BeiGene Reports Q4 & Full Year 2024 Financial Results and Update
BeiGene, Inc. (NASDAQ: ONC, HKEX: 06160, SSE: 688235), soon to be rebranded as BeOne Medicines Ltd., a global leader in oncology pharmaceuticals, has announced its fourth-quarter and full-year 2024 financial results along with corporate updates.
BeiGene, Inc. (NASDAQ: ONC, HKEX: 06160, SSE: 688235), soon to be renamed BeOne Medicines Ltd., a global leader in oncology treatments, has reported its fourth-quarter and full-year financial results for 2024, showcasing significant growth and a strategic shift toward expanding its presence in oncology. The company is primarily driven by the ongoing success of its flagship product, BRUKINSA (zanubrutinib), a BTK inhibitor, and the promising development of its solid tumor pipeline.
John V. Euler, co-founder, Chairman, and CEO of BeiGene, remarked, “Our fourth-quarter and full-year results demonstrate our significant growth as a global oncology leader, further strengthened by the continued success of BRUKINSA and the development of one of the most promising solid tumor pipelines in oncology. We are poised to achieve GAAP operating profitability and operating cash flow generation by 2025.”
2024 Financial Highlights
BeiGene’s 2024 financial results reflected strong product sales growth, driven by the success of BRUKINSA in both the U.S. and Europe. Fourth-quarter net product revenue reached $1.1 billion, an increase of 77% compared to the same period in 2023. Full-year net product revenue rose by 73% to $3.8 billion. The increase in revenue was largely attributed to the growth in BRUKINSA sales, particularly in chronic lymphocytic leukemia (CLL) treatments.
The company also saw a substantial increase in collaboration revenue, which grew 152% to $9.8 million in the fourth quarter, though full-year collaboration revenue showed a decline of 89%. This was offset by strong sales of licensed products such as tisulizumab, and growth in BRUKINSA.
Key Product Performance
BRUKINSA remains a cornerstone of BeiGene’s hematology-oncology business, with robust performance across multiple markets. In the U.S., sales of BRUKINSA reached $616 million in Q4 2024, a 97% increase year-over-year, and $2 billion for the full year, up 106%. The success in the U.S. was largely driven by increasing demand in CLL. In Europe, BRUKINSA experienced a 148% increase in sales, totaling $113 million in Q4 and $359 million for the year.
BRUKINSA is now approved in over 70 markets and has treated more than 180,000 patients worldwide. The product’s strong market presence is driven by its broad indications and flexibility, offering once- or twice-daily doses.
Additionally, BeiGene is working on innovative combination therapies, such as pairing BRUKINSA with its late-stage BCL2 inhibitor, sonrotoclax, and other investigational therapies. These combinations are expected to enhance its treatment potential, particularly in hematological cancers.
TEVIMBRA (tisulizumab), BeiGene’s anti-PD-1 monoclonal antibody, is another significant asset. Approved in over 45 markets, it is showing strong growth with Q4 2024 sales of $154 million, up 20% year-over-year, and $621 million in full-year sales, a 16% increase. In addition, TEVIMBRA received FDA approval for the first-line treatment of unresectable or metastatic HER2-negative gastric cancer, further expanding its use in solid tumors.
Pipeline Progress
BeiGene’s pipeline continues to develop with promising therapies across hematology and solid tumors. The company’s rapid early-stage clinical strategy aims to accelerate the development of its promising candidates. Key upcoming data presentations include several solid tumor treatments like BGB-43395 (CDK4 inhibitor), BG-68501 (CDK2 inhibitor), and BG-C9074 (B7H4 ADC), which are expected in 2025.
In lung cancer, BeiGene is advancing several therapies, including Tallatamab (DLL3xCD3 BiTE), with Phase 3 data expected in the first half of 2025 for second-line small cell lung cancer. Additionally, BG-60366 (EGFR CDAC), which entered clinical trials in Q4 2024, is showing strong preclinical data, offering potential against both osimertinib-sensitive and -resistant EGFR mutations.
In breast cancer, BeiGene is continuing dose escalation studies for BGB-43395 (CDK4 inhibitor), with proof-of-concept data expected in the first half of 2025, and also working on a Phase 3 study for second-line HR+/HER2- metastatic breast cancer in combination with endocrine therapy.
Operating Expenses and Cash Flow
Research and development (R&D) expenses for 2024 increased by 10% to $1.95 billion, reflecting the advancement of multiple preclinical and clinical-stage programs. Selling, general, and administrative (SG&A) expenses also saw a 21% increase, totaling $1.83 billion, largely due to investments in expanding the commercial reach of BRUKINSA.
Despite these increases, BeiGene reported a significant improvement in its GAAP operating loss, down 53% year-over-year. The company also saw improved operating cash flow, with a positive $75 million for Q4 2024, a $297 million improvement over the same period in 2023. For the full year, operating cash flow was negative at $141 million, but this marked a $1.0 billion improvement compared to 2023.
Company Updates
In addition to its financial growth, BeiGene announced plans to rename the company to BeOne Medicines Ltd., a move aimed at reflecting its commitment to innovative cancer treatments and serving patients globally. The company also announced a global license agreement with CSPC Zhongqi Pharmaceutical Technology for the development of SYH2039 (BG-89894), a novel MAT2A inhibitor being investigated in solid tumors.
In a bid to align with its global oncology focus, BeiGene also changed its NASDAQ stock ticker symbol from “BGNE” to “ONC.” The company hosted an investor webinar in December 2024, sharing key updates on its hematology pipeline and making a presentation at the J.P. Morgan Healthcare Conference in January 2025.
