Financial Performance - Total revenue for the year ended December 31, 2023, increased by approximately $1 billion or 73.7% to about $2.5 billion compared to the previous year[2]. - Product revenue rose by approximately $935.2 million or 74.5% to about $2.2 billion for the same period[2]. - The company reported a net loss of $881,708,000 for the year ended December 31, 2023, compared to a net loss of $2,003,815,000 in 2022, showing an improvement in loss by approximately 56%[81]. - The company reported a comprehensive loss of $903.7 million for the year ended December 31, 2023, compared to $2,099.2 million in the previous year[6]. - The net loss for the year ended December 31, 2023, was $881.7 million, a significant improvement from a net loss of $2.0 billion in 2022, representing a reduction of approximately 56%[7]. - Basic and diluted loss per share was $0.65, a decrease of 56.4% from $1.49 for the previous year[2]. - The company reported a net cash inflow from investing activities of $60.0 million in 2023, a decline from $1.08 billion in 2022[8]. Expenses and Liabilities - Operating expenses for the year ended December 31, 2023, increased by approximately $367.5 million or 12.6% to about $3.3 billion[2]. - Research and development expenses for the year were $1,778.6 million, compared to $1,640.5 million in the previous year[5]. - Total liabilities increased to $2,267.9 million as of December 31, 2023, compared to $1,995.9 million in the previous year[4]. - The company incurred $367.6 million in stock-based compensation expenses in 2023, an increase from $303.2 million in 2022, reflecting a rise of about 21%[9]. - The total equity as of December 31, 2023, was $3.54 billion, down from $4.38 billion in 2022, representing a decrease of approximately 19%[9]. Cash and Investments - Cash and cash equivalents as of December 31, 2023, were $3,171.8 million, down from $3,869.6 million as of December 31, 2022[3]. - The company raised $661.5 million from short-term borrowings in 2023, compared to $313.8 million in 2022, marking an increase of about 111%[8]. - Cash used in operating activities for 2023 was $1.16 billion, compared to $1.50 billion in 2022, indicating a decrease of about 23%[7]. - The company has a cash and cash equivalents balance of $3.2 billion as of December 31, 2023, providing a strong financial position[120]. Research and Development - The company has established an internal clinical team of over 3,000 members, conducting more than 130 clinical trials with over 22,000 participants across approximately 45 regions[10]. - The company has conducted over 40 key or potentially registrable clinical trials for its product portfolio[10]. - The company reported research and development expenses amounted to $1.779 billion for the year ended December 31, 2023, compared to $1.641 billion in 2022, reflecting an increase of 8.4%[108]. Collaborations and Licensing - The company received a non-refundable upfront payment of $650,000,000 from Novartis for the collaboration and licensing agreement for the development and commercialization of Tislelizumab[19]. - The company has licensed 14 additional approved drugs for commercialization in the Chinese market, leveraging its strong commercialization capabilities[10]. - The company has formed collaborations with leading biopharmaceutical companies, such as Amgen and Novartis, to develop and commercialize innovative drugs[10]. - The company and Novartis mutually agreed to terminate the collaboration agreement for Osemitamab in July 2023, regaining all global rights for the drug[25]. Market Performance - Global sales of Baiyueze® (Zebutinib) reached $1.3 billion in 2023, marking a 128.5% increase year-over-year[115]. - Baiyueze® sales grew by 128.5% in 2023 compared to 2022, establishing a strong position in the hematology market[119]. - The company’s product sales included $1,290,396,000 from Baiyueze® and $536,620,000 from Baizean® for the year ended December 31, 2023[79]. Governance and Compliance - The company has maintained compliance with all provisions of the Corporate Governance Code during the reporting period[173]. - The Audit Committee consists of three independent non-executive directors, with Anthony C. Hooper appointed as the chairman since September 13, 2023[172]. - The company has adopted its own insider trading policy, which is not less stringent than the standards set out in the Hong Kong Listing Rules Appendix C3 regarding the trading of securities by directors[174]. Future Outlook - The company plans to continue its focus on market expansion and new product development in the upcoming fiscal year[110]. - The company expects its existing cash and cash equivalents to meet operational and capital expenditure needs for at least the next 12 months as of December 31, 2023[147].
百济神州(06160) - 2023 - 年度业绩