabilities - The company’s total liabilities increased to $2,394,787,000 as of September 30, 2024, from $2,267,948,000 as of December 31, 2023[31]. Operational Highlights - The company is on track to enter 10+ new molecular entities (NMEs) into clinical trials by the end of 2024, with four NMEs entering the clinic in Q3 2024[1]. - The five-year follow-up results from the Phase 3 SEQUOIA study showed an 80% progression-free survival rate for BRUKINSA in treatment-naïve CLL patients[5]. - The company has strengthened its global leadership team with new appointments, enhancing its operational capabilities[14]. Non-GAAP Measures - The company maintains a non-GAAP policy to provide additional insights into its operating performance, excluding non-cash items and special events[33].