Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-37686 | |
Entity Registrant Name | BEIGENE, LTD. | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1209416 | |
Entity Address, Street Address | c/o Mourant Governance Services (Cayman) Limited | |
Entity Address, Street Address Two | 94 Solaris Avenue, Camana Bay | |
Entity Address, City | Grand Cayman | |
Entity Address, Country | KY | |
Entity Address, Postal Zip Code | KY1-1108 | |
City Area Code | 345 | |
Local Phone Number | 949-4123 | |
Title of each class | American Depositary Shares, each representing 13 Ordinary Shares, par value $0.0001 per share | |
Trading Symbol(s) | BGNE | |
Name of each exchange on which registered | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,211,067,023 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001651308 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Current assets: | ||
Cash and cash equivalents | $ 1,776,448 | $ 1,381,950 |
Short-term restricted cash | 310 | 307 |
Short-term investments | 2,605,452 | 3,268,725 |
Accounts receivable, net | 73,787 | 60,403 |
Inventories | 117,587 | 89,293 |
Prepaid expenses and other current assets | 225,455 | 160,012 |
Total current assets | 4,799,039 | 4,960,690 |
Long-term restricted cash | 9,927 | 7,748 |
Property, plant and equipment, net | 395,167 | 357,686 |
Operating lease right-of-use assets | 95,980 | 90,581 |
Intangible assets, net | 12,008 | 5,000 |
Deferred tax assets | 79,751 | 65,962 |
Other non-current assets | 132,244 | 113,090 |
Total non-current assets | 725,077 | 640,067 |
Total assets | 5,524,116 | 5,600,757 |
Current liabilities: | ||
Accounts payable | 168,826 | 231,957 |
Accrued expenses and other payables | 398,856 | 346,144 |
Deferred revenue, current portion | 63,605 | 0 |
Tax payable | 13,855 | 20,380 |
Operating lease liabilities, current portion | 16,550 | 13,895 |
Research and development cost share liability, current portion | 145,820 | 127,808 |
Short-term debt | 434,802 | 335,015 |
Total current liabilities | 1,242,314 | 1,075,199 |
Non-current liabilities: | ||
Long-term bank loans | 194,856 | 183,637 |
Deferred revenue, non-current portion | 75,272 | 0 |
Operating lease liabilities, non-current portion | 34,172 | 29,417 |
Deferred tax liabilities | 12,270 | 10,792 |
Research and development cost share liability, non-current portion | 303,126 | 375,040 |
Other long-term liabilities | 55,331 | 57,429 |
Total non-current liabilities | 675,027 | 656,315 |
Total liabilities | 1,917,341 | 1,731,514 |
Commitments and contingencies | ||
Equity: | ||
Ordinary shares, US$0.0001 par value per share; 9,500,000,000 shares authorized; 1,204,567,023 and 1,190,821,941 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 120 | 118 |
Additional paid-in capital | 7,561,155 | 7,414,932 |
Accumulated other comprehensive income | 12,095 | 6,942 |
Accumulated deficit | (3,966,595) | (3,552,749) |
Total equity | 3,606,775 | 3,869,243 |
Total liabilities and equity | $ 5,524,116 | $ 5,600,757 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Ordinary shares | ||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized (in shares) | 9,500,000,000 | 9,500,000,000 |
Ordinary shares, shares issued (in shares) | 1,204,567,023 | 1,190,821,941 |
Ordinary shares, shares outstanding (in shares) | 1,204,567,023 | 1,190,821,941 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Revenues | $ 149,992 | $ 65,635 | $ 755,864 | $ 117,694 |
Expenses | ||||
Cost of sales - product | 36,263 | 14,307 | 68,948 | 28,456 |
Research and development | 356,091 | 285,968 | 676,817 | 590,270 |
Selling, general and administrative | 232,289 | 124,049 | 414,395 | 231,130 |
Amortization of intangible assets | 304 | 188 | 492 | 471 |
Total expenses | 624,830 | 424,512 | 1,160,535 | 850,327 |
Loss from operations | (474,838) | (358,877) | (404,671) | (732,633) |
Interest (expense) income, net | (4,866) | 1,108 | (9,045) | 7,798 |
Other (expense) income, net | (867) | 19,976 | (4,990) | 23,657 |
Loss before income taxes | (480,571) | (337,793) | (418,706) | (701,178) |
Income tax (benefit) expense | (230) | (1,475) | (4,860) | 79 |
Net loss | (480,341) | (336,318) | (413,846) | (701,257) |
Less: net loss attributable to noncontrolling interests | 0 | (1,116) | 0 | (2,320) |
Net loss attributable to BeiGene, Ltd. | $ (480,341) | $ (335,202) | $ (413,846) | $ (698,937) |
Loss per share attributable to BeiGene, Ltd. (in dollars per share) | $ (0.40) | $ (0.33) | $ (0.35) | $ (0.69) |
Weighted average shares outstanding—basic (in shares) | 1,194,071,476 | 1,010,230,470 | 1,191,521,766 | 1,007,967,904 |
Weighted average shares outstanding - diluted (in shares) | 1,194,071,476 | 1,010,230,470 | 1,191,521,766 | 1,007,967,904 |
Loss per American Depositary Share ("ADS") (in dollars per share) | $ (5.23) | $ (4.31) | $ (4.52) | $ (9.01) |
Weighted-average ADSs outstanding - basic (in shares) | 91,851,652 | 77,710,036 | 91,655,520 | 77,535,993 |
Weighted-average ADSs outstanding - diluted (in shares) | 91,851,652 | 77,710,036 | 91,655,520 | 77,535,993 |
Operating Expense | ||||
Expenses | ||||
Amortization of intangible assets | $ 187 | $ 188 | $ 375 | $ 471 |
Product revenue, net | ||||
Revenues | ||||
Revenues | 138,624 | 65,635 | 244,741 | 117,694 |
Collaboration revenue | ||||
Revenues | ||||
Revenues | $ 11,368 | $ 0 | $ 511,123 | $ 0 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
Net loss | $ (480,341) | $ (336,318) | $ (413,846) | $ (701,257) |
Other comprehensive (loss) income, net of tax of nil: | ||||
Foreign currency translation adjustments | 9,626 | 1,732 | 5,864 | (2,617) |
Pension liability adjustments | (136) | 0 | 361 | 0 |
Unrealized holding (loss) gain, net | (599) | (4,470) | (1,072) | 1,228 |
Comprehensive loss | (471,450) | (339,056) | (408,693) | (702,646) |
Less: comprehensive loss attributable to noncontrolling interests | 0 | (1,103) | 0 | (2,411) |
Comprehensive loss attributable to BeiGene, Ltd. | $ (471,450) | $ (337,953) | $ (408,693) | $ (700,235) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net loss | $ (413,846) | $ (701,257) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 21,159 | 15,617 |
Share-based compensation expenses | 110,624 | 83,723 |
Unrealized losses/(gains) on equity investments | 6,033 | (11,264) |
Acquired in-process research and development | 53,500 | 43,000 |
Amortization of research and development cost share liability | (53,902) | (55,240) |
Deferred income tax benefits | (12,311) | (1,060) |
Other items, net | 11,212 | (7,064) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (13,338) | 9,094 |
Inventories | (28,294) | (4,681) |
Other assets | (77,204) | (51,962) |
Accounts payable | (42,558) | 34,851 |
Accrued expenses and other payables | 1,688 | 41,465 |
Deferred revenue | 138,877 | 0 |
Other liabilities | 3,189 | (108) |
Net cash used in operating activities | (295,171) | (604,886) |
Investing activities: | ||
Purchases of property, plant and equipment | (80,920) | (54,138) |
Purchases of investments | (1,357,051) | (2,442,943) |
Proceeds from sale or maturity of investments | 1,997,515 | 997,242 |
Purchase of in-process research and development | (8,500) | (43,000) |
Other investing activities | (7,500) | (2,025) |
Net cash provided by (used in) investing activities | 543,544 | (1,544,864) |
Financing activities: | ||
Proceeds from sale of ordinary shares, net of cost | 0 | 2,162,407 |
Proceeds from research and development cost share liability | 0 | 616,834 |
Proceeds from long-term loan | 10,819 | 49,525 |
Proceeds from short-term loans | 112,589 | 26,197 |
Repayment of short-term loan | (15,959) | 0 |
Proceeds from option exercises and employee share purchase plan | 35,601 | 28,198 |
Net cash provided by financing activities | 143,050 | 2,883,161 |
Effect of foreign exchange rate changes, net | 5,257 | (4,287) |
Net increase in cash, cash equivalents, and restricted cash | 396,680 | 729,124 |
Cash, cash equivalents, and restricted cash at beginning of period | 1,390,005 | 620,775 |
Cash, cash equivalents, and restricted cash at end of period | 1,786,685 | 1,349,899 |
Supplemental cash flow information: | ||
Cash and cash equivalents | 1,776,448 | 1,345,014 |
Short-term restricted cash | 310 | 283 |
Long-term restricted cash | 9,927 | 4,602 |
Income taxes paid | 14,527 | 9,250 |
Interest paid | 14,267 | 3,354 |
Supplemental non-cash information: | ||
Acquisitions of equipment included in accounts payable | 28,885 | 28,962 |
Acquired in-process research and development included in accrued expenses | $ 45,000 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Collaboration revenue | Total | TotalCollaboration revenue | Ordinary Shares | Ordinary SharesCollaboration revenue | Additional Paid-In Capital | Additional Paid-In CapitalCollaboration revenue | Accumulated Other Comprehensive Income | Accumulated Deficit | Noncontrolling Interests |
Balance at the beginning of period at Dec. 31, 2019 | $ 978,355 | $ 962,205 | $ 79 | $ 2,925,970 | $ (8,001) | $ (1,955,843) | $ 16,150 | ||||
Balance at the beginning of period (in shares) at Dec. 31, 2019 | 801,340,698 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Use of shares reserved for share option exercises (in shares) | (3,705,468) | ||||||||||
Issuance of ordinary shares in connection with collaboration | $ 2,162,407 | $ 2,162,407 | $ 21 | $ 2,162,386 | |||||||
Issuance of ordinary shares in connection with collaboration (in shares) | 206,635,013 | ||||||||||
Exercise of options, ESPP and release of Restricted Share Units ("RSUs") | 11,629 | 11,629 | $ 1 | 11,628 | |||||||
Exercise of options, ESPP and release of RSUs (in shares) | 3,706,573 | ||||||||||
Share-based compensation | 38,255 | 38,255 | 38,255 | ||||||||
Other comprehensive income (loss) | 1,349 | 1,453 | 1,453 | (104) | |||||||
Net income (loss) | (364,939) | (363,735) | (363,735) | (1,204) | |||||||
Balance at the end of period at Mar. 31, 2020 | 2,827,056 | 2,812,214 | $ 101 | 5,138,239 | (6,548) | (2,319,578) | 14,842 | ||||
Balance at the ending of period (in shares) at Mar. 31, 2020 | 1,007,976,816 | ||||||||||
Balance at the beginning of period at Dec. 31, 2019 | 978,355 | 962,205 | $ 79 | 2,925,970 | (8,001) | (1,955,843) | 16,150 | ||||
Balance at the beginning of period (in shares) at Dec. 31, 2019 | 801,340,698 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Exercise of options, ESPP and release of Restricted Share Units ("RSUs") | 28,198 | ||||||||||
Net income (loss) | (701,257) | ||||||||||
Balance at the end of period at Jun. 30, 2020 | 2,546,492 | 2,536,298 | $ 102 | 5,200,275 | (9,299) | (2,654,780) | 10,194 | ||||
Balance at the ending of period (in shares) at Jun. 30, 2020 | 1,014,976,692 | ||||||||||
Balance at the beginning of period at Mar. 31, 2020 | 2,827,056 | 2,812,214 | $ 101 | 5,138,239 | (6,548) | (2,319,578) | 14,842 | ||||
Balance at the beginning of period (in shares) at Mar. 31, 2020 | 1,007,976,816 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Use of shares reserved for share option exercises (in shares) | (3,493,516) | ||||||||||
Exercise of options, ESPP and release of Restricted Share Units ("RSUs") | 16,569 | 16,569 | $ 1 | 16,568 | |||||||
Exercise of options, ESPP and release of RSUs (in shares) | 10,493,392 | ||||||||||
Share-based compensation | 45,468 | 45,468 | 45,468 | ||||||||
Deconsolidation of entity | (3,545) | (3,545) | |||||||||
Other comprehensive income (loss) | (2,738) | (2,751) | (2,751) | 13 | |||||||
Net income (loss) | (336,318) | (335,202) | (335,202) | (1,116) | |||||||
Balance at the end of period at Jun. 30, 2020 | 2,546,492 | 2,536,298 | $ 102 | 5,200,275 | (9,299) | (2,654,780) | 10,194 | ||||
Balance at the ending of period (in shares) at Jun. 30, 2020 | 1,014,976,692 | ||||||||||
Balance at the beginning of period at Dec. 31, 2020 | $ 3,869,243 | 3,869,243 | $ 118 | 7,414,932 | 6,942 | (3,552,749) | 0 | ||||
Balance at the beginning of period (in shares) at Dec. 31, 2020 | 1,190,821,941 | 1,190,821,941 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Use of shares reserved for share option exercises (in shares) | (123,097) | ||||||||||
Exercise of options, ESPP and release of Restricted Share Units ("RSUs") | $ 25,754 | 25,754 | $ 1 | 25,753 | |||||||
Exercise of options, ESPP and release of RSUs (in shares) | 6,623,773 | ||||||||||
Share-based compensation | 45,833 | 45,833 | 45,833 | ||||||||
Other comprehensive income (loss) | (3,738) | (3,738) | (3,738) | ||||||||
Net income (loss) | 66,495 | 66,495 | 66,495 | ||||||||
Balance at the end of period at Mar. 31, 2021 | 4,003,587 | 4,003,587 | $ 119 | 7,486,518 | 3,204 | (3,486,254) | 0 | ||||
Balance at the ending of period (in shares) at Mar. 31, 2021 | 1,197,322,617 | ||||||||||
Balance at the beginning of period at Dec. 31, 2020 | $ 3,869,243 | 3,869,243 | $ 118 | 7,414,932 | 6,942 | (3,552,749) | 0 | ||||
Balance at the beginning of period (in shares) at Dec. 31, 2020 | 1,190,821,941 | 1,190,821,941 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Exercise of options, ESPP and release of Restricted Share Units ("RSUs") | $ 35,601 | ||||||||||
Other comprehensive income (loss) | 5,153 | ||||||||||
Net income (loss) | (413,846) | ||||||||||
Balance at the end of period at Jun. 30, 2021 | $ 3,606,775 | 3,606,775 | $ 120 | 7,561,155 | 12,095 | (3,966,595) | 0 | ||||
Balance at the ending of period (in shares) at Jun. 30, 2021 | 1,204,567,023 | 1,204,567,023 | |||||||||
Balance at the beginning of period at Mar. 31, 2021 | $ 4,003,587 | 4,003,587 | $ 119 | 7,486,518 | 3,204 | (3,486,254) | 0 | ||||
Balance at the beginning of period (in shares) at Mar. 31, 2021 | 1,197,322,617 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||
Use of shares reserved for share option exercises (in shares) | (1,599,676) | ||||||||||
Exercise of options, ESPP and release of Restricted Share Units ("RSUs") | 9,847 | 9,847 | $ 1 | 9,846 | |||||||
Exercise of options, ESPP and release of RSUs (in shares) | 8,844,082 | ||||||||||
Share-based compensation | 64,791 | 64,791 | 64,791 | ||||||||
Other comprehensive income (loss) | 8,891 | 8,891 | 8,891 | ||||||||
Net income (loss) | (480,341) | (480,341) | (480,341) | ||||||||
Balance at the end of period at Jun. 30, 2021 | $ 3,606,775 | $ 3,606,775 | $ 120 | $ 7,561,155 | $ 12,095 | $ (3,966,595) | $ 0 | ||||
Balance at the ending of period (in shares) at Jun. 30, 2021 | 1,204,567,023 | 1,204,567,023 |
Description of Business, Basis
Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies | Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies Description of business BeiGene, Ltd. (the "Company", "BeiGene", "it", "its") is a global, commercial-stage biotechnology company focused on discovering, developing, manufacturing, and commercializing innovative medicines to improve treatment outcomes and expand access for patients worldwide. The Company has delivered ten molecules into the clinic in its first ten years, including three commercial medicines, BRUKINSA ® , a small molecule inhibitor of Bruton’s Tyrosine Kinase (“BTK”) for the treatment of various blood cancers, tislelizumab, an anti-PD-1 antibody immunotherapy for the treatment of various solid tumor and blood cancers, and pamiparib, a selective small molecule inhibitor of PARP1 and PARP2. The Company is marketing BRUKINSA ® in the world’s two largest pharmaceutical markets, the United States and the People's Republic of China ("China" or the "PRC"), and tislelizumab and pamiparib in China, with an established, science-based commercial organization. Additionally, the Company has licensed the China rights to multiple medicines, including Amgen's XGEVA ® , BLINCYTO ® , and KYPROLIS ® ; BMS's REVLIMID ® , VIDAZA ® , and ABRAXANE ® ; and EUSA Pharma's SYLVANT ® and QARZIBA ® . The Company has built state-of-the-art biologic and small molecule manufacturing facilities in China to support current and potential future demand of its medicines and plans to build a commercial-stage biologics manufacturing and clinical R&D center in New Jersey. It also works with high quality contract manufacturing organizations (“CMOs”) to manufacture its internally developed clinical and commercial products. The Company is a leader in China-inclusive global clinical development, which it believes can facilitate faster and more cost-effective development of innovative medicines. Its internal clinical development capabilities are deep, including a more than 1,600-person global clinical development team that is running more than 90 ongoing or planned clinical trials. This includes more than 30 pivotal or registration-enabling trials for three drug candidates that have enrolled more than 13,000 patients and healthy volunteers, of which approximately one-half have been outside of China, as of June 2021. The Company has over 45 medicines and drug candidates in commercial stage or clinical development, including 8 approved medicines, 4 pending approval, and over 30 in clinical development. Supported by its development and commercial capabilities, the Company has entered into collaborations with world-leading biopharmaceutical companies such as Amgen and Novartis to develop and commercialize innovative medicines globally. Since its inception in 2010 in Beijing, the Company has become a fully integrated global organization of over 6,400 employees in 18 countries and regions as of June 30, 2021, including China, the United States, Europe and Australia. Basis of presentation and consolidation The accompanying condensed consolidated balance sheet as of June 30, 2021, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, and the condensed consolidated statements of shareholders' equity for the three and six months ended June 30, 2021 and 2020, and the related footnote disclosures are unaudited. The accompanying unaudited interim condensed financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including guidance with respect to interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report"). The unaudited interim condensed consolidated interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all normal recurring adjustments, necessary to present a fair statement of the results for the interim periods presented. Results of the operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results expected for the full fiscal year or for any future annual or interim period. The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. Noncontrolling interests are recognized to reflect the portion of the equity of subsidiaries which are not attributable, directly or indirectly, to the controlling shareholders. For a portion of fiscal 2020, the Company consolidated its interests in its joint venture, BeiGene Biologics Co., Ltd. ("BeiGene Biologics") and MapKure, LLC ("MapKure"), under the voting model and recognized the minority shareholder's equity interest as a noncontrolling interest in its condensed consolidated financial statements. In June 2020, the Company deconsolidated MapKure and recorded an equity method investment for its remaining ownership interest in the joint venture (see Note 4). In November 2020, the Company acquired the remaining equity interest in BeiGene Biologics. Subsequent to the share purchase, BeiGene Biologics is a wholly-owned subsidiary of the Company (see Note 7). Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, estimating the useful lives of long-lived assets, estimating variable consideration in product sales and collaboration revenue arrangements, identifying separate accounting units and determining the standalone selling price of each performance obligation in the Company’s revenue arrangements, assessing the impairment of long-lived assets, valuation and recognition of share-based compensation expenses, realizability of deferred tax assets, estimating uncertain tax positions, valuation of inventory, estimating the allowance for credit losses, determining defined benefit pension plan obligations, measurement of right-of-use assets and lease liabilities and the fair value of financial instruments. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates. Recent accounting pronouncements New accounting standards which have been adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This update simplifies the accounting for income taxes as part of the FASB's overall initiative to reduce complexity in accounting standards. The amendments include removal of certain exceptions to the general principles of ASC 740, Income taxes , and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. Certain amendments in this update should be applied retrospectively or modified retrospectively, and all other amendments should be applied prospectively. The Company adopted this standard on January 1, 2021. There was no material impact to the Company's financial position or results of operations upon adoption. Significant accounting policies For a more complete discussion of the Company’s significant accounting policies and other information, the unaudited interim condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report for the year ended December 31, 2020. There have been no material changes to the Company’s significant accounting policies as of and for the six months ended June 30, 2021, as compared to the significant accounting policies described in the Annual Report. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in market with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. The Company considers an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and considers an inactive market to be one in which there are infrequent or few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. The following tables present the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis using the above input categories as of June 30, 2021 and December 31, 2020: Quoted Price in Active Significant Market for Other Significant Identical Observable Unobservable Assets Inputs Inputs As of June 30, 2021 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents U.S. treasury securities 527,749 — — Money market funds 195,444 — — Short-term investment (Note 4): U.S. Treasury securities 2,605,452 — — Other non-current assets (Note 4): Equity securities with readily determinable fair values 7,880 4,223 — Total 3,336,525 4,223 — Quoted Price in Active Significant Market for Other Significant Identical Observable Unobservable Assets Inputs Inputs As of December 31, 2020 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents U.S. treasury securities 286,072 — — Money market funds 80,838 — — Short-term investment (Note 4): U.S. Treasury securities 3,268,725 — — Other non-current assets (Note 4): Equity securities with readily determinable fair values 10,810 6,669 — Total 3,646,445 6,669 — The Company's cash equivalents are highly liquid investments with original maturities of 3 months or less. Short-term investments represent the Company's investments in available-for-sale debt securities. The Company determines the fair value of cash equivalents and available-for-sale debt securities using a market approach based on quoted prices in active markets. The Company's equity securities carried at fair value consist of holdings in common stock and warrants to purchase additional shares of common stock of Leap Therapeutics, Inc. ("Leap"), which were acquired in connection with a collaboration and license agreement entered into in January 2020. The common stock investment in Leap, a publicly-traded biotechnology company, is measured and carried at fair value and classified as Level 1. The warrants to purchase additional shares of common stock in Leap are classified as a Level 2 investment and are measured using the Black-Scholes option-pricing valuation model, which utilizes a constant maturity risk-free rate and reflects the term of the warrants, dividend yield and stock price volatility, that is based on the historical volatility of similar companies. Refer to Note 4, Restricted Cash and Investments for details of the determination of the carrying amount of private equity investments without readily determinable fair values and equity method investments. |
Collaborative Arrangements
Collaborative Arrangements | 6 Months Ended |
Jun. 30, 2021 | |
Research and Development [Abstract] | |
Collaborative Arrangements | Collaborative Arrangements The Company has entered into collaborative arrangements for the research and development, manufacture and/or commercialization of medicines and drug candidates. To date, these collaborative arrangements have included out-licenses of internally developed products and drug candidates to other parties, in-licenses of products and drug candidates from other parties, and profit- and cost-sharing arrangements. These arrangements may include non-refundable upfront payments, contingent obligations for potential development, regulatory and commercial performance milestone payments, cost-sharing and reimbursement arrangements, royalty payments, and profit sharing. Out-Licensing Arrangements For the three and six months ended June 30, 2021, the Company’s collaboration revenue consisted entirely of revenue recognized under its out-licensing collaborative agreement with Novartis Pharma AG ("Novartis"). There was no collaboration revenue recognized for the three and six months ended June 30, 2020. The following table summarizes total collaboration revenue recognized for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenue from Collaborators $ $ $ $ License revenue — — 484,646 — Research and development service revenue 11,368 — 26,477 — Total 11,368 — 511,123 — Novartis In January 2021, the Company entered into a collaboration and license agreement with Novartis, granting Novartis rights to develop, manufacture and commercialize tislelizumab in North America, Europe, and Japan (the "Novartis Territory"). The Company and Novartis have agreed to jointly develop tislelizumab in these licensed countries, with Novartis responsible for regulatory submissions after a transition period and for commercialization upon regulatory approvals. In addition, both companies may conduct clinical trials globally to explore combinations of tislelizumab with other cancer treatments, and the Company has an option to co-detail the product in North America, funded in part by Novartis. Under the agreement the Company received an upfront cash payment of $650,000 from Novartis. The Company is eligible to receive up to $1,300,000 upon the achievement of regulatory milestones, $250,000 upon the achievement of sales milestones, and royalties on future sales of tislelizumab in the licensed territory. Under the terms of the agreement, the Company is responsible for funding ongoing clinical trials of tislelizumab, Novartis has agreed to fund new registrational, bridging, or post-marketing studies in its territory, and each party will be responsible for funding clinical trials evaluating tislelizumab in combination with its own or third party products. Each party retains the worldwide right to commercialize its propriety products in combination with tislelizumab. The Company evaluated the Novartis agreement under ASC 606 as all the material units of account within the agreement represented transactions with a customer. The Company identified the following material components under the agreement: (1) exclusive license for Novartis to develop, manufacture, and commercialize tislelizumab in the Novartis Territory, transfer of know-how and use of the tislelizumab trademark; (2) conducting and completing ongoing trials of tislelizumab (“R&D services”); and (3) supplying Novartis with required quantities of the tislelizumab drug product, or drug substance, upon receipt of an order from Novartis. The Company determined that the license, transfer of know-how and use of trademarks are not distinct from each other and represent a single performance obligation. The R&D services represent a material promise and were determined to be a separate performance obligation at the outset of the agreement as the promise is distinct and has standalone value to Novartis. The Company evaluated the supply component of the contract and noted the supply will not be provided at a significant incremental discount to Novartis. The Company concluded that, for the purpose of ASC 606, the provision related to providing clinical and commercial supply of tislelizumab in the Novartis Territory was an option but not a performance obligation of the Company at the outset of the Novartis collaboration agreement. A performance obligation for the clinical and commercial supply will be established as quantities of drug product or drug substance are ordered by Novartis. The Company determined that the transaction price as of the outset of the arrangement was the upfront payment of $650,000. The potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained due to uncertainty of achievement. The transaction price was allocated to the two identified performance obligations based on a relative fair value basis. The standalone selling price of the license, transfer of know-how and use of trademarks performance obligation was determined using the adjusted market assessment approach. Based on the valuation performed by the Company, the standalone selling price of the license, transfer of know-how and use of trademarks was valued at $1,231,000. The standalone selling price of the R&D services was valued at $420,000 using a cost plus margin valuation approach. Based on the relative standalone selling prices of the two performance obligations, $484,646 of the total transaction price was allocated to the license and $165,354 was allocated to the R&D services. The Company satisfied the license performance obligation at a point in time when the license was delivered and the transfer of know-how completed which occurred during the six months ended June 30, 2021. As such, the Company recognized the entire amount of the transaction price allocated to the license as collaboration revenue during the six months ended June 30, 2021. The portion of the transaction price allocated to the R&D services was deferred and is being recognized as collaboration revenue as the R&D services are performed using a percentage-of-completion method. Estimated costs to complete are reassessed on a periodic basis and any updates to the revenue earned are recognized on a prospective basis. The Company recognized R&D service revenue of $11,368 and $26,477 during the three and six months ended June 30, 2021, respectively. In-Licensing Arrangements Amgen In October 2019, the Company entered into a global strategic oncology collaboration with Amgen (the "Amgen Collaboration Agreement") for the commercialization and development in China, excluding Hong Kong, Taiwan and Macau, of Amgen’s XGEVA ® , KYPROLIS ® , and BLINCYTO ® , and the joint global development of a portfolio of oncology assets in Amgen’s pipeline, with BeiGene responsible for development and commercialization in China. The agreement became effective on January 2, 2020, following approval by the Company's shareholders and satisfaction of other closing conditions. Under the agreement, the Company is responsible for the commercialization of XGEVA ® , KYPROLIS ® and BLINCYTO ® in China for five ® was approved in China in 2019 for patients with giant cell tumor of the bone and in November 2020 for the prevention of skeletal-related events in cancer patients with bone metastases. In July 2020, the Company began commercializing XGEVA ® in China. In December 2020, BLINCYTO ® was approved in China for injection for the treatment of adult patients with relapsed or refractory (R/R) B-cell precursor acute lymphoblastic leukemia (ALL). In July 2021, KYPROLIS ® was conditionally approved in China for injection in combination with dexamethasone for the treatment of adult patients with relapsed or refractory (R/R) multiple myeloma. Amgen and the Company are also jointly developing a portfolio of Amgen oncology pipeline assets under the collaboration. The Company is responsible for conducting clinical development activities in China and co-funding global development costs by contributing cash and development services up to a total cap of $1,250,000. Amgen is responsible for all development, regulatory and commercial activities outside of China. For each pipeline asset that is approved in China, the Company will receive commercial rights for seven years from approval. The Company has the right to retain approximately one out of every three approved pipeline assets, other than LUMAKRAS ™ (sotorasib), Amgen's KRAS G12C inhibitor, for commercialization in China. The Company and Amgen will share equally in the China commercial profits and losses during the commercialization period. The Company is entitled to receive royalties from sales in China for pipeline assets returned to Amgen for five years after the seven-year commercialization period. The Company is also entitled to receive royalties from global sales of each product outside of China (with the exception of sotorasib). The Amgen Collaboration Agreement is within the scope of ASC 808, as both parties are active participants and are exposed to the risks and rewards dependent on the commercial success of the activities performed under the agreement. The Company is the principal for product sales to customers in China during the commercialization period and recognizes 100% of net product revenue on these sales. Amounts due to Amgen for its portion of net product sales are recorded as cost of sales. Cost reimbursements due to or from Amgen under the profit share are recognized as incurred and recorded to cost of sales; selling, general and administrative expense; or research and development expense, based on the underlying nature of the related activity subject to reimbursement. Costs incurred for the Company's portion of the global co-development funding are recorded to research and development expense as incurred. In connection with the Amgen Collaboration Agreement, a Share Purchase Agreement ("SPA") was entered into by the parties in October 2019. On January 2, 2020, the closing date of the transaction, Amgen purchased 15,895,001 of the Company's ADSs for $174.85 per ADS, representing a 20.5% ownership stake in the Company. Per the SPA, the cash proceeds shall be used as necessary to fund the Company's development obligations under the Amgen Collaboration Agreement. Pursuant to the SPA, Amgen also received the right to designate one member of the Company's board of directors, and Anthony Hooper joined the Company's board of directors as the Amgen designee in January 2020. In determining the fair value of the common stock at closing, the Company considered the closing price of the common stock on the closing date of the transaction and included a lack of marketability discount because the shares are subject to certain restrictions. The fair value of the shares on the closing date was determined to be $132.74 per ADS, or $2,109,902 in the aggregate. The Company determined that the premium paid by Amgen on the share purchase represents a cost share liability due to the Company's co-development obligations. The fair value of the cost share liability on the closing date was determined to be $601,857 based on the Company's discounted estimated future cash flows related to the pipeline assets. The total cash proceeds of $2,779,241 were allocated based on the relative fair value method, with $2,162,407 recorded to equity and $616,834 recorded as a research and development cost share liability. The cost share liability is being amortized proportionately as the Company contributes cash and development services to its total co-development funding cap. Amounts recorded related to the Company's portion of the co-development funding on the pipeline assets for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Research and development expense 27,687 28,337 55,330 56,703 Amortization of research and development cost share liability 26,973 27,606 53,903 55,240 Total amount due to Amgen for BeiGene's portion of the development funding 54,660 55,943 109,233 111,943 As of June 30, 2021 Remaining portion of development funding cap 909,777 As of June 30, 2021 and December 31, 2020, the research and development cost share liability recorded in the Company's balance sheet was as follows: As of June 30, December 31, 2021 2020 $ $ Research and development cost share liability, current portion 145,820 127,808 Research and development cost share liability, non-current portion 303,126 375,040 Total research and development cost share liability 448,946 502,848 The total reimbursement due under the commercial profit-sharing agreement for in-line product sales is classified in the income statement for the three and six months ended June 30, 2021 and 2020 as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Cost of sales - product (32) — 678 — Research and development 322 — 63 — Selling, general and administrative (9,218) — (15,917) — Total (8,928) — (15,176) — The Company purchases from Amgen inventory of XGEVA ® , KYPROLIS ® and BLINCYTO ® to distribute in China. Amounts payable to Amgen for inventory purchases and co-development funding as of June 30, 2021 and December 31, 2020 were $94,616 and $121,917, respectively. |
Restricted Cash and Investments
Restricted Cash and Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Restricted Cash and Investments | Restricted Cash and Investments Restricted Cash The Company’s restricted cash balance of $10,237 and $8,055 as of June 30, 2021 and December 31, 2020, respectively, primarily consists of RMB-denominated cash deposits held in designated bank accounts for collateral for letters of credit. The Company classifies restricted cash as current or non-current based on the term of the restriction. Short-Term Investments Short-term investments as of June 30, 2021 consisted of the following available-for-sale debt securities: Gross Gross Fair Value Amortized Unrealized Unrealized (Net Carrying Cost Gains Losses Amount) $ $ $ $ U.S. treasury securities 2,605,653 — (201) 2,605,452 Total 2,605,653 — (201) 2,605,452 Short-term investments as of December 31, 2020 consisted of the following available-for-sale debt securities: Gross Gross Fair Value Amortized Unrealized Unrealized (Net Carrying Cost Gains Losses Amount) $ $ $ $ U.S. treasury securities 3,267,875 850 — 3,268,725 Total 3,267,875 850 — 3,268,725 As of June 30, 2021, the Company's available-for-sale debt securities consisted entirely of short-term U.S. treasury securities, which were determined to have zero risk of expected credit loss. Accordingly, no allowance for credit loss was recorded as of June 30, 2021. Equity Securities with Readily Determinable Fair Values Leap In January 2020, the Company purchased $5,000 of Series B mandatorily convertible, non-voting preferred stock of Leap in connection with a strategic collaboration and license agreement the Company entered into with Leap. The Series B shares were subsequently converted into shares of Leap common stock and warrants to purchase additional shares of common stock upon approval of Leap's shareholders in March 2020. As of June 30, 2021, the Company's ownership interest in the outstanding common stock of Leap was 8.1% based on information from Leap. Inclusive of the shares of common stock issuable upon the exercise of the currently exercisable warrants, the Company's interest is approximately 14.9% based on information from Leap. The Company measures the investment in the common stock and warrants at fair value, with changes in fair value recorded to other (expense) income, net. The Company recorded unrealized losses of $2,325 and $5,376 for the three and six months ended June 30, 2021, respectively, and unrealized gains of $4,300 and $11,264 for the three and six months ended June 30, 2020, respectively, in the consolidated statements of operations. As of June 30, 2021 and December 31, 2020, the fair value of the common stock and warrants was as follows: As of June 30, December 31, 2021 2020 $ $ Fair value of Leap common stock 7,880 10,810 Fair value of Leap warrants 4,223 6,669 Private Equity Securities without Readily Determinable Fair Values The Company invests in equity securities of certain companies whose securities are not publicly traded and fair value is not readily determinable and where the Company has concluded it does not have significant influence based on its ownership percentage and other factors. These investments are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company held investments of $18,712 and $9,705 in equity securities without readily determinable fair values as of June 30, 2021 and December 31, 2020, respectively. There were no adjustments to the carrying values of these securities for the three and six months ended June 30, 2021. Equity-Method Investments MapKure In June 2019, the Company announced the formation of MapKure, LLC ("MapKure"), an entity jointly owned by the Company and SpringWorks Therapeutics, Inc. ("SpringWorks"). The Company out-licensed to MapKure the Company's product candidate BGB-3245, an oral, selective small molecule inhibitor of monomer and dimer forms of activating B-RAF mutations including V600 BRAF mutations, non-V600 B-RAF mutations, and RAF fusions. The Company received 10,000,000 Series A preferred units of MapKure, or a 71.4% ownership interest in exchange for its contribution of the intellectual property. SpringWorks purchased 3,500,000 Series A preferred units, or a 25% ownership interest, and other investors purchased 250,000 Series A preferred units or 1.8% ownership each. Following the initial closing, the Company consolidated its interests in MapKure under the voting model due to its controlling financial interest. In June 2020, MapKure held a second closing under the existing terms of the SPA in which it issued additional Series A preferred units to SpringWorks and the other investors that purchased units in the first closing (the "Second Closing"), and the Company's ownership interest decreased to 55.6%. As the requisite Series A voting requirements in MapKure's governing documents require 70% combined voting power for certain actions, the Company determined that it lost its controlling financial interest after the Second Closing. Therefore, the Company deconsolidated MapKure and recognized a gain of $11,307 for the excess of the fair value of its 55.6% ownership interest in MapKure and carrying amount of the prior non-controlling interest over the carrying amount of MapKure's net assets within other income during the year ended December 31, 2020. Upon deconsolidation, the Company recorded an equity investment of $10,000, which represents the estimated fair value of its 55.6% ownership interest in MapKure. Effective June 8, 2020, the Company is accounting for the investment as an equity-method investment and records its portion of MapKure's earnings or losses within other (expense) income, net. The Company recognized losses of $236 and $472 for the three and six months ended June 30, 2021, respectively, and a loss of $23 for the three and six months ended June 30, 2020, respectively. As of June 30, 2021 and December 31, 2020, the carrying amount of the Company's investment in MapKure was $9,037 and $9,509, respectively. Guangzhou GET Phase I Biomedical Industry Investment Fund Partnership (Limited Partnership) On July 23, 2020, BeiGene (Guangzhou) invested $11,782 (RMB80,000) in an existing investment fund, Guangzhou GET Phase I Biomedical Industry Investment Fund Partnership (Limited Partnership) (“GET Bio-fund”). The stated purpose of GET Bio-fund is to promote and upgrade the local industrial transformation in Guangzhou and it is committed to invest at least 60% of the total fund in the biotechnology, medical device, and medical information industries. GET Bio-fund has four limited partners and one general partner, Guangzhou GET Biomedical Industry Investment Fund Management Co., Ltd. (“GET Bio-fund Management”). GET Bio-fund has an agreed duration for seven years, with the first five years as the investment period and the following two years as the projected payback period. The agreed upon duration may be extended for two Other Equity-Method Investments In addition to the equity-method investments mentioned above, the Company made additional equity-method investments during the year ended December 31, 2020 and the six months ended June 30, 2021 that it does not consider to be individually significant to its financial statements. The Company recognized the equity-method investments at cost and subsequently adjusted the basis based on the Company's share of the results of operations. The Company records its share of the investees' results of operations within other (expense) income, net. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The Company’s inventory balance consisted of the following: As of June 30, December 31, 2021 2020 $ $ Raw materials 44,856 19,330 Work in process 10,806 1,378 Finished goods 61,925 68,585 Total inventories 117,587 89,293 |
Property, plant and equipment
Property, plant and equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are recorded at cost and consisted of the following: As of June 30, December 31, 2021 2020 $ $ Laboratory equipment 100,187 78,640 Leasehold improvements 42,691 37,643 Building 133,280 111,527 Manufacturing equipment 113,527 96,669 Software, electronics and office equipment 23,791 20,782 Property, plant and equipment, at cost 413,476 345,261 Less accumulated depreciation (97,173) (73,354) Construction in progress 78,864 85,779 Property, plant and equipment, net 395,167 357,686 As of June 30, 2021 and December 31, 2020, construction in progress ("CIP") of $78,864 and $85,779, respectively, was primarily related to the buildout of additional capacity at the Guangzhou manufacturing facility and expansion of BeiGene (Guangzhou) Co., Ltd.'s ("BGC") research and development activities in Guangzhou, China. Subsequent phases of the Guangzhou factory buildout and BGC research and development expansion will continue to be recorded as CIP until they are placed into service. Depreciation expense was $11,223 and $20,667 for the three and six months ended June 30, 2021, respectively, and $7,679 and $15,146 for the three and six months ended June 30, 2020, respectively. |
Guangzhou Biologics Business
Guangzhou Biologics Business | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Guangzhou Biologics Business | Guangzhou Biologics Business In March 2017, BeiGene HK, a wholly owned subsidiary of the Company, and Guangzhou GET Technology Development Co., Ltd. (now Guangzhou High-tech Zone Technology Holding Group Co., Ltd.) ("GET"), entered into a definitive agreement to establish a commercial scale biologics manufacturing facility in Guangzhou, Guangdong Province, PRC. BeiGene HK and GET entered into an Equity Joint Venture Contract (the “JV Agreement”). Under the terms of the JV Agreement, BeiGene HK made an initial cash capital contribution of RMB200,000 and a subsequent contribution of one or more biologics assets in exchange for a 95% equity interest in BeiGene Biologics. GET made a cash capital contribution of RMB100,000 to BeiGene Biologics, representing a 5% equity interest in BeiGene Biologics. In addition, on March 7, 2017, BeiGene Biologics entered into a contract with GET, under which GET agreed to provide a RMB900,000 loan (the “Shareholder Loan”) to BeiGene Biologics. In September 2019, BeiGene Biologics completed the first phase of construction of a biologics manufacturing facility in Guangzhou, through a wholly-owned subsidiary, BeiGene Guangzhou Biologics Manufacturing Co., Ltd. ("BeiGene Guangzhou Factory"), to manufacture biologics for the Company and its subsidiaries. In September 2020, BeiGene HK entered into a share purchase agreement (“JV Share Purchase Agreement”) with GET to acquire GET’s 5% equity interest in BeiGene Biologics for a total purchase price of $28,723 (RMB195,262). The transaction was finalized in November 2020 upon completion of the business registration filing. The share purchase was recorded as an equity transaction. The carrying amount of the noncontrolling interest balance of $9,116 was adjusted to nil to reflect the increase in BeiGene HK’s ownership interest to 100%, and the difference in the fair value of the consideration paid and the carrying amount of the noncontrolling interest of $19,599 was recorded to additional paid in capital. In conjunction with the JV Share Purchase Agreement, BeiGene Biologics repaid the outstanding principal of the shareholder loan of $132,061 (RMB900,000) and accrued interest of $36,558 (RMB249,140). In connection with the JV share purchase, the Company entered into a loan agreement with China Minsheng Bank for a total loan facility of up to $200,000 ("Senior Loan"), of which $120,000 will be used to fund the JV share repurchase and repayment of the shareholder loan and $80,000 can be used for general working capital purposes. The Company may extend the original maturity date for up to two additional twelve month periods. In October 2020, the Company drew down $80,000 of the working capital facility and $118,320 of the acquisition facility to be used for the JV share repurchase. In addition, the Company entered into a loan agreement with Zhuhai Hillhouse Zhaohui Equity Investment Partnership ("Zhuhai Hillhouse") for a total loan facility of $73,640 (RMB500,000) ("Related Party Loan"), of which $14,728 (RMB100,000) can be used for general corporate purposes and $58,912 (RMB400,000) can only be applied towards the repayment of the Senior Loan facility, including principal, interest and fees. The Company has drawn down $15,488 (RMB100,000) of the Related Party Loan as of June 30, 2021. See Note 11 for further discussion of the loans. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets as of June 30, 2021 and December 31, 2020 are summarized as follows: As of June 30, 2021 December 31, 2020 Gross Gross carrying Accumulated Intangible carrying Accumulated Intangible amount amortization assets, net amount amortization assets, net $ $ $ $ $ $ Finite-lived intangible assets: Product distribution rights 7,500 (2,875) 4,625 7,500 (2,500) 5,000 Developed product 7,500 (117) 7,383 — — — Trading license 816 (816) — 816 (816) — Total finite-lived intangible assets 15,816 (3,808) 12,008 8,316 (3,316) 5,000 Product distribution rights consist of distribution rights on the approved cancer therapies licensed from BMS, REVLIMID ® , VIDAZA ® , and ABRAXANE ® , acquired as part of the transaction with BMS (then Celgene) in 2017. The Company is amortizing the product distribution rights over a period of 10 years which is the term of the agreement. Developed product represents the post-approval milestone payment under the license agreement with Merck KGaA that was terminated during the year ended December 31, 2018. The Company is amortizing the developed product over the remainder of the product patent through December 31, 2031. The trading license represents the Guangzhou drug distribution license acquired on September 21, 2018. The Company amortized the drug distribution trading license over the remainder of the initial license term through February 2020. The trading license has been renewed through February 2024. Amortization expense for developed product is included in cost of sales - product in the accompanying consolidated statements of operations. Amortization expense for product distribution rights and the trading licenses is included in operating expenses in the accompanying consolidated statements of operations. Amortization expense was as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Amortization expense - Cost of sales - product 117 — 117 — Amortization expense - Operating expense 187 188 375 471 Total 304 188 492 471 As of June 30, 2021, expected amortization expense for the unamortized finite-lived intangible assets is approximately $727 for the remainder of 2021, $1,453 in 2022, $1,453 in 2023, $1,453 in 2024, and $6,922 in 2025 and thereafter. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax benefit was $230 and $4,860 for the three and six months ended June 30, 2021, respectively. Income tax benefit was $1,475 for the three months ended June 30, 2020, and income tax expense was $79 for the six months ended June 30, 2020. The income tax benefit for the three and six months ended June 30, 2021 was primarily attributable to the deferred tax benefit of U.S. stock-based compensation deductions in excess of tax expense on income reported in certain China subsidiaries as adjusted for certain non-deductible expenses. The income tax benefit and expense for the three and six months ended June 30, 2020, respectively, was primarily attributable to tax expense on income reported in certain China subsidiaries as adjusted for certain non-deductible expenses, offset by the tax benefit of deferred U.S. stock-based compensation deductions. The Company's current U.S. tax was reduced by windfall stock compensation deductions and research and development tax credits. On a quarterly basis, the Company evaluates the realizability of deferred tax assets by jurisdiction and assesses the need for a valuation allowance. In assessing the realizability of deferred tax assets, the Company considers historical profitability, evaluation of scheduled reversals of deferred tax liabilities, projected future taxable income and tax-planning strategies. Valuation allowances have been provided on deferred tax assets where, based on all available evidence, it was considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. After consideration of all positive and negative evidence, the Company believes that as of June 30, 2021, it is more likely than not that deferred tax assets will not be realized for the Company’s subsidiaries in Australia and Switzerland, for certain subsidiaries in China, and for all U.S. tax credit carryforwards. As of June 30, 2021, the Company had gross unrecognized tax benefits of $8,306. The Company does not anticipate that the amount of existing unrecognized tax benefits will significantly change within the next 12 months. The Company’s reserve for uncertain tax positions increased by $579 and $1,183, respectively, in the three and six months ended June 30, 2021 primarily due to U.S. federal and state tax credits and incentives. The Company has elected to record interest and penalties related to income taxes as a component of income tax expense. As of June 30, 2021 and December 31, 2020, the Company's accrued interest and penalties, where applicable, related to uncertain tax positions were not material. The Company conducts business in a number of tax jurisdictions and, as such, is required to file income tax returns in multiple jurisdictions globally. As of June 30, 2021, Australia tax matters are open to examination for the years 2013 through 2021, China tax matters are open to examination for the years 2014 through 2021, Switzerland tax matters are open to examination for the years 2017 through 2021, and U.S. federal tax matters are open to examination for years 2015 through 2021. Various U.S. states and other non-US tax jurisdictions in which the Company files tax returns remain open to examination for 2010 through 2021. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information The roll-forward of the allowance for credit losses related to trade accounts receivable for the six months ended June 30, 2021 and 2020 consists of the following activity: Six Months Ended June 30, 2021 2020 $ $ Balance at beginning of the period 112 — Current period provision for expected credit losses (46) 121 Amounts written-off — — Exchange rate changes 1 — Balance at end of the period 67 121 Prepaid expenses and other current assets consist of the following: As of June 30, December 31, 2021 2020 $ $ Prepaid research and development costs 73,563 71,341 Prepaid taxes 26,941 30,392 Payroll tax receivable 29,141 3,580 Non-trade receivable 3,504 4,464 Interest receivable 6,916 6,619 Prepaid insurance 7,113 1,347 Prepaid manufacturing cost 51,408 25,996 Income tax receivable 5,108 4,607 Other 21,761 11,666 Total 225,455 160,012 Other non-current assets consist of the following: As of June 30, December 31, 2021 2020 $ $ Goodwill 109 109 Prepayment of property and equipment 24,244 16,984 Prepayment of facility capacity expansion activities (1) 23,096 29,778 Prepaid VAT 23,600 10,913 Rental deposits and other 7,244 5,962 Long-term investments (Note 4) 53,951 49,344 Total 132,244 113,090 (1) Represents payments for facility expansions under commercial supply agreements. The payments are providing future benefit to the Company through credits on commercial supply purchases. Accrued expenses and other payables consist of the following: As of June 30, December 31, 2021 2020 $ $ Compensation related 81,795 106,765 External research and development activities related 169,826 143,302 Commercial activities 73,073 66,131 Employee tax withholdings 36,074 14,373 Sales rebates and returns related 25,572 11,874 Professional fees and other 12,516 3,699 Total 398,856 346,144 Other long-term liabilities consist of the following: As of June 30, December 31, 2021 2020 $ $ Deferred government grant income 47,403 49,139 Pension liability 7,752 8,113 Other 176 177 Total 55,331 57,429 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes the Company's short-term and long-term debt obligations as of June 30, 2021 and December 31, 2020: Lender Agreement Date Line of Credit Term Maturity Date Interest Rate June 30, 2021 December 31, 2020 $ RMB $ RMB China Construction Bank April 4, 2018 RMB580,000 9-year April 4, 2027 (1) 774 5,000 307 2,000 China Merchants Bank January 22, 2020 (2) 9-year January 20, 2029 (2) 774 5,000 — — China Minsheng Bank (the "Senior Loan") September 24, 2020 $200,000 (3) 5.8 % 198,320 1,280,475 198,320 1,294,010 Zhuhai Hillhouse (the "Related Party Loan") September 24, 2020 RMB500,000 (4) 5.8 % 15,488 100,000 15,326 100,000 Other short-term debt (5) 219,446 1,416,874 121,062 789,918 Total short-term debt 434,802 2,807,349 335,015 2,185,928 China Construction Bank April 4, 2018 RMB580,000 9-year April 4, 2027 (1) 88,901 574,000 88,584 578,000 China Merchants Bank January 22, 2020 (2) 9-year January 20, 2029 (2) 53,434 345,000 53,641 350,000 China Merchants Bank November 9, 2020 RMB378,000 9-year November 8, 2029 (6) 52,521 339,111 41,412 270,206 Total long-term bank loans 194,856 1,258,111 183,637 1,198,206 1. The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 4.9% as of June 30, 2021. The loan is secured by BeiGene Guangzhou Factory's land use right and certain Guangzhou Factory fixed assets in the first phase of the Guangzhou manufacturing facility's build out. The Company repaid $155 (RMB1,000) during the six months ended June 30, 2021. 2. On January 22, 2020, BeiGene Guangzhou Factory entered into a nine-year bank loan with China Merchants Bank to borrow up to RMB1,100,000 at a floating interest rate benchmarked against prevailing interest rates of certain PRC financial institutions. The loan is secured by Guangzhou Factory's second land use right and fixed assets that will be placed into service upon completion of the second phase of the Guangzhou manufacturing facility's build out. In connection with the Company's short-term loan agreements with China Merchants Bank entered into during the year ended December 31, 2020, the borrowing capacity was reduced from RMB1,100,000 to RMB350,000. The loan interest rate was 4.4% as of June 30, 2021. 3. $120,000 of the Senior Loan was designated to fund the JV share purchase and repayment of the shareholder loan and $80,000 was designated for general working capital purposes. The Senior Loan has an original maturity date of October 8, 2021, which is the first anniversary of the first date of utilization of the loan. The Company may extend the original maturity date for up to two additional 12 month periods. 4. RMB100,000 of the Related Party Loan was designated for general corporate purposes and RMB400,000 was designated for repayment of the Senior Loan, including principal, interest and fees. The loan matures at the earlier of: (i) November 9, 2021, which is one month after the Senior Loan maturity date, if not extended, or (ii) 10 business days after the Senior Loan is fully repaid. Zhuhai Hillhouse is a related party of the Company, as it is an affiliate of Hillhouse Capital. Hillhouse Capital is a shareholder of the Company, and a Hillhouse Capital employee is a member of the Company's board of directors. 5. During the year ended December 31, 2020, the Company entered into additional short-term working capital loans with China Industrial Bank and China Merchants Bank to borrow up to RMB1,480,000 in aggregate, with maturity dates ranging from April 19, 2021 to June 29, 2022. The Company drew down $112,589 (RMB730,082) during the six months ended June 30, 2021. The Company repaid $15,804 (RMB103,126) of the short-term loans in the six months ended June 30, 2021. The weighted average interest rate for the short-term working capital loans was approximately 4.3% as of June 30, 2021. One of the short-term working capital loans outstanding in the amount of $24,781 (RMB160,000) is secured by the Company's research and development facility in Beijing and the associated land use right owned by its subsidiary, Beijing Innerway Bio-tech Co., Ltd. 6. The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 4.3% as of June 30, 2021. The Company drew down $10,819 (RMB68,905) during the six months ended June 30, 2021. The loan is secured by fixed assets that will be placed into service upon completion of the third phase of the Guangzhou manufacturing facility's build out. Interest Expense Interest expense recognized for the three and six months ended June 30, 2021 was $7,627 and $14,577, respectively, among which, $147 and $251 was capitalized, respectively. Interest expense recognized for the three and six months ended June 30, 2020 was $1,888 and $3,607, respectively, among which, $57 and $124 was capitalized, respectively. |
Product Revenue
Product Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Product Revenue | Product Revenue The Company’s product revenue is derived from the sale of its internally developed products BRUKINSA ® in the United States and China, and tislelizumab and pamiparib in China, as well as the sale of REVLIMID ® , VIDAZA ® and ABRAXANE ® in China under a license from BMS and XGEVA ® , BLINCYTO ® and KYPROLIS ® in China under a license from Amgen. On March 25, 2020, the Company announced that the China National Medical Products Administration ("NMPA") suspended the importation, sales and use of ABRAXANE ® in China supplied to BeiGene by Celgene, a BMS company, and the drug was subsequently recalled by BMS and is not currently available for sale in China. The table below presents the Company’s net product sales for the three and six months ended June 30, 2021 and 2020. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ Product revenue – gross 148,312 67,689 291,794 120,877 Less: Rebates and sales returns (9,688) (2,054) (47,053) (3,183) Product revenue – net 138,624 65,635 244,741 117,694 The following table disaggregates net product sales by product for the three and six months ended June 30, 2021 and June 30, 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Tislelizumab 74,879 29,417 123,758 49,943 BRUKINSA ® 42,423 6,974 64,513 7,691 REVLIMID ® 10,146 17,219 26,775 24,847 VIDAZA ® 3,255 11,789 6,961 17,832 ABRAXANE ® — 236 — 17,381 XGEVA ® 3,338 — 17,792 — Pamiparib 2,221 — 2,221 — Other 2,362 — 2,721 — Total product revenue – net 138,624 65,635 244,741 117,694 The following table presents the roll-forward of accrued sales rebates and returns for the six months ended June 30, 2021 and 2020: Six Months Ended June 30, 2021 2020 $ $ Balance at beginning of the period 11,874 3,198 Accrual 47,053 3,183 Payments (33,355) (2,485) Balance at end of the period 25,572 3,896 Sales rebates accrued and paid through June 30, 2021 increased as a result of compensating distributors for products previously sold at the pre-NRDL price, which remained in the distribution channel, due to the first inclusion of tislelizumab, BRUKINSA and XGEVA in the NRDL. |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Loss Per Share The following table reconciles the numerator and denominator in the computations of basic and diluted loss per share: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Numerator: Net loss (480,341) (336,318) (413,846) (701,257) Less: Net loss attributable to noncontrolling interest — (1,116) — (2,320) Net loss attributable to BeiGene, Ltd. (480,341) (335,202) (413,846) (698,937) Denominator: Weighted average shares outstanding—basic and diluted 1,194,071,476 1,010,230,470 1,191,521,766 1,007,967,904 For the three and six months ended June 30, 2021 and June 30, 2020, the computation of basic loss per share using the two-class method was not applicable as the Company was in a net loss position, and the effects of all share options, restricted shares, restricted share units and ESPP shares were excluded from the calculation of diluted loss per share, as their effect would have been anti-dilutive. |
Share-Based Compensation Expens
Share-Based Compensation Expense | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Expense | Share-Based Compensation Expense 2016 Share Option and Incentive Plan In January 2016, in connection with the Company's initial public offering ("IPO") on the NASDAQ Stock Market, the board of directors and shareholders of the Company approved the 2016 Share Option and Incentive Plan (the “2016 Plan”), which became effective in February 2016. The Company initially reserved 65,029,595 ordinary shares for the issuance of awards under the 2016 Plan, plus any shares available under the 2011 Option Plan (the “2011 Plan”), and not subject to any outstanding options as of the effective date of the 2016 Plan, along with underlying share awards under the 2011 Plan that are cancelled or forfeited without issuance of ordinary shares. As of June 30, 2021, ordinary shares cancelled or forfeited under the 2011 Plan that were carried over to the 2016 Plan totaled 5,166,458. In December 2018, the shareholders approved an amended and restated 2016 Plan to increase the number of shares authorized for issuance by 38,553,159 ordinary shares, as well as amend the cap on annual compensation to independent directors and make other changes. In June 2020, the shareholders approved an Amendment No. 1 to the 2016 Plan to increase the number of shares authorized for issuance by 57,200,000 ordinary shares and to extend the term of the plan through April 13, 2030. The number of shares available for issuance under the 2016 Plan is subject to adjustment in the event of a share split, share dividend or other change in the Company’s capitalization. During the six months ended June 30, 2021, the Company granted options for 5,696,054 ordinary shares and restricted share units for 12,828,907 ordinary shares under the 2016 Plan. As of June 30, 2021, options and restricted share units for ordinary shares outstanding under the 2016 Plan totaled 67,981,478 and 36,537,657, respectively. As of June 30, 2021, share-based awards to acquire 51,329,739 ordinary shares were available for future grant under the 2016 Plan. 2018 Inducement Equity Plan In June 2018, the board of directors of the Company approved the 2018 Inducement Equity Plan (the “2018 Plan”) and reserved 12,000,000 ordinary shares to be used exclusively for grants of awards to individuals that were not previously employees of the Company or its subsidiaries, as a material inducement to the individual’s entry into employment with the Company or its subsidiaries within the meaning of Rule 5635(c)(4) of the NASDAQ Listing Rules. The 2018 Plan was approved by the board of directors upon recommendation of the compensation committee, without shareholder approval pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules. The terms and conditions of the 2018 Plan, and the forms of award agreements to be used thereunder, are substantially similar to the 2016 Plan and the forms of award agreements thereunder. In August 2018, in connection with the Hong Kong IPO, the board of directors of the Company approved an amended and restated 2018 Plan to implement changes required by the listing rules of the HKEx. During the six months ended June 30, 2021, the Company did not grant any options or restricted share units under the 2018 Plan. As of June 30, 2021, options and restricted share units for ordinary shares outstanding under the 2018 Plan totaled 32,539 and 1,085,786, respectively. As of June 30, 2021, share-based awards to acquire 9,237,253 ordinary shares were available for future grant under the 2018 Plan. 2018 Employee Share Purchase Plan In June 2018, the shareholders of the Company approved the 2018 Employee Share Purchase Plan (the “ESPP”). Initially, 3,500,000 ordinary shares of the Company were reserved for issuance under the ESPP. In December 2018, the board of directors of the Company approved an amended and restated ESPP to increase the number of shares authorized for issuance by 3,855,315 ordinary shares to 7,355,315 ordinary shares. In June 2019, the board of directors adopted an amendment to revise the eligibility criteria for enrollment in the plan. In June 2021, the board of directors of the Company adopted the third amended and restated ESPP to include some technical amendments under U.S. tax rules and to consolidate the changes in the prior amendment, to be effective on September 1, 2021. The ESPP allows eligible employees to purchase the Company’s ordinary shares (including in the form of ADSs) at the end of each offering period, which will generally be six months, at a 15% discount to the market price of the Company’s ADSs at the beginning or the end of each offering period, whichever is lower, using funds deducted from their payroll during the offering period. Eligible employees are able to authorize payroll deductions of up to 10% of their eligible earnings, subject to applicable limitations. As of June 30, 2021, 5,619,932 ordinary shares were available for future issuance under the ESPP. The following tables summarizes the shares issued under the ESPP: Market Price 1 Purchase Price 2 Issuance Date Number of Ordinary Shares Issued ADS Ordinary ADS Ordinary Proceeds February 26, 2021 436,124 $ 236.30 $ 18.18 $ 200.86 $ 15.45 $ 6,738 August 31, 2020 485,069 $ 164.06 $ 12.62 $ 139.45 $ 10.73 $ 5,203 February 28, 2020 425,425 $ 145.54 $ 11.20 $ 123.71 $ 9.52 $ 4,048 1 The market price is the lower of the closing price on the NASDAQ Stock Market on the issuance date or the offering date, in accordance with the terms of the ESPP. 2 The purchase price is the price which was discounted from the applicable market price, in accordance with the terms of the ESPP. The following table summarizes total share-based compensation expense recognized for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Research and development 30,193 23,712 52,082 44,111 Selling, general and administrative 34,598 21,756 58,542 39,612 Total 64,791 45,468 110,624 83,723 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The movement of accumulated other comprehensive income was as follows: Unrealized Foreign Currency Gains/(Losses) on Pension Translation Available-for-Sale Liability Adjustments Securities Adjustments Total $ $ $ $ Balance as of December 31, 2020 14,184 871 (8,113) 6,942 Other comprehensive (loss) income before reclassifications 5,864 (1,010) 361 5,215 Amounts reclassified from accumulated other comprehensive income (1) — (62) — (62) Net-current period other comprehensive (loss) income 5,864 (1,072) 361 5,153 Balance as of June 30, 2021 20,048 (201) (7,752) 12,095 (1) The amounts reclassified from accumulated other comprehensive income were included in other (expense) income, net in the consolidated statements of operations. |
Shareholders_ Equity
Shareholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Shareholders’ Equity | Shareholders’ Equity Share Purchase Agreement In January 2020, the Company sold 15,895,001 ADSs, representing a 20.5% ownership stake in the Company, to Amgen for aggregate cash proceeds of $2,779,241, or $174.85 per ADS, pursuant to the SPA executed in connection with the Amgen Collaboration Agreement. |
Restricted Net Assets
Restricted Net Assets | 6 Months Ended |
Jun. 30, 2021 | |
Restricted Net Assets Disclosure [Abstract] | |
Restricted Net Assets | Restricted Net AssetsThe Company’s ability to pay dividends may depend on the Company receiving distributions of funds from its PRC subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of the subsidiary's retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the condensed consolidated financial statements prepared in accordance with GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries. In accordance with the company law of the PRC, a domestic enterprise is required to provide statutory reserves of at least 10% of its annual after-tax profit until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. A domestic enterprise is also required to provide discretionary surplus reserve, at the discretion of the board of directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The Company’s PRC subsidiaries were established as domestic enterprises and therefore are subject to the above-mentioned restrictions on distributable profits. As a result of these PRC laws and regulations, including the requirement to make annual appropriations of at least 10% of after-tax income and set aside as general reserve fund prior to payment of dividends, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. Foreign exchange and other regulations in the PRC may further restrict the Company's PRC subsidiaries from transferring funds to the Company in the form of dividends, loans and advances. As of June 30, 2021 and December 31, 2020, amounts restricted were the net assets of the Company’s PRC subsidiaries, which amounted to $659,122 and $119,776, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments As of June 30, 2021, the Company had purchase commitments amounting to $220,147, of which $86,293 related to minimum purchase requirements for supply purchased from contract manufacturing organizations and $133,854 related to binding purchase obligations of inventory from BMS and Amgen. The Company does not have any minimum purchase requirements for inventory from BMS or Amgen. Capital Commitments The Company had capital commitments amounting to $70,669 for the acquisition of property, plant and equipment as of June 30, 2021, which were mainly for BeiGene Guangzhou Factory’s manufacturing facility, expansion of BGC's research and development activities in Guangzhou, China, and research and development operations at the Changping facility in Beijing, China. Co-Development Funding Commitment Under the Amgen Collaboration Agreement, the Company is responsible for co-funding global development costs for the Amgen oncology pipeline assets up to a total cap of $1,250,000. The Company is funding its portion of the co-development costs by contributing cash and development services. As of June 30, 2021, the Company's remaining co-development funding commitment was $909,777. Research and Development Commitment The Company entered into a long-term research and development agreement during the three months ended June 30, 2021, which includes obligations to make an upfront payment and fixed quarterly payments over the next five years. As of June 30, 2021, the total research and development commitment amounted to $74,751. Funding Commitment The Company had committed capital related to one equity method investment in the amount of $15,000. As of June 30, 2021, the remaining capital commitment was $13,500 and is expected to be paid from time to time over the investment period. Pension Commitment The Company maintains a defined benefit pension plan in Switzerland. Funding obligations under the defined benefit pension plan are equivalent to $1,300 per year based on annual funding contributions in effect as of June 30, 2021 to achieve fully funded status where the market value of plan assets equals the projected benefit obligations. Future funding requirements will be subject to change as a result of future changes in staffing and compensation levels, various actuarial assumptions and actual investment returns on plan assets. Other Business Agreements The Company enters into agreements in the ordinary course of business with contract research organizations ("CROs") to provide research and development services. These contracts are generally cancelable at any time by us with prior written notice. |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information The Company operates in one segment: pharmaceutical products. Its chief operating decision maker is the Chief Executive Officer, who makes operating decisions, assesses performance and allocates resources on a consolidated basis. The Company’s long-lived assets are substantially located in the PRC. Net product revenues by geographic area are based upon the location of the customer, and net collaboration revenue is recorded in the jurisdiction in which the related income is expected to be sourced from. Total net revenues by geographic area are presented as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ PRC 122,635 62,576 218,617 113,918 United States 23,846 3,059 383,809 3,776 Other 3,511 — 153,438 — Total 149,992 65,635 755,864 117,694 U.S. revenues for the three and six months ended June 30, 2021 consisted of collaboration revenue of $7,958 and $357,786, respectively, and BRUKINSA ® product sales of $15,888 and $26,023, respectively. U.S. revenues for the three and six months ended June 30, 2020 consisted entirely of BRUKINSA ® product sales. |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation and consolidation | Basis of presentation and consolidation The accompanying condensed consolidated balance sheet as of June 30, 2021, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, and the condensed consolidated statements of shareholders' equity for the three and six months ended June 30, 2021 and 2020, and the related footnote disclosures are unaudited. The accompanying unaudited interim condensed financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including guidance with respect to interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report"). The unaudited interim condensed consolidated interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all normal recurring adjustments, necessary to present a fair statement of the results for the interim periods presented. Results of the operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results expected for the full fiscal year or for any future annual or interim period. The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. |
Use of estimates | Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, estimating the useful lives of long-lived assets, estimating variable consideration in product sales and collaboration revenue arrangements, identifying separate accounting units and determining the standalone selling price of each performance obligation in the Company’s revenue arrangements, assessing the impairment of long-lived assets, valuation and recognition of share-based compensation expenses, realizability of deferred tax assets, estimating uncertain tax positions, valuation of inventory, estimating the allowance for credit losses, determining defined benefit pension plan obligations, measurement of right-of-use assets and lease liabilities and the fair value of financial instruments. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates. |
Recent accounting pronouncements | Recent accounting pronouncements New accounting standards which have been adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This update simplifies the accounting for income taxes as part of the FASB's overall initiative to reduce complexity in accounting standards. The amendments include removal of certain exceptions to the general principles of ASC 740, Income taxes , and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. Certain amendments in this update should be applied retrospectively or modified retrospectively, and all other amendments should be applied prospectively. The Company adopted this standard on January 1, 2021. There was no material impact to the Company's financial position or results of operations upon adoption. Significant accounting policies For a more complete discussion of the Company’s significant accounting policies and other information, the unaudited interim condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report for the year ended December 31, 2020. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of assets and liabilities measured at fair value on a recurring basis | The following tables present the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis using the above input categories as of June 30, 2021 and December 31, 2020: Quoted Price in Active Significant Market for Other Significant Identical Observable Unobservable Assets Inputs Inputs As of June 30, 2021 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents U.S. treasury securities 527,749 — — Money market funds 195,444 — — Short-term investment (Note 4): U.S. Treasury securities 2,605,452 — — Other non-current assets (Note 4): Equity securities with readily determinable fair values 7,880 4,223 — Total 3,336,525 4,223 — Quoted Price in Active Significant Market for Other Significant Identical Observable Unobservable Assets Inputs Inputs As of December 31, 2020 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents U.S. treasury securities 286,072 — — Money market funds 80,838 — — Short-term investment (Note 4): U.S. Treasury securities 3,268,725 — — Other non-current assets (Note 4): Equity securities with readily determinable fair values 10,810 6,669 — Total 3,646,445 6,669 — |
Collaborative Arrangements (Tab
Collaborative Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Research and Development [Abstract] | |
Schedule of net product sales | The following table summarizes total collaboration revenue recognized for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenue from Collaborators $ $ $ $ License revenue — — 484,646 — Research and development service revenue 11,368 — 26,477 — Total 11,368 — 511,123 — The table below presents the Company’s net product sales for the three and six months ended June 30, 2021 and 2020. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ Product revenue – gross 148,312 67,689 291,794 120,877 Less: Rebates and sales returns (9,688) (2,054) (47,053) (3,183) Product revenue – net 138,624 65,635 244,741 117,694 The following table disaggregates net product sales by product for the three and six months ended June 30, 2021 and June 30, 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Tislelizumab 74,879 29,417 123,758 49,943 BRUKINSA ® 42,423 6,974 64,513 7,691 REVLIMID ® 10,146 17,219 26,775 24,847 VIDAZA ® 3,255 11,789 6,961 17,832 ABRAXANE ® — 236 — 17,381 XGEVA ® 3,338 — 17,792 — Pamiparib 2,221 — 2,221 — Other 2,362 — 2,721 — Total product revenue – net 138,624 65,635 244,741 117,694 |
Schedule of collaboration agreements | Amounts recorded related to the Company's portion of the co-development funding on the pipeline assets for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Research and development expense 27,687 28,337 55,330 56,703 Amortization of research and development cost share liability 26,973 27,606 53,903 55,240 Total amount due to Amgen for BeiGene's portion of the development funding 54,660 55,943 109,233 111,943 As of June 30, 2021 Remaining portion of development funding cap 909,777 As of June 30, 2021 and December 31, 2020, the research and development cost share liability recorded in the Company's balance sheet was as follows: As of June 30, December 31, 2021 2020 $ $ Research and development cost share liability, current portion 145,820 127,808 Research and development cost share liability, non-current portion 303,126 375,040 Total research and development cost share liability 448,946 502,848 |
Schedule of amounts and classification of reimbursement expense | The total reimbursement due under the commercial profit-sharing agreement for in-line product sales is classified in the income statement for the three and six months ended June 30, 2021 and 2020 as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Cost of sales - product (32) — 678 — Research and development 322 — 63 — Selling, general and administrative (9,218) — (15,917) — Total (8,928) — (15,176) — |
Restricted Cash and Investmen_2
Restricted Cash and Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of short-term investments | Short-term investments as of June 30, 2021 consisted of the following available-for-sale debt securities: Gross Gross Fair Value Amortized Unrealized Unrealized (Net Carrying Cost Gains Losses Amount) $ $ $ $ U.S. treasury securities 2,605,653 — (201) 2,605,452 Total 2,605,653 — (201) 2,605,452 Short-term investments as of December 31, 2020 consisted of the following available-for-sale debt securities: Gross Gross Fair Value Amortized Unrealized Unrealized (Net Carrying Cost Gains Losses Amount) $ $ $ $ U.S. treasury securities 3,267,875 850 — 3,268,725 Total 3,267,875 850 — 3,268,725 |
Schedule of fair value of the common stock and warrants | As of June 30, 2021 and December 31, 2020, the fair value of the common stock and warrants was as follows: As of June 30, December 31, 2021 2020 $ $ Fair value of Leap common stock 7,880 10,810 Fair value of Leap warrants 4,223 6,669 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | The Company’s inventory balance consisted of the following: As of June 30, December 31, 2021 2020 $ $ Raw materials 44,856 19,330 Work in process 10,806 1,378 Finished goods 61,925 68,585 Total inventories 117,587 89,293 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of components of property, plant and equipment | Property, plant and equipment are recorded at cost and consisted of the following: As of June 30, December 31, 2021 2020 $ $ Laboratory equipment 100,187 78,640 Leasehold improvements 42,691 37,643 Building 133,280 111,527 Manufacturing equipment 113,527 96,669 Software, electronics and office equipment 23,791 20,782 Property, plant and equipment, at cost 413,476 345,261 Less accumulated depreciation (97,173) (73,354) Construction in progress 78,864 85,779 Property, plant and equipment, net 395,167 357,686 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets outstanding and amortization expense | Intangible assets as of June 30, 2021 and December 31, 2020 are summarized as follows: As of June 30, 2021 December 31, 2020 Gross Gross carrying Accumulated Intangible carrying Accumulated Intangible amount amortization assets, net amount amortization assets, net $ $ $ $ $ $ Finite-lived intangible assets: Product distribution rights 7,500 (2,875) 4,625 7,500 (2,500) 5,000 Developed product 7,500 (117) 7,383 — — — Trading license 816 (816) — 816 (816) — Total finite-lived intangible assets 15,816 (3,808) 12,008 8,316 (3,316) 5,000 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Amortization expense - Cost of sales - product 117 — 117 — Amortization expense - Operating expense 187 188 375 471 Total 304 188 492 471 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Allowance for credit loss rollforward | The roll-forward of the allowance for credit losses related to trade accounts receivable for the six months ended June 30, 2021 and 2020 consists of the following activity: Six Months Ended June 30, 2021 2020 $ $ Balance at beginning of the period 112 — Current period provision for expected credit losses (46) 121 Amounts written-off — — Exchange rate changes 1 — Balance at end of the period 67 121 |
Schedule of prepaid expenses and other current assets | Prepaid expenses and other current assets consist of the following: As of June 30, December 31, 2021 2020 $ $ Prepaid research and development costs 73,563 71,341 Prepaid taxes 26,941 30,392 Payroll tax receivable 29,141 3,580 Non-trade receivable 3,504 4,464 Interest receivable 6,916 6,619 Prepaid insurance 7,113 1,347 Prepaid manufacturing cost 51,408 25,996 Income tax receivable 5,108 4,607 Other 21,761 11,666 Total 225,455 160,012 |
Schedule of other non-current assets | Other non-current assets consist of the following: As of June 30, December 31, 2021 2020 $ $ Goodwill 109 109 Prepayment of property and equipment 24,244 16,984 Prepayment of facility capacity expansion activities (1) 23,096 29,778 Prepaid VAT 23,600 10,913 Rental deposits and other 7,244 5,962 Long-term investments (Note 4) 53,951 49,344 Total 132,244 113,090 (1) Represents payments for facility expansions under commercial supply agreements. The payments are providing future benefit to the Company through credits on commercial supply purchases. |
Schedule of accrued expenses and other payables | Accrued expenses and other payables consist of the following: As of June 30, December 31, 2021 2020 $ $ Compensation related 81,795 106,765 External research and development activities related 169,826 143,302 Commercial activities 73,073 66,131 Employee tax withholdings 36,074 14,373 Sales rebates and returns related 25,572 11,874 Professional fees and other 12,516 3,699 Total 398,856 346,144 |
Schedule of other long-term liabilities | Other long-term liabilities consist of the following: As of June 30, December 31, 2021 2020 $ $ Deferred government grant income 47,403 49,139 Pension liability 7,752 8,113 Other 176 177 Total 55,331 57,429 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of short-term and long-term debt obligations | The following table summarizes the Company's short-term and long-term debt obligations as of June 30, 2021 and December 31, 2020: Lender Agreement Date Line of Credit Term Maturity Date Interest Rate June 30, 2021 December 31, 2020 $ RMB $ RMB China Construction Bank April 4, 2018 RMB580,000 9-year April 4, 2027 (1) 774 5,000 307 2,000 China Merchants Bank January 22, 2020 (2) 9-year January 20, 2029 (2) 774 5,000 — — China Minsheng Bank (the "Senior Loan") September 24, 2020 $200,000 (3) 5.8 % 198,320 1,280,475 198,320 1,294,010 Zhuhai Hillhouse (the "Related Party Loan") September 24, 2020 RMB500,000 (4) 5.8 % 15,488 100,000 15,326 100,000 Other short-term debt (5) 219,446 1,416,874 121,062 789,918 Total short-term debt 434,802 2,807,349 335,015 2,185,928 China Construction Bank April 4, 2018 RMB580,000 9-year April 4, 2027 (1) 88,901 574,000 88,584 578,000 China Merchants Bank January 22, 2020 (2) 9-year January 20, 2029 (2) 53,434 345,000 53,641 350,000 China Merchants Bank November 9, 2020 RMB378,000 9-year November 8, 2029 (6) 52,521 339,111 41,412 270,206 Total long-term bank loans 194,856 1,258,111 183,637 1,198,206 1. The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 4.9% as of June 30, 2021. The loan is secured by BeiGene Guangzhou Factory's land use right and certain Guangzhou Factory fixed assets in the first phase of the Guangzhou manufacturing facility's build out. The Company repaid $155 (RMB1,000) during the six months ended June 30, 2021. 2. On January 22, 2020, BeiGene Guangzhou Factory entered into a nine-year bank loan with China Merchants Bank to borrow up to RMB1,100,000 at a floating interest rate benchmarked against prevailing interest rates of certain PRC financial institutions. The loan is secured by Guangzhou Factory's second land use right and fixed assets that will be placed into service upon completion of the second phase of the Guangzhou manufacturing facility's build out. In connection with the Company's short-term loan agreements with China Merchants Bank entered into during the year ended December 31, 2020, the borrowing capacity was reduced from RMB1,100,000 to RMB350,000. The loan interest rate was 4.4% as of June 30, 2021. 3. $120,000 of the Senior Loan was designated to fund the JV share purchase and repayment of the shareholder loan and $80,000 was designated for general working capital purposes. The Senior Loan has an original maturity date of October 8, 2021, which is the first anniversary of the first date of utilization of the loan. The Company may extend the original maturity date for up to two additional 12 month periods. 4. RMB100,000 of the Related Party Loan was designated for general corporate purposes and RMB400,000 was designated for repayment of the Senior Loan, including principal, interest and fees. The loan matures at the earlier of: (i) November 9, 2021, which is one month after the Senior Loan maturity date, if not extended, or (ii) 10 business days after the Senior Loan is fully repaid. Zhuhai Hillhouse is a related party of the Company, as it is an affiliate of Hillhouse Capital. Hillhouse Capital is a shareholder of the Company, and a Hillhouse Capital employee is a member of the Company's board of directors. 5. During the year ended December 31, 2020, the Company entered into additional short-term working capital loans with China Industrial Bank and China Merchants Bank to borrow up to RMB1,480,000 in aggregate, with maturity dates ranging from April 19, 2021 to June 29, 2022. The Company drew down $112,589 (RMB730,082) during the six months ended June 30, 2021. The Company repaid $15,804 (RMB103,126) of the short-term loans in the six months ended June 30, 2021. The weighted average interest rate for the short-term working capital loans was approximately 4.3% as of June 30, 2021. One of the short-term working capital loans outstanding in the amount of $24,781 (RMB160,000) is secured by the Company's research and development facility in Beijing and the associated land use right owned by its subsidiary, Beijing Innerway Bio-tech Co., Ltd. 6. The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 4.3% as of June 30, 2021. The Company drew down $10,819 (RMB68,905) during the six months ended June 30, 2021. The loan is secured by fixed assets that will be placed into service upon completion of the third phase of the Guangzhou manufacturing facility's build out. |
Product Revenue (Tables)
Product Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of net product sales | The following table summarizes total collaboration revenue recognized for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenue from Collaborators $ $ $ $ License revenue — — 484,646 — Research and development service revenue 11,368 — 26,477 — Total 11,368 — 511,123 — The table below presents the Company’s net product sales for the three and six months ended June 30, 2021 and 2020. Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ Product revenue – gross 148,312 67,689 291,794 120,877 Less: Rebates and sales returns (9,688) (2,054) (47,053) (3,183) Product revenue – net 138,624 65,635 244,741 117,694 The following table disaggregates net product sales by product for the three and six months ended June 30, 2021 and June 30, 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Tislelizumab 74,879 29,417 123,758 49,943 BRUKINSA ® 42,423 6,974 64,513 7,691 REVLIMID ® 10,146 17,219 26,775 24,847 VIDAZA ® 3,255 11,789 6,961 17,832 ABRAXANE ® — 236 — 17,381 XGEVA ® 3,338 — 17,792 — Pamiparib 2,221 — 2,221 — Other 2,362 — 2,721 — Total product revenue – net 138,624 65,635 244,741 117,694 |
Schedule of accrued sales rebates and returns | The following table presents the roll-forward of accrued sales rebates and returns for the six months ended June 30, 2021 and 2020: Six Months Ended June 30, 2021 2020 $ $ Balance at beginning of the period 11,874 3,198 Accrual 47,053 3,183 Payments (33,355) (2,485) Balance at end of the period 25,572 3,896 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of the computations of basic and diluted earnings (loss) per share | The following table reconciles the numerator and denominator in the computations of basic and diluted loss per share: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Numerator: Net loss (480,341) (336,318) (413,846) (701,257) Less: Net loss attributable to noncontrolling interest — (1,116) — (2,320) Net loss attributable to BeiGene, Ltd. (480,341) (335,202) (413,846) (698,937) Denominator: Weighted average shares outstanding—basic and diluted 1,194,071,476 1,010,230,470 1,191,521,766 1,007,967,904 |
Share-Based Compensation Expe_2
Share-Based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of shares issued under employee share purchase plan | The following tables summarizes the shares issued under the ESPP: Market Price 1 Purchase Price 2 Issuance Date Number of Ordinary Shares Issued ADS Ordinary ADS Ordinary Proceeds February 26, 2021 436,124 $ 236.30 $ 18.18 $ 200.86 $ 15.45 $ 6,738 August 31, 2020 485,069 $ 164.06 $ 12.62 $ 139.45 $ 10.73 $ 5,203 February 28, 2020 425,425 $ 145.54 $ 11.20 $ 123.71 $ 9.52 $ 4,048 1 The market price is the lower of the closing price on the NASDAQ Stock Market on the issuance date or the offering date, in accordance with the terms of the ESPP. 2 The purchase price is the price which was discounted from the applicable market price, in accordance with the terms of the ESPP. |
Summary of total compensation cost recognized | The following table summarizes total share-based compensation expense recognized for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ Research and development 30,193 23,712 52,082 44,111 Selling, general and administrative 34,598 21,756 58,542 39,612 Total 64,791 45,468 110,624 83,723 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | The movement of accumulated other comprehensive income was as follows: Unrealized Foreign Currency Gains/(Losses) on Pension Translation Available-for-Sale Liability Adjustments Securities Adjustments Total $ $ $ $ Balance as of December 31, 2020 14,184 871 (8,113) 6,942 Other comprehensive (loss) income before reclassifications 5,864 (1,010) 361 5,215 Amounts reclassified from accumulated other comprehensive income (1) — (62) — (62) Net-current period other comprehensive (loss) income 5,864 (1,072) 361 5,153 Balance as of June 30, 2021 20,048 (201) (7,752) 12,095 (1) The amounts reclassified from accumulated other comprehensive income were included in other (expense) income, net in the consolidated statements of operations. |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of net product revenues by geographic area | Total net revenues by geographic area are presented as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ $ $ $ PRC 122,635 62,576 218,617 113,918 United States 23,846 3,059 383,809 3,776 Other 3,511 — 153,438 — Total 149,992 65,635 755,864 117,694 |
Description of Business, Basi_3
Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies (Details) patient in Thousands | Jun. 30, 2021employeetrialproductmoleculecountrypatientpeople |
Organization | |
Number of molecules (molecule) | molecule | 10 |
Number of people (person) | people | 1,600 |
Product candidate (candidate) | 3 |
Products in commercial or clinical stage (product) | 45 |
Number of employees (employee) | employee | 6,400 |
Number of countries which entity operates (country) | country | 18 |
BRUKINSA® | |
Organization | |
Number of molecules (molecule) | molecule | 3 |
Approved Medicines | |
Organization | |
Products in commercial or clinical stage (product) | 8 |
Approved | |
Organization | |
Products in commercial or clinical stage (product) | 4 |
Clinical Development | |
Organization | |
Products in commercial or clinical stage (product) | 30 |
Minimum | |
Organization | |
Planned clinical trial (trial) | trial | 90 |
Products on trial (trial) | trial | 30 |
Number of patients (patient) | patient | 13 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets at fair value on a recurring basis | ||
Short-term investments | $ 2,605,452 | $ 3,268,725 |
U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Short-term investments | 2,605,452 | 3,268,725 |
Recurring basis | Quoted Price in Active Market for Identical Assets (Level 1) | ||
Assets at fair value on a recurring basis | ||
Total | 3,336,525 | 3,646,445 |
Recurring basis | Quoted Price in Active Market for Identical Assets (Level 1) | U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Short-term investments | 2,605,452 | 3,268,725 |
Recurring basis | Quoted Price in Active Market for Identical Assets (Level 1) | Equity securities with readily determinable fair values | ||
Assets at fair value on a recurring basis | ||
Equity securities with readily determinable fair values | 7,880 | 10,810 |
Recurring basis | Quoted Price in Active Market for Identical Assets (Level 1) | U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 527,749 | 286,072 |
Recurring basis | Quoted Price in Active Market for Identical Assets (Level 1) | Money market funds | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 195,444 | 80,838 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets at fair value on a recurring basis | ||
Total | 4,223 | 6,669 |
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Short-term investments | 0 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Equity securities with readily determinable fair values | ||
Assets at fair value on a recurring basis | ||
Equity securities with readily determinable fair values | 4,223 | 6,669 |
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 0 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Money market funds | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets at fair value on a recurring basis | ||
Total | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Short-term investments | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Equity securities with readily determinable fair values | ||
Assets at fair value on a recurring basis | ||
Equity securities with readily determinable fair values | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | U.S. treasury securities | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Money market funds | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | $ 0 | $ 0 |
Collaborative Arrangements - Re
Collaborative Arrangements - Recognized Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Revenues | $ 149,992 | $ 65,635 | $ 755,864 | $ 117,694 |
Collaboration | ||||
Revenues | ||||
Revenues | 11,368 | 0 | 511,123 | 0 |
License revenue | ||||
Revenues | ||||
Revenues | 0 | 0 | 484,646 | 0 |
Research and development service revenue | ||||
Revenues | ||||
Revenues | $ 11,368 | $ 0 | $ 26,477 | $ 0 |
Collaborative Arrangements - No
Collaborative Arrangements - Novartis (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Research and Development Arrangement, Contract to Perform for Others | |||||
Revenues | $ 149,992 | $ 65,635 | $ 755,864 | $ 117,694 | |
License revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Revenues | 0 | 0 | 484,646 | 0 | |
Research and development service revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Revenues | 11,368 | $ 0 | $ 26,477 | $ 0 | |
Novartis | Research and development service revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Revenues | $ 11,368 | ||||
Collaborative Arrangement | Novartis | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Upfront cash payment received | $ 650,000 | ||||
Maximum proceeds from milestones | 1,300,000 | ||||
Maximum achievement of sales milestone | 250,000 | ||||
Collaborative Arrangement | Novartis | License revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total transaction price, allocated | 484,646 | ||||
Collaborative Arrangement | Novartis | Research and development service revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Stand alone selling price of R&D services | 420,000 | ||||
Total transaction price, allocated | 165,354 | ||||
Collaborative Arrangement | Novartis | Licensing Agreements And Trademarks | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Fair value of intangible asset | $ 1,231,000 |
Collaborative Arrangements - Am
Collaborative Arrangements - Amgen (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 02, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Research and Development Arrangement, Contract to Perform for Others | |||
Payments to acquire equity interest | $ 0 | $ 2,162,407 | |
Research and Development Arrangement | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Maximum commitment | $ 74,751 | ||
Common Stock | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Share price, ADS (in dollars per share) | $ 132.74 | ||
Proceeds from ADS shares | $ 2,109,902 | ||
Amgen, Inc | Product revenue | Product Concentration Risk | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Concentration risk, percentage | 100.00% | ||
Beigene | Amgen, Inc | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Minority interest in investment (as a percent) | 20.50% | ||
Amgen, Inc | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Maximum commitment | $ 1,250,000 | ||
Shares issued (in shares) | 15,895,001 | ||
Per share acquisition price (in dollars per share) | $ 174.85 | ||
Fair value of cost share liability | $ 601,857 | ||
Payments to acquire equity interest | 2,779,241 | ||
Fair value of equity investments issued | 2,162,407 | ||
Fair value of financing commitment | $ 616,834 | ||
Amgen, Inc | Minimum | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Commercialization term (years) | 5 years | ||
Amgen, Inc | Maximum | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Commercialization term (years) | 7 years |
Collaborative Arrangements - Fu
Collaborative Arrangements - Funding Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Research and Development Arrangement, Contract to Perform for Others | ||||
Research and development expense | $ 356,091 | $ 285,968 | $ 676,817 | $ 590,270 |
Amgen, Inc | ||||
Research and Development Arrangement, Contract to Perform for Others | ||||
Research and development expense | 27,687 | 28,337 | 55,330 | 56,703 |
Amortization of research and development cost share liability | 26,973 | 27,606 | 53,903 | 55,240 |
Total amount due to Amgen for BeiGene's portion of the development funding | 54,660 | $ 55,943 | 109,233 | $ 111,943 |
Remaining portion of development funding cap | $ 909,777 | $ 909,777 |
Collaborative Arrangements - Fi
Collaborative Arrangements - Financing Liability (Details) - Amgen, Inc - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Research and Development Arrangement, Contract to Perform for Others | ||
Research and development cost share liability, current portion | $ 145,820 | $ 127,808 |
Research and development cost share liability, non-current portion | 303,126 | 375,040 |
Total research and development cost share liability | $ 448,946 | $ 502,848 |
Collaborative Arrangements - _2
Collaborative Arrangements - Amounts and Classification of Payments (Income/(Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Research and Development Arrangement, Contract to Perform for Others | |||||
Total | $ (8,928) | $ 0 | $ (15,176) | $ 0 | |
Amgen, Inc | Collaborative Arrangement | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Collaborative Arrangement, Accounts Payable On Inventory Purchases | 94,616 | 94,616 | $ 121,917 | ||
Cost of sales - product | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total | (32) | 0 | 678 | 0 | |
Research and development | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total | 322 | 0 | 63 | 0 | |
Selling, general and administrative | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total | $ (9,218) | $ 0 | $ (15,917) | $ 0 |
Restricted Cash and Investmen_3
Restricted Cash and Investments - Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Restricted cash | $ 10,237 | $ 8,055 |
Restricted Cash and Investmen_4
Restricted Cash and Investments - Short-Term Investments (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Short-term investments | ||
Amortized Cost | $ 2,605,653,000 | $ 3,267,875,000 |
Gross Unrealized Gains | 0 | 850,000 |
Gross Unrealized Losses | (201,000) | 0 |
Fair Value (Net Carrying Amount) | 2,605,452,000 | 3,268,725,000 |
U.S. treasury securities | ||
Short-term investments | ||
Amortized Cost | 2,605,653,000 | 3,267,875,000 |
Gross Unrealized Gains | 0 | 850,000 |
Gross Unrealized Losses | (201,000) | 0 |
Fair Value (Net Carrying Amount) | 2,605,452,000 | $ 3,268,725,000 |
Allowance for credit loss | $ 0 |
Restricted Cash and Investmen_5
Restricted Cash and Investments - Equity Securities with/without Readily Determinable Fair Values and Equity-Method Investments (Details) ¥ in Thousands, $ in Thousands | Jul. 23, 2020USD ($)applicationmember | Jun. 30, 2020USD ($) | Jan. 31, 2020USD ($) | Jun. 30, 2019shares | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Jul. 23, 2020CNY (¥)memberapplication | Jun. 08, 2020USD ($) |
Schedule of Investments | |||||||||||
Gains (losses) from equity investments | $ (6,033) | $ 11,264 | |||||||||
Equity securities without readily determinable fair values | $ 18,712 | $ 18,712 | $ 9,705 | ||||||||
Series A preferred stock | |||||||||||
Schedule of Investments | |||||||||||
Preferred stock ownership voting rights requirement threshold (percentage) | 70.00% | 70.00% | 70.00% | ||||||||
Leap Therapeutic, Inc | |||||||||||
Schedule of Investments | |||||||||||
Equity method investments (percent) | 8.10% | 8.10% | |||||||||
Equity method investments, including warrants (percent) | 14.90% | 14.90% | |||||||||
Gains (losses) from equity investments | $ (2,325) | $ 4,300 | $ (5,376) | $ 11,264 | |||||||
Leap Therapeutic, Inc | Series B preferred stock | |||||||||||
Schedule of Investments | |||||||||||
Purchases of investments | $ 5,000 | ||||||||||
Leap Therapeutic, Inc | Common Stock | |||||||||||
Schedule of Investments | |||||||||||
Equity securities with readily determinable fair values | 7,880 | 7,880 | 10,810 | ||||||||
Leap Therapeutic, Inc | Warrants and Rights Subject to Mandatory Redemption | |||||||||||
Schedule of Investments | |||||||||||
Equity securities with readily determinable fair values | 4,223 | 4,223 | 6,669 | ||||||||
MapKure | |||||||||||
Schedule of Investments | |||||||||||
Equity method investments (percent) | 55.60% | 71.40% | 55.60% | 55.60% | 55.60% | ||||||
Gains (losses) from equity investments | (236) | $ (23) | (472) | $ (23) | |||||||
Gain on deconsolidation of entity | $ 11,307 | ||||||||||
Equity method investments fair value | $ 10,000 | ||||||||||
Equity method investment | 9,037 | 9,037 | 9,509 | ||||||||
MapKure | SpringWorks | |||||||||||
Schedule of Investments | |||||||||||
Equity method investments (percent) | 25.00% | ||||||||||
MapKure | Two Individuals | |||||||||||
Schedule of Investments | |||||||||||
Equity method investments (percent) | 1.80% | ||||||||||
MapKure | Series A preferred stock | |||||||||||
Schedule of Investments | |||||||||||
Shares owned (in shares) | shares | 10,000,000 | ||||||||||
MapKure | Series A preferred stock | SpringWorks | |||||||||||
Schedule of Investments | |||||||||||
Sale of stock shares received (in shares) | shares | 3,500,000 | ||||||||||
MapKure | Series A preferred stock | Two Individuals | |||||||||||
Schedule of Investments | |||||||||||
Sale of stock shares received (in shares) | shares | 250,000 | ||||||||||
BeiGene (Guangzhou) Co., Ltd. (“BeiGene Guangzhou”) | |||||||||||
Schedule of Investments | |||||||||||
Equity method investments (percent) | 60.00% | 60.00% | |||||||||
Equity method investment | $ 11,782 | ¥ 80,000 | |||||||||
GET Biomedical Industry Investment Fund Management Co., Ltd. | |||||||||||
Schedule of Investments | |||||||||||
Equity method investments (percent) | 26.30% | 26.30% | |||||||||
Gains (losses) from equity investments | 79 | (55) | |||||||||
Number of limited partners (application) | application | 4 | 4 | |||||||||
Number of general partner (application) | application | 1 | 1 | |||||||||
Limited partner agreed period (in years) | 7 years | ||||||||||
Limited partner investment period (in years) | 5 years | ||||||||||
Limited partner projected payback period (in years) | 2 years | ||||||||||
Limited partner extended period (in years) | 2 years | ||||||||||
Number of members (members) | member | 7 | 7 | |||||||||
Number of members required for approval (members) | member | 5 | 5 | |||||||||
Investment fund | $ 12,261 | $ 12,261 | $ 12,189 |
Restricted Cash and Investmen_6
Restricted Cash and Investments - Fair value of Common Stock and Warrants (Details) - Leap Therapeutic, Inc - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair value of Leap common stock | ||
Schedule of Investments | ||
Equity securities with readily determinable fair values | $ 7,880 | $ 10,810 |
Fair value of Leap warrants | ||
Schedule of Investments | ||
Equity securities with readily determinable fair values | $ 4,223 | $ 6,669 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 44,856 | $ 19,330 |
Work in process | 10,806 | 1,378 |
Finished goods | 61,925 | 68,585 |
Total inventories | $ 117,587 | $ 89,293 |
Property, plant and equipment -
Property, plant and equipment - Tabular Disclosure (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property and equipment | ||
Property, plant and equipment, at cost | $ 413,476 | $ 345,261 |
Less accumulated depreciation | (97,173) | (73,354) |
Property, plant and equipment, net | 395,167 | 357,686 |
Laboratory equipment | ||
Property and equipment | ||
Property, plant and equipment, at cost | 100,187 | 78,640 |
Leasehold improvements | ||
Property and equipment | ||
Property, plant and equipment, at cost | 42,691 | 37,643 |
Building | ||
Property and equipment | ||
Property, plant and equipment, at cost | 133,280 | 111,527 |
Manufacturing equipment | ||
Property and equipment | ||
Property, plant and equipment, at cost | 113,527 | 96,669 |
Software, electronics and office equipment | ||
Property and equipment | ||
Property, plant and equipment, at cost | 23,791 | 20,782 |
Construction in progress | ||
Property and equipment | ||
Property, plant and equipment, at cost | $ 78,864 | $ 85,779 |
Property, plant and equipment_2
Property, plant and equipment - Narratives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||||
CIP | $ 78,864 | $ 78,864 | $ 85,779 | ||
Depreciation expense | $ 11,223 | $ 7,679 | $ 20,667 | $ 15,146 |
Guangzhou Biologics Business (D
Guangzhou Biologics Business (Details) | 1 Months Ended | 6 Months Ended | |||||||
Sep. 30, 2020CNY (¥) | Sep. 30, 2020USD ($) | Mar. 31, 2017CNY (¥)asset | Jun. 30, 2021CNY (¥)option | Jun. 30, 2021USD ($)option | Nov. 30, 2020USD ($) | Oct. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Mar. 07, 2017CNY (¥) | |
Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | |||||||||
Organization | |||||||||
Maximum borrowing capacity | ¥ 400,000,000 | $ 58,912,000 | |||||||
Senior Loan | China Minsheng Bank (the "Senior Loan") | Loans Payable | |||||||||
Organization | |||||||||
Extension options (option) | option | 2 | 2 | |||||||
Extension Period (month) | 12 months | ||||||||
Senior Loan | Senior Notes | China Minsheng Bank (the "Senior Loan") | |||||||||
Organization | |||||||||
Maximum borrowing capacity | $ 200,000,000 | ||||||||
Senior loan Reserved For JV Purchase | China Minsheng Bank (the "Senior Loan") | Loans Payable | |||||||||
Organization | |||||||||
Maximum borrowing capacity | 120,000,000 | ||||||||
Senior loan Reserved For JV Purchase | Senior Notes | China Minsheng Bank (the "Senior Loan") | |||||||||
Organization | |||||||||
Maximum borrowing capacity | 120,000,000 | ||||||||
Working Capital | China Minsheng Bank (the "Senior Loan") | Loans Payable | |||||||||
Organization | |||||||||
Maximum borrowing capacity | $ 80,000,000 | ||||||||
Working Capital | Senior Notes | China Minsheng Bank (the "Senior Loan") | |||||||||
Organization | |||||||||
Maximum borrowing capacity | 80,000,000 | ||||||||
JV Share Repurchase | Acquisition Facility | Loans Payable | |||||||||
Organization | |||||||||
Maximum borrowing capacity | $ 118,320,000 | ||||||||
Related Party Loan | Zhuhai Hillhouse (the "Related Party Loan") | |||||||||
Organization | |||||||||
Shareholder loan | ¥ 100,000,000 | 15,488,000 | |||||||
Related Party Loan | Junior Notes | Zhuhai Hillhouse (the "Related Party Loan") | |||||||||
Organization | |||||||||
Maximum borrowing capacity | 500,000,000 | 73,640,000 | |||||||
Junior Loan General Corporate Use | Zhuhai Hillhouse (the "Related Party Loan") | |||||||||
Organization | |||||||||
Maximum borrowing capacity | $ 14,728,000 | ||||||||
Junior Loan General Corporate Use | Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | |||||||||
Organization | |||||||||
Maximum borrowing capacity | ¥ | ¥ 100,000,000 | ||||||||
BeiGene (Hong Kong) Co., Limited.(“BeiGene HK”) | |||||||||
Organization | |||||||||
Cash capital contribution, agreed amount | ¥ | ¥ 200,000,000 | ||||||||
Minimum number of biologics assets to be contributed | asset | 1 | ||||||||
Noncontrolling interest | $ 19,599,000 | ||||||||
BeiGene (Hong Kong) Co., Limited.(“BeiGene HK”) | BeiGene Biologics Co., Ltd. (BeiGene Biologics) | |||||||||
Organization | |||||||||
Ownership percentage immediately after transaction (as a percent) | 95.00% | ||||||||
Payment to acquire interest in JV | ¥ 195,262,000 | $ 28,723,000 | |||||||
Noncontrolling interest | $ 0 | $ 9,116,000 | |||||||
Ownership percentage (as a percent) | 100.00% | 100.00% | |||||||
BeiGene Biologics Co., Ltd. (BeiGene Biologics) | Shareholder Loan | Convertible Debt | |||||||||
Organization | |||||||||
Face amount | ¥ 900,000,000 | $ 132,061,000 | |||||||
Debt instrument accrued interest | ¥ 249,140,000 | $ 36,558,000 | |||||||
BeiGene Biologics Co., Ltd. (BeiGene Biologics) | Shareholder Loan | Convertible Debt | Investor | |||||||||
Organization | |||||||||
Face amount | ¥ | ¥ 900,000,000 | ||||||||
GET | |||||||||
Organization | |||||||||
Cash capital contribution, agreed amount | ¥ | ¥ 100,000,000 | ||||||||
GET | BeiGene Biologics Co., Ltd. (BeiGene Biologics) | |||||||||
Organization | |||||||||
Minority interest in investment (as a percent) | 5.00% | 5.00% | 5.00% |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets Outstanding (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-lived intangible assets: | ||
Gross carrying amount | $ 15,816 | $ 8,316 |
Accumulated amortization | (3,808) | (3,316) |
Intangible assets, net | 12,008 | 5,000 |
Product distribution rights | ||
Finite-lived intangible assets: | ||
Gross carrying amount | 7,500 | 7,500 |
Accumulated amortization | (2,875) | (2,500) |
Intangible assets, net | 4,625 | 5,000 |
Developed product | ||
Finite-lived intangible assets: | ||
Gross carrying amount | 7,500 | 0 |
Accumulated amortization | (117) | 0 |
Intangible assets, net | 7,383 | 0 |
Trading license | ||
Finite-lived intangible assets: | ||
Gross carrying amount | 816 | 816 |
Accumulated amortization | (816) | (816) |
Intangible assets, net | $ 0 | $ 0 |
Intangible Assets - Useful Life
Intangible Assets - Useful Life (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Product distribution rights | |
Other intangible assets | |
Useful life (in years) | 10 years |
Intangible Assets - Future Amor
Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finite-lived intangible assets: | ||||
Amortization of Intangible Assets | $ 304 | $ 188 | $ 492 | $ 471 |
Cost of sales - product | ||||
Finite-lived intangible assets: | ||||
Amortization of Intangible Assets | 117 | 0 | 117 | 0 |
Operating Expense | ||||
Finite-lived intangible assets: | ||||
Amortization of Intangible Assets | $ 187 | $ 188 | $ 375 | $ 471 |
Intangible Assets - Expected Am
Intangible Assets - Expected Amortization Expense (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Expected amortization expense | |
Remainder of 2021 | $ 727 |
2022 | 1,453 |
2023 | 1,453 |
2024 | 1,453 |
2025 and thereafter | $ 6,922 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income taxes | ||||
Income tax (benefit) expense | $ (230) | $ (1,475) | $ (4,860) | $ 79 |
Unrecognized tax benefits | 8,306 | 8,306 | ||
Increase in uncertain tax position | $ 579 | $ 1,183 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Allowance For Credit Loss (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts Receivable, Allowance for Credit Loss | ||
Balance at beginning of the period | $ 112 | $ 0 |
Current period provision for expected credit losses | (46) | 121 |
Amounts written-off | 0 | 0 |
Exchange rate changes | 1 | 0 |
Balance at end of the period | $ 67 | $ 121 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Prepaid expenses and other current assets | ||
Prepaid research and development costs | $ 73,563 | $ 71,341 |
Prepaid taxes | 26,941 | 30,392 |
Payroll tax receivable | 29,141 | 3,580 |
Non-trade receivable | 3,504 | 4,464 |
Interest receivable | 6,916 | 6,619 |
Prepaid insurance | 7,113 | 1,347 |
Prepaid manufacturing cost | 51,408 | 25,996 |
Income tax receivable | 5,108 | 4,607 |
Other | 21,761 | 11,666 |
Total | $ 225,455 | $ 160,012 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Schedule of Other Non-current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other non-current assets | ||
Goodwill | $ 109 | $ 109 |
Prepayment of property and equipment | 24,244 | 16,984 |
Prepayment of facility capacity expansion activities | 23,096 | 29,778 |
Prepaid VAT | 23,600 | 10,913 |
Rental deposits and other | 7,244 | 5,962 |
Long-term investments (Note 4) | 53,951 | 49,344 |
Total | $ 132,244 | $ 113,090 |
Supplemental Balance Sheet In_6
Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Payables (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued expenses and other payables | ||
Compensation related | $ 81,795 | $ 106,765 |
External research and development activities related | 169,826 | 143,302 |
Commercial activities | 73,073 | 66,131 |
Employee tax withholdings | 36,074 | 14,373 |
Sales rebates and returns related | 25,572 | 11,874 |
Professional fees and other | 12,516 | 3,699 |
Total | $ 398,856 | $ 346,144 |
Supplemental Balance Sheet In_7
Supplemental Balance Sheet Information - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other long-term liabilities | ||
Deferred government grant income | $ 47,403 | $ 49,139 |
Pension liability | 7,752 | 8,113 |
Other | 176 | 177 |
Total | $ 55,331 | $ 57,429 |
Debt - Short-term and Long-term
Debt - Short-term and Long-term Debt Obligations (Details) $ in Thousands | Jan. 22, 2020CNY (¥) | Jun. 30, 2021USD ($) | Jun. 30, 2021CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) |
Debt Instrument | |||||
Short-term debt | $ 434,802 | ¥ 2,807,349,000 | $ 335,015 | ¥ 2,185,928,000 | |
Long-term bank loans | 194,856 | 1,258,111,000 | 183,637 | 1,198,206,000 | |
Loans Payable | |||||
Debt Instrument | |||||
Short-term debt | 219,446 | 1,416,874,000 | 121,062 | 789,918,000 | |
Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | |||||
Debt Instrument | |||||
Maximum borrowing capacity | $ 58,912 | 400,000,000 | |||
Short-term debt April 4, 2018 | China Construction Bank | Loans Payable | |||||
Debt Instrument | |||||
Maximum borrowing capacity | 580,000 | ||||
Term (in years) | 9 years | ||||
Short-term debt | $ 774 | 5,000,000 | 307 | 2,000,000 | |
Short-term debt January 22 2020 | China Merchants Bank | Loans Payable | |||||
Debt Instrument | |||||
Maximum borrowing capacity | ¥ 1,100,000,000 | 350,000,000 | |||
Term (in years) | 9 years | 9 years | |||
Interest Rate | 4.40% | ||||
Short-term debt | $ 774 | 5,000,000 | 0 | 0 | |
Short-term debt September 24, 2020 | China Minsheng Bank (the "Senior Loan") | Loans Payable | |||||
Debt Instrument | |||||
Maximum borrowing capacity | $ | $ 200,000 | ||||
Interest Rate | 5.80% | ||||
Short-term debt | $ 198,320 | 1,280,475,000 | 198,320 | 1,294,010,000 | |
Short-term debt September 24, 2020 | Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | |||||
Debt Instrument | |||||
Maximum borrowing capacity | 500,000 | ||||
Interest Rate | 5.80% | ||||
Short-term debt | $ 15,488 | 100,000,000 | 15,326 | 100,000,000 | |
Long-term bank April 4, 2018 | China Construction Bank | Loans Payable | |||||
Debt Instrument | |||||
Maximum borrowing capacity | 580,000 | ||||
Term (in years) | 9 years | ||||
Interest Rate | 4.90% | ||||
Long-term bank loans | $ 88,901 | 574,000,000 | 88,584 | 578,000,000 | |
Long-term bank January 22, 2020 | China Merchants Bank | Loans Payable | |||||
Debt Instrument | |||||
Term (in years) | 9 years | ||||
Long-term bank loans | $ 53,434 | 345,000,000 | 53,641 | 350,000,000 | |
Long-term bank November 9, 2020 | China Merchants Bank | Loans Payable | |||||
Debt Instrument | |||||
Maximum borrowing capacity | 378,000 | ||||
Term (in years) | 9 years | ||||
Long-term bank loans | $ 52,521 | ¥ 339,111,000 | $ 41,412 | ¥ 270,206,000 |
Debt - Narratives (Details)
Debt - Narratives (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021USD ($)option | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)option | Jun. 30, 2021CNY (¥) | Jun. 30, 2020USD ($) | Jun. 30, 2021CNY (¥)option | Dec. 31, 2020CNY (¥) | Oct. 31, 2020USD ($) | |
Debt Instrument | ||||||||
Proceeds from long-term loan | $ 10,819,000 | $ 49,525,000 | ||||||
Repayment of short-term loan | 15,959,000 | 0 | ||||||
Interest expense | $ 7,627,000 | $ 1,888,000 | 14,577,000 | 3,607,000 | ||||
Interest capitalized | 147,000 | $ 57,000 | 251,000 | $ 124,000 | ||||
Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Maximum borrowing capacity | 58,912,000 | $ 58,912,000 | ¥ 400,000,000 | |||||
China Industrial Bank | Loans Payable | ||||||||
Debt Instrument | ||||||||
Interest Rate | 4.30% | 4.30% | ||||||
Maximum borrowing capacity | ¥ | ¥ 1,480,000 | |||||||
Proceeds from long-term loan | $ 112,589,000 | ¥ 730,082,000 | ||||||
China Industrial Bank | Loans Payable | Working Capital Facility | Beijing Innerway Bio-tech Co., Ltd | ||||||||
Debt Instrument | ||||||||
Maximum borrowing capacity | 24,781,000 | 24,781,000 | 160,000,000 | |||||
Repayment of short-term loan | $ 15,804,000 | ¥ 103,126,000 | ||||||
Long-term bank April 4, 2018 | China Construction Bank | Loans Payable | ||||||||
Debt Instrument | ||||||||
Interest Rate | 4.90% | 4.90% | ||||||
Repayment of long-term loan | $ 155,000 | ¥ 1,000,000 | ||||||
Debt instrument term (in years) | 9 years | 9 years | ||||||
Maximum borrowing capacity | ¥ | 580,000 | |||||||
Short-term debt April 4, 2018 | China Construction Bank | Loans Payable | ||||||||
Debt Instrument | ||||||||
Debt instrument term (in years) | 9 years | 9 years | ||||||
Maximum borrowing capacity | ¥ | ¥ 580,000 | |||||||
Senior loan Reserved For JV Purchase | China Minsheng Bank (the "Senior Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Maximum borrowing capacity | $ 120,000,000 | $ 120,000,000 | ||||||
Working Capital | China Minsheng Bank (the "Senior Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Maximum borrowing capacity | $ 80,000,000 | |||||||
Senior Loan | China Minsheng Bank (the "Senior Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Extension options (option) | option | 2 | 2 | 2 | |||||
Extension Period (month) | 12 months | 12 months | ||||||
Long-term bank January 22, 2020 | China Merchants Bank | Loans Payable | ||||||||
Debt Instrument | ||||||||
Debt instrument term (in years) | 9 years | 9 years | ||||||
Short-term debt September 24, 2020 | China Minsheng Bank (the "Senior Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Interest Rate | 5.80% | 5.80% | ||||||
Maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | ||||||
Short-term debt September 24, 2020 | Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Interest Rate | 5.80% | 5.80% | ||||||
Maximum borrowing capacity | ¥ | ¥ 500,000 | |||||||
Fully repaid business days (days) | 10 days | 10 days | ||||||
Long-term bank November 9, 2020 | China Merchants Bank | Loans Payable | ||||||||
Debt Instrument | ||||||||
Debt instrument term (in years) | 9 years | 9 years | ||||||
Maximum borrowing capacity | ¥ | ¥ 378,000 | |||||||
Proceeds from long-term loan | $ 10,819,000 | ¥ 68,905,000 | ||||||
Fixed annual interest rate (as a percent) | 4.30% | 4.30% | 4.30% | |||||
Junior Loan General Corporate Use | Zhuhai Hillhouse (the "Related Party Loan") | ||||||||
Debt Instrument | ||||||||
Maximum borrowing capacity | $ 14,728,000 | $ 14,728,000 | ||||||
Junior Loan General Corporate Use | Zhuhai Hillhouse (the "Related Party Loan") | Loans Payable | ||||||||
Debt Instrument | ||||||||
Maximum borrowing capacity | ¥ | ¥ 100,000,000 |
Product Revenue - Product Sales
Product Revenue - Product Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Product revenue – net | $ 149,992 | $ 65,635 | $ 755,864 | $ 117,694 |
Product | ||||
Revenues | ||||
Product revenue – gross | 148,312 | 67,689 | 291,794 | 120,877 |
Less: Rebates and sales returns | (9,688) | (2,054) | (47,053) | (3,183) |
Product revenue – net | 138,624 | 65,635 | 244,741 | 117,694 |
Product | Tislelizumab | ||||
Revenues | ||||
Product revenue – net | 74,879 | 29,417 | 123,758 | 49,943 |
Product | BRUKINSA® | ||||
Revenues | ||||
Product revenue – net | 42,423 | 6,974 | 64,513 | 7,691 |
Product | REVLIMID® | ||||
Revenues | ||||
Product revenue – net | 10,146 | 17,219 | 26,775 | 24,847 |
Product | VIDAZA® | ||||
Revenues | ||||
Product revenue – net | 3,255 | 11,789 | 6,961 | 17,832 |
Product | ABRAXANE® | ||||
Revenues | ||||
Product revenue – net | 0 | 236 | 0 | 17,381 |
Product | XGEVA® | ||||
Revenues | ||||
Product revenue – net | 3,338 | 0 | 17,792 | 0 |
Product | Pamiparib | ||||
Revenues | ||||
Product revenue – net | 2,221 | 0 | 2,221 | 0 |
Product | Other | ||||
Revenues | ||||
Product revenue – net | $ 2,362 | $ 0 | $ 2,721 | $ 0 |
Product Revenue - Accrued Sales
Product Revenue - Accrued Sales Rebates and Returns (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accrued Sales Rebates and Returns | ||
Balance at beginning of the period | $ 11,874 | |
Balance at end of the period | 25,572 | |
Product | ||
Accrued Sales Rebates and Returns | ||
Balance at beginning of the period | 11,874 | $ 3,198 |
Accrual | 47,053 | 3,183 |
Payments | (33,355) | (2,485) |
Balance at end of the period | $ 25,572 | $ 3,896 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||||
Net loss | $ (480,341) | $ 66,495 | $ (336,318) | $ (364,939) | $ (413,846) | $ (701,257) |
Less: Net loss attributable to noncontrolling interest | 0 | (1,116) | 0 | (2,320) | ||
Net loss attributable to BeiGene, Ltd. | $ (480,341) | $ (335,202) | $ (413,846) | $ (698,937) | ||
Denominator: | ||||||
Weighted average shares outstanding—basic (in shares) | 1,194,071,476 | 1,010,230,470 | 1,191,521,766 | 1,007,967,904 | ||
Weighted average shares outstanding - diluted (in shares) | 1,194,071,476 | 1,010,230,470 | 1,191,521,766 | 1,007,967,904 |
Share-Based Compensation Expe_3
Share-Based Compensation Expense - Share Options and Incentive Plan (Details) - shares | 1 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2021 | Jun. 30, 2018 | Jan. 31, 2016 | |
2016 Plan | ||||||
Share-based compensation | ||||||
Number of shares reserved and available for issuance (in shares) | 65,029,595 | |||||
Increase in ordinary shares authorized (in shares) | 57,200,000 | 38,553,159 | ||||
Shares available for future grants (shares) | 51,329,739 | |||||
2016 Plan | Share options | ||||||
Share-based compensation | ||||||
Granted (in shares) | 5,696,054 | |||||
Number of options outstanding (in shares) | 67,981,478 | |||||
2016 Plan | Restricted Share Units (RSUs) | ||||||
Share-based compensation | ||||||
Granted (in shares) | 12,828,907 | |||||
Number of options outstanding (in shares) | 36,537,657 | |||||
2011 Plan | ||||||
Share-based compensation | ||||||
Shares cancelled or forfeited (in shares) | 5,166,458 | |||||
2018 Plan | ||||||
Share-based compensation | ||||||
Number of shares reserved and available for issuance (in shares) | 12,000,000 | |||||
Shares available for future grants (shares) | 9,237,253 | |||||
2018 Plan | Share options | ||||||
Share-based compensation | ||||||
Number of options outstanding (in shares) | 32,539 | |||||
2018 Plan | Restricted Share Units (RSUs) | ||||||
Share-based compensation | ||||||
Number of options outstanding (in shares) | 1,085,786 | |||||
ESPP | ||||||
Share-based compensation | ||||||
Number of shares reserved and available for issuance (in shares) | 7,355,315 | 3,500,000 | ||||
Increase in ordinary shares authorized (in shares) | 3,855,315 | |||||
Shares available for future grants (shares) | 5,619,932 | |||||
Offering period (month) | 6 months | |||||
Discount on purchase price of common stock (as a percent) | 15.00% | |||||
Maximum percentage of eligible earnings as after-tax withholdings to purchase ordinary shares (as a percent) | 10.00% |
Share-Based Compensation Expe_4
Share-Based Compensation Expense - Shares Issued Under Employee Share Purchase Plan (Details) - ESPP - USD ($) $ / shares in Units, $ in Thousands | Feb. 26, 2021 | Aug. 31, 2020 | Feb. 28, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of ordinary shares issued ( in shares) | 436,124 | 485,069 | 425,425 |
Market price, ADS (in dollars per share) | $ 236.30 | $ 164.06 | $ 145.54 |
Market price (in dollars per share) | 18.18 | 12.62 | 11.20 |
Purchase price, ADS (in dollars per share) | 200.86 | 139.45 | 123.71 |
Purchase price, ordinary (in dollars per share) | $ 15.45 | $ 10.73 | $ 9.52 |
Proceeds | $ 6,738 | $ 5,203 | $ 4,048 |
Share-Based Compensation Expe_5
Share-Based Compensation Expense - Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based compensation | ||||
Compensation expense | $ 64,791 | $ 45,468 | $ 110,624 | $ 83,723 |
Research and development | ||||
Share-based compensation | ||||
Compensation expense | 30,193 | 23,712 | 52,082 | 44,111 |
Selling, general and administrative | ||||
Share-based compensation | ||||
Compensation expense | $ 34,598 | $ 21,756 | $ 58,542 | $ 39,612 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | |
Movement in accumulated other comprehensive loss | |||||
Balance at the beginning of period | $ 4,003,587 | $ 3,869,243 | $ 2,827,056 | $ 978,355 | $ 3,869,243 |
Other comprehensive (loss) income before reclassifications | 5,215 | ||||
Amounts reclassified from accumulated other comprehensive income | (62) | ||||
Net-current period other comprehensive (loss) income | 8,891 | (3,738) | (2,738) | 1,349 | 5,153 |
Balance at the end of period | 3,606,775 | 4,003,587 | 2,546,492 | 2,827,056 | 3,606,775 |
Accumulated Other Comprehensive Income | |||||
Movement in accumulated other comprehensive loss | |||||
Balance at the beginning of period | 3,204 | 6,942 | (6,548) | (8,001) | 6,942 |
Net-current period other comprehensive (loss) income | 8,891 | (3,738) | (2,751) | 1,453 | |
Balance at the end of period | 12,095 | 3,204 | $ (9,299) | $ (6,548) | 12,095 |
Foreign Currency Translation Adjustments | |||||
Movement in accumulated other comprehensive loss | |||||
Balance at the beginning of period | 14,184 | 14,184 | |||
Other comprehensive (loss) income before reclassifications | 5,864 | ||||
Amounts reclassified from accumulated other comprehensive income | 0 | ||||
Net-current period other comprehensive (loss) income | 5,864 | ||||
Balance at the end of period | 20,048 | 20,048 | |||
Unrealized Gains (Losses) on Available-for-Sale Securities | |||||
Movement in accumulated other comprehensive loss | |||||
Balance at the beginning of period | 871 | 871 | |||
Other comprehensive (loss) income before reclassifications | (1,010) | ||||
Amounts reclassified from accumulated other comprehensive income | (62) | ||||
Net-current period other comprehensive (loss) income | (1,072) | ||||
Balance at the end of period | (201) | (201) | |||
Pension Liability Adjustments | |||||
Movement in accumulated other comprehensive loss | |||||
Balance at the beginning of period | $ (8,113) | (8,113) | |||
Other comprehensive (loss) income before reclassifications | 361 | ||||
Amounts reclassified from accumulated other comprehensive income | 0 | ||||
Net-current period other comprehensive (loss) income | 361 | ||||
Balance at the end of period | $ (7,752) | $ (7,752) |
Shareholders_ Equity (Details)
Shareholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 02, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Shareholders' equity | |||
Proceeds from sale of ordinary shares, net of cost | $ 0 | $ 2,162,407 | |
Amgen, Inc | Beigene | |||
Shareholders' equity | |||
Minority interest in investment (as a percent) | 20.50% | ||
Amgen, Inc | |||
Shareholders' equity | |||
Shares issued (in shares) | 15,895,001 | ||
Proceeds from sale of ordinary shares, net of cost | $ 2,779,241 | ||
Per share acquisition price (in dollars per share) | $ 174.85 |
Restricted Net Assets (Details)
Restricted Net Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information | ||
Minimum required statutory reserve of annual after-tax profit (as a percent) | 10.00% | |
Required statutory reserve as a percentage of registered capital (as a percent) | 50.00% | |
China | ||
Segment Reporting Information | ||
Restricted net assets | $ 659,122 | $ 119,776 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Purchase and Capital commitments | |
Purchase commitments | $ 220,147 |
Capital Addition Purchase Commitments | |
Purchase and Capital commitments | |
Other commitments | 70,669 |
Investments Funding Commitment | |
Purchase and Capital commitments | |
Other commitments | 13,500 |
Maximum commitment | 15,000 |
Pension Commitment | |
Purchase and Capital commitments | |
Benefit plan obligation | 1,300 |
Minimum Purchase Commitments For Supply Purchased | |
Purchase and Capital commitments | |
Purchase commitments | 86,293 |
Inventories | |
Purchase and Capital commitments | |
Purchase commitments | 133,854 |
Research and Development Arrangement | |
Purchase and Capital commitments | |
Maximum commitment | 74,751 |
Amgen, Inc | |
Purchase and Capital commitments | |
Other commitments | 909,777 |
Maximum commitment | $ 1,250,000 |
Segment and Geographic Inform_3
Segment and Geographic Information - Narratives (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)segment | Jun. 30, 2020USD ($) | |
Segment information | ||||
Number of operating segments | segment | 1 | |||
Revenues | $ 149,992 | $ 65,635 | $ 755,864 | $ 117,694 |
United States | ||||
Segment information | ||||
Revenues | 23,846 | 3,059 | 383,809 | 3,776 |
Collaboration revenue | ||||
Segment information | ||||
Revenues | 11,368 | 0 | 511,123 | 0 |
Collaboration revenue | United States | ||||
Segment information | ||||
Revenues | 7,958 | 15,888 | 357,786 | 26,023 |
Product revenue, net | ||||
Segment information | ||||
Revenues | 138,624 | 65,635 | 244,741 | 117,694 |
BRUKINSA® | Product revenue, net | ||||
Segment information | ||||
Revenues | $ 42,423 | $ 6,974 | $ 64,513 | $ 7,691 |
Segment and Geographic Inform_4
Segment and Geographic Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net product revenues by geographic area | ||||
Revenues | $ 149,992 | $ 65,635 | $ 755,864 | $ 117,694 |
PRC | ||||
Net product revenues by geographic area | ||||
Revenues | 122,635 | 62,576 | 218,617 | 113,918 |
United States | ||||
Net product revenues by geographic area | ||||
Revenues | 23,846 | 3,059 | 383,809 | 3,776 |
Other | ||||
Net product revenues by geographic area | ||||
Revenues | $ 3,511 | $ 0 | $ 153,438 | $ 0 |