BeiGene turned from profit to loss in Q1 with reduced cooperation revenue.
Chinese biotechnology company BeiGene (BGNE:NASDAQ; 06160:HK; 688235:SH) shrunk over 50% in revenue, according to the Q1 2022 financial report unveiled on May 5.
The company's revenue totalled USD 306.6 million, decreasing 50.4% year on year. Its product revenue was USD 261.6 million, with a 146% year-on-year increase.
Net loss reported during the period was USD 434.3 million, compared to USD 66.5 million in the prior year period, primarily due to the lower collaboration revenue of USD 45.1 million, BeiGene explained.
According to the announcement, this sharp drop was mainly due to the company's partial recognition of the upfront payments from Novartis in the same period last year.
Founded in 2010 and headquartered in Beijing, BeiGene focuses on researching and developing innovative medicines. On December 15, 2021, it was approved to stage on the STAR Market under the code “688235”, making BeiGene the first triple-listed biotechnology company on NASDAQ, Hong Kong Stock Exchange and the STAR Market.
According to BeiGene, the global sales of the BTK inhibitor Baiyueze (Zanubrutinib) in the first quarter of this year rose 372% year-on-year to USD 104.3 million, and PD-1 oncology drug Baizean, another BeiGene’s self-developed product, achieved sales of USD 487.6 million in China, up about 79% year on year. It is expected to be approved for the first time within this year.
BeiGene closed 2.16% lower at USD 159.48 apiece Friday on NASDAQ, with a market cap of USD 17.791 billion. It closed 0.20% lower at HKD 98.150 apiece on the Hong Kong Stock Exchange, with a HKD 131 billion market cap. It closed 0.19% lower at CNY 91.67 apiece on the Shanghai Stock Exchange, with a CNY 122.4 billion market value.