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BeiGene, Ltd. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $1,001,599,000 from $781,308,000 in the same quarter the previous year. This increase is attributed to higher sales of BRUKINSA and other products.
Product revenue, net for the quarter was $993,447,000, up from $595,290,000 in the previous year, driven by increased sales of BRUKINSA and in-licensed products from Amgen (AMGN-0.37%).
Collaboration revenue decreased significantly to $8,152,000 from $186,018,000 in the previous year, primarily due to the termination of certain collaboration agreements.
The company reported a gross profit of $831,137,000 for the quarter, compared to $684,999,000 in the previous year, with the increase attributed to higher product sales.
Research and development expenses increased to $496,179,000 from $453,259,000, due to the expansion of the company's global development organization and clinical programs.
Selling, general, and administrative expenses rose to $455,223,000 from $365,708,000, primarily due to investments in commercial activities to support product launches.
The company reported a net loss of $121,350,000 for the quarter, compared to a net income of $215,413,000 in the previous year, impacted by reduced collaboration revenue and increased expenses.
BeiGene had cash and cash equivalents of $2,701,933,000 as of September 30, 2024, down from $3,171,800,000 at the end of 2023, reflecting cash used in operating and investing activities.
The company continues to focus on expanding its oncology pipeline and commercial capabilities, with several new molecular entities entering clinical trials during the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BeiGene quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.