Summary by Moomoo AI
BeiGene reported strong Q2 2024 results with total revenue of $929 million, up 56% year-over-year, driven by BRUKINSA sales growth. The company achieved non-GAAP operating income of $48 million, a key milestone in its path to profitability.BRUKINSA global sales reached $637 million, up 107% year-over-year, with U.S. sales of $479 million (+114%) and European sales of $81 million (+209%). BeiGene advanced its hematology pipeline, including sonrotoclax (BCL2 inhibitor) and BGB-16673 (BTK degrader). The solid tumor pipeline progressed with multiple candidates in lung, breast, and GI cancers.The company opened an $800 million biologics manufacturing facility in New Jersey and proposed redomiciling to Switzerland to strengthen its global presence. BeiGene maintained financial discipline, reducing GAAP operating loss by 66% to $107 million and improving cash used in operations to $96 million from $294 million in Q2 2023.
