BeiGene's third-quarter financials best expectations

Shares of Sino-American biotech BeiGene (HKEX: 06160) rose as much as 3.8% to 133.97 renminbi when trading started this morning, as the company released third-quarter 2022 financial results that beat consensus forecasts.

Revenue for the three months was $387.6 million, up 88% compared to $206.4 million in the same period of 2021. for the third quarter of 2022. Product revenue leapt 82% to total $349.5 million, compared to $192.5 million in the same period of 2021. and beat consensus of $330.7 million. The increase was driven by strong growth in the USA, several ex-US launches, and robust uptake in approved indications, as well as some uptake in chronic lymphocytic leukemia (CLL).

Net loss for the quarter was $557.6 million, or $0.41 per share, and $5.39 per American Depositary Share (ADS), compared to $438.1 million, or $0.36 per share, and $4.72 per ADS in the same period of 2021. Net loss for the quarter was negatively impacted by other non-operating expenses of $125.6 million, primarily related to foreign exchange losses resulting from the strengthening of the US dollar and the revaluation impact of foreign currencies held in US functional currency subsidiaries.