BeiGene, Ltd. has recently released its 10-K report, providing a comprehensive overview of the company's financial performance and operations. The biotechnology company, incorporated in 2010 and based in the Cayman Islands, focuses on developing and commercializing oncology medicines globally. Its product portfolio includes a range of treatments for various cancers, such as BRUKINSA for blood cancers, Tislelizumab for solid tumors and blood cancers, REVLIMID for multiple myeloma, and several other medications targeting different types of cancer.
In the fiscal year 2023, BeiGene achieved significant milestones, reporting record total revenues of $634.4 million in the fourth quarter and $2.5 billion for the full year, marking an increase of 66.9% and 73.7% respectively from the prior year periods. The company strengthened its leadership in hematology with global BRUKINSA sales reaching $413.0 million in the fourth quarter and $1.3 billion for the full year 2023, reflecting increases of 134.6% and 128.5% respectively. Additionally, BeiGene made progress in advancing its innovative hematology pipeline, initiating four registrational trials for sonrotoclax and expanding its global presence across diverse product and geographic revenue mix.
Recent business developments include the FDA's approval of a label update for BRUKINSA, the acquisition of an exclusive global license to Ensem Therapeutics, Inc.'s Investigational New Drug application-ready oral cyclin-dependent kinase 2 inhibitor, and the European Commission's marketing authorization for BRUKINSA in combination with obinutuzumab for the treatment of adult patients with R/R follicular lymphoma.
In terms of financial performance, total revenue for the year ended December 31, 2023, increased by $1.0 billion to $2.5 billion from the prior year, primarily driven by increased sales of internally developed products such as BRUKINSA and tislelizumab, as well as in-licensed products. Gross margin on global product sales also improved, reaching 82.7% as a percentage of sales, compared to 77.2% in the prior year. Research and development expenses increased by 8.4% to $1.8 billion, primarily due to higher external clinical trial costs for BRUKINSA and other pipeline assets.
Following these announcements, the company's shares moved 3.3%, and are now trading at a price of $160.26. Check out the company's full 10-K submission here.
