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Dec 31, 2020
BeiGene Q4 2020 Earnings Report
BeiGene reported fourth quarter financial results, highlighted by the Novartis collaboration for tislelizumab and positive Phase 3 readouts.
Key Takeaways
BeiGene reported a product revenue increase of 76% for the fourth quarter, reaching $100.10 million, driven by sales of tislelizumab and BRUKINSA. The company also highlighted its collaboration agreement with Novartis and positive Phase 3 trial results for tislelizumab.
Generated $100.10 million in product revenue for the fourth quarter of 2020, a 76% increase year-over-year.
Announced a collaboration agreement with Novartis to develop and commercialize tislelizumab in North America, Europe, and Japan.
Achieved positive Phase 3 readouts for tislelizumab demonstrating overall survival benefits.
Expanded commercial portfolio with the approval of tislelizumab in China for first-line squamous non-small cell lung cancer.
Revenue by Segment
Forward Guidance
BeiGene anticipates several milestones, including closing the Novartis transaction, submitting BLAs and sBLAs, and receiving approvals for tislelizumab and pamiparib in China. They also expect to announce topline results from various Phase 3 trials.
Positive Outlook
- Close transaction with Novartis on the tislelizumab collaboration in the first quarter of 2021.
- Submit the first biologics license application (BLA) outside of China in 2021.
- Submit supplemental biologics license applications (sBLAs) in China for second/third-line NSCLC and MSI-H/dMMR solid tumors in the first half of 2021.
- Receive approvals in first-line non-squamous NSCLC and second/third-line hepatocellular carcinoma (HCC) in China in 2021.
- Announce topline result of the Phase 3 trial of tislelizumab combined with chemotherapy versus placebo combined with chemotherapy as first-line treatment in patients with nasopharyngeal cancer (NPC) in 2021.
Challenges Ahead
- The Company expects that the worldwide health crisis of COVID-19 will continue to have a negative impact on its operations, including commercial sales, regulatory interactions, inspections, filings, and clinical trial recruitment, participation, and data read outs.
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