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Shares of BeOne Medicines declined after their recent annual earnings report revealed results that fell short of expectations, despite marking the company’s first-ever profitability.
In Shanghai, shares dropped 2.4%, trading at approximately CNY257.10 (about $37.49), while in Hong Kong, they decreased 1.5% to HKD191.50 (roughly $24.47) as of 2:50 p.m. Today. The company’s stock listed in New York on NASDAQ plunged 8.5%, closing at $322.37 yesterday.
For the 12 months ending December 31, the company reported a profit from operations under generally accepted accounting principles (GAAP) totaling $447.1 million, a significant turnaround from a GAAP loss of $568.2 million in the previous year. Revenue rose by 40% to $5.3 billion during this period.
The company had earlier forecasted a revenue between $6.2 billion and $6.4 billion, with a GAAP operating profit between $700 million and $800 million for the previous year.
In the fourth quarter, revenue increased by 33% to $1.5 billion compared to the same period last year. Additionally, the company shifted from a GAAP operating loss of $79.4 million to a profit of $185 million.
“These strong financial results for both the fourth quarter and the full year highlight our ongoing transformation into a global leader in oncology, supported by durable competitive advantages in clinical development and manufacturing, along with one of the industry’s most extensive and differentiated pipelines,” stated the CEO and co-founder.
Product sales, accounting for 99% of total revenue, totaled $5.3 billion last year. Sales of Brukinsa, an oral medication used to treat certain types of leukemia and lymphoma, surged 49% to $3.9 billion. Meanwhile, sales of Tevimbra, another oral therapy used for various esophageal cancers, increased 19% to $737 million.
“Brukinsa has secured its position as the world’s leading inhibitor in the Bruton’s tyrosine kinase class, supported by broad regulatory approvals, expanding markets, strong physician adoption, and excellent long-term data on efficacy and safety in chronic lymphocytic leukemia,” the CEO noted. “At the same time, we’re gaining new indications and expanding reimbursement for Tevimbra across major markets worldwide.”
“With late-stage hematology assets approaching commercialization and promising data from our solid tumor portfolio, we are well-positioned to further solidify our leadership and sustain global growth in the coming years,” he added.
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