NEW YORK - BeiGene Ltd. (NASDAQ:BGNE) reported third-quarter results that beat revenue expectations, with a narrower loss than analysts anticipated. Shares were down 4.3% in premarket trading on Tuesday.
The global oncology company posted revenue of $1.1 billion for the quarter, surpassing the consensus estimate of $980.5 million. This represented a 28% increase from $781.3 million in the same period last year, driven primarily by strong growth in BRUKINSA product sales in the U.S. and Europe.
However, BeiGene reported a loss per share of $0.09, which was worse than the $0.15 earnings per share in the prior-year quarter, though it beat analyst expectations for a loss of $1.04 per share.
"Our exceptional third-quarter results underscore the Company's global oncology leadership driven by our unique R&D and clinical advantages as well as the tremendous launch trajectory of BRUKINSA," said John V. Oyler, Co-Founder, Chairman and CEO at BeiGene.
BRUKINSA sales in the U.S. totaled $504 million in Q3, representing 87% growth year-over-year. In Europe, BRUKINSA sales reached $97 million, up 217% from the prior year.
The company highlighted continued progress across its pipeline, including advancing several new molecular entities into clinical trials during the quarter.
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