On the evening of August 7th, BeiGene released its Q2 2024 US stock performance report and A-share semi annual performance report.
According to the financial report, the company's total revenue for the three months ended June 30, 2024 reached $929 million, a year-on-year increase of 56.13% compared to the same period in 2023, which was $595 million. BeiGene stated in its financial report that this was mainly due to the year-on-year growth of 114% and 209% in sales of Beiyue Ze in the United States and Europe, respectively.
Among them, the product revenue was 921 million US dollars, an increase of 66% compared to 554 million US dollars in the same period of 2023. The reason for the increase in product revenue is also due to the increase in sales of Baiyueze.
During the financial reporting period, the United States remained the company's largest market, with product revenue reaching $479 million in the second quarter, accounting for over half of all product revenue, compared to $224 million in the same period last year. In addition to the growth in revenue from Baiyueze products, the sales of products authorized and licensed by Anjin in China and the sales of Baize An have also had a positive impact on product revenue.
In the fourth quarter of 2023, the US region achieved product revenue of 310 million US dollars, thanks to the strong growth of Zebutinib revenue. US product sales surpassed China for the first time, becoming the largest contributor to product sales revenue. The sales revenue of products in China during the same financial reporting period was 267 million US dollars.
In the second quarter of 2024, BeiGene's non GAAP operating losses decreased by 66% year-on-year. According to the adjusted data calculation, the company has achieved profitability, with an adjusted operating profit of 48 million US dollars.
BeiGene stated in its financial report that the reduction of GAAP operating losses and the correction of adjusted operating profit are key strategic goals of the company, and the achievement of these goals is the result of the company's tremendous efforts to drive growth and prudent investment.
In addition, BeiGene's gross profit in the second quarter accounted for 85% of global product revenue; Compared to the same period last year, it was 83%. BeiGene stated that the increase in gross profit margin is mainly due to the higher proportion of Beiyue Ze in global sales compared to other products in the product portfolio.
The company achieved outstanding financial performance in the second quarter, while also welcoming a turning point in its development. With rapid growth in global revenue and continued financial management, BeiGene has achieved operating profit under GAAP. As a leading global cancer treatment innovation company, we will continue to consolidate our differentiation strategy capabilities after reaching this milestone, "said Ou Leiqiang, co-founder, chairman, and CEO of BeiGene.
Oulaiqiang pointed out that among all approved indications in the United States, Baiyueze is gradually becoming the preferred Bruton tyrosine kinase inhibitor (BTKi) for new patients, highlighting the advantages of clinical efficacy and safety data of this high-quality therapy. At the same time, Baiyueze is also the only BTKi that has achieved superior efficacy compared to Ibrutinib in head to head trials.
As one of the largest oncology research teams in the industry, we have established a leading position in the field of hematology and are working hard to expand into other high-risk cancer areas. As our business continues to grow in mature biopharmaceutical centers such as New Jersey and Switzerland, we will have the opportunity to bring our innovative drugs to more patients, "said Ole Qiang.