[Today's focus]
BeiGene (06160.HK)'s product revenue increased 82% in the first quarter, and R&D expenses reached US$460 million and ranked among the top 15 global oncology treatment innovators
BeiGene (06160.HK) announced that in the first quarter of 2024, the company's total revenue reached US$752 million, of which product revenue reached US$747 million, an increase of 82% over the previous year. Baiyueze's global sales reached US$489 million, thanks to sales growth of 153% and 243% year-on-year in the US and Europe, respectively. With the recent approval of the FDA for the fifth indication, Baiyueze has now become the most widely indicated BTK inhibitor among similar drugs.
In the first quarter of 2024, Baizean's sales reached US$145 million, an increase of 26% over the previous year. It was announced that it has been approved by the European Commission for the treatment of three non-small cell lung cancer (NSCLC) indications, including first-line and second-line treatment.
Gross profit in the first quarter of 2024 represented 83% of global product revenue; compared to 80% in the same period last year. The increase in gross margin was mainly due to Baiyueze's higher share of global sales compared to other products in the product portfolio.
In the first quarter of 2024, GAAP operating losses fell 30% year over year, and adjusted operating losses fell 47% year over year. The reason for the decline in operating losses is that operating leverage benefits associated with significant revenue growth and cost control have improved significantly as the company has made significant progress towards sustainable profit.
In the first quarter of 2024, the company spent 460 million US dollars on R&D, an increase of 13% over the previous year. In the first quarter of 2024, GAAP and adjusted R&D expenses both increased year-on-year, mainly due to advancing pre-clinical projects to clinical and early clinical projects to later stages of development. In the first quarter of 2024, prepayments and milestone payments relating to authorized introduction of assets in research projects were $35 million, compared to zero in the same period last year.
“We are pleased that the company once again showed strong financial results this quarter. Thanks to a significant increase in global revenue, we are now among the top 15 global oncology treatment innovators in terms of total sales of antineoplastic drugs. Furthermore, in the process of achieving sustainable profits, our operating efficiency continues to improve significantly”. Mr. John V. Oyler (Johnv. Oyler), co-founder, chairman and CEO of BeiGene, said, “With Bayezer, we have strengthened the company's leading position in hematology and continued to advance the innovative treatment pipeline for hematologic malignancies. Baiyueze has now become the most widely indicated BTK inhibitor among similar drugs. At the same time, Baizean has now been approved for listing in the US and Europe, and we look forward to rapidly advancing our deep pipeline therapy in the field of solid tumors, matching our leading position in hematology and continuing to strengthen our reputation as a global innovative oncology treatment company.”
[Important matters]
China Graphite (02237.HK) stock price fluctuates abnormally and business operations remain normal
MGM (01985.HK) establishes two wholly-owned subsidiaries and develops artificial intelligence infrastructure solutions business in Shanghai
China High Precision (00591.HK) stock price fluctuates abnormally and there have been no major changes in business operations and financial conditions
Zhongda Group Holdings (00139.HK) and FMC Cayman entered into a conditional joint venture agreement to develop the smart and new energy vehicle market
Lehua Entertainment (02306.HK) signed a business cooperation framework agreement with Sun Moon Star Media
[Financial results]
Auto Home-S (02518.HK)'s revenue in the first quarter exceeded 1.6 billion yuan and maintained steady growth. The average number of mobile users per day increased 8.1% year-on-year in March
Dacheng Foods (03999.HK)'s operating revenue in the first quarter reached 1,406 billion yuan, net profit surged 162.1% year-on-year
Sinochem Fertilizer (00297.HK): Net profit of 499 million yuan in the first quarter
[Operational data]
Xuhui Holding Group (00884.HK)'s cumulative contract sales for January-April reached 14.13 billion yuan
Hesheng Creative Development Group (00754.HK): Total contract sales amount of 5.404 billion yuan in the first 4 months
Baolong Real Estate (01238.HK)'s April contract sales reached 1,134 billion yuan
Zhengrong Real Estate (06158.HK)'s April contract sales amount was about 591 million yuan
[Acquisition and sale]
Zhejiang Shanghai-Hangzhou (00576.HK): Zheshang Securities plans to participate in the auction of Guodu Securities shares held by Guohua Energy
[Equity Incentives]
Bishengyuan (00926.HK) granted a total of 122.26 million share options
GUANZE MEDICAL (02427.HK) grants a total of 7.586 million bonus shares
[Issuance of additional shares]
MiG International Holdings (01247.HK) plans to sell a maximum of 28.34 million shares at a discount of about 14.6% to raise about HK$19.3 million
About 67.77% of TEAMWAY INTL GP (01239.HK) shares have been subscribed
[Repurchase Cancellation]
Standard Chartered Group (02888.HK) spent £7.9035 million to buy back 1.553 million shares on May 7
Gloria Ying (06821.HK) spent 49.97 million yuan to buy back 594,000 A shares on May 8
Hang Seng Bank (00011.HK) spent HK$32.95 million to repurchase 300,000 shares on May 8
Swire Group A (00019.HK) spent HK$24.58 million to buy back 364,000 shares on May 8
Yao Ming Kangde (02359.HK) spent 2005 million yuan to buy back 446,700 A shares on May 8
MGM China (02282.HK) spent HK$19.2 million to buy back 1.3 million shares on May 8
Shell-W (02423.HK) spent 2 million US dollars to buy back 357,800 shares on May 7
AIA (01299.HK) spent HK$15.616 million to repurchase 255,000 shares on May 8
Kuaishou-W (01024.HK) spent HK$12.14 million to buy back 212,000 shares on May 8
Jiangxi Copper Co., Ltd. (00358.HK) spent 9.804 million yuan to buy back 383,000 A shares on May 8
Xiansheng Pharmaceutical (02096.HK) spent HK$8.328,700 to buy back 1.454 million shares on May 8
Follett Glass (06865.HK) bought back 957,900 A-shares for the first time on May 8
Jiufang Wealth (09636.HK) spent HK$5.61 million to buy back 481,000 shares on May 8
Kanglong Chemical (03759.HK) spent 4.987 million yuan to buy back 250,000 A shares on May 8
Zhou Heiya (01458.HK) spent HK$4.58 million to buy back 2.4 million shares on May 8
Yum China (09987.HK) spent HK$4.687,700 to buy back 16,000 shares on May 7