2025-11-06 11:03Revenue Growth - Total revenue for Q3 2025 increased by 41% to $1.4 billion compared to Q3 2024, driven primarily by BRUKINSA sales growth [4] - BRUKINSA global revenues rose by 51% to $1.0 billion in Q3 2025, with U.S. sales reaching $739 million, a 47% increase year-over-year [10] - Product revenue for Q3 2025 reached $1,395,013, an increase of 40.5% compared to $993,447 in Q3 2024 [29] - Total revenues for the nine months ended September 30, 2025, were $3,844,863, up 43.2% from $2,682,417 in the same period of 2024 [29] - Full year 2025 revenue guidance updated to $5.1 billion to $5.3 billion, reflecting strong growth expectations for BRUKINSA [13] Profitability - Adjusted net income for Q3 2025 was $303.7 million, a 489% increase from $51.6 million in Q3 2024 [3] - GAAP net income for Q3 2025 was $125 million, a significant improvement from a loss of $121 million in Q3 2024 [9] - The company reported a net income of $124,841 for Q3 2025, compared to a net loss of $121,350 in Q3 2024 [29] - Adjusted net income for the nine months ended September 30, 2025, was $692.622 million, compared to a loss of $71.020 million in the same period of 2024 [36] - GAAP earnings per share (EPS) for Q3 2025 was $0.09, compared to a loss of $0.09 in Q3 2024 [37] - Adjusted EPS for Q3 2025 was $0.21, up from $0.04 in Q3 2024, indicating improved profitability [37] Cash Flow and Financial Position - Free cash flow for Q3 2025 was $354.5 million, an increase of $300 million compared to the prior-year period [11] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 totaled $4,110,542, up from $2,713,428 at the end of Q3 2024 [33] - Total assets as of September 30, 2025, were $7,632,586, an increase from $5,920,910 as of December 31, 2024 [31] - Total equity increased to $4,129,326 as of September 30, 2025, compared to $3,332,222 as of December 31, 2024 [31] - Free cash flow for Q3 2025 was $354.469 million, a substantial increase from $54.714 million in Q3 2024 [39] Expenses - Operating expenses for Q3 2025 totaled $1.05 billion, an 11% increase from $951 million in Q3 2024 [7] - Research and development expenses for Q3 2025 were $523,662, an increase of 5.1% from $496,179 in Q3 2024 [29] - Adjusted operating expenses for the nine months ended September 30, 2025, were $2.582 billion, compared to $2.310 billion in the same period of 2024 [36] Research and Development - The company achieved 47 abstracts accepted at the American Society of Hematology (ASH) Annual Meeting, highlighting its research advancements [4] - Sonrotoclax received FDA Breakthrough Therapy Designation for relapsed or refractory mantle cell lymphoma, indicating progress in clinical development [20] - Anticipated R&D milestones include initiating Phase 3 trials for Sonrotoclax and BGB-43395 in 1H 2026 [21] Operational Performance - Gross margin for Q3 2025 was 85.9%, up from 82.8% in the prior-year period, attributed to a higher sales mix of BRUKINSA [6] - Gross profit for Q3 2025 was $1,215,774, representing a gross margin of approximately 86.1% compared to $831,137 in Q3 2024 [29] - The company reported a GAAP income from operations of $163.114 million in Q3 2025, a recovery from a loss of $120.265 million in Q3 2024 [36] Future Outlook - The company plans to continue investing in new product development and market expansion strategies to drive future growth [36] - The company has entered into an agreement with Royalty Pharma to sell royalty rights for up to $950 million [25]