Summary by Moomoo AI
BeiGene reported strong Q2 2024 financial results with total revenue increasing 56% year-over-year to $929.2 million, driven by robust global BRUKINSA sales growth of 107% to $637.4 million. Product revenue grew 66% to $921.1 million, while collaboration revenue was $8.0 million. The company reduced GAAP operating loss by 66% to $107.2 million and achieved positive adjusted operating income of $48.5 million.U.S. sales of BRUKINSA surged 114% to $479.4 million as it gained share in treatment-naive CLL and emerged as BTK inhibitor class leader in new patient starts. European sales grew 209% to $81.4 million with increased market penetration across major markets. China sales of tislelizumab increased 6% to $158.3 million, while Amgen in-licensed product sales in China rose 82% to $90.1 million.Gross margin improved to 85.0% from 82.7% in Q2 2023 due to higher BRUKINSA sales mix. Operating expenses increased 10% to $898.2 million, reflecting continued investment in commercial expansion and R&D. The company maintained strong liquidity with $2.6 billion in cash and investments as of June 30, 2024, positioning it well for continued global growth.
