BeiGene Reports First Quarter 2024 Financial Results and Business Updates

Business Wire05-08

Total revenues of $752 million in the first quarter, including product revenue of $747 million, an 82% increase from the prior-year period BRUKINSA revenue of $489 million, driven by growth in the U.S...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBeiGene Reports First Quarter 2024 Financial Results and Business Updates\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-08 18:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/beigene-reports-first-quarter-2024-100000790.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Total revenues of $752 million in the first quarter, including product revenue of $747 million, an 82% increase from the prior-year period\nBRUKINSA revenue of $489 million, driven by growth in the U.S...</p>\n\n<a href=\"https://finance.yahoo.com/news/beigene-reports-first-quarter-2024-100000790.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1974910355.USD","symbol_name":"Allianz Thematica Cl AMg DIS USD","start_time":0,"source_url":"https://finance.yahoo.com/news/beigene-reports-first-quarter-2024-100000790.html","article_id":"2433995743","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/YEeDq1qluJ05Zs8gWnLPVw--~B/aD0zMTA7dz0xNjUwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/d56a3d88e3398cd7a1ec661c61234301"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2433995743","pubTimestamp":1715162400,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Total revenues of $752 million in the first quarter, including product revenue of $747 million, an 82% increase from the prior-year period. BRUKINSA revenue of $489 million, driven by growth in the U.S. and Europe of 153% and 243%, respectively, from the prior-year period; with recent fifth FDA approval, BRUKINSA now has the broadest label in the BTKi class. Rapidly advancing late-stage hematology pipeline; sonrotoclax in development both as a monotherapy and in combination with backbone therapy BRUKINSA; pivotal program initiated for BTK CDAC. Progressing potentially differentiated solid tumor programs with ADC, degrader platforms and targeted therapies in priority cancer types. Significantly improved operating leverage and progress on path to sustainable profitability. SAN MATEO, Calif., May 08, 2024----BeiGene, Ltd. , a global oncology company, today announced results from the first quarter 2024 and business highlights.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU1917777945.USD":"安联专题基金Cl AT Acc","LU2092937221.SGD":"Blackrock Circular Economy A2 SGD-H","BK4161":"工业机械","BK4585":"ETF&股票定投概念","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2463526074.USD":"NORDEA 1 - GLOBAL CLIMATE ENGAGEMENT \"BP\" (USD) ACC","BK4534":"瑞士信贷持仓","BK4139":"生物科技","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","BK4566":"资本集团","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","BK4535":"淡马锡持仓","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","LU2041044095.USD":"Blackrock Circular Economy A2 USD","LU2125910179.SGD":"Natixis Thematics Water H-R/A SGD","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","BK4120":"环境与设施服务","BK4526":"热门中概股","BK4588":"碎股","LU2125910336.SGD":"Natixis Thematics Water R/A SGD","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU2355687059.USD":"NORDEA 1 GLOBAL IMPACT  \"BP\" (USD) ACC","LU1923621640.USD":"Natixis Thematics Water R/A USD","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","BK4505":"高瓴资本持仓","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","BK4504":"桥水持仓","BGNE":"百济神州","BK4548":"巴美列捷福持仓","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","CR":"crane","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","WM":"美国废物管理","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC"},"translate_title":"百济神州报告2024年第一季度财务业绩和业务更新","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WM":1,"BGNE":1,"CR":1},"content_text":"Total revenues of $752 million in the first quarter, including product revenue of $747 million, an 82% increase from the prior-year period\nBRUKINSA revenue of $489 million, driven by growth in the U.S. and Europe of 153% and 243%, respectively, from the prior-year period; with recent fifth FDA approval, BRUKINSA now has the broadest label in the BTKi class\nRapidly advancing late-stage hematology pipeline; sonrotoclax in development both as a monotherapy and in combination with backbone therapy BRUKINSA; pivotal program initiated for BTK CDAC\nProgressing potentially differentiated solid tumor programs with ADC, degrader platforms and targeted therapies in priority cancer types\nSignificantly improved operating leverage and progress on path to sustainable profitability\n\nSAN MATEO, Calif., May 08, 2024--(BUSINESS WIRE)--BeiGene, Ltd. (NASDAQ: BGNE; HKEX: 06160; SSE: 688235), a global oncology company, today announced results from the first quarter 2024 and business highlights.\n\"We are pleased to present another quarter of strong financial results. Supported by our tremendous global growth in revenue, we have now ascended into the top 15 of global oncology innovators based on total oncology sales. We also continue to make significant improvement in our operating leverage as we progress to sustainable profitability,\" said John V. Oyler, Co-Founder, Chairman and CEO at BeiGene. \"We strengthened our hematology leadership with BRUKINSA, now the BTK inhibitor with the broadest label in the class, as we advance our innovative pipeline of therapies for hematologic malignancies. With TEVIMBRA now approved for use in the U.S. and Europe, we look forward to rapidly advancing our deep pipeline of solid tumor therapies to match our leadership in hematology and continue to solidify our reputation as a global oncology innovator.\"\nFinancial Highlights\n(Amounts in thousands of U.S. dollars)\n\n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n(in thousands, except percentages)\n\n\n2024\n\n\n\n2023\n\n\n% Change\n\n\nNet product revenues\n\n$\n746,918\n\n\n$\n410,291\n\n\n82\n%\n\n\nNet revenue from collaborations\n\n$\n4,734\n\n\n$\n37,510\n\n\n(87\n)%\n\n\nTotal Revenue\n\n$\n751,652\n\n\n$\n447,801\n\n\n68\n%\n\n\n\n\n\n\n\n\n\n\n\nGAAP loss from operations\n\n$\n(261,348\n)\n\n$\n(371,258\n)\n\n(30\n)%\n\n\nAdjusted loss from operations*\n\n$\n(147,341\n)\n\n$\n(275,859\n)\n\n(47\n)%\n\n\n\n\n\n\n\n\n \n\n\n* For an explanation of our use of non-GAAP financial measures refer to the \"Use of Non-GAAP Financial Measures\" section later in this press release and for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measures, see the table at the end of this press release.\n\n\n\nKey Business Updates\nBRUKINSA® (zanubrutinib)\n\nU.S. sales of BRUKINSA totaled $351 million in the first quarter of 2024, representing growth of 153% over the prior-year period, as BRUKINSA gained share in treatment-naïve (TN) chronic lymphocytic leukemia (CLL), and emerged as the BTKi class leader in new-patient share in relapsed or refractory (R/R) CLL; BRUKINSA sales in Europe totaled $67 million in the first quarter of 2024, representing growth of 243%, driven by continued gains in market share and additional reimbursements including France, which implemented reimbursement for BRUKINSA within CLL, Waldenström’s macroglobulinemia (WM) and marginal zone lymphoma for the first time;\nPresented a new matching adjusted indirect comparison of the efficacy of BRUKINSA versus acalabrutinib in R/R CLL based on data from the Phase 3 ALPINE and Phase 3 ASCEND trials demonstrating a progression-free survival and Complete Response (CR) advantage for BRUKINSA versus acalabrutinib, as well as potentially improved overall survival; and\nReceived U.S. Food and Drug Administration (FDA) approval for the treatment of adult patients with R/R follicular lymphoma, in combination with the anti-CD20 monoclonal antibody obinutuzumab, after two or more lines of systemic therapy.\n\nTEVIMBRA® (tislelizumab)\n\nSales of tislelizumab totaled $145 million in the first quarter of 2024, representing growth of 26% compared to the prior-year period;\nAnnounced European Commission approval as a treatment for non-small cell lung cancer (NSCLC) across three indications, including first- and second-line use;\nReceived FDA approval for the treatment of second-line esophageal squamous cell carcinoma (ESCC) after prior chemotherapy;\nReceived FDA acceptance of BLA for the treatment of first-line gastric or gastroesophageal junction cancers; and\nThe pending FDA approval for tislelizumab in first-line unresectable, recurrent, locally advanced, or metastatic ESCC with a target PDUFA action date of July 2024 may be deferred on account of a potential delay in scheduling clinical site inspections.\n\nKey Pipeline Highlights\nHematology\nSonrotoclax (BCL2 inhibitor)\n\nReceived FDA fast track designation for R/R mantle cell lymphoma (MCL); and\nContinued enrollment in R/R MCL and WM with registrational intent as well as Phase 3 in TN CLL in combination with BRUKINSA; more than 850 patients enrolled to date across the program.\n\nBGB-16673 (BTK CDAC)\n\nInitiated expansion cohorts in R/R MCL (potential registrational intent) and R/R CLL; more than 220 patients enrolled to date across the program; and\nExpect to initiate Phase 3 clinical trial in R/R CLL by the end of 2024.\n\nSolid Tumors\nLung Cancer\n\nEnrolled last subject in a Phase 3 clinical trial for ociperlimab (anti-TIGIT) for first-line PD-L1 high NSCLC;\nMultiple tislelizumab lung cancer combination cohorts with BGB-A445 (anti-OX40), LBL-007 (anti-LAG3) and BGB-15025 (HPK1 inhibitor) expected to read out in 2024; and\nPan-KRAS and MTA-cooperative PRMT5 inhibitors and EGFR CDAC on track to enter the clinic in the second half of 2024.\n\nBreast Cancer\n\nBGB-43395 (CDK4 inhibitor): Initiated fourth dose level of monotherapy, which is in the efficacious dose range with no dose limiting toxicities observed; and initiated dosing of combination with fulvestrant just over four months from first monotherapy dose.\nBG-68501 (CDK2 inhibitor): Initiated second dose level of monotherapy in first-in-human study, with clinical pharmacokinetics as expected and no dose limiting toxicities observed.\nBG-C9074 (B7H4 ADC): First patient dosed in Australia in global first-in-human Phase 1 study.\n\nGastrointestinal Cancers\n\nMultiple tislelizumab combination cohorts with LBL-007 (anti-LAG3) and BGB-A445 (anti-OX40) reading out in 2024;\nPlan to submit a BLA with the NMPA for zanidatamab for the treatment of second-line biliary tract cancer; and\nCEA-ADC and FGFR2b-ADC on track to enter the clinic in the second half of 2024.\n\nOther Business Highlights\n\nThe U.S. Patent and Trademark Office (USPTO) granted the Company’s petition for post-grant review of the Pharmacyclics’ patent asserted against the Company in a patent infringement suit, stating that the Company has shown that it is more likely than not that the patent is invalid; The USPTO is expected to issue a final decision on the validity of the patent within 12 months;\nPublished the 2023 Responsible Business & Sustainability Report which details the Company’s commitment to providing equitable benefit to patients, business and society; and\nAnticipate opening of state-of-the-art biologics manufacturing facility and clinical R&D center at the Princeton West Innovation Campus in Hopewell, New Jersey, in July.\n\nFirst Quarter 2024 Financial Highlights\nRevenue for the three months ended March 31, 2024, was $752 million, compared to $448 million in the same period of 2023, driven primarily by growth in BRUKINSA product sales in the U.S. and Europe of 153% and 243% respectively.\nProduct Revenue for the three months ended March 31, 2024, was $747 million, compared to $410 million in the same period of 2023, representing an increase of 82%. The increase in product revenue was attributable to increased sales of our internally developed products, BRUKINSA and tislelizumab. For the three months ended March 31, 2024, the U.S. was the Company’s largest market, with product revenue of $351 million, compared to $139 million in the prior year period.\nGross Margin as a percentage of global product revenue for the first quarter of 2024 was 83%, compared to 80% in the prior-year period. The gross margin percentage increased primarily due to proportionally higher sales mix of global BRUKINSA compared to other products in the portfolio.\nOperating Expenses\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGAAP\n\n\n\nNon-GAAP\n\n\n\n\n(in thousands, except percentages)\n\nQ1 2024\n\nQ1 2023\n\n% Change\n\nQ1 2024\n\nQ1 2023\n\n% Change\n\n\nResearch and development\n\n$\n460,638\n\n$\n408,584\n\n13\n%\n\n$\n405,440\n\n$\n361,696\n\n12\n%\n\n\nSelling, general and administrative\n\n$\n427,427\n\n$\n328,499\n\n30\n%\n\n$\n372,146\n\n$\n283,154\n\n31\n%\n\n\nAmortization\n\n$\n—\n\n$\n187\n\n(100\n)%\n\n$\n—\n\n$\n—\n\nNM\n\n\nTotal operating expenses\n\n$\n888,065\n\n$\n737,270\n\n20\n%\n\n$\n777,586\n\n$\n644,850\n\n21\n%\n\n\n\nResearch and Development (R&D) Expenses increased for the first quarter of 2024 compared to the prior-year period on both a GAAP and adjusted basis primarily due to advancing preclinical programs into the clinic and early clinical programs into late stage. Upfront fees and milestone payments related to in-process R&D for in-licensed assets totaled $35 million in the first quarter of 2024, compared to nil in the prior-year period.\nSelling, General and Administrative (SG&A) Expenses increased for the first quarter of 2024 compared to the prior-year period on both a GAAP and adjusted basis due to continued investment in the global commercial launch of BRUKINSA, primarily in the U.S. and Europe. SG&A expenses as a percentage of product sales were 57% for the first quarter of 2024 compared to 80% in the prior year period.\nLoss from Operations in the first quarter of 2024 decreased 30% on a GAAP basis and 47% on an adjusted basis compared to the prior-year period. The decrease is driven by significantly improved operating leverage associated with substantial revenue growth and expense discipline as we make significant progress on the path to sustainable profitability.\nGAAP Net Loss improved for the quarter ended March 31, 2024, compared to the prior-year period, as our product revenue growth and management of expenses is driving increased operating leverage.\nFor the quarter ended March 31, 2024, net loss per share was $(0.19) and $(2.41) per American Depositary Share (ADS), compared to $(0.26) per share and $(3.34) per ADS in the prior year period.\nCash Used in Operations for the quarter ended March 31, 2024, totaled $309 million compared to $564 million in the prior-year period, driven by improved operating leverage.\nFor further details on BeiGene’s First Quarter 2024 Financial Statements, please see BeiGene’s Quarterly Report on Form 10-Q for the first quarter of 2024 filed with the U.S. Securities and Exchange Commission.\nAbout BeiGene\nBeiGene is a global oncology company that is discovering and developing innovative treatments that are more affordable and accessible to cancer patients worldwide. With a broad portfolio, we are expediting development of our diverse pipeline of novel therapeutics through our internal capabilities and collaborations. We are committed to radically improving access to medicines for far more patients who need them. Our growing global team of more than 10,000 colleagues spans five continents. To learn more about BeiGene, please visit www.beigene.com and follow us on LinkedIn, X (formerly known as Twitter) and Facebook.\nForward-Looking Statements\nThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding BeiGene’s ability to advance its pipeline of therapies for hematologic malignancies and rapidly advance its pipeline of solid tumor therapies to solidify its reputation as a global oncology innovator; BeiGene’s anticipated clinical activities and read outs; the opening date of BeiGene’s biologics manufacturing facility and clinical R&D center in Hopewell, New Jersey; BeiGene’s progress towards sustainable profitability; and BeiGene’s plans, commitments, aspirations and goals under the caption \"About BeiGene\". Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including BeiGene’s ability to demonstrate the efficacy and safety of its drug candidates; the clinical results for its drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; BeiGene’s ability to achieve commercial success for its marketed medicines and drug candidates, if approved; BeiGene's ability to obtain and maintain protection of intellectual property for its medicines and technology; BeiGene’s reliance on third parties to conduct drug development, manufacturing, commercialization, and other services; BeiGene’s limited experience in obtaining regulatory approvals and commercializing pharmaceutical products; BeiGene’s ability to obtain additional funding for operations and to complete the development of its drug candidates and achieve and maintain profitability; and those risks more fully discussed in the section entitled \"Risk Factors\" in BeiGene’s most recent quarterly report on Form 10-Q, as well as discussions of potential risks, uncertainties, and other important factors in BeiGene’s subsequent filings with the U.S. Securities and Exchange Commission. All information in this press release is as of the date of this press release, and BeiGene undertakes no duty to update such information unless required by law.\n\n\n\nCondensed Consolidated Statements of Operations (U.S. GAAP)\n\n\n(Amounts in thousands of U.S. dollars, except for shares, American Depositary Shares (ADSs), per share and per ADS data)\n\n\n\n \n\n\n\nThree Months EndedMarch 31,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n\n(Unaudited)\n\n\nRevenues\n\n\n\n\n\nProduct revenue, net\n$\n746,918\n\n\n$\n410,291\n\n\n\nCollaboration revenue\n\n4,734\n\n\n\n37,510\n\n\n\nTotal revenues\n\n751,652\n\n\n\n447,801\n\n\n\nCost of sales - products\n\n124,935\n\n\n\n81,789\n\n\n\nGross profit\n\n626,717\n\n\n\n366,012\n\n\n\nOperating expenses:\n\n\n\n\n\nResearch and development\n\n460,638\n\n\n\n408,584\n\n\n\nSelling, general and administrative\n\n427,427\n\n\n\n328,499\n\n\n\nAmortization of intangible assets\n\n—\n\n\n\n187\n\n\n\nTotal operating expenses\n\n888,065\n\n\n\n737,270\n\n\n\nLoss from operations\n\n(261,348\n)\n\n\n(371,258\n)\n\n\nInterest income, net\n\n16,160\n\n\n\n16,016\n\n\n\nOther income (expense), net\n\n1,762\n\n\n\n18,303\n\n\n\nLoss before income taxes\n\n(243,426\n)\n\n\n(336,939\n)\n\n\nIncome tax expense\n\n7,724\n\n\n\n11,492\n\n\n\nNet loss\n\n(251,150\n)\n\n\n(348,431\n)\n\n\n\n\n\n\n\n\nNet loss per share, basic and diluted\n$\n(0.19\n)\n\n$\n(0.26\n)\n\n\nWeighted-average shares outstanding—basic and diluted\n\n1,355,547,626\n\n\n\n1,354,164,760\n\n\n\n\n\n\n\n\n\nNet loss per ADS, basic and diluted\n$\n(2.41\n)\n\n$\n(3.34\n)\n\n\nWeighted-average ADSs outstanding—basic and diluted\n\n104,272,894\n\n\n\n104,166,520\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nSelect Condensed Consolidated Balance Sheet Data (U.S. GAAP)\n\n\n(Amounts in thousands of U.S. Dollars)\n\n\n\n\n\n\n\n\n\nAs of\n\n\n\nMarch 31,\n\nDecember 31,\n\n\n\n2024\n\n2023\n\n\n\n(unaudited)\n\n(audited)\n\n\nAssets:\n\n\n\n\n\nCash, cash equivalents, restricted cash and short-term investments\n$\n2,807,436\n\n$\n3,188,584\n\n\nAccounts receivable, net\n\n435,294\n\n\n358,027\n\n\nInventories\n\n447,345\n\n\n416,122\n\n\nProperty, plant and equipment, net\n\n1,417,992\n\n\n1,324,154\n\n\nTotal assets\n\n5,667,681\n\n\n5,805,275\n\n\nLiabilities and equity:\n\n\n\n\n\nAccounts payable\n\n356,575\n\n\n315,111\n\n\nAccrued expenses and other payables\n\n569,438\n\n\n693,731\n\n\nR&D cost share liability\n\n225,530\n\n\n238,666\n\n\nDebt\n\n1,025,992\n\n\n885,984\n\n\nTotal liabilities\n\n2,307,320\n\n\n2,267,948\n\n\nTotal equity\n$\n3,360,361\n\n$\n3,537,327\n\n\n\nNote Regarding Use of Non-GAAP Financial Measures\nBeiGene provides certain non-GAAP financial measures, including Adjusted Operating Expenses and Adjusted Operating Loss and certain other non-GAAP income statement line items, each of which include adjustments to GAAP figures. These non-GAAP financial measures are intended to provide additional information on BeiGene’s operating performance. Adjustments to BeiGene’s GAAP figures exclude, as applicable, non-cash items such as share-based compensation, depreciation and amortization. Certain other special items or substantive events may also be included in the non-GAAP adjustments periodically when their magnitude is significant within the periods incurred. BeiGene maintains an established non-GAAP policy that guides the determination of what costs will be excluded in non-GAAP financial measures and the related protocols, controls and approval with respect to the use of such measures. BeiGene believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of BeiGene’s operating performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of the Company’s historical and expected financial results and trends and to facilitate comparisons between periods and with respect to projected information. In addition, these non-GAAP financial measures are among the indicators BeiGene’s management uses for planning and forecasting purposes and measuring the Company’s performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies.\n\n\n\nRECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES\n\n\n(in thousands, except per share amounts)\n\n\n(unaudited)\n\n\n\n \n\n\n\nThree Months Ended\n\n\n\nMarch 31,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n\n( in thousands)\n\n\nReconciliation of GAAP to adjusted cost of sales - products:\n\n\n\n\n\nGAAP cost of sales - products\n$\n124,935\n\n\n$\n81,789\n\n\n\nLess: Depreciation\n\n2,345\n\n\n\n2,180\n\n\n\nLess: Amortization of intangibles\n\n1,183\n\n\n\n799\n\n\n\nAdjusted cost of sales - products\n$\n121,407\n\n\n$\n78,810\n\n\n\nReconciliation of GAAP to adjusted research and development:\n\n\n\n\n\nGAAP research and development\n$\n460,638\n\n\n$\n408,584\n\n\n\nLess: Share-based compensation expenses\n\n38,045\n\n\n\n34,028\n\n\n\nLess: Depreciation\n\n17,153\n\n\n\n12,860\n\n\n\nAdjusted research and development\n$\n405,440\n\n\n$\n361,696\n\n\n\nReconciliation of GAAP to adjusted selling, general and administrative:\n\n\n\n\n\nGAAP selling, general and administrative\n$\n427,427\n\n\n$\n328,499\n\n\n\nLess: Share-based compensation expenses\n\n50,669\n\n\n\n41,360\n\n\n\nLess: Depreciation\n\n4,612\n\n\n\n3,985\n\n\n\nAdjusted selling, general and administrative\n$\n372,146\n\n\n$\n283,154\n\n\n\nReconciliation of GAAP to adjusted operating expenses\n\n\n\n\n\nGAAP operating expenses\n$\n888,065\n\n\n$\n737,270\n\n\n\nLess: Share-based compensation expenses\n\n88,714\n\n\n\n75,388\n\n\n\nLess: Depreciation\n\n21,765\n\n\n\n16,845\n\n\n\nLess: Amortization of intangibles\n\n—\n\n\n\n187\n\n\n\nAdjusted operating expenses\n$\n777,586\n\n\n$\n644,850\n\n\n\nReconciliation of GAAP to adjusted loss from operations:\n\n\n\n\n\nGAAP loss from operations\n$\n(261,348\n)\n\n$\n(371,258\n)\n\n\nPlus: Share-based compensation expenses\n\n88,714\n\n\n\n75,388\n\n\n\nPlus: Depreciation\n\n24,110\n\n\n\n19,025\n\n\n\nPlus: Amortization of intangibles\n\n1,183\n\n\n\n986\n\n\n\nAdjusted loss from operations\n$\n(147,341\n)\n\n$\n(275,859\n)\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240508878785/en/\nContacts\nInvestor Liza Heapes+1 857-302-5663ir@beigene.com\nMedia Kyle Blankenship+1 667-351-5176media@beigene.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.23.0","shortVersion":"4.23.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2433995743"}