Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 14, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 10.5 | ||
Entity Common Stock, Shares Outstanding | 1,359,513,224 | ||
Documents Incorporated by Reference | The registrant intends to file a definitive proxy statement pursuant to Regulation 14A within 120 days of the end of the fiscal year ended December 31, 2023. Portions of such definitive proxy statement are incorporated by reference into Part III of this Annual Report on Form 10‑K. | ||
Entity Central Index Key | 0001651308 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Financial Statement Restatement Recovery Analysis [Flag] | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Boston, Massachusetts |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Current assets: | ||
Cash and cash equivalents | $ 3,171,800 | $ 3,869,564 |
Short-term restricted cash | 11,473 | 196 |
Short-term investments | 2,600 | 665,251 |
Accounts receivable, net | 358,027 | 173,168 |
Inventories, net | 416,122 | 282,346 |
Prepaid expenses and other current assets | 243,392 | 216,553 |
Total current assets | 4,203,414 | 5,207,078 |
Property, plant and equipment, net | 1,324,154 | 845,946 |
Operating lease right-of-use assets | 95,207 | 109,960 |
Intangible assets, net | 57,138 | 40,616 |
Other non-current assets | 125,362 | 175,690 |
Total non-current assets | 1,601,861 | 1,172,212 |
Total assets | 5,805,275 | 6,379,290 |
Current liabilities: | ||
Accounts payable | 315,111 | 294,781 |
Accrued expenses and other payables | 693,731 | 467,352 |
Deferred revenue, current portion | 0 | 213,861 |
Tax payable | 22,951 | 25,189 |
Operating lease liabilities, current portion | 21,950 | 24,041 |
Research and development cost share liability, current portion | 68,004 | 114,335 |
Short-term debt | 688,366 | 328,969 |
Total current liabilities | 1,810,113 | 1,468,528 |
Non-current liabilities: | ||
Long-term debt | 197,618 | 209,148 |
Deferred revenue, non-current portion | 300 | 42,026 |
Operating lease liabilities, non-current portion | 22,251 | 34,517 |
Deferred tax liabilities | 16,494 | 15,996 |
Research and development cost share liability, non-current portion | 170,662 | 179,625 |
Other long-term liabilities | 50,510 | 46,095 |
Total non-current liabilities | 457,835 | 527,407 |
Total liabilities | 2,267,948 | 1,995,935 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Ordinary shares, 0.0001 par value per share; 9,500,000,000 shares authorized; 1,359,513,224 and 1,356,140,180 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 135 | 135 |
Additional paid-in capital | 11,598,688 | 11,540,979 |
Accumulated other comprehensive loss | (99,446) | (77,417) |
Accumulated deficit | (7,962,050) | (7,080,342) |
Total shareholders’ equity | 3,537,327 | 4,383,355 |
Total liabilities and shareholders’ equity | $ 5,805,275 | $ 6,379,290 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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) | 1,359,513,224 | 1,356,140,180 |
Ordinary shares, shares outstanding (in shares) | 1,359,513,224 | 1,356,140,180 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Total revenues | $ 2,458,779 | $ 1,415,921 | $ 1,176,283 |
Gross profit | 2,078,859 | 1,129,446 | 1,011,377 |
Operating expenses | |||
Research and development | 1,778,594 | 1,640,508 | 1,459,239 |
Selling, general and administrative | 1,504,501 | 1,277,852 | 990,123 |
Amortization of intangible assets | 3,500 | 751 | 750 |
Total operating expenses | 3,286,595 | 2,919,111 | 2,450,112 |
Loss from operations | (1,207,736) | (1,789,665) | (1,438,735) |
Interest income (expense), net | 74,009 | 52,480 | (15,757) |
Other income (expense), net | 307,891 | (223,852) | 15,904 |
Loss before income taxes | (825,836) | (1,961,037) | (1,438,588) |
Income tax expense | 55,872 | 42,778 | 19,228 |
Net loss | $ (881,708) | $ (2,003,815) | $ (1,457,816) |
Net loss per share attributable to BeiGene, Ltd., basic (in dollars per share) | $ (0.65) | $ (1.49) | $ (1.21) |
Net loss per share attributable to BeiGene, Ltd., diluted (in dollars per share) | $ (0.65) | $ (1.49) | $ (1.21) |
Weighted-average shares outstanding, basic (in shares) | 1,357,034,547 | 1,340,729,572 | 1,206,210,049 |
Weighted-average shares outstanding, diluted (in shares) | 1,357,034,547 | 1,340,729,572 | 1,206,210,049 |
Net loss per American Depositary Share (ADS), basic (in dollars per share) | $ (8.45) | $ (19.43) | $ (15.71) |
Net loss per American Depositary Share (ADS), diluted (in dollars per share) | $ (8.45) | $ (19.43) | $ (15.71) |
Weighted-average ADSs outstanding, basic (in shares) | 104,387,273 | 103,133,044 | 92,785,388 |
Weighted-average ADSs outstanding, diluted (in shares) | 104,387,273 | 103,133,044 | 92,785,388 |
Product | |||
Revenues | |||
Total revenues | $ 2,189,852 | $ 1,254,612 | $ 633,987 |
Cost of sales - product | 379,920 | 286,475 | 164,906 |
Collaboration revenue | |||
Revenues | |||
Total revenues | $ 268,927 | $ 161,309 | $ 542,296 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||
Net loss | $ (881,708) | $ (2,003,815) | $ (1,457,816) |
Other comprehensive (loss) income, net of tax of nil: | |||
Foreign currency translation adjustments | (25,464) | (90,421) | 13,714 |
Pension liability adjustments, net | (5,611) | 365 | 1,865 |
Unrealized holding loss, net | 9,046 | (5,311) | (4,571) |
Comprehensive loss | $ (903,737) | $ (2,099,182) | $ (1,446,808) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (881,708) | $ (2,003,815) | $ (1,457,816) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization expense | 87,675 | 66,278 | 46,457 |
Share-based compensation expense | 367,618 | 303,162 | 240,712 |
Acquired in-process research and development | 46,800 | 68,665 | 83,500 |
Amortization of research and development cost share liability | (55,294) | (96,402) | (112,486) |
Unrealized losses (gains) on long-term investments | 16,221 | 21,996 | (7,632) |
Deferred income tax expense | 689 | 2,059 | 3,377 |
Gain on BMS termination settlement | (362,917) | 0 | 0 |
Other items, net | (5,998) | 9,047 | 23,510 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (188,306) | 304,112 | (423,019) |
Inventories | (140,948) | (56,689) | (153,333) |
Other assets | 12,120 | (3,282) | (107,128) |
Accounts payable | 21,484 | (4,352) | 20,008 |
Accrued expenses and other payables | 180,111 | 45,627 | 140,044 |
Deferred revenue | (255,587) | (151,816) | 407,703 |
Other liabilities | 587 | (1,209) | (2,620) |
Net cash used in operating activities | (1,157,453) | (1,496,619) | (1,298,723) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (561,896) | (325,434) | (262,942) |
Purchases of short-term investments | (2,075) | (1,485) | (2,147,881) |
Proceeds from sale or maturity of short-term investments | 673,240 | 1,563,618 | 3,146,891 |
Purchase of in-process research and development | (15,000) | (143,665) | (8,500) |
Purchase of intangible assets | (19,365) | 0 | (43,409) |
Purchase of long-term investments | (14,900) | (15,911) | (43,500) |
Net cash provided by investing activities | 60,004 | 1,077,123 | 640,659 |
Cash flows from financing activities: | |||
Proceeds from public offering, net of cost | 0 | 0 | 3,392,616 |
Proceeds from sale of ordinary shares, net of cost | 0 | 0 | 50,000 |
Proceeds from long-term loan | 22,502 | 37,372 | 16,838 |
Repayment of long-term loan | (13,690) | 0 | 0 |
Proceeds from short-term loans | 661,530 | 313,774 | 406,449 |
Repayment of short-term loans | (309,576) | (417,081) | (321,754) |
Proceeds from option exercises and employee share purchase plan | 55,712 | 46,964 | 92,762 |
Net cash provided by (used in) financing activities | 416,478 | (18,971) | 3,636,911 |
Effect of foreign exchange rate changes, net | (8,082) | (69,383) | 14,035 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (689,053) | (507,850) | 2,992,882 |
Cash, cash equivalents, and restricted cash, beginning of year | 3,875,037 | 4,382,887 | 1,390,005 |
Cash, cash equivalents, and restricted cash, end of year | 3,185,984 | 3,875,037 | 4,382,887 |
Supplemental cash flow disclosures: | |||
Cash and cash equivalents | 3,171,800 | 3,869,564 | 4,375,678 |
Short-term restricted cash | 11,473 | 196 | 328 |
Long-term restricted cash | 2,711 | 5,277 | 6,881 |
Income taxes paid | 56,003 | 29,500 | 15,695 |
Interest paid | 19,753 | 25,169 | 29,967 |
Supplemental non-cash activities: | |||
Accruals for capital expenditures | 91,804 | 95,346 | 53,197 |
Purchase of in-process research and development included in accounts payable | $ 31,800 | $ 0 | $ 75,000 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Total | Total Collaboration revenue | Ordinary Shares | Ordinary Shares Collaboration revenue | Additional Paid-In Capital | Additional Paid-In Capital Collaboration revenue | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit |
Balance at the beginning of period (in shares) at Dec. 31, 2020 | 1,190,821,941 | ||||||||
Balance at the beginning of period at Dec. 31, 2020 | $ 3,803,281 | $ 118 | $ 7,414,932 | $ 6,942 | $ (3,618,711) | ||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Issuance of ordinary shares in connection (in shares) | 2,151,877 | 115,055,260 | |||||||
Issuance of ordinary shares in connection | 50,000 | $ 3,392,616 | $ 12 | 50,000 | $ 3,392,604 | ||||
Exercise of options, ESPP and release of RSUs (in shares) | 28,778,893 | ||||||||
Exercise of options, ESPP and release of RSUs | 92,762 | $ 3 | 92,759 | ||||||
Use of shares reserved for share option exercises (in shares) | (17,233,853) | (2,003,690) | |||||||
Share-based compensation | 240,712 | 240,712 | |||||||
Other comprehensive income (loss) | 11,008 | 11,008 | |||||||
Net loss | $ (1,457,816) | (1,457,816) | (1,457,816) | ||||||
Balance at the ending of period (in shares) at Dec. 31, 2021 | 1,334,804,281 | ||||||||
Balance at the ending of period at Dec. 31, 2021 | 6,132,563 | $ 133 | 11,191,007 | 17,950 | (5,076,527) | ||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Exercise of options, ESPP and release of RSUs (in shares) | 19,960,278 | ||||||||
Exercise of options, ESPP and release of RSUs | 46,964 | $ 2 | 46,962 | ||||||
Use of shares reserved for share option exercises (in shares) | (5,898,217) | 1,375,621 | |||||||
Share-based compensation | 303,162 | 303,162 | |||||||
Other comprehensive income (loss) | (95,367) | (95,367) | |||||||
Net loss | $ (2,003,815) | (2,003,815) | (2,003,815) | ||||||
Cost from issuance of ordinary shares | (152) | (152) | |||||||
Balance at the ending of period (in shares) at Dec. 31, 2022 | 1,356,140,180 | 1,356,140,180 | |||||||
Balance at the ending of period at Dec. 31, 2022 | 4,383,355 | $ 135 | 11,540,979 | (77,417) | (7,080,342) | ||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Exercise of options, ESPP and release of RSUs (in shares) | 26,561,925 | ||||||||
Exercise of options, ESPP and release of RSUs | 53,008 | $ 2 | 53,006 | ||||||
Use of shares reserved for share option exercises (in shares) | (6,974,331) | 84,227 | |||||||
Share-based compensation | 367,618 | 367,618 | |||||||
Other comprehensive income (loss) | (22,029) | (22,029) | |||||||
Net loss | $ (881,708) | (881,708) | (881,708) | ||||||
Cancellation of ordinary shares (in share) | (23,273,108) | ||||||||
Cancellation of ordinary shares | (362,917) | $ (2) | (362,915) | ||||||
Balance at the ending of period (in shares) at Dec. 31, 2023 | 1,359,513,224 | 1,359,513,224 | |||||||
Balance at the ending of period at Dec. 31, 2023 | $ 3,537,327 | $ 135 | $ 11,598,688 | $ (99,446) | $ (7,962,050) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization BeiGene, Ltd. (the “Company”, “BeiGene”, “it”, “its”) is a global oncology company discovering and developing innovative treatments that are more accessible and affordable to cancer patients worldwide. The Company generated global revenue of approximately $2.5 billion in 2023, which increased by approximately $1.0 billion, while reducing its net loss by approximately $1.1 billion in comparison to 2022. The Company currently has three approved medicines that were internally discovered and developed, including BRUKINSA ® (zanubrutinib), a small molecule inhibitor of Bruton’s Tyrosine Kinase (“BTK”) for the treatment of various blood cancers; TEVIMBRA ® (tislelizumab), an anti-PD-1 antibody immunotherapy for the treatment of various solid tumor and blood cancers; and PARTRUVIX ® (pamiparib), a selective small molecule inhibitor of PARP1 and PARP2. The Company has obtained approvals to market BRUKINSA in the United States (“U.S.”), the People’s Republic of China (“China” or the “PRC”), the European Union (“EU”), the United Kingdom (“UK”), Canada, Australia, and additional international markets; TEVIMBRA (tislelizumab) in the EU and China; and PARTRUVIX in China. By leveraging its strong commercial capabilities, the Company has in-licensed the rights to distribute an additional 14 approved medicines for the China market. Supported by its global clinical development and commercial capabilities, the Company has entered into collaborations with world-leading biopharmaceutical companies such as Amgen Inc. (“Amgen”) and Beijing Novartis Pharma Co., Ltd. (“Novartis”) to develop and commercialize innovative medicines. The Company is committed to advancing best- and first-in-class clinical candidates internally or with like-minded partners to develop impactful and affordable medicines for patients across the globe. Recognizing the importance of clinical trial activities in its industry and the challenges associated with outsourcing to third-party contract research organizations (“CROs”), the Company has built its own 3,000+ person internal clinical team and is largely CRO-free. The Company has conducted more than 130 clinical trials in-house, with over 22,000 subjects enrolled in approximately 45 regions. This includes more than 40 pivotal or potentially registration-enabling trials across its portfolio. The Company has built, and is expanding, its internal manufacturing capabilities. The Company is building a commercial-stage biologics manufacturing and clinical R&D center in at the Princeton West Innovation Park in Hopewell, New Jersey (the “Hopewell facility”), in addition to its existing state-of-the-art biologic and small molecule manufacturing facilities in China to support current and potential future demand of its medicines. The Company also works with high quality contract manufacturing organizations (“CMOs”) to manufacture its internally developed clinical and commercial products. Since its inception in 2010, the Company has become a fully integrated global organization of over 10,000 employees worldwide, including in the U.S., China, and Europe. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its wholly-owned subsidiaries are eliminated upon consolidation. 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 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, 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. Functional Currency and Foreign Currency Translation Functional currency The Company uses the U.S. dollar (“$” or U.S. dollar) as its reporting currency. Transactions in subsidiaries are recorded in the functional currency of the respective subsidiary. The determination of functional currency is based on the criteria of Accounting Standard Codification (“ASC”) 830, Foreign Currency Matters . Foreign currency translation For subsidiaries whose functional currencies are not the U.S. dollar, the Company uses the average exchange rate for the period and the exchange rate at the balance sheet date, to translate the operating results and financial position to U.S. dollar, the reporting currency, respectively. Translation differences are recorded in accumulated other comprehensive loss, a component of shareholders’ equity. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Remeasurement exchange gains and losses are included in the consolidated statements of operations. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. Cash equivalents which consist primarily of money market funds are stated at fair value. Restricted cash Restricted cash primarily consists of RMB-denominated cash deposits pledged in designated bank accounts as collateral for bank loans and letters of credit. The Company classifies restricted cash as current or non-current based on the term of the restriction. In addition to the restricted cash balances above, the Company is required by the PRC securities law to use the proceeds from the STAR offering in strict compliance with the planned uses as disclosed in the PRC offering prospectus as well as those disclosed in the Company’s proceeds management policy approved by its board of directors. Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at their invoiced amounts, net of trade discounts and allowances as well as an allowance for credit losses. The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer’s ability to pay in establishing and adjusting its allowance for credit losses. Accounts receivable are written off after all collection efforts have ceased. Inventory Prior to the regulatory approval of product candidates, the Company may incur costs for the manufacture of drug product to support the commercial launch of those products. Until the date at which regulatory approval has been received or is otherwise considered probable, all such costs are recorded as research and development expenses as incurred. Inventories are stated at the lower of cost and net realizable value, with cost determined in a manner that approximates weighted average cost. The Company periodically analyzes its inventory levels, and writes down inventory that has become obsolete, inventory that has a cost basis in excess of its estimated realizable value and inventory in excess of expected sales requirements as cost of product sales. The determination of whether inventory costs will be realizable requires estimates of future prices by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory may be required, which would be recorded in the consolidated statements of operations. Investments The Company’s investments consist of available-for-sale debt securities, convertible note instruments, public equity securities with readily determinable fair values, private equity securities without readily determinable fair values, and equity-method investments. The classification of an investment is determined based on the nature of the investment, the Company’s ability and intent to hold the investment, and the degree to which the Company may exercise influence over the investee. • Available-for-sale debt securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive loss. The net carrying value of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is computed using the effective interest method and included in interest income. Interest and dividends are included in interest income. Available-for-sale debt securities with original maturities greater than three months at the date of purchase and less than one year from the date of the balance sheet are classified as short-term. Available-for-sale debt securities with maturities beyond one year may be classified as short-term marketable securities due to their highly liquid nature and because they represent the Company’s investments that are available for current operations. • Convertible note instruments are recorded using the fair value option method of accounting. Accordingly, convertible note instruments are remeasured at fair value on a recurring basis, with any changes in the fair value option recorded in other income (expense), net. • Public equity securities with readily determinable fair values are recorded at fair value. Subsequent changes in fair value are recorded in other income (expense), net. Derivative financial instruments to purchase public equity securities are recorded at fair value. The estimated fair value of derivative financial instruments is determined based on the Black-Scholes valuation model. Changes in fair value of derivative instruments are recorded in other income (expense), net. • Private equity securities without readily determinable fair values and where the Company does not have significant influence are measured 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. Adjustments to private equity securities are recorded in other income (expense), net. • Equity investments in common stock or in-substance common stock where the Company has significant influence over the financial and operating policies of the investee are accounted for as equity-method investments. Equity-method investments are initially recorded at cost and subsequently adjusted based on the Company’s percentage ownership in the investee’s income and expenses, as well as dividends, if any. The Company records its share of the investee’s results of operations in other income (expense), net. The Company records impairment losses on our equity method investments if it deems the impairment to be other-than-temporary. The Company deems an impairment to be other-than-temporary based on various factors, including but not limited to, the length of time the fair value is below the carrying value and ability to retain the investment to allow for a recovery in fair value. Realized gains or losses on sales of investments are determined based on the specific identification method. The Company regularly evaluates its investments in debt and equity for impairment. The Company recognizes an allowance on available-for-sale debt securities when a portion of the unrealized loss is attributable to a credit loss and a corresponding credit loss in net income. No allowance for credit losses were recorded for any periods presented. The Company recognized an impairment loss of $7,529 related to its investments in equity during the year ended December 31, 2023. No impairment losses on equity investments were recorded for the years ended December 31, 2022 and 2021. Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Property, plant and equipment, other than land and construction in progress, are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Useful Lives Building 20 years Manufacturing equipment 3 to 10 years Laboratory Equipment 3 to 5 years Software, Electronic and Office Equipment 3 to 5 years Leasehold Improvements Lesser of useful life or lease term Leases The Company applies ASC, Topic 842, Leases (“ASC 842”) to account for its leases. The Company determines if an arrangement is a lease at inception. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component based on the Company’s policy election to combine lease and non-lease components for its leases. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Company’s lease portfolio consists entirely of operating leases as of December 31, 2023. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. At the commencement date of a lease, the Company determines the classification of the lease based on the relevant factors present and records a right-of-use (“ROU”) asset and lease liability. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are calculated as the present value of the lease payments not yet paid. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. As the rate implicit in the Company’s leases is not typically readily available, the Company uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise that option. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheet. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities. Leases with an initial lease term of 12 months or less are not recorded on the consolidated balance sheet. Lease expense for these leases is recognized on a straight-line basis over the lease term. Land Use Right, Net All land in the PRC is owned by the PRC government. The PRC government may sell land use rights for a specified period of time. Land use rights represent operating leases in accordance with ASC 842. The purchase price of land use rights represents lease prepayments to the PRC government and is recorded as an operating lease ROU asset on the balance sheet. The ROU asset is amortized over the remaining lease term. In 2017, the Company acquired a land use right from the local Bureau of Land and Resources in Guangzhou for the purpose of constructing and operating the Company’s biologics manufacturing facility in Guangzhou. In 2019, the Company acquired a second Guangzhou land use right from the local Bureau of Land and Resources. In 2021, the Company acquired two land use rights from the local Bureau of Land and Resources to expand its biologics manufacturing facility in Guangzhou. Guangzhou land use rights are being amortized over the respective terms of the land use rights, which are each 50 years. In 2018, the Company acquired a land use right in conjunction with the acquisition of Beijing Innerway Bio-tech Co., Ltd. The land use right is being amortized over the term of the land use right, which is 36 years. In 2020, the Company acquired a land use right from the local Bureau of Land and Resources in Suzhou to construct its research, development and manufacturing facility in Suzhou. In 2022, the Company acquired a second Suzhou land use right from the local Bureau of Land and Resources. The land use rights are being amortized over the respective terms of the land use rights, which are each 30 years. Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company allocates the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized, but is tested for impairment at least annually or more frequently if events or changes in circumstances would indicate a potential impairment. The Company has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying amount, including goodwill. The qualitative assessment includes the Company’s evaluation of relevant events and circumstances affecting the Company’s single reporting unit, including macroeconomic, industry, and market conditions, the Company’s overall financial performance, and trends in the market price of the Company’s ADSs. If qualitative factors indicate that it is more likely than not that the Company’s reporting unit’s fair value is less than its carrying amount, then the Company will perform the quantitative impairment test by comparing the reporting unit’s carrying amount, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess. For the years ended December 31, 2023, 2022 and 2021 the Company determined that there were no indicators of impairment of goodwill. While there were no impairments, the Company wrote off the goodwill associated with the acquisition of Celgene’s commercial operations in China to align with the terms of the Settlement Agreement. Intangible assets acquired through business combinations are recognized as assets separate from goodwill and are measured at fair value upon acquisition. Intangible assets acquired in transactions that are not business combinations are recorded at the allocated portion of total consideration transferred based on their relative fair value in relation to net assets acquired. Intangible assets associated with milestone payments made to third parties subsequent to regulatory approval are recorded at cost. Identifiable intangible assets consist of post-approval milestone payments under license and commercialization agreements, that are amortized over the remainder of the product patent or the term of the commercialization agreements; and trading licenses that are amortized over the initial license term. Distribution rights for approved cancer therapies licensed from BMS had been fully amortized through December 31, 2023, when the rights reverted back to BMS under the terms of the Settlement Agreement. Intangible assets with finite useful lives are tested for impairment when events or circumstances occur that could indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Company evaluates the recoverability of the intangible assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For the years ended December 31, 2023, 2022 and 2021, the Company determined that there were no indicators of impairment of its other intangible assets. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment in accordance with authoritative guidance for impairment or disposal of long-lived assets. Long-lived assets are reviewed for events or changes in circumstances, which indicate that their carrying value may not be recoverable. Long-lived assets are reported at the lower of carrying amount or fair value less cost to sell. For the years ended December 31, 2023, 2022 and 2021, there was no impairment of the value of the Company’s long-lived assets. Fair Value Measurements Fair value of financial instruments The Company applies ASC topic 820 (“ASC 820”), Fair Value Measurements and Disclosures, in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and requires disclosures to be provided on fair value measurement. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Financial instruments measured at fair value on a recurring basis The following tables set forth assets measured at fair value on a recurring basis as of December 31, 2023 and 2022: As of December 31, 2023 Quoted Price Significant Significant $ $ $ Cash equivalents: Money market funds 1,052,149 — — Time deposits 42,852 — — Short-term investments (Note 5): U.S. Treasury securities 2,600 — — Prepaid expenses and other current assets (Note 5): Convertible debt instrument — — 4,668 Other non-current assets (Note 5): Equity securities with readily determinable fair values 3,046 542 — Convertible debt instrument — — 4,215 Total 1,100,647 542 8,883 As of December 31, 2022 Quoted Price Significant Significant $ $ $ Cash equivalents Money market funds 758,114 — — Short-term investments (Note 5): U.S. Treasury securities 665,251 — — Prepaid expenses and other current assets (Note 5): Convertible debt instrument — — 5,190 Other non-current assets (Note 5): Equity securities with readily determinable fair values 3,307 706 — Convertible debt instrument — — 3,000 Total 1,426,672 706 8,190 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 and in Leap’s underwritten public offering in September 2021. 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 5, Investments for details of the determination of the carrying amount of private equity investments without readily determinable fair values and equity method investments. The Company holds convertible notes issued by private biotech companies. The Company has elected the fair value option method of accounting for the convertible notes. Accordingly, the convertible notes are remeasured at fair value on a recurring basis using Level 3 inputs, with any changes in the fair value option recorded in other income (expense), net. The Company recorded a loss on fair value adjustment of $1,492 for the year ended December 31, 2023. There were no fair value adjustments during the years ended December 31, 2022 and 2021. As of December 31, 2023 and 2022, the fair values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and short-term debt approximated their carrying values due to their short-term nature. Long-term debt approximates its fair value due to the fact that the related interest rates approximate the rates currently offered by financial institutions for similar debt instrument of comparable maturities. Revenue Recognition The Company applies ASC, Topic 606, Revenue from Contracts with Customers (“ASC 606”) to account for its revenue transactions. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Company recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. Product Revenue The Company generates product revenues in China through the sale of its internally developed drugs TEVIMBRA, BRUKINSA and PARTRUVIX, and the sale of in-licensed products through its agreements with Amgen, BMS, Bio-Thera, EUSA Pharma and Luye Pharmaceutical. Under the commercial profit share arrangement with Amgen, the Company is the principal for in-licensed 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. In the U.S., the Company generates product revenues from the sale of BRUKINSA. In China, the Company sells its internally developed products to multiple distributors, who in turn sell the product to hospitals or pharmacies within their authorized territories to be sold ultimately to patients. In-licensed products are sold to a first tier distributor who subsequently resells the products to second tier distributors who ultimately sell the products to health care providers and patients. In the U.S., the Company distributes BRUKINSA through specialty pharmacies and specialty distributors. The specialty pharmacies and specialty distributors subsequently resell the product to health care providers and patients. The Company is the principal under the product sales as the Company controls the products with the ability to direct the use of, and obtain substantially all the remaining benefits from the products before they are sold to the customer. For product sales transactions, the Company has a single performance obligation which is to sell the products to its customer. The Company includes variable consideration in the transaction price to the extent it is probable that a significant reversal will not occur and estimates variable consideration from rebates, chargebacks, trade discounts and allowances, sales returns allowances and other incentives using the expected value method. Revenues for product sales are recognized at a point in time when the single performance obligation is satisfied upon delivery to the customer. The Company’s payment terms are approximately 45-90 days. Actual amounts of consideration ultimately received may differ from the Company’s estimates. The Company will reassess estimates for variable consideration periodically. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. Estimates for variable consideration for which reserves are established at the time of sale include government and commercial rebates, provisions for acceptance of National Reimbursement Drug List pricing in the PRC, chargebacks, trade discounts and allowances, sales returns allowances and other incentives that are offered within contracts between the Company and its customers, health care providers and other indirect customers. Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted for relevant factors such as our historical experience, current contractual and statutory requirements, channel inventory levels, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The Company bases its sales returns allowance on estimated distributor inventories, customer demand as reported by third-party sources, and actual returns history, as well as other factors, as appropriate. For newly launched products where actual returns history is not yet available, the sales returns allowance is initially calculated based on benchmarking data from similar products and industry experience. If the historical or benchmarking data the Company uses to calculate these estimates do not properly reflect future returns, then a change in the allowance would be made in the period in which such a determination is made and revenues in that period could be materially affected. Any changes from the historical trend rates are considered in determining the current sales return allowance. To date, sales returns have not been significant. Collaboration Revenue At contract inception, the Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements (“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the five-step model under ASC 606 noted above. The Company’s collaborative arrangements may contain more than one unit of account, or performance obligation, including grants of licenses to intellectual property rights, agreement to provide research and development services and other deliverables. The collaborative arrangements do not include a right of return for any deliverable. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. In developing the stand-alone selling price for a performance obligation, the Company considers competitor pricing for a similar or identical product, market awareness of and perception of the product, expected product life and current market trends. In general, the consideration allocated to each performance obligation is recognized when the respective obligation is satisfied either by delivering a good or providing a service, limited to the consideration that is not constrained. Non-refundable payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as advances from customers. Licenses of Intellectual Property: Upfront non-refundable payments for licensing the Company’s intellectual property are evaluated to determine if the license is distinct from the o |
Collaborative and Licensing Arr
Collaborative and Licensing Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development [Abstract] | |
Collaborative and Licensing Arrangements | Collaborative and Licensing Arrangements The Company enters into collaborative arrangements for the research and development, manufacture and/or commercialization of drug products and drug candidates. To date, these collaborative arrangements have included out-licenses of and options to out-license 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 During the three years ended December 31, 2023, the Company’s collaboration revenue related to its out-licensing collaborative agreements has consisted of upfront license fees, research and development services revenue and right to access intellectual property revenue from its collaboration agreements with Novartis for tislelizumab and ociperlimab. The following table summarizes total collaboration revenue recognized for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Revenue from Collaborators $ $ $ License revenue — — 484,646 Research and development service revenue 79,431 46,822 53,671 Right to access intellectual property revenue 104,477 104,994 3,979 Material rights revenue 71,980 — — Other 13,039 9,493 — Total 268,927 161,309 542,296 Novartis Tislelizumab Collaboration and License 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 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 had the ability to 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 was 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 was responsible for funding ongoing clinical trials of tislelizumab, Novartis agreed to fund new registrational, bridging, or post-marketing studies in its territory, and each party was responsible for funding clinical trials evaluating tislelizumab in combination with its own or third party products. Each party retained 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 were not distinct from each other and represented a single performance obligation. The tislelizumab R&D services represented a material promise and were determined to be a separate performance obligation at the outset of the agreement as the promise was distinct and had standalone value to Novartis. The Company evaluated the supply component of the contract and noted the supply was not 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 would 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 was 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 probability-weighted present value of forecasted cash flows associated with out-licensing tislelizumab in the Novartis Territory. The standalone selling price of the R&D services was valued using a cost plus margin valuation approach based on the present value of estimated tislelizumab clinical trial costs plus a reasonable margin. 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 year ended December 31, 2021. As such, the Company recognized the entire amount of the transaction price allocated to the license as collaboration revenue during the year ended December 31, 2021. The portion of the transaction price allocated to the R&D services was deferred and was being recognized as collaboration revenue as the R&D services were performed using a percentage-of-completion method. Estimated costs to complete were reassessed on a periodic basis and any updates to the revenue earned were recognized on a prospective basis. In September 2023, the Company and Novartis agreed to mutually terminate the collaboration and license agreement, effective immediately. Pursuant to the termination agreement, the Company regained full, global rights to develop, manufacture and commercialize tislelizumab with no royalty payments due to Novartis. Novartis may continue its ongoing clinical trials and has the ability to conduct future combination trials with tislelizumab subject to BeiGene’s approval. BeiGene agreed to provide Novartis with ongoing clinical supply of tislelizumab to support its clinical trials. Pursuant to the termination agreement, Novartis agreed to provide transition services to the Company to enable key aspects of the tislelizumab development and commercialization plan to proceed without disruption, including manufacturing, regulatory, safety and clinical support. Upon termination of the agreement in September 2023, there were no further performance obligations, and the remaining deferred revenue balance associated with the tislelizumab R&D services was recognized in full. The following table summarizes collaboration revenue recognized in connection with the tislelizumab collaboration and license agreement for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 $ $ $ License revenue — — 484,646 Research and development service revenue 72,278 39,655 53,421 Other (1) 5,067 9,493 — Total 77,345 49,148 538,067 (1) Represents revenue recognized on sale of tislelizumab clinical supply to Novartis in conjunction with the collaboration. Ociperlimab Option, Collaboration and License Agreement and China Broad Market Development Agreement In December 2021, the Company expanded its collaboration with Novartis by entering into an option, collaboration and license agreement with Novartis to develop, manufacture and commercialize the Company’s investigational TIGIT inhibitor ociperlimab in the Novartis Territory. In addition, the Company and Novartis entered into an agreement granting the Company rights to market, promote and detail five approved Novartis oncology products, TAFINLAR ® (dabrafenib), MEKINIST ® (trametinib), VOTRIENT ® (pazopanib), AFINITOR ® (everolimus), and ZYKADIA ® (ceritinib), across designated regions of China referred to as “broad markets.” In the first quarter of 2022, the Company initiated marketing and promotion of these five products. Under the terms of the option, collaboration and license agreement, the Company received an upfront cash payment of $300,000 in January 2022 from Novartis and would have received an additional payment of $600,000 or $700,000 in the event Novartis exercised its exclusive time-based option prior to mid-2023 or between then and late-2023, respectively. Following option exercise, the Company would have been eligible to receive up to $745,000 upon the achievement of regulatory approval milestones, $1,150,000 upon the achievement of sales milestones, and royalties on future sales of ociperlimab in the Novartis Territory. Subject to the terms of the option, collaboration and license agreement, during the option period, Novartis had agreed to initiate and fund additional global clinical trials with ociperlimab and the Company has agreed to expand enrollment in two ongoing trials. Following the option exercise, Novartis had agreed to share development costs of global trials. Following approval, the Company had agreed to provide 50 percent of the co-detailing and co-field medical efforts in the U.S., and had an option to co-detail up to 25 percent in Canada and Mexico, funded in part by Novartis. Each party retained the worldwide right to commercialize its propriety products in combination with ociperlimab, as was the case with tislelizumab under the tislelizumab collaboration and license agreement. The Company evaluated the Novartis agreements under ASC 606 as the units of account within the agreement represented transactions with a customer. The Company identified the following material promises under the agreement: (1) exclusive option for Novartis to license the rights develop, manufacture, and commercialize ociperlimab in the Novartis Territory; (2) Novartis’ right to access ociperlimab in its own clinical trials during the option period; (3) initial transfer of BeiGene know-how; and (4) conducting and completing ongoing trials of ociperlimab during the option period (“R&D Services”). The market development activities are considered immaterial in the context of the contracts. The Company concluded that, at the inception of the agreement, the option for the exclusive product license constitutes a material right as it represented a significant and incremental discount to the fair value of the exclusive product license that Novartis would not have received without entering into the agreement and was therefore considered a distinct performance obligation. The Company determined that Novartis’ right to access ociperlimab in its own trials over the option period and the initial transfer of know-how were not distinct from each other, as the right to access ociperlimab had limited value without the corresponding know-how transfer, and therefore should be combined into one distinct performance obligation. The R&D Services represented 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 determined the transaction price as of the outset of the arrangement was the upfront payment of $300,000. The option exercise fee was contingent upon Novartis exercising its right and was considered fully constrained until the option is exercised. Additionally, the milestone and royalty payments were not applicable until after the option is exercised, at which point the likelihood of meeting milestones, regulatory approval and meeting certain sales thresholds will be assessed. T he transaction price was allocated to the three identified performance obligations based on a relative fair value basis. The standalone selling price of the material right for the option to the exclusive product license was calculated as the incremental discount between (i) the value of the license determined using a discounted cash flow method adjusted for probability of the option being exercised and (ii) the expected option exercise fee using the most-likely-amount method at option exercise. The standalone selling price of the combined performance obligation for Novartis’ right to access ociperlimab for its own clinical trials during the option period and the initial transfer of BeiGene know-how was determined using a discounted cash flow method. The standalone selling price of the R&D Services was determined using an expected cost plus margin approach. Based on the relative standalone selling prices of the three performance obligations, $71,980 of the total transaction price was allocated to the material right, $213,450 was allocated to Novartis’ right to use ociperlimab in its own clinical trials during the option period and the transfer of BeiGene know-how, and $14,570 was allocated to the R&D Services. The Company would have satisfied the material right performance obligation at a point in time at the earlier of when Novartis exercised the option and the license was delivered or the expiration of the option period. As such, the entire amount of the transaction price allocated to the material right was deferred. The portion of the transaction price allocated to Novartis’ right to access ociperlimab in its own clinical trials during the option period and the initial transfer of BeiGene know-how was deferred and was recognized over the expected option period. The portion of the transaction price allocated to the R&D Services was deferred and was recognized as collaboration revenue as the R&D Services were performed over the expected option period. In July 2023, the Company and Novartis mutually agreed to terminate the ociperlimab option, collaboration and license agreement, effective immediately. Pursuant to the termination agreement, the Company regained full, global rights to develop, manufacture and commercialize ociperlimab. Upon termination the Company had no further performance obligations under the collaboration, and all remaining deferred revenue balances were recognized in full. The China broad markets agreement remains in place. The following table summarizes collaboration revenue recognized in connection with the ociperlimab option, collaboration and license agreement for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 $ $ $ Research and development service revenue 7,153 7,167 250 Right to access intellectual property revenue 104,477 104,994 3,979 Material rights revenue 71,980 — — Other (2) 8,859 — — Total 192,469 112,161 4,229 (2) Represents revenue generated under the broad markets marketing and promotion agreement in conjunction with the collaboration. In-Licensing Arrangements - Commercial Amgen In October 2019, the Company entered into a global strategic oncology collaboration with Amgen (“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 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) (“AMG 510”), 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 AMG 510). On April 20, 2022, the parties entered into the First Amendment to Amgen Collaboration Agreement, which amends certain terms and conditions relating to the financial responsibilities of the parties in connections with the development and commercialization of certain Amgen proprietary products for the treatment of oncology-related diseases and conditions. In connection with the Company’s ongoing assessment of the Amgen Collaboration Agreement cost-share contributions, the Company determined that further investment in the development of LUMAKRAS was no longer commercially viable for BeiGene. As a result, in February 2023, the Company and Amgen entered into the Second Amendment to the Amgen Collaboration Agreement to (i) stop sharing costs with Amgen for the further development of LUMAKRAS during the period starting January 1, 2023 and ending August 31, 2023; and (ii) cooperate in good faith to prepare a transition plan with the termination of LUMAKRAS from the Amgen Collaboration Agreement. 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 will recognize 100% of net product revenue on these sales. Amounts due to Amgen for its portion of net product sales will be recorded as cost of sales. Cost reimbursements due to or from Amgen under the profit share will be 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 on October 31, 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. Amgen relinquished its right to appoint a designated director to the Company’s board of directors in January 2023. 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 estimation of future cash flows involved management assumptions of revenue growth rates and probability of technical and regulatory success of 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 years ended December 31, 2023, 2022 and 2021 were as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Research and development expense 53,314 98,955 115,464 Amortization of research and development cost share liability 55,294 96,402 112,486 Total amount due to Amgen for BeiGene’s portion of the development funding 108,608 195,357 227,950 As of December 31, 2023 Remaining portion of development funding cap 483,651 As of December 31, 2023 and 2022, the research and development cost share liability recorded in the Company’s balance sheet was as follows: As of December 31, 2023 2022 $ $ Research and development cost share liability, current portion 68,004 114,335 Research and development cost share liability, non-current portion 170,662 179,625 Total research and development cost share liability 238,666 293,960 The net reimbursement paid under the commercial profit-sharing agreement for in-line product sales is classified in the consolidated statements of operations for the three years ended December 31, 2023 as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Cost of sales - product 8,358 5,898 1,893 Selling, general and administrative (60,917) (54,865) (45,152) Research and development 1,688 (1,216) 423 Total (50,871) (50,183) (42,836) The Company purchases commercial inventory from Amgen to distribute in China. Total inventory purchases amounted to $108,691, $71,720 and $110,303, respectively, during the year ended December 31, 2023, 2022 and 2021 . Net amounts payable to Amgen as of December 31, 2023 and 2022 were $55,474 and $54,064, respectively. In-Licensing Arrangements - Development The Company has in-licensed the rights to develop, manufacture and, if approved, commercialize multiple development stage drug candidates globally or in specific territories. These arrangements typically include non-refundable upfront payments, contingent obligations for potential development, regulatory and commercial performance milestone payments, cost-sharing arrangements, royalty payments, and profit sharing. Upfront and milestone payments made under these arrangements for the years ended December 31, 2023, 2022 and 2021 are set forth below. All upfront and development milestones were expensed to research and development expense. All regulatory and commercial milestones were capitalized as intangible assets and are being amortized over the remainder of the respective product patent or the term of the commercialization agreements. Year Ended December 31, 2023 2022 2021 Payments due to collaboration partners Classification $ $ $ Upfront payments Research and development expense 46,800 68,665 83,500 Development milestone payments Research and development expense — 5,500 15,000 Regulatory and commercial milestone payments Intangible asset 24,365 — 43,394 Total 71,165 74,165 141,894 Our significant license agreements are described below: Ensem Therapeutics, Inc. In November 2023, the Company entered into an exclusive global license to an Investigational New Drug application-ready oral cyclin-dependent kinase 2 inhibitor with Ensem Therapeutics, Inc. (“Ensem”). Under the terms of the agreement, Ensem received an upfront payment of $30,000 in January 2024 and will be eligible for additional payments upon the achievement of certain development, regulatory, and commercial milestones, totaling up to $1,300,000 in addition to tiered royalties. The upfront payment was expensed to research and development expense during the year ended December 31, 2023 in accordance with the Company’s acquired in-process research and development expense policy. Shandong Luye Pharmaceutical Co., Ltd. In December 2022, the Company entered into an exclusive license agreement with Shandong Luye Pharmaceutical Co., Ltd. (“Luye”) to develop (exclusive of indications for which Luye has submitted the drug marketing authorization application to the China National Medical Products Administration) and commercialize Luye’s proprietary goserelin acetate extended-release microspheres for intramuscular injection known as LY01005 in mainland China. Under the terms of the agreement, the Company paid Luye an upfront license payment of $48,665, exclusive of VAT, which was recognized as in-process research and development expense, and a prepayment of $30,000 to be applied toward future supply purchases in December 2022. Luye is also eligible to receive future milestone payments upon achievement of certain regulatory milestones and tiered royalties on net sales. Luye is considered a related party due to a significant common shareholder. That shareholder has different representatives serving on each companies’ respective board of directors. The Company capitalized regulatory milestones of $19,365 related to the Luye collaboration during the year ended December 31, 2023. Shoreline Biosciences, Inc. In June 2021, the Company entered into an exclusive worldwide strategic collaboration with Shoreline Biosciences, Inc. (“Shoreline”) to develop and commercialize a portfolio of natural killer (“NK”)-based cell therapeutics with Shoreline's induced pluripotent stem cells NK cell technology and the Company’s research and clinical development capabilities for different malignancies. Under the collaboration, the Company and Shoreline were working jointly to develop cell therapies for four designated therapeutic targets, with an option to expand the collaboration at a future date. Clinical development was being led by the Company globally, with Shoreline responsible for clinical manufacturing. The Company had commercial rights globally, with Shoreline having an option to retain commercialization rights in the U.S. and Canada for two targets. Under the terms of the agreement, Shoreline received a $45,000 upfront payment in January 2022 and was eligible to receive additional R&D funding, milestone payments and royalties based upon the achievement of certain development, regulatory, and commercial milestones. The upfront payment was expensed to research and development expense during the year ended December 31, 2021 in accordance with the Company’s acquired in-process research and development expense policy. The Company and Shoreline terminated the collaboration effective in the first quarter of 2024. Nanjing Leads Biolabs, Inc. In December 2021, the Company entered into a license and collaboration agreement with Nanjing Leads Biolabs, Inc. (“Leads Biolabs”) for worldwide research, development and manufacturing rights and exclusive commercialization rights outside of China to LBL-007, a novel investigational antibody targeting the LAG-3 pathway. Under the terms of the agreement, Leads Biolabs received an upfront payment of $30,000 in January 2022 and is eligible to receive up to $742,000 in clinical development, regulatory approval and sales milestones. Leads Biolabs is also eligible to receive tiered royalties on future sales in the licensed territory. The upfront payment was expensed to research and development expense during the year ended December 31, 2021 in accordance with the Company’s acquired in-process research and development expense policy. EUSA Pharma In January 2020, the Company entered into an exclusive development and commercialization agreement with EUSA Pharma (“EUSA”) for the orphan biologic products SYLVANT ® (siltuximab) and QARZIBA ® (dinutuximab beta) in China. Under the terms of the agreement, EUSA granted the Company exclusive rights to SYLVANT in greater China and to QARZIBA in mainland China. Under the agreement, the Company is funding and undertaking all clinical development and regulatory submissions in the territories, and commercializing both products once approved. EUSA received a $40,000 upfront payment upon contract execution and is eligible to receive additional payments upon the achievement of regulatory and commercial milestones up to a total of $120,000. The upfront payment was expensed to research and development expense during the year ended December 31, 2020 in accordance with the Company’s acquired in-process research and development expense policy. In 2021, QARZIBA and SYLVANT were approved and launched in mainland China and greater China, respectively. The approvals triggered regulatory milestone payments that were capitalized as intangible assets and are being amortized over the remaining term of the license agreement. EUSA is receiving tiered royalties on SYLVANT product sales, which the Company records as cost of sales in the period the respective sales are generated. Assembly Biosciences, Inc. In July 2020, the Company entered into a collaboration agreement with Assembly Biosciences, Inc. (“Assembly”) for Assembly’s portfolio of three clinical-stage core inhibitor candidates for the treatment of patients with chronic hepatitis B virus (“HBV”) infection in China. Under the terms of the agreement, Assembly granted BeiGene exclusive rights to develop and commercialize ABI-H0731, ABI-H2158 and ABI-H3733 in China, including Hong Kong, Macau, and Taiwan. BeiGene was responsible for development, regulatory submissions, and commercialization in China. Assembly retains full worldwide rights outside of the partnered territory for its HBV portfolio. Assembly received an upfront payment of $40,000 and was eligible to receive payments upon achievement of development, regulatory and commercial milestones up to a total of $503,750. Assembly was also eligible to receive tiered royalties on net sales. The upfront payment was expensed to research and development expense during the year ended December 31, 2020 in accordance with the Company’s acquired in-process research and development expense policy. The Company received a termination notice from Assembly in December 2023. Bio-Thera Solutions, Ltd. In August 2020, the Company entered into a license, distribution and supply agreement with Bio-Thera Solutions, Ltd. (“Bio-Thera”) for Bio-Thera’s POBEVCY ® (BAT1706), a biosimilar to Avastin ® (bevacizumab) in China. The agreement became effective on September 10, 2020 upon approval of Bio-Thera’s shareholders, and was subsequently assigned by the Company to its affiliate BeiGene (Guangzhou) Co., Ltd. (BeiGene Guangzhou) on September 18, 2020, as permitted by the agreement. Under the terms of the agreement, Bio-Thera agreed to grant BeiGene the right to develop, manufacture, and commercialize POBEVCY in China, including Hong Kong, Macau, and Taiwan. Bio-Thera retained rights outside of the partnered territory. Bio-Thera received an upfront payment of $20,000 in October 2020 and is eligible to receive payments upon the achievement of regulatory and commercial milestones up to a total of $145,000. The upfront payment was expensed to research and development expense during the year ended December 31, 2020 in accordance with the Company’s acquired in-process research and development expense policy. In November 2021, POBEVCY obtained regulatory approval, and was subsequently launched, in China, triggering a milestone payment that was capitalized as an intangible asset that is being amortized over the remaining term of the license agreement. Bio-Thera is also receiving tiered royalties on product s |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash The Company’s restricted cash primarily consist 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 term of restriction. Restricted cash as of December 31, 2023 and 2022 was as follows: As of December 31, 2023 2022 $ $ Short-term restricted cash 11,473 196 Long-term restricted cash 2,711 5,277 Total 14,184 5,473 In addition to the restricted cash balances above, the Company is required by the PRC securities law to use the proceeds from the STAR offering in strict compliance with the planned uses as disclosed in the PRC offering prospectus as well as those disclosed in the Company’s proceeds management policy approved by the board of directors. As of December 31, 2023, the Company had cash remaining related to the STAR Offering proceeds of $1,191,583. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Short-Term Investments Short-term investments as of December 31, 2023 consisted of the following available-for-sale debt securities: Amortized Gross Gross Fair Value $ $ $ $ U.S. treasury securities 2,565 35 — 2,600 Total 2,565 35 — 2,600 Short-term investments as of December 31, 2022 consisted of the following available-for-sale debt securities: Amortized Gross Gross Fair Value $ $ $ $ U.S. treasury securities 674,262 — 9,011 665,251 Total 674,262 — 9,011 665,251 The Company does not consider the investments in U.S. treasury securities to be other-than-temporarily impaired at December 31, 2023. As of December 31, 2023, 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 December 31, 2023. Equity Securities with Readily Determinable Fair Values Leap Therapeutics, Inc. In January 2020, the Company purchased $5,000 of Series B mandatorily convertible, non-voting preferred stock of Leap Therapeutics, Inc. (“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. In September 2021, the Company purchased $7,250 of common stock in Leap’s underwritten public offering. As of December 31, 2023, the Company’s ownership interest in the outstanding common stock of Leap was 2.9% 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 4.7%. The Company measures the investment in the common stock and warrants at fair value, with changes in fair value recorded to other income (expense), net. The following table summarizes unrealized (losses) gains recognized on the Company’s investment in Leap: Year Ended December 31, 2023 2022 2021 $ $ $ Other income (expense), net (425) (30,102) 9,386 As of December 31, 2023 and 2022, the fair value of the common stock and warrants was as follows: As of December 31, 2023 2022 $ $ Fair value of Leap common stock 3,046 3,307 Fair value of Leap warrants 542 706 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 $55,860 and $57,054 in equity securities without readily determinable fair values as of December 31, 2023 and 2022, respectively. The following table summarizes unrealized (losses) gains recognized on the Company’s investment in equity securities without readily determinable fair values: Year Ended December 31, 2023 2022 2021 $ $ $ Other income (expense), net (6,448) 5,065 — Equity-Method Investments The Company records equity-method investments at cost and subsequently adjusts the basis based on the Company’s ownership percentage in the investees’ income and expenses, as well as dividends, if any. The Company holds equity-method investments totaling $25,981 and $27,710 as of December 31, 2023 and 2022, respectively. The following table summarizes losses recognized on the Company’s equity-method investments: Year Ended December 31, 2023 2022 2021 $ $ $ Other income (expense), net (7,856) (3,682) (1,796) |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, Net The Company’s inventories, net consisted of the following: As of December 31, 2023 2022 $ $ Raw materials 148,772 88,957 Work in process 39,098 20,886 Finished goods 228,252 172,503 Total inventories 416,122 282,346 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company has operating leases for office and manufacturing facilities in the U.S., Switzerland, and China. The leases have remaining lease terms of up to six years, some of which include options to extend the leases that have not been included in the calculation of the Company’s lease liabilities and ROU assets. The Company has land use rights, which represent land acquired for the biologics manufacturing facility in Guangzhou, the land acquired for the Company’s research, development and office facility in Changping, Beijing, and the land acquired for the Company’s research, development and manufacturing facility in Suzhou. The land use rights represent lease prepayments and are expensed over the remaining term of the rights, which is 50 years for the Guangzhou land use rights, 36 years for the Changping land use right, and 30 years for the Suzhou land use rights. The Company also has certain leases with terms of 12 months or less for certain equipment, office and lab space, which are expensed and not recorded on the balance sheet. The components of lease expense were as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Operating lease cost 25,978 25,938 22,536 Variable lease cost 6,101 6,834 4,892 Short-term lease cost 1,683 1,299 1,823 Total lease cost 33,762 34,071 29,251 Supplemental balance sheet information related to leases was as follows: As of December 31, 2023 2022 $ $ Operating lease right-of-use assets 43,490 56,008 Land use rights, net 51,717 53,952 Total operating lease right-of-use assets 95,207 109,960 Current portion of operating lease liabilities 21,950 24,041 Operating lease liabilities, non-current portion 22,251 34,517 Total lease liabilities 44,201 58,558 Maturities of operating lease liabilities are as follows: Amounts $ Year ending December 31, 2024 23,499 Year ending December 31, 2025 14,148 Year ending December 31, 2026 5,740 Year ending December 31, 2027 3,155 Year ending December 31, 2028 1,682 Thereafter 932 Total lease payments 49,156 Less imputed interest (4,955) Present value of lease liabilities 44,201 Other supplemental information related to leases is summarized below: Year ended December 31, 2023 2022 2021 $ $ $ Operating cash flows used in operating leases 27,985 28,064 19,962 ROU assets obtained in exchange for new operating lease liabilities 11,854 22,278 37,454 As of December 31, 2023 2022 Weighted-average remaining lease term (years) 3 3 Weighted-average discount rate 7.22 % 5.76 % |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net are recorded at cost less accumulated depreciation and consisted of the following: As of December 31, 2023 2022 $ $ Land 65,485 65,485 Laboratory equipment 205,349 158,908 Leasehold improvements 60,124 53,786 Building 231,656 222,448 Manufacturing equipment 186,856 175,679 Software, electronics and office equipment 83,281 47,483 Property and equipment, at cost 832,751 723,789 Less: Accumulated depreciation (249,212) (171,470) Construction in progress 740,615 293,627 Property, plant and equipment, net 1,324,154 845,946 Construction in progress (“CIP”) a s of December 31, 2023 and 2022 primarily related to the construction of the manufacturing and clinical R&D campus in Hopewell, a new building for Beijing Innerway Bio-tech Co., Ltd., and additional capacity at the Guangzhou and Suzhou manufacturing facilities. CIP by fixed asset class are summarized as follows: As of December 31, 2023 2022 $ $ Building 579,649 224,392 Manufacturing equipment 119,380 33,332 Laboratory equipment 16,135 12,256 Other 25,451 23,647 Total 740,615 293,627 Depreciation expense for the years ended December 31, 2023, 2022 and 2021 were $80,436, $62,302 and $44,742, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets as of December 31, 2023 and 2022 are summarized as follows: December 31, 2023 December 31, 2022 Gross Accumulated Intangible Gross Accumulated Intangible $ $ $ $ $ $ Finite-lived intangible assets: Developed products 64,274 (7,807) 56,467 41,235 (4,119) 37,116 Other 8,987 (8,316) 671 8,316 (4,816) 3,500 Total finite-lived intangible assets 73,261 (16,123) 57,138 49,551 (8,935) 40,616 Developed products represent post-approval milestone payments under license and commercialization agreements. The Company is amortizing the developed products over the remainder of the respective product patent or the term of the commercialization agreements. Amortization expense for developed products is included in cost of sales-product in the accompanying consolidated statements of operations. Amortization expense for other intangible assets is included in operating expenses in the accompanying consolidated statements of operations. The weighted-average life for each finite-lived intangible assets is approximately 12 years. Amortization expense is as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Amortization expense - Cost of sales - product 3,739 3,225 965 Amortization expense - Operating expense 3,500 751 750 Total 7,239 3,976 1,715 Estimated amortization expense for each of the five succeeding years and thereafter, as of December 31, 2023 is as follows: Year Ending December 31, Cost of Sales - Product Operating Expenses Total $ 2024 4,776 224 5,000 2025 4,776 224 5,000 2026 4,776 223 4,999 2027 4,776 — 4,776 2028 4,776 — 4,776 2029 and thereafter 32,587 — 32,587 Total 56,467 671 57,138 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income ( loss) before income taxes are as follows: Year Ended December 31, 2023 2022 2021 $ $ $ U.S. 117,446 67,744 34,923 PRC (315,852) (583,610) (606,752) Other (627,430) (1,445,171) (866,759) Total (825,836) (1,961,037) (1,438,588) The current and deferred components of the income tax expense (benefit) from continuing operations are as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Current Tax Expense (Benefit): U.S. 25,170 4,844 (9) PRC 24,956 27,905 15,252 Other 5,059 6,547 805 Total 55,185 39,296 16,048 Deferred Tax Expense (Benefit): U.S. — — (35) PRC 687 3,480 4,919 Other — 2 (1,704) Total 687 3,482 3,180 Income Tax (Benefit) Expense 55,872 42,778 19,228 The reconciliation of the statutory tax rate to our effective income tax rate is as follow: Year Ended December 31, 2023 2022 2021 $ $ $ Loss before tax (825,836) (1,961,037) (1,438,588) U.S. statutory tax rate 21 % 21 % 21 % Expected taxation at U.S. statutory tax rate (173,426) (411,818) (302,103) Foreign and preferential tax rate differential 141,902 209,692 128,330 Non-deductible expenses 19,134 29,223 361 Stock compensation expenses 32,581 33,872 (27,411) State tax expense (benefit) (3,464) 1,375 (3,187) Change in valuation allowance 845,811 229,550 254,768 Tax relief credits (704,928) — — Research tax credits and incentives (64,343) (42,844) (31,530) Foreign-derived intangible income (37,395) (6,272) — Taxation for the year 55,872 42,778 19,228 Effective tax rate (6.8) % (2.2) % (1.3) % Significant components of deferred tax assets (liabilities) are as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Accruals and reserves 106,708 97,896 84,766 Net operating losses carryforward 996,588 862,214 625,114 Stock-based compensation 26,687 19,700 14,982 Research tax credits 68,117 86,000 82,060 Tax relief credits 704,928 — — Depreciable and amortizable assets 687,600 798,563 937,069 Lease liability obligation 7,893 10,348 11,571 R&D and other capitalized costs 164,190 63,156 — Right of use asset (7,735) (10,098) (11,322) Gross deferred tax assets 2,754,976 1,927,779 1,744,240 Less valuation allowance (2,771,470) (1,943,775) (1,758,409) Net deferred tax liabilities (16,494) (15,996) (14,169) 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 December 31, 2023, it is more likely than not that net deferred tax assets will not be realized. Adjustments may be required in the future if the Company estimates that the amount of deferred tax assets to be realized is more or less than the net amount recorded. The valuation allowances for the years ended December 31, 2023, 2022 and 2021 were as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Beginning balance, as of January 1 1,943,775 1,758,409 1,200,547 Additions/(subtractions) charged to income tax provision 845,811 229,550 254,768 Additions/(subtractions) charged to equity — — 263,632 Currency translation and other (18,116) (44,184) 39,462 Ending balance, as of December 31 2,771,470 1,943,775 1,758,409 As of December 31, 2023 and 2022 , the Company had net operating losses of approximately $5,945,753 and $5,077,247, respectively. As of December 31, 2023, net operating losses were primarily comprised of: $1,839,748 from entities in the PRC which expire in years 2024 through 2033; $4,088,658 derived from Switzerland which expires in years 2025 through 2030; and, $2,047 derived from entities in the U.S. that have an indefinite carryforward. The Company has approximately $76,794 of U.S. research tax credits which will expire between 2036 and 2043 and approximately $704,928 of Switzerland tax relief credits which will expire in 2028, if not utilized. The gross unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 were as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Beginning balance, as of January 1 11,555 9,925 7,123 Additions based on tax positions related to prior tax years — — — Reductions based on tax positions related to prior tax years — — — Additions based on tax positions related to the current tax year 2,709 1,630 2,802 Reductions based on lapse of statute of limitations — — — Ending balance, as of December 31 14,264 11,555 9,925 Current and prior year additions include an assessment of U.S. federal and state tax credits and incentives. None of the unrecognized tax benefits as of December 31, 2023 would impact the consolidated income tax rate if ultimately recognized due to valuation allowances. The Company does not anticipate that the amount of existing unrecognized tax benefits will significantly change within the next 12 months. The Company has elected to record interest and penalties related to income taxes as a component of income tax expense. For the years ended December 31, 2023, 2022 and 2021, 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 December 31, 2023, Australia tax matters are open to examination for the years 2013 through 2023, China tax matters are open to examination for the years 2013 through 2023, Switzerland tax matters are open to examination for the years 2020 through 2023, and U.S. federal tax matters are open to examination for years 2015 through 2023. Various U.S. states and other non-US tax jurisdictions in which the Company files tax returns remain open to examination for 2013 through 2023. The Company qualifies for the Technology Advanced Service Enterprises and High and New Technology Enterprise status for certain subsidiaries in China, which expire at the end of 2025. The income tax benefits attributable to this status for the year ended December 31, 2023 is approximately $3,092, or less than $0.01 per share outstanding. As of December 31, 2023, the Company asserts indefinite reinvestment on the excess of the financial reporting bases over tax bases in the Company’s investments in foreign subsidiaries to the extent reversal would incur a significant tax liability. A deferred tax liability has not been established for the approximately $2,969 of cumulative undistributed foreign earnings. Determination of the unrecognized deferred tax liability is not practicable due to the uncertainty and overall complexity of the hypothetical calculation. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Prepaid expenses and other current assets consist of the following: As of December 31, 2023 2022 $ $ Prepaid research and development costs 60,476 71,488 Prepaid taxes 37,320 20,478 Other receivables 36,124 22,777 Interest receivable 1,735 3,039 Prepaid insurance 8,872 3,664 Prepaid manufacturing cost 42,066 58,950 Other current assets 56,799 36,157 Total 243,392 216,553 Other non-current assets consist of the following: As of December 31, 2023 2022 $ $ Prepayment of property and equipment 4,144 22,025 Prepaid supply cost (1) 18,122 48,642 Prepaid VAT 2,546 804 Rental deposits and other 8,195 7,054 Long-term restricted cash 2,711 5,277 Long-term investments 89,644 91,779 Other — 109 Total 125,362 175,690 (1) Represents payments for future supply purchases under the license agreement with Luye and facility expansion under commercial supply agreements. The payments are providing future benefit to the Company through credits on commercial supply purchases. Accrued expenses and other payables consisted of the following: As of December 31, 2023 2022 $ $ Compensation related 217,803 184,775 External research and development activities related 162,969 139,168 Commercial activities 87,572 51,806 Individual income tax and other taxes 30,083 18,815 Sales rebates and returns related 139,936 41,817 Other 55,368 30,971 Total accrued expenses and other payables 693,731 467,352 Other long-term liabilities consist of the following: As of December 31, 2023 2022 $ $ Deferred government grant income 34,204 38,176 Pension liability 14,995 7,760 Asset retirement obligation 1,127 — Other 184 159 Total other long-term liabilities 50,510 46,095 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes the Company’s short-term and long-term debt obligations as of December 31, 2023 and 2022: Lender Agreement Date Line of Credit Term Maturity Date Interest Rate As of December 31, 2023 2022 $ RMB $ RMB China Construction Bank April 4, 2018 RMB580,000 9-year April 4, 2027 (1) 14,089 100,000 7,250 50,000 China Merchants Bank January 22, 2020 (2) 9-year January 20, 2029 (2) 8,856 62,857 1,450 10,000 China Merchants Bank November 9, 2020 RMB378,000 9-year November 8, 2029 (3) 5,636 40,000 5,437 37,500 China Merchants Bank July 28, 2023 $380,000 1-year December 25, 2024 (4) 300,000 2,129,321 — — China Minsheng Bank December 20, 2023 $150,000 1-year December 19, 2024 7.3% 150,000 1,064,660 — — China Minsheng Bank September 24, 2020 $200,000 (5) — — 150,000 1,034,554 Shanghai Pudong Development Bank February 25, 2022 $50,000 1-year February 25, 2023 2.2% — — 50,000 344,851 China Merchants Bank June 5, 2023 RMB400,000 1-year June 4, 2024 3.2% 56,356 400,000 — — HSBC Bank May 4, 2023 RMB340,000 1-year May 3, 2024 (6) 47,903 340,000 — — China Industrial Bank May 30, 2023 RMB200,000 1-year May 29, 2024 2.8% 28,177 200,000 — — Shanghai Pudong Development Bank November 14, 2023 RMB700,000 1-year November 21, 2024 2.9% 49,312 350,000 — — Other short-term debt (7) 28,037 199,000 114,832 792,000 Total short-term debt 688,366 4,885,838 328,969 2,268,905 China Construction Bank April 4, 2018 RMB580,000 9-year April 4, 2027 (1) 59,174 420,000 75,395 520,000 China Merchants Bank January 22, 2020 (2) 9-year January 20, 2029 (2) 37,638 267,143 49,369 340,500 China Merchants Bank November 9, 2020 RMB378,000 9-year November 8, 2029 (3) 42,337 300,500 47,847 330,000 China CITIC Bank July 29, 2022 RMB480,000 10-year July 28, 2032 (8) 58,469 415,000 36,537 252,000 Total long-term debt 197,618 1,402,643 209,148 1,442,500 1. The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 4.5% as of December 31, 2023. The Company repaid $6,987 (or RMB50,000) during the year ended December 31, 2023. 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. 2. On January 22, 2020, BeiGene Guangzhou Biologics Manufacturing Co., Ltd.(“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 certain fixed assets in 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, 2021, the borrowing capacity was reduced from RMB1,100,000 to RMB350,000. The loan interest rate was 4.1% as of December 31, 2023. The Company repaid $1,422 (RMB10,000) during the year ended December 31, 2023. BeiGene Guangzhou Biologics Manufacturing Co., Ltd. is a company incorporated under the laws of the PRC on March 3, 2017 and a wholly owned subsidiary of BeiGene Biologics Co., Ltd. (“BeiGene Biologics”). 3. The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.9% as of December 31, 2023. 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. The Company repaid $5,281 (RMB37,500) during the year ended December 31, 2023. 4. The outstanding borrowings bear floating interest rates benchmarking the Secured Overnight Financing Rate (“SOFR”). The loan interest rate was 7.2% as of December 31, 2023. 5. In September 2020, the Company entered into a loan agreement with China Minsheng Bank for a total loan facility of up to $200,000, of which $120,000 designated to fund the purchase of noncontrolling equity interest in BeiGene Biologics from Guangzhou GET Technology Development Co., Ltd. (now Guangzhou High-tech Zone Technology Holding Group Co., Ltd.) (“GET”) and repayment of the Shareholder Loan and $80,000 was designated for general working capital purposes. The loan had an original maturity date of October 8, 2021, which was 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 twelve $150,000 during the year ended December 31, 2023. 6. The outstanding borrowings bear floating interest rates benchmarking Hong Kong interbank market rate for RMB. The loan interest rate was 4.5% as of December 31, 2023. 7. During the two years ended December 31, 2023, the Company entered into additional short-term working capital loans with China Industrial Bank and China Merchants Bank to borrow up to RMB875,000 in aggregate, with maturity dates ranging from December 15, 2022 to May 24, 2024. The Company drew down $28,174 (RMB199,000) and repaid $109,576 (RMB792,000) during the year ended December 31, 2023. The weighted average interest rate for the short-term working capital loans was approximately 3.2% as of December 31, 2023. The outstanding principal balance is due in May 2024. 8. In July 2022, the Company entered into a 10-year bank loan agreement with China CITIC Bank to borrow up to RMB480,000 at a floating interest rate benchmarked against prevailing interest rates of certain PRC financial institutions. The loan interest rate was 3.9% as of December 31, 2023 . The loan is secured by BeiGene Suzhou Co., Ltd.’s land use right and certain fixed assets that will be placed into service upon completion of the small molecule manufacturing campus in Suzhou, China. The Company drew down $22,502 (RMB163,000) during the year ended December 31, 2023. The Company has numerous financial and non-financial covenants on its debt obligations with various banks and other lenders. Some of these covenants include cross-default provisions that could require acceleration of repayment of loans in the event of default. However, the Company’s debt is primarily short-term in nature. Any acceleration would be a matter of months but may impact the Company’s ability to refinance debt obligations if an event of default occurs. As of December 31, 2023, the Company is in compliance with all covenants of our material debt agreements. Contractual Maturities of Debt Obligations The aggregate contractual maturities of all borrowings due subsequent to December 31, 2023 are as follows: Maturity dates Amounts $ Year ending December 31, 2024 688,366 Year ending December 31, 2025 35,565 Year ending December 31, 2026 46,279 Year ending December 31, 2027 46,279 Year ending December 31, 2028 25,146 Thereafter 44,349 Total 885,984 Interest Expense Interest on bank loans is paid quarterly until the respective loans are fully settled. Interest expense recognized for the years ended December 31, 2023, 2022 and 2021 amounted to $20,800, $21,699 and $29,263, respectively, among which, $16,571, $2,594 and $1,054 was capitalized, respectively. |
Product Revenue
Product Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Product Revenue | Product Revenue The Company’s product revenue is primarily derived from the sale of its internally developed products BRUKINSA in the U.S., China, and other regions, and tislelizumab and pamiparib in China; XGEVA, BLINCYTO and KYPROLIS in China under a license from Amgen; REVLIMID ® and VIDAZA ® in China under a license from BMS; and POBEVCY ® in China under a license from Bio-Thera. The table below presents the Company’s net product sales for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 2022 2021 $ $ $ Product revenue - gross 2,718,969 1,438,440 748,824 Less: Rebates and sales returns (529,117) (183,828) (114,837) Product revenue - net 2,189,852 1,254,612 633,987 The following table disaggregates net product revenue by product for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 2022 2021 $ $ $ BRUKINSA ® 1,290,396 564,651 217,987 Tislelizumab 536,620 422,885 255,119 REVLIMID ® 76,018 79,049 70,065 XGEVA ® 92,828 63,398 45,956 POBEVCY ® 56,547 38,124 1,353 BLINCYTO ® 54,342 36,107 12,515 KYPROLIS ® 39,799 13,696 — VIDAZA ® 13,960 15,213 19,591 Pamiparib 6,668 5,460 3,661 Other 22,674 16,029 7,740 Total product revenue - net 2,189,852 1,254,612 633,987 The following table presents the roll-forward of accrued sales rebates and returns for the years ended December 31, 2023 and 2022. Year Ended December 31, 2023 2022 $ $ Beginning balance, as of January 1 41,817 59,639 Accrual 529,117 183,828 Payment (430,998) (201,650) Ending balance, as of December 31 139,936 41,817 |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Loss Per Share Loss per share was calculated as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Numerator: Net loss (881,708) (2,003,815) (1,457,816) Denominator: Weighted average shares outstanding for computing basic and diluted loss per share 1,357,034,547 1,340,729,572 1,206,210,049 Loss per share (0.65) (1.49) (1.21) For the years ended December 31, 2023, 2022 and 2021, the computation of basic loss per share using the two-class method was not applicable, as the Company was in a net loss position. The effects of all share options and restricted share units were excluded from the calculation of diluted loss per share as their effect would have been anti-dilutive during the years ended December 31, 2023, 2022 and 2021. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation 2016 Share Option and Incentive Plan In January 2016, in connection with its U.S. IPO, 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 December 31, 2023, ordinary shares cancelled or forfeited under the 2011 Plan that were carried over to the 2016 Plan totaled 5,166,822. The 2016 Plan provided for an annual increase in the shares available for issuance, to be added on the first day of each fiscal year, beginning on January 1, 2017, equal to the lesser of (i) five percent (5%)% of the outstanding shares of the Company’s ordinary shares on the last day of the immediately preceding fiscal year or (ii) such number of shares determined by the Company’s board of directors or the compensation committee. On January 1, 2018, 29,603,616 ordinary shares were added to the 2016 Plan under this provision. However, in August 2018, in connection with the Hong Kong IPO, the board of directors of the Company approved an amended and restated 2016 Plan to remove this “evergreen” provision and implement other changes required by the Hong Kong Stock Exchange (“HKEx”) rules. In December 2018, the shareholders of the Company approved a second 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. As of December 31, 2023, share-based awards to acquire 37,575,472 ordinary shares were available for future grant under the 2016 Plan. In order to continue to provide incentive opportunities under the 2016 Plan, the Board of Directors and shareholders of the Company approved an amendment to the 2016 Plan (the “Amendment No. 2”), which became effective as of June 22, 2022, to increase the number of authorized shares available for issuance under the 2016 Plan by 66,300,000 ordinary shares, or 5%, of the Company’s outstanding shares as of March 31, 2022. 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 who 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 listing of the Company’s ordinary shares on the HKEx, the board of directors of the Company approved an amended and restated 2018 Plan to implement changes required by the HKEx rules. Upon the effectiveness of Amendment No. 2 to the 2016 Plan, on June 22, 2022, the 2018 Plan was terminated to the effect that no new equity awards shall be granted under the plan but the outstanding equity awards under the plan shall continue to vest and/or be exercisable in accordance with their terms. 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 August 2018, in connection with the Hong Kong IPO, the board of directors of the Company approved an amended and restated ESPP to remove an “evergreen” share replenishment provision originally included in the plan and implement other changes required by the HKEx rules. In December 2018, the shareholders of the Company approved a second 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. 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. 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 August 31, 2023 794,144 $ 207.55 $ 15.97 $ 176.42 $ 13.57 $ 10,777 February 28, 2023 930,582 $ 171.10 $ 13.16 $ 145.44 $ 11.19 $ 10,414 August 31, 2022 861,315 $ 171.66 $ 13.20 $ 145.91 $ 11.22 $ 9,667 February 28, 2022 667,160 $ 210.52 $ 16.19 $ 178.94 $ 13.76 $ 9,183 August 31, 2021 425,386 $ 308.30 $ 23.72 $ 262.06 $ 20.16 $ 8,575 February 26, 2021 436,124 $ 236.30 $ 18.18 $ 200.86 $ 15.45 $ 6,738 1 The market price is the lower of the closing price on NASDAQ 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. As of December 31, 2023, 1,941,075 ordinary shares were available for future issuance under the ESPP. Share options Generally, share options have a contractual term of 10 years and vest over a three The following table summarizes the Company’s share option activities under the 2011, 2016 and 2018 Plans: Number of Weighted Weighted Weighted Aggregate $ $ Years $ Outstanding at December 31, 2020 84,991,715 5.27 Granted 6,244,524 26.46 12.40 Exercised (17,233,853) 4.52 367,110 Forfeited (1,797,498) 13.27 Outstanding at December 31, 2021 72,204,888 7.08 Granted 12,516,816 12.34 6.40 Exercised (5,898,217) 4.63 52,258 Forfeited (2,296,634) 16.46 Outstanding at December 31, 2022 76,526,853 7.85 Granted 9,817,925 16.37 8.14 Exercised (6,974,331) 4.54 92,051 Forfeited (1,225,334) 17.60 Outstanding at December 31, 2023 78,145,113 9.06 5.09 465,231 Exercisable as of December 31, 2023 59,221,091 6.93 3.91 452,750 Vested and expected to vest at December 31, 2023 75,306,510 8.81 4.95 463,359 As of December 31, 2023, the unrecognized compensation cost related to 16,085,419 unvested share options expected to vest was $96,053. This unrecognized compensation will be recognized over an estimated weighted-average amortization period of 2.5 years. The total fair value of employee share option awards vested during the years ended December 31, 2023, 2022 and 2021 was $61,121, $62,548 and $53,571, respectively. Fair value of options The Company uses the binomial option-pricing model in determining the estimated fair value of the options granted. The model requires the input of highly subjective assumptions including the estimated expected stock price volatility and, the exercise multiple for which employees are likely to exercise share options. For expected volatilities, the trading history and observation period of the Company’s own share price is used in conjunction with historical price volatilities of ordinary shares of several comparable companies in the same industry as the Company. For the exercise multiple, the Company was not able to develop an exercise pattern as reference, thus the exercise multiple is based on management’s estimation, which the Company believes is representative of the future exercise pattern of the options. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury Bills yield curve in effect at the time of grant. The following table presents the range of fair values and the assumptions used to estimate those fair values of the share options granted in the years presented: Year Ended December 31, 2023 2022 2021 Fair value of ordinary share $7.26 ~ $10.72 $5.51 ~ $9.04 $9.94 ~ $14.97 Risk-free interest rate 3.4% ~ 4.6% 1.8% ~ 3.9% 1.1% ~ 1.7% Expected exercise multiple 2.8 2.8 2.8 Expected volatility 58% ~ 60% 51% ~ 60% 51% ~ 59% Expected dividend yield 0% 0% 0% Contractual life 10 years 10 years 10 years Restricted shares The Company had no restricted share activities during the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, all compensation cost related to restricted shares was fully recognized. Restricted share units The following table summarizes the Company’s restricted share unit activities under the 2016 and 2018 Plans: Numbers Weighted-Average $ Outstanding at December 31, 2020 34,876,972 12.50 Granted 17,173,767 25.58 Vested (10,703,381) 12.23 Forfeited (5,264,376) 15.82 Outstanding at December 31, 2021 36,082,982 18.33 Granted 38,707,669 12.46 Vested (12,533,586) 16.37 Forfeited (6,859,892) 16.72 Outstanding at December 31, 2022 55,397,173 14.87 Granted 34,573,994 15.57 Vested (17,862,598) 14.71 Forfeited (5,707,546) 15.47 Outstanding at December 31, 2023 66,401,023 15.22 Expected to vest at December 31, 2023 56,440,870 15.22 As of December 31, 2023, the unrecognized compensation cost related to unvested restricted share units expected to vest was $702,778. This unrecognized compensation will be recognized over an estimated weighted-average amortization period of 2.8 years. Share-based compensation expense The following table summarizes total share-based compensation cost recognized for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 $ $ $ Research and development 163,550 139,348 114,357 Selling, general and administrative 204,038 163,814 126,355 Total 367,588 303,162 240,712 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The movement of accumulated other comprehensive (loss) income was as follows: Foreign Currency Unrealized Pension Liability Adjustments Total $ $ $ $ December 31, 2021 27,898 (3,700) (6,248) 17,950 Other comprehensive income (loss) before reclassifications (90,421) (5,311) (446) (96,178) Amounts reclassified from accumulated other comprehensive (loss) income (1) — — 811 811 Net-current period other comprehensive (loss) income (90,421) (5,311) 365 (95,367) December 31, 2022 (62,523) (9,011) (5,883) (77,417) Other comprehensive income (loss) before reclassifications (25,464) 9,046 (6,422) (22,840) Amounts reclassified from accumulated other comprehensive (loss) income (1) — — 811 811 Net-current period other comprehensive (loss) income (25,464) 9,046 (5,611) (22,029) December 31, 2023 (87,987) 35 (11,494) (99,446) (1) The amounts reclassified from accumulated other comprehensive (loss) income were included in other income (expense), net in the consolidated statements of operations. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity During the years ended December 31, 2023, 2022 and 2021, the Company completed the following equity offerings: In September 2021, upon Amgen’s exercise of its Direct Purchase Option, the Company issued an aggregate of 165,529 ADSs, representing 2,151,877 ordinary shares, to Amgen Inc. for a total consideration of $50,000, in a private placement pursuant to a Share Purchase Agreement dated October 31, 2019, as amended on December 6, 2019 and September 24, 2020 by and between Amgen and Company. In December 2021, the Company completed an initial public offering of (“STAR Offering”) on the Science and Technology Innovation Board (“STAR Market”) of the Shanghai Stock Exchange (“SSE”). The shares offered in the STAR Offering were issued to and subscribed for by permitted investors in the People’s Republic of China (“PRC”) in Renminbi (“RMB Shares”). The public offering price of the RMB Shares was RMB192.60 per ordinary share, or $391.68 per ADS. In this offering, the Company sold 115,055,260 ordinary shares. Net proceeds after deducting underwriting commission and offering expenses were $3,392,616. As required by the PRC securities laws, the net proceeds from the STAR Offering must be used in strict compliance with the planned uses as disclosed in the PRC prospectus as well as the Company’s proceeds management policy for the STAR Offering approved by the board of directors. BMS Settlement On August 1, 2023, the Company entered into a Settlement and Termination Agreement (the “Settlement Agreement”) with BMS-Celgene and certain of its affiliates relating to the termination of the parties’ ongoing contractual relationships, the previously-disclosed ongoing arbitration proceeding concerning ABRAXANE ® (the “Arbitration”), the License and Supply Agreement (“LSA”), the Amended and Restated Quality Agreement (the “QA”), and the Share Subscription Agreement (the “SSA”), entered into by the parties in 2017 and 2018. Pursuant to the Settlement Agreement, the parties agreed to mutually dismiss the Arbitration and BMS-Celgene and its affiliates agreed to transfer 23,273,108 ordinary shares of the Company originally purchased in 2017, in each case subject to and in accordance with the terms and conditions of the Settlement Agreement. In consideration for the shares being returned, the Company agreed to drop its claims pursuant to the Settlement Agreement. Furthermore, the parties agreed to terminate the LSA and QA on December 31, 2023, subject to the Company’s right to continue selling all inventory of REVLIMID and VIDAZA until sold out or December 31, 2024, whichever is earlier. The Settlement Agreement provides for a settlement and release by each party of claims arising from or relating to the Arbitration, the LSA, the QA and the SSA, as well as other disputes and potential disputes between the parties, in each case subject to and in accordance with the terms and conditions of the Agreement. The receipt of the shares occurred on August 15, 2023. The Company recorded a noncash gain upon receipt of $362,917, which represents the fair value on the day the shares were received. The gain was recorded within other income (expense), net in the consolidated statements of operations. The shares were constructively retired as of December 31, 2023. The Company recorded the amount of the cancelled shares in excess of par to additional paid-in capital. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Net Assets Disclosure [Abstract] | |
Restricted Net Assets | Restricted Net Assets The Company’s ability to pay dividends may depend on the Company receiving distributions of funds from its PRC subsidiaries. Relevant PRC laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the 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 invested enterprises and therefore were subject to the above-mentioned restrictions on distributable profits. During the years ended December 31, 2023, 2022 and 2021, no appropriation to statutory reserves was made, because the PRC subsidiaries had an accumulated deficit as of the end of such periods. 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 December 31, 2023 and 2022, amounts restricted were the net assets of the Company’s PRC subsidiaries, which amounted to $4,125,458 and $3,548,881, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Contribution Plans Full-time employees of the Company in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Company’s PRC subsidiaries make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were $94,358, $83,860 and $63,772 for the years ended December 31, 2023, 2022 and 2021, respectively. The Company maintains a defined contribution 401(k) savings plan (the “401(k) Plan”) for U.S. employees. The 401(k) Plan covers all U.S. employees, and allows participants to defer a portion of their annual compensation on a pretax basis. In addition, the Company has a matching contribution to the 401(k) Plan, which, in the 2023 plan year, matched dollar for dollar of eligible contributions up to 4%. Company contributions to the 401(k) Plan totaled $15,316, $10,298 and $7,483 in the years ended December 31, 2023, 2022 and 2021, respectively. The Company maintains a government mandated program to cover its employees in Switzerland for pension, death, or disability. The program is considered a defined contribution plan. Employer and employee contributions are made based on various percentages of salaries and wages that vary based on employee age and other factors. Company contributions into the program amounted to $2,710, $3,887, and $2,986 in the years ended December 31, 2023, 2022 and 2021, respectively. Company contributions into defined contribution plans for the remaining subsidiaries were immaterial. Defined Benefit Plan The Company maintains a defined benefit pension plan covering its employees in Switzerland (the “Swiss Plan”). This plan is a government mandated fund that provides benefits to employees upon retirement, death, or disability. Contributions are made based on various percentages of participants’ salaries and wages determined based on participants’ age and other factors. As of December 31, 2023 and 2022, the projected benefit obligations under the Swiss Plan were approximately $70,600 and $45,835, respectively, and plan assets were approximately $55,605 and $38,075, respectively. The funded status of the Swiss Plan is included in other long-term liabilities in the accompanying consolidated balance sheets. The initial determination of the pension liability was recorded as other comprehensive loss during the year ended December 31, 2021 and subsequently amortized as a component of net periodic pension cost (see Note 16). The Company’s annual contribution to the Swiss Plan is estimated to be approximately $3,577 in 2023 and is expected to evolve thereafter proportionally with changes in staffing and compensation levels, actuarial assumptions and actual investment returns on plan assets. The following table reflects the total expected benefit payments to Swiss Plan participants and have been estimated based on the same assumptions used to measure the Company’s benefit obligations as of December 31, 2023: Amounts $ Year ending December 31, 2024 607 Year ending December 31, 2025 214 Year ending December 31, 2026 580 Year ending December 31, 2027 985 Year ending December 31, 2028 811 Thereafter 9,569 Total 12,766 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments As of December 31, 2023, the Company had purchase commitments amounting to $169,212, of which $41,186 related to minimum purchase requirements for supply purchased from contract manufacturing organizations and $128,026 related to binding purchase order 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 $333,498 for the acquisition of property, plant and equipment as of December 31, 2023, which were mainly for the Company’s manufacturing and clinical R&D campus in Hopewell, New Jersey, additional capacity at the Guangzhou and Suzhou manufacturing facilities, and a new building for Beijing Innerway Bio-tech Co., Ltd. Co-Development Funding Commitment Under the Amgen Collaboration Agreement, the Company is responsible for co-funding global clinical 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/or development services. As of December 31, 2023, the Company's remaining co-development funding commitment was $483,651. Funding Commitment The Company had committed capital related to two equity method investments in the amount of $15,055. As of December 31, 2023, the remaining capital commitment was $8,905 and is expected to be paid from time to time over the investment period. 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 cancellable at any time by the Company with prior written notice. The Company also enters into collaboration agreements with institutions and companies to license intellectual property. The Company may be obligated to make future development, regulatory and commercial milestone payments and royalty payments on future sales of specified products associated with its collaboration agreements. Payments under these agreements generally become due and payable upon achievement of such milestones or sales. These commitments are not recorded on the consolidated balance sheet because the achievement and timing of these milestones are not fixed and determinable. When the achievement of these milestones or sales have occurred, the corresponding amounts are recognized in the consolidated financial statements. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
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 primarily located in the PRC and the U.S. 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: Year Ended December 31, 2023 2022 2021 $ $ $ U.S. - total revenue 1,128,219 502,626 495,265 Product revenue 945,551 389,710 115,658 Collaboration revenue 182,668 112,916 379,607 China- total revenue 1,101,951 840,032 517,104 Product revenue 1,093,091 840,032 517,104 Collaboration revenue 8,860 — — Europe- total revenue 202,014 63,257 163,051 Product revenue 122,228 14,864 362 Collaboration revenue 79,786 48,393 162,689 Rest of world- total revenue 26,595 10,006 863 Product revenue 28,982 10,006 863 Collaboration revenue (2,387) — — Total Revenue 2,458,779 1,415,921 1,176,283 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (881,708) | $ (2,003,815) | $ (1,457,816) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 shares | Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | The following table describes for the quarterly period covered by this report each trading arrangement for the purchase or sale of Company securities adopted, modified or terminated by our directors and officers that is either (1) a contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), or a “Rule 10b5-1 trading arrangement,” or (2) a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K): Name ( Title ) Action Taken ( Date of Action ) Type of Trading Arrangement Nature of Trading Arrangement Duration of Trading Arrangement Aggregate Number of Securities John V. Oyler ( Chief Executive Officer and Chairman ) Adoption (December 1, 2023) Non-Rule 10b5-1 trading arrangement for sell-to-cover transaction relating to RSU equity award. Sale Until final settlement of covered RSU Indeterminable (1) Julia Wang ( Chief Financial Officer ) Adoption (December 8, 2023) Non-Rule 10b5-1 trading arrangement for sell-to-cover transaction relating to RSU equity award. Sale Until final settlement of covered RSU Indeterminable (1) Xiaobin Wu ( President, Chief Operating Officer and General Manager of China ) Adoption (December 12, 2023) Non-Rule 10b5-1 trading arrangement for sell-to-cover transaction relating to RSU equity award. Sale Until final settlement of covered RSU Indeterminable (1) Lai Wang ( Global Head of R&D ) Adoption (December 8, 2023) Non-Rule 10b5-1 trading arrangement for sell-to-cover transaction relating to RSU equity award. Sale Until final settlement of covered RSU Indeterminable (1) Chan Lee ( Senior Vice President, General Counsel ) Adoption (November 28, 2023) Non-Rule 10b5-1 trading arrangement for sell-to-cover transaction relating to RSU equity award. Sale Until final settlement of covered RSU Indeterminable (1) John V. Oyler ( Chief Executive Officer and Chairman ) Adoption (December 12, 2023) Rule 10b5-1 trading arrangement Sale March 12, 2025 Restricted Stock Units (“RSUs”) equal to 249,494 ADSs plus an additional sale of ADSs with an aggregate value of up to US$1.5 million net of commission and fees associated with the sale. Xiaobin Wu ( President, Chief Operating Officer and General Manager of China ) Modification (November 22, 2023) Rule 10b5-1 trading arrangement Sale August 29, 2024 Employee stock options equal to 207,684 ADSs (1) The number of shares that will be sold to satisfy applicable tax withholding obligations upon vesting of RSUs is unknown as the number will vary based on the extent to which vesting conditions are satisfied and the market price of the Company’s common stock at the time of settlement. This trading arrangement provides for the automatic sale of shares that would otherwise be issuable on the settlement date in an amount sufficient to satisfy the applicable withholding obligation, with the proceeds of the sale delivered to the Company in satisfaction of the applicable withholding obligation. | |
Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Julia Wang [Member] | ||
Trading Arrangements, by Individual | ||
Name | Julia Wang | |
Title | Chief Financial Officer | |
Non-Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | December 8, 2023 | |
Lai Wang [Member] | ||
Trading Arrangements, by Individual | ||
Name | Lai Wang | |
Title | Global Head of R&D | |
Non-Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | December 8, 2023 | |
Chan Lee [Member] | ||
Trading Arrangements, by Individual | ||
Name | Chan Lee | |
Title | Senior Vice President, General Counsel | |
Non-Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | November 28, 2023 | |
John V.Oyler December 1, 2023 [Member] | John V. Oyler [Member] | ||
Trading Arrangements, by Individual | ||
Name | John V. Oyler | |
Title | Chief Executive Officer and Chairman | |
Non-Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | December 1, 2023 | |
Xiaobin Wu, December 12, 2023 [Member] | Xiaobin Wu [Member] | ||
Trading Arrangements, by Individual | ||
Name | Xiaobin Wu | |
Title | President, Chief Operating Officer and General Manager of China | |
Non-Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | December 12, 2023 | |
John V. Oyler, December 12, 2023 [Member] | John V. Oyler [Member] | ||
Trading Arrangements, by Individual | ||
Name | John V. Oyler | |
Title | Chief Executive Officer and Chairman | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | December 12, 2023 | |
Arrangement Duration | 456 days | |
Aggregate Available | 249,494 | 249,494 |
Xiaobin Wu, November 22, 2023 [Member] | Xiaobin Wu [Member] | ||
Trading Arrangements, by Individual | ||
Name | Xiaobin Wu | |
Title | President, Chief Operating Officer and General Manager of China | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | November 22, 2023 | |
Arrangement Duration | 281 days | |
Aggregate Available | 207,684 | 207,684 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its wholly-owned 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 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, 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. |
Functional Currency and Foreign Currency Translation | Functional Currency and Foreign Currency Translation Functional currency The Company uses the U.S. dollar (“$” or U.S. dollar) as its reporting currency. Transactions in subsidiaries are recorded in the functional currency of the respective subsidiary. The determination of functional currency is based on the criteria of Accounting Standard Codification (“ASC”) 830, Foreign Currency Matters . Foreign currency translation For subsidiaries whose functional currencies are not the U.S. dollar, the Company uses the average exchange rate for the period and the exchange rate at the balance sheet date, to translate the operating results and financial position to U.S. dollar, the reporting currency, respectively. Translation differences are recorded in accumulated other comprehensive loss, a component of shareholders’ equity. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Remeasurement exchange gains and losses are included in the consolidated statements of operations. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. Cash equivalents which consist primarily of money market funds are stated at fair value. |
Restricted Cash | Restricted cash Restricted cash primarily consists of RMB-denominated cash deposits pledged in designated bank accounts as collateral for bank loans and letters of credit. The Company classifies restricted cash as current or non-current based on the term of the restriction. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at their invoiced amounts, net of trade discounts and allowances as well as an allowance for credit losses. The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer’s ability to pay in establishing and adjusting its allowance for credit losses. Accounts receivable are written off after all collection efforts have ceased. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at their invoiced amounts, net of trade discounts and allowances as well as an allowance for credit losses. The allowance for credit losses reflects the Company’s current estimate of credit losses expected to be incurred over the life of the receivables. The Company considers various factors in establishing, monitoring, and adjusting its allowance for credit losses including the aging of receivables and aging trends, customer creditworthiness and specific exposures related to particular customers. The Company also monitors other risk factors and forward-looking information, such as country specific risks and economic factors that may affect a customer’s ability to pay in establishing and adjusting its allowance for credit losses. Accounts receivable are written off after all collection efforts have ceased. |
Inventory | Inventory Prior to the regulatory approval of product candidates, the Company may incur costs for the manufacture of drug product to support the commercial launch of those products. Until the date at which regulatory approval has been received or is otherwise considered probable, all such costs are recorded as research and development expenses as incurred. |
Investments | Investments The Company’s investments consist of available-for-sale debt securities, convertible note instruments, public equity securities with readily determinable fair values, private equity securities without readily determinable fair values, and equity-method investments. The classification of an investment is determined based on the nature of the investment, the Company’s ability and intent to hold the investment, and the degree to which the Company may exercise influence over the investee. • Available-for-sale debt securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive loss. The net carrying value of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is computed using the effective interest method and included in interest income. Interest and dividends are included in interest income. Available-for-sale debt securities with original maturities greater than three months at the date of purchase and less than one year from the date of the balance sheet are classified as short-term. Available-for-sale debt securities with maturities beyond one year may be classified as short-term marketable securities due to their highly liquid nature and because they represent the Company’s investments that are available for current operations. • Convertible note instruments are recorded using the fair value option method of accounting. Accordingly, convertible note instruments are remeasured at fair value on a recurring basis, with any changes in the fair value option recorded in other income (expense), net. • Public equity securities with readily determinable fair values are recorded at fair value. Subsequent changes in fair value are recorded in other income (expense), net. Derivative financial instruments to purchase public equity securities are recorded at fair value. The estimated fair value of derivative financial instruments is determined based on the Black-Scholes valuation model. Changes in fair value of derivative instruments are recorded in other income (expense), net. • Private equity securities without readily determinable fair values and where the Company does not have significant influence are measured 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. Adjustments to private equity securities are recorded in other income (expense), net. • Equity investments in common stock or in-substance common stock where the Company has significant influence over the financial and operating policies of the investee are accounted for as equity-method investments. Equity-method investments are initially recorded at cost and subsequently adjusted based on the Company’s percentage ownership in the investee’s income and expenses, as well as dividends, if any. The Company records its share of the investee’s results of operations in other income (expense), net. The Company records impairment losses on our equity method investments if it deems the impairment to be other-than-temporary. The Company deems an impairment to be other-than-temporary based on various factors, including but not limited to, the length of time the fair value is below the carrying value and ability to retain the investment to allow for a recovery in fair value. Realized gains or losses on sales of investments are determined based on the specific identification method. The Company regularly evaluates its investments in debt and equity for impairment. The Company recognizes an allowance on available-for-sale debt securities when a portion of the unrealized loss is attributable to a credit loss and a corresponding credit loss in net income. No allowance for credit losses were recorded for any periods presented. The Company recognized an impairment loss of $7,529 related to its investments in equity during the year ended December 31, 2023. No impairment losses on equity investments were recorded for the years ended December 31, 2022 and 2021. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Property, plant and equipment, other than land and construction in progress, are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Useful Lives Building 20 years Manufacturing equipment 3 to 10 years Laboratory Equipment 3 to 5 years Software, Electronic and Office Equipment 3 to 5 years Leasehold Improvements Lesser of useful life or lease term |
Leases | Leases The Company applies ASC, Topic 842, Leases (“ASC 842”) to account for its leases. The Company determines if an arrangement is a lease at inception. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component based on the Company’s policy election to combine lease and non-lease components for its leases. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Company’s lease portfolio consists entirely of operating leases as of December 31, 2023. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. At the commencement date of a lease, the Company determines the classification of the lease based on the relevant factors present and records a right-of-use (“ROU”) asset and lease liability. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are calculated as the present value of the lease payments not yet paid. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. As the rate implicit in the Company’s leases is not typically readily available, the Company uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Company will exercise that option. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheet. Lease liabilities that become due within one year of the balance sheet date are classified as current liabilities. |
Land Use Right, Net | Land Use Right, Net All land in the PRC is owned by the PRC government. The PRC government may sell land use rights for a specified period of time. Land use rights represent operating leases in accordance with ASC 842. The purchase price of land use rights represents lease prepayments to the PRC government and is recorded as an operating lease ROU asset on the balance sheet. The ROU asset is amortized over the remaining lease term. In 2017, the Company acquired a land use right from the local Bureau of Land and Resources in Guangzhou for the purpose of constructing and operating the Company’s biologics manufacturing facility in Guangzhou. In 2019, the Company acquired a second Guangzhou land use right from the local Bureau of Land and Resources. In 2021, the Company acquired two land use rights from the local Bureau of Land and Resources to expand its biologics manufacturing facility in Guangzhou. Guangzhou land use rights are being amortized over the respective terms of the land use rights, which are each 50 years. In 2018, the Company acquired a land use right in conjunction with the acquisition of Beijing Innerway Bio-tech Co., Ltd. The land use right is being amortized over the term of the land use right, which is 36 years. In 2020, the Company acquired a land use right from the local Bureau of Land and Resources in Suzhou to construct its research, development and manufacturing facility in Suzhou. In 2022, the Company acquired a second Suzhou land use right from the local Bureau of Land and Resources. The land use rights are being amortized over the respective terms of the land use rights, which are each 30 years. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company allocates the cost of an acquired entity to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price for acquisitions over the fair value of the net assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized, but is tested for impairment at least annually or more frequently if events or changes in circumstances would indicate a potential impairment. The Company has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying amount, including goodwill. The qualitative assessment includes the Company’s evaluation of relevant events and circumstances affecting the Company’s single reporting unit, including macroeconomic, industry, and market conditions, the Company’s overall financial performance, and trends in the market price of the Company’s ADSs. If qualitative factors indicate that it is more likely than not that the Company’s reporting unit’s fair value is less than its carrying amount, then the Company will perform the quantitative impairment test by comparing the reporting unit’s carrying amount, including goodwill, to its fair value. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal to that excess. For the years ended December 31, 2023, 2022 and 2021 the Company determined that there were no indicators of impairment of goodwill. While there were no impairments, the Company wrote off the goodwill associated with the acquisition of Celgene’s commercial operations in China to align with the terms of the Settlement Agreement. Intangible assets acquired through business combinations are recognized as assets separate from goodwill and are measured at fair value upon acquisition. Intangible assets acquired in transactions that are not business combinations are recorded at the allocated portion of total consideration transferred based on their relative fair value in relation to net assets acquired. Intangible assets associated with milestone payments made to third parties subsequent to regulatory approval are recorded at cost. Identifiable intangible assets consist of post-approval milestone payments under license and commercialization agreements, that are amortized over the remainder of the product patent or the term of the commercialization agreements; and trading licenses that are amortized over the initial license term. Distribution rights for approved cancer therapies licensed from BMS had been fully amortized through December 31, 2023, when the rights reverted back to BMS under the terms of the Settlement Agreement. Intangible assets with finite useful lives are tested for impairment when events or circumstances occur that could indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Company evaluates the recoverability of the intangible assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Company recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For the years ended December 31, 2023, 2022 and 2021, the Company determined that there were no indicators of impairment of its other intangible assets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Fair Value Measurements | Fair Value Measurements Fair value of financial instruments The Company applies ASC topic 820 (“ASC 820”), Fair Value Measurements and Disclosures, in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and requires disclosures to be provided on fair value measurement. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. |
Revenue Recognition | Revenue Recognition The Company applies ASC, Topic 606, Revenue from Contracts with Customers (“ASC 606”) to account for its revenue transactions. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Company recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. Product Revenue The Company generates product revenues in China through the sale of its internally developed drugs TEVIMBRA, BRUKINSA and PARTRUVIX, and the sale of in-licensed products through its agreements with Amgen, BMS, Bio-Thera, EUSA Pharma and Luye Pharmaceutical. Under the commercial profit share arrangement with Amgen, the Company is the principal for in-licensed 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. In the U.S., the Company generates product revenues from the sale of BRUKINSA. In China, the Company sells its internally developed products to multiple distributors, who in turn sell the product to hospitals or pharmacies within their authorized territories to be sold ultimately to patients. In-licensed products are sold to a first tier distributor who subsequently resells the products to second tier distributors who ultimately sell the products to health care providers and patients. In the U.S., the Company distributes BRUKINSA through specialty pharmacies and specialty distributors. The specialty pharmacies and specialty distributors subsequently resell the product to health care providers and patients. The Company is the principal under the product sales as the Company controls the products with the ability to direct the use of, and obtain substantially all the remaining benefits from the products before they are sold to the customer. For product sales transactions, the Company has a single performance obligation which is to sell the products to its customer. The Company includes variable consideration in the transaction price to the extent it is probable that a significant reversal will not occur and estimates variable consideration from rebates, chargebacks, trade discounts and allowances, sales returns allowances and other incentives using the expected value method. Revenues for product sales are recognized at a point in time when the single performance obligation is satisfied upon delivery to the customer. The Company’s payment terms are approximately 45-90 days. Actual amounts of consideration ultimately received may differ from the Company’s estimates. The Company will reassess estimates for variable consideration periodically. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. Estimates for variable consideration for which reserves are established at the time of sale include government and commercial rebates, provisions for acceptance of National Reimbursement Drug List pricing in the PRC, chargebacks, trade discounts and allowances, sales returns allowances and other incentives that are offered within contracts between the Company and its customers, health care providers and other indirect customers. Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted for relevant factors such as our historical experience, current contractual and statutory requirements, channel inventory levels, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The Company bases its sales returns allowance on estimated distributor inventories, customer demand as reported by third-party sources, and actual returns history, as well as other factors, as appropriate. For newly launched products where actual returns history is not yet available, the sales returns allowance is initially calculated based on benchmarking data from similar products and industry experience. If the historical or benchmarking data the Company uses to calculate these estimates do not properly reflect future returns, then a change in the allowance would be made in the period in which such a determination is made and revenues in that period could be materially affected. Any changes from the historical trend rates are considered in determining the current sales return allowance. To date, sales returns have not been significant. Collaboration Revenue At contract inception, the Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements (“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of ASC 808 and those that are more reflective of a vendor-customer relationship and therefore within the scope of ASC 606. For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the five-step model under ASC 606 noted above. The Company’s collaborative arrangements may contain more than one unit of account, or performance obligation, including grants of licenses to intellectual property rights, agreement to provide research and development services and other deliverables. The collaborative arrangements do not include a right of return for any deliverable. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. In developing the stand-alone selling price for a performance obligation, the Company considers competitor pricing for a similar or identical product, market awareness of and perception of the product, expected product life and current market trends. In general, the consideration allocated to each performance obligation is recognized when the respective obligation is satisfied either by delivering a good or providing a service, limited to the consideration that is not constrained. Non-refundable payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as advances from customers. Licenses of Intellectual Property: Upfront non-refundable payments for licensing the Company’s intellectual property are evaluated to determine if the license is distinct from the other performance obligations identified in the arrangement. For licenses determined to be distinct, the Company recognizes revenues from non-refundable up-front fees allocated to the license at a point in time, when the license is transferred to the licensee and the licensee is able to use and benefit from the license. Options to License Intellectual Property: Upfront non-refundable payments for options to license the Company’s intellectual property are evaluated to determine if the option represents a material right and is distinct from the other performance obligations identified in the arrangement. For options determined to be a material right and distinct, the Company defers the non-refundable up-front fees allocated to the option and recognizes revenues at a point in time, at the earlier of when the option is exercised or the option period expires. Right to Access Intellectual Property during the Option Period: The portion of a transaction price allocated to the other parties right to access the Company’s intellectual property to generate their own data during an option period is deferred and recognized as collaboration revenue over the option period on a straight-line basis as the right to use the intellectual property is provided and the data generated. Research and Development Services: The portion of a transaction price allocated to research and development services performance obligations is deferred and recognized as collaboration revenue over time as delivery or performance of such services occurs. Milestone Payments: At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestones related to the Company’s development-based activities may include initiation of various phases of clinical trials. Due to the uncertainty involved in meeting these development-based targets, they are generally fully constrained at contract inception. The Company will assess whether the variable consideration is fully constrained each reporting period based on the facts and circumstances surrounding the clinical trials. Upon changes to constraint associated with the developmental milestones, variable consideration will be included in the transaction price when a significant reversal of revenue recognized is not expected to occur and allocated to the separate performance obligations. Regulatory milestones are fully constrained until the period in which those regulatory approvals are achieved due to the inherent uncertainty with the approval process. Regulatory milestones are included in the transaction price in the period regulatory approval is obtained. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). |
Research and Development Expenses | Research and Development Expenses Research and development expenses consist of the costs associated with our research and development activities, conducting preclinical studies and clinical trials, and activities related to regulatory filings, which primarily include (i) payroll and related costs (including share-based compensation) associated with research and development personnel, (ii) costs related to clinical trials and preclinical testing of the Company’s technologies under development, (iii) costs to develop the product candidates, including raw materials and supplies, product testing, depreciation, and facility related expenses, (iv) expenses for research services provided by universities and contract laboratories, including sponsored research funding, and (v) other research and development expenses. Research and development expenses are charged to expense as incurred when these expenditures relate to the Company’s research and development services and have no alternative future uses. Clinical trial costs are a significant component of the Company’s research and development expenses. The Company has a history of contracting with third parties that perform various clinical trial activities on behalf of the Company in the ongoing development of the Company’s product candidates. Expenses related to clinical trials are accrued based on the Company’s estimates of the actual services performed by the third parties for the respective period. If the contracted amounts are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), the Company will modify the related accruals accordingly on a prospective basis. Revisions in the scope of a contract are charged to expense in the period in which the facts that give rise to the revision become reasonably certain. The process of estimating the Company’s research and development expenses involves reviewing open contracts and purchase orders, communicating with its personnel to identify services that have been performed on its behalf and estimating the level of service performed and the associated costs incurred for the services when the Company has not yet been invoiced or otherwise notified of the actual costs. The majority of the Company’s service providers invoice it in arrears for services performed, on a pre‑determined schedule or when contractual milestones are met; however, some require advanced payments. The Company makes estimates of the expenses as of each balance sheet date in its financial statements based on facts and circumstances known to the Company at that time. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in the Company reporting expenses that are too high or too low in any particular period. There were no material adjustments for a change in estimate to research and development expenses in the accompanying consolidated financial statements for the years ended December 31, 2023, 2022 and 2021. Acquired In-Process Research and Development Expense The Company has acquired rights to develop and commercialize product candidates. Upfront payments that relate to the acquisition of a new drug compound, as well as pre-commercial milestone payments (prior to government approval), are immediately expensed as acquired in-process research and development in the period in which they are incurred, provided that the new drug compound did not also include processes or activities that would constitute a “business” as defined under GAAP, the drug has not achieved regulatory approval for marketing and, absent obtaining such approval, has no established alternative future use. Milestone payments made to third parties subsequent to regulatory approval are capitalized as intangible assets and amortized over the estimated remaining useful life of the related product. Royalties owed on sales of the products licensed pursuant to the agreements are expensed in the period the related revenues are recognized. |
Government Grants | Government Grants Government financial incentives that involve no conditions or continuing performance obligations of the Company are recognized as other income (expense), net upon receipt. In the event government grants or incentives involve continuing performance obligations, the Company will capitalize the payment as a liability and recognize the same financial statement caption as the performance obligation relates over the performance period. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is defined as the changes in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income , requires that all items that are required to be recognized under current accounting standards as components of comprehensive loss be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Company’s comprehensive loss includes net loss, foreign currency translation adjustments, pension liability adjustments and unrealized holding gains/losses associated with the available-for-sale debt securities, and is presented in the consolidated statements of comprehensive loss. |
Share-Based Compensation | Share-Based Compensation Awards granted to employees The Company applies ASC 718, Compensation—Stock Compensation (“ASC 718”), to account for its employee share-based payments. In accordance with ASC 718, the Company determines whether an award should be classified and accounted for as a liability award or equity award. All the Company’s grants of share-based awards to employees were classified as equity awards and are recognized in the financial statements based on their grant date fair values. Specifically, the grant date fair value of share options is calculated using an option pricing model. The fair value of restricted shares and restricted share units are based on the closing market price of our ADSs on the NASDAQ Global Select Market on the date of grant. The Company has elected to recognize compensation expense using the straight-line method for all employee equity awards granted with graded vesting based on service conditions provided that the amount of compensation cost recognized at any date is at least equal to the portion of the grant-date value of the options that are vested at that date. The Company uses the accelerated method for all awards granted with graded vesting based on performance conditions. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards are reversed. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in the subsequent period if actual forfeitures differ from initial estimates. Forfeiture rates are estimated based on historical and future expectations of employee turnover rates and are adjusted to reflect future changes in circumstances and facts, if any. Share-based compensation expense is recorded net of estimated forfeitures such that expense is recorded only for those share-based awards that are expected to vest. To the extent the Company revises these estimates in the future, the share-based payments could be materially impacted in the period of revision, as well as in following periods. The Company, with the assistance of an independent third-party valuation firm, determined the estimated fair value of the stock options granted to employees using the binomial option pricing model. Awards granted to non-employees The Company has accounted for equity instruments issued to non-employees in accordance with the provisions of ASC 718 and ASC 505, Equity . All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The grant date is the measurement date of the fair value of the equity instrument issued. The expense is recognized in the same manner as if the Company had paid cash for the services provided by the non-employees in accordance with ASC 505-50, Equity-based payments to non-employees . The Company estimated the fair value of share options granted to non-employees using the same method as employees. Modification of awards A change in any of the terms or conditions of the awards is accounted for as a modification of the award. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Company recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Company recognizes over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Company recognizes is the cost of the original award. |
Income Taxes | Income Taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using enacted tax rates that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company evaluates its uncertain tax positions using the provisions of ASC 740, Income Taxes, which prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Company recognizes in the financial statements the benefit of a tax position which is “more likely than not” to be sustained under examination based solely on the technical merits of the position assuming a review by tax authorities having all relevant information. Tax positions that meet the recognition threshold are measured using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. It is the Company’s policy to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense. |
Loss Per Share | Loss Per Share Loss per share is calculated in accordance with ASC 260, Earnings per Share . Basic loss per ordinary share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and participating securities based on dividends declared (or accumulated) and participating rights in undistributed earnings as if all the earnings for the reporting period had been distributed. The Company’s restricted shares are participating securities because they have contractual rights to share in the profits of the Company. However, the restricted shares do not have contractual rights and obligations to share in the losses of the Company. For the periods presented herein, the computation of basic loss per share using the two-class method is not applicable as the Company is in a net loss position. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the Company’s convertible preferred shares, if any, using the if-converted method, and ordinary shares issuable upon the conversion of the share options and unvested restricted shares, using the treasury stock method. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects would be anti-dilutive. Basic and diluted loss per ordinary share is presented in the Company’s consolidated statements of operations. |
Segment Information | Segment Information In accordance with ASC 280, Segment Reporting |
Concentration of Risks | Concentration of Risks Concentration of cash and credit risk Financial instruments that are potentially subject to credit risk consist of cash and cash equivalents, short-term investments, and accounts receivable. As of December 31, 2023 and 2022, $3,171,800 and $3,869,564 were deposited with various major reputable financial institutions located in the PRC and international financial institutions outside of the PRC, respectively. The deposits placed with financial institutions are not protected by statutory or commercial insurance. In the event of bankruptcy of one of these financial institutions, the Company may be unable to claim its deposits back in full. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. As of December 31, 2023 and 2022, the Company had short-term investments amounting to $2,600 and $665,251, respectively. At December 31, 2023 and 2022, the Company’s short-term investments were comprised of U.S. treasury securities. The Company believes that U.S. treasury securities are of high credit quality and continually monitors the credit worthiness of these institutions. As of December 31, 2023 and 2022, the Company had accounts receivable, net of $358,027 and $173,168, respectively. Accounts receivable, net represent amounts arising from product sales. The Company monitors economic conditions to identify facts or circumstances that may indicate receivables are at risk of collection. Customer concentration risk For the year ended December 31, 2023, sales to the Company ’ s four largest product distributors, ASD Specialty Healthcare, McKesson, Sinopharm, and Shanghai Pharmaceutical, represented approximately 16.0%, 14.2%, 12.4% and 11.4% of product revenue, respectively, and collectively, represented approximately 53.2% of trade accounts receivable as of December 31, 2023. For the year ended December 31, 2023, the Company ’ s collaboration revenue consisted primarily of revenue recognized under its out-licensing collaboration agreements with Novartis. For the year ended December 31, 2022, sales to the Company ’ s four largest product distributors, Sinopharm, Shanghai Pharmaceutical, ASD Specialty Healthcare and China Resources represented approximately 18.1%, 15.5%, 14.2% and 12.1% of product revenue, respectively, and collectively, represented approximately 57.0% of trade accounts receivable as of December 31, 2022. For the year ended December 31, 2022, the Company ’ s collaboration revenue consisted entirely of revenue recognized under its out-licensing collaboration agreements with Novartis. For the year ended December 31, 2021, sales to the Company ’ s three largest product distributors, Sinopharm, China Resources, and Shanghai Pharmaceutical represented approximately 26.0%, 19.9% and 16.7% of product revenue, respectively, and collectively, represented approximately 23.4% of trade accounts receivable as of December 31, 2021. For the year ended December 31, 2021, the Company ’ s collaboration revenue consisted entirely of revenue recognized under its out-licensing collaboration agreements with Novartis. Receivables from Novartis represented approximately 66.4% of trade accounts receivable as of December 31, 2021, primarily due to the invoicing of the $300,000 upfront fee related to the Ociperlimab option, collaboration and license agreement. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New accounting standards which have not yet been adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update requires disclosure of incremental segment information on an annual and interim basis. This update is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. This guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact on its financial statements of adopting this guidance. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires that public entities on an annual basis, (1) in the rate reconciliation, disclose specific categories and provide additional information for reconciling items that meet a quantitative threshold; (2) about income taxes paid, disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and by individual jurisdiction in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received); and (3) disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) disaggregated by federal, state, and foreign. This update is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. This guidance should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact on its financial statements of adopting this guidance. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment Useful Life | Property, plant and equipment, other than land and construction in progress, are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Useful Lives Building 20 years Manufacturing equipment 3 to 10 years Laboratory Equipment 3 to 5 years Software, Electronic and Office Equipment 3 to 5 years Leasehold Improvements Lesser of useful life or lease term Property, plant and equipment, net are recorded at cost less accumulated depreciation and consisted of the following: As of December 31, 2023 2022 $ $ Land 65,485 65,485 Laboratory equipment 205,349 158,908 Leasehold improvements 60,124 53,786 Building 231,656 222,448 Manufacturing equipment 186,856 175,679 Software, electronics and office equipment 83,281 47,483 Property and equipment, at cost 832,751 723,789 Less: Accumulated depreciation (249,212) (171,470) Construction in progress 740,615 293,627 Property, plant and equipment, net 1,324,154 845,946 As of December 31, 2023 2022 $ $ Building 579,649 224,392 Manufacturing equipment 119,380 33,332 Laboratory equipment 16,135 12,256 Other 25,451 23,647 Total 740,615 293,627 |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables set forth assets measured at fair value on a recurring basis as of December 31, 2023 and 2022: As of December 31, 2023 Quoted Price Significant Significant $ $ $ Cash equivalents: Money market funds 1,052,149 — — Time deposits 42,852 — — Short-term investments (Note 5): U.S. Treasury securities 2,600 — — Prepaid expenses and other current assets (Note 5): Convertible debt instrument — — 4,668 Other non-current assets (Note 5): Equity securities with readily determinable fair values 3,046 542 — Convertible debt instrument — — 4,215 Total 1,100,647 542 8,883 As of December 31, 2022 Quoted Price Significant Significant $ $ $ Cash equivalents Money market funds 758,114 — — Short-term investments (Note 5): U.S. Treasury securities 665,251 — — Prepaid expenses and other current assets (Note 5): Convertible debt instrument — — 5,190 Other non-current assets (Note 5): Equity securities with readily determinable fair values 3,307 706 — Convertible debt instrument — — 3,000 Total 1,426,672 706 8,190 |
Collaborative and Licensing A_2
Collaborative and Licensing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development [Abstract] | |
Schedule of Net Product Sales | The following table summarizes total collaboration revenue recognized for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Revenue from Collaborators $ $ $ License revenue — — 484,646 Research and development service revenue 79,431 46,822 53,671 Right to access intellectual property revenue 104,477 104,994 3,979 Material rights revenue 71,980 — — Other 13,039 9,493 — Total 268,927 161,309 542,296 The following table summarizes collaboration revenue recognized in connection with the tislelizumab collaboration and license agreement for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 $ $ $ License revenue — — 484,646 Research and development service revenue 72,278 39,655 53,421 Other (1) 5,067 9,493 — Total 77,345 49,148 538,067 (1) Represents revenue recognized on sale of tislelizumab clinical supply to Novartis in conjunction with the collaboration. The following table summarizes collaboration revenue recognized in connection with the ociperlimab option, collaboration and license agreement for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 $ $ $ Research and development service revenue 7,153 7,167 250 Right to access intellectual property revenue 104,477 104,994 3,979 Material rights revenue 71,980 — — Other (2) 8,859 — — Total 192,469 112,161 4,229 The table below presents the Company’s net product sales for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 2022 2021 $ $ $ Product revenue - gross 2,718,969 1,438,440 748,824 Less: Rebates and sales returns (529,117) (183,828) (114,837) Product revenue - net 2,189,852 1,254,612 633,987 The following table disaggregates net product revenue by product for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 2022 2021 $ $ $ BRUKINSA ® 1,290,396 564,651 217,987 Tislelizumab 536,620 422,885 255,119 REVLIMID ® 76,018 79,049 70,065 XGEVA ® 92,828 63,398 45,956 POBEVCY ® 56,547 38,124 1,353 BLINCYTO ® 54,342 36,107 12,515 KYPROLIS ® 39,799 13,696 — VIDAZA ® 13,960 15,213 19,591 Pamiparib 6,668 5,460 3,661 Other 22,674 16,029 7,740 Total product revenue - net 2,189,852 1,254,612 633,987 |
Schedule of Collaboration Agreements | Amounts recorded related to the Company’s portion of the co-development funding on the pipeline assets for the years ended December 31, 2023, 2022 and 2021 were as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Research and development expense 53,314 98,955 115,464 Amortization of research and development cost share liability 55,294 96,402 112,486 Total amount due to Amgen for BeiGene’s portion of the development funding 108,608 195,357 227,950 As of December 31, 2023 Remaining portion of development funding cap 483,651 As of December 31, 2023 and 2022, the research and development cost share liability recorded in the Company’s balance sheet was as follows: As of December 31, 2023 2022 $ $ Research and development cost share liability, current portion 68,004 114,335 Research and development cost share liability, non-current portion 170,662 179,625 Total research and development cost share liability 238,666 293,960 |
Schedule of Amounts and Classification of Reimbursement Expense | The net reimbursement paid under the commercial profit-sharing agreement for in-line product sales is classified in the consolidated statements of operations for the three years ended December 31, 2023 as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Cost of sales - product 8,358 5,898 1,893 Selling, general and administrative (60,917) (54,865) (45,152) Research and development 1,688 (1,216) 423 Total (50,871) (50,183) (42,836) |
Schedule of Payments Due to Collaboration Partners | Year Ended December 31, 2023 2022 2021 Payments due to collaboration partners Classification $ $ $ Upfront payments Research and development expense 46,800 68,665 83,500 Development milestone payments Research and development expense — 5,500 15,000 Regulatory and commercial milestone payments Intangible asset 24,365 — 43,394 Total 71,165 74,165 141,894 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Restrictions on Cash and Cash Equivalents | The Company classifies restricted cash as current or non-current based on term of restriction. Restricted cash as of December 31, 2023 and 2022 was as follows: As of December 31, 2023 2022 $ $ Short-term restricted cash 11,473 196 Long-term restricted cash 2,711 5,277 Total 14,184 5,473 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Short-Term Investments | Short-term investments as of December 31, 2023 consisted of the following available-for-sale debt securities: Amortized Gross Gross Fair Value $ $ $ $ U.S. treasury securities 2,565 35 — 2,600 Total 2,565 35 — 2,600 Short-term investments as of December 31, 2022 consisted of the following available-for-sale debt securities: Amortized Gross Gross Fair Value $ $ $ $ U.S. treasury securities 674,262 — 9,011 665,251 Total 674,262 — 9,011 665,251 |
Schedule of Equity Method Investments | The following table summarizes unrealized (losses) gains recognized on the Company’s investment in Leap: Year Ended December 31, 2023 2022 2021 $ $ $ Other income (expense), net (425) (30,102) 9,386 The following table summarizes unrealized (losses) gains recognized on the Company’s investment in equity securities without readily determinable fair values: Year Ended December 31, 2023 2022 2021 $ $ $ Other income (expense), net (6,448) 5,065 — The following table summarizes losses recognized on the Company’s equity-method investments: Year Ended December 31, 2023 2022 2021 $ $ $ Other income (expense), net (7,856) (3,682) (1,796) |
Schedule of Fair Value of the Common Stock and Warrants | As of December 31, 2023 and 2022, the fair value of the common stock and warrants was as follows: As of December 31, 2023 2022 $ $ Fair value of Leap common stock 3,046 3,307 Fair value of Leap warrants 542 706 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The Company’s inventories, net consisted of the following: As of December 31, 2023 2022 $ $ Raw materials 148,772 88,957 Work in process 39,098 20,886 Finished goods 228,252 172,503 Total inventories 416,122 282,346 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Component of Lease Expense | The components of lease expense were as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Operating lease cost 25,978 25,938 22,536 Variable lease cost 6,101 6,834 4,892 Short-term lease cost 1,683 1,299 1,823 Total lease cost 33,762 34,071 29,251 Other supplemental information related to leases is summarized below: Year ended December 31, 2023 2022 2021 $ $ $ Operating cash flows used in operating leases 27,985 28,064 19,962 ROU assets obtained in exchange for new operating lease liabilities 11,854 22,278 37,454 As of December 31, 2023 2022 Weighted-average remaining lease term (years) 3 3 Weighted-average discount rate 7.22 % 5.76 % |
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: As of December 31, 2023 2022 $ $ Operating lease right-of-use assets 43,490 56,008 Land use rights, net 51,717 53,952 Total operating lease right-of-use assets 95,207 109,960 Current portion of operating lease liabilities 21,950 24,041 Operating lease liabilities, non-current portion 22,251 34,517 Total lease liabilities 44,201 58,558 |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities are as follows: Amounts $ Year ending December 31, 2024 23,499 Year ending December 31, 2025 14,148 Year ending December 31, 2026 5,740 Year ending December 31, 2027 3,155 Year ending December 31, 2028 1,682 Thereafter 932 Total lease payments 49,156 Less imputed interest (4,955) Present value of lease liabilities 44,201 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Components of Property and Equipment | Property, plant and equipment, other than land and construction in progress, are depreciated using the straight-line method over the estimated useful lives of the respective assets as follows: Useful Lives Building 20 years Manufacturing equipment 3 to 10 years Laboratory Equipment 3 to 5 years Software, Electronic and Office Equipment 3 to 5 years Leasehold Improvements Lesser of useful life or lease term Property, plant and equipment, net are recorded at cost less accumulated depreciation and consisted of the following: As of December 31, 2023 2022 $ $ Land 65,485 65,485 Laboratory equipment 205,349 158,908 Leasehold improvements 60,124 53,786 Building 231,656 222,448 Manufacturing equipment 186,856 175,679 Software, electronics and office equipment 83,281 47,483 Property and equipment, at cost 832,751 723,789 Less: Accumulated depreciation (249,212) (171,470) Construction in progress 740,615 293,627 Property, plant and equipment, net 1,324,154 845,946 As of December 31, 2023 2022 $ $ Building 579,649 224,392 Manufacturing equipment 119,380 33,332 Laboratory equipment 16,135 12,256 Other 25,451 23,647 Total 740,615 293,627 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets Outstanding | Intangible assets as of December 31, 2023 and 2022 are summarized as follows: December 31, 2023 December 31, 2022 Gross Accumulated Intangible Gross Accumulated Intangible $ $ $ $ $ $ Finite-lived intangible assets: Developed products 64,274 (7,807) 56,467 41,235 (4,119) 37,116 Other 8,987 (8,316) 671 8,316 (4,816) 3,500 Total finite-lived intangible assets 73,261 (16,123) 57,138 49,551 (8,935) 40,616 Year Ended December 31, 2023 2022 2021 $ $ $ Amortization expense - Cost of sales - product 3,739 3,225 965 Amortization expense - Operating expense 3,500 751 750 Total 7,239 3,976 1,715 |
Schedule of Finite-Lived Intangible Assets Amortization Expense | Estimated amortization expense for each of the five succeeding years and thereafter, as of December 31, 2023 is as follows: Year Ending December 31, Cost of Sales - Product Operating Expenses Total $ 2024 4,776 224 5,000 2025 4,776 224 5,000 2026 4,776 223 4,999 2027 4,776 — 4,776 2028 4,776 — 4,776 2029 and thereafter 32,587 — 32,587 Total 56,467 671 57,138 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) Before Income Taxes | The components of income ( loss) before income taxes are as follows: Year Ended December 31, 2023 2022 2021 $ $ $ U.S. 117,446 67,744 34,923 PRC (315,852) (583,610) (606,752) Other (627,430) (1,445,171) (866,759) Total (825,836) (1,961,037) (1,438,588) |
Schedule of Current and Deferred Components of the Income Tax Expense (Benefit) | The current and deferred components of the income tax expense (benefit) from continuing operations are as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Current Tax Expense (Benefit): U.S. 25,170 4,844 (9) PRC 24,956 27,905 15,252 Other 5,059 6,547 805 Total 55,185 39,296 16,048 Deferred Tax Expense (Benefit): U.S. — — (35) PRC 687 3,480 4,919 Other — 2 (1,704) Total 687 3,482 3,180 Income Tax (Benefit) Expense 55,872 42,778 19,228 |
Schedule of Reconciliation of the Statutory Tax Rate to Effective Income Tax Rate | The reconciliation of the statutory tax rate to our effective income tax rate is as follow: Year Ended December 31, 2023 2022 2021 $ $ $ Loss before tax (825,836) (1,961,037) (1,438,588) U.S. statutory tax rate 21 % 21 % 21 % Expected taxation at U.S. statutory tax rate (173,426) (411,818) (302,103) Foreign and preferential tax rate differential 141,902 209,692 128,330 Non-deductible expenses 19,134 29,223 361 Stock compensation expenses 32,581 33,872 (27,411) State tax expense (benefit) (3,464) 1,375 (3,187) Change in valuation allowance 845,811 229,550 254,768 Tax relief credits (704,928) — — Research tax credits and incentives (64,343) (42,844) (31,530) Foreign-derived intangible income (37,395) (6,272) — Taxation for the year 55,872 42,778 19,228 Effective tax rate (6.8) % (2.2) % (1.3) % |
Schedule of Components of Deferred Tax Assets (Liabilities) | Significant components of deferred tax assets (liabilities) are as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Accruals and reserves 106,708 97,896 84,766 Net operating losses carryforward 996,588 862,214 625,114 Stock-based compensation 26,687 19,700 14,982 Research tax credits 68,117 86,000 82,060 Tax relief credits 704,928 — — Depreciable and amortizable assets 687,600 798,563 937,069 Lease liability obligation 7,893 10,348 11,571 R&D and other capitalized costs 164,190 63,156 — Right of use asset (7,735) (10,098) (11,322) Gross deferred tax assets 2,754,976 1,927,779 1,744,240 Less valuation allowance (2,771,470) (1,943,775) (1,758,409) Net deferred tax liabilities (16,494) (15,996) (14,169) |
Schedule of Valuation Allowance | The valuation allowances for the years ended December 31, 2023, 2022 and 2021 were as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Beginning balance, as of January 1 1,943,775 1,758,409 1,200,547 Additions/(subtractions) charged to income tax provision 845,811 229,550 254,768 Additions/(subtractions) charged to equity — — 263,632 Currency translation and other (18,116) (44,184) 39,462 Ending balance, as of December 31 2,771,470 1,943,775 1,758,409 |
Schedule of Gross Unrecognized Tax Benefits | The gross unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 were as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Beginning balance, as of January 1 11,555 9,925 7,123 Additions based on tax positions related to prior tax years — — — Reductions based on tax positions related to prior tax years — — — Additions based on tax positions related to the current tax year 2,709 1,630 2,802 Reductions based on lapse of statute of limitations — — — Ending balance, as of December 31 14,264 11,555 9,925 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: As of December 31, 2023 2022 $ $ Prepaid research and development costs 60,476 71,488 Prepaid taxes 37,320 20,478 Other receivables 36,124 22,777 Interest receivable 1,735 3,039 Prepaid insurance 8,872 3,664 Prepaid manufacturing cost 42,066 58,950 Other current assets 56,799 36,157 Total 243,392 216,553 |
Schedule of Other Non-Current Assets | Other non-current assets consist of the following: As of December 31, 2023 2022 $ $ Prepayment of property and equipment 4,144 22,025 Prepaid supply cost (1) 18,122 48,642 Prepaid VAT 2,546 804 Rental deposits and other 8,195 7,054 Long-term restricted cash 2,711 5,277 Long-term investments 89,644 91,779 Other — 109 Total 125,362 175,690 (1) Represents payments for future supply purchases under the license agreement with Luye and facility expansion 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 consisted of the following: As of December 31, 2023 2022 $ $ Compensation related 217,803 184,775 External research and development activities related 162,969 139,168 Commercial activities 87,572 51,806 Individual income tax and other taxes 30,083 18,815 Sales rebates and returns related 139,936 41,817 Other 55,368 30,971 Total accrued expenses and other payables 693,731 467,352 |
Schedule of Other Long-Term Liabilities | Other long-term liabilities consist of the following: As of December 31, 2023 2022 $ $ Deferred government grant income 34,204 38,176 Pension liability 14,995 7,760 Asset retirement obligation 1,127 — Other 184 159 Total other long-term liabilities 50,510 46,095 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term and Long-Term Debt Obligations | The following table summarizes the Company’s short-term and long-term debt obligations as of December 31, 2023 and 2022: Lender Agreement Date Line of Credit Term Maturity Date Interest Rate As of December 31, 2023 2022 $ RMB $ RMB China Construction Bank April 4, 2018 RMB580,000 9-year April 4, 2027 (1) 14,089 100,000 7,250 50,000 China Merchants Bank January 22, 2020 (2) 9-year January 20, 2029 (2) 8,856 62,857 1,450 10,000 China Merchants Bank November 9, 2020 RMB378,000 9-year November 8, 2029 (3) 5,636 40,000 5,437 37,500 China Merchants Bank July 28, 2023 $380,000 1-year December 25, 2024 (4) 300,000 2,129,321 — — China Minsheng Bank December 20, 2023 $150,000 1-year December 19, 2024 7.3% 150,000 1,064,660 — — China Minsheng Bank September 24, 2020 $200,000 (5) — — 150,000 1,034,554 Shanghai Pudong Development Bank February 25, 2022 $50,000 1-year February 25, 2023 2.2% — — 50,000 344,851 China Merchants Bank June 5, 2023 RMB400,000 1-year June 4, 2024 3.2% 56,356 400,000 — — HSBC Bank May 4, 2023 RMB340,000 1-year May 3, 2024 (6) 47,903 340,000 — — China Industrial Bank May 30, 2023 RMB200,000 1-year May 29, 2024 2.8% 28,177 200,000 — — Shanghai Pudong Development Bank November 14, 2023 RMB700,000 1-year November 21, 2024 2.9% 49,312 350,000 — — Other short-term debt (7) 28,037 199,000 114,832 792,000 Total short-term debt 688,366 4,885,838 328,969 2,268,905 China Construction Bank April 4, 2018 RMB580,000 9-year April 4, 2027 (1) 59,174 420,000 75,395 520,000 China Merchants Bank January 22, 2020 (2) 9-year January 20, 2029 (2) 37,638 267,143 49,369 340,500 China Merchants Bank November 9, 2020 RMB378,000 9-year November 8, 2029 (3) 42,337 300,500 47,847 330,000 China CITIC Bank July 29, 2022 RMB480,000 10-year July 28, 2032 (8) 58,469 415,000 36,537 252,000 Total long-term debt 197,618 1,402,643 209,148 1,442,500 1. The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 4.5% as of December 31, 2023. The Company repaid $6,987 (or RMB50,000) during the year ended December 31, 2023. 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. 2. On January 22, 2020, BeiGene Guangzhou Biologics Manufacturing Co., Ltd.(“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 certain fixed assets in 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, 2021, the borrowing capacity was reduced from RMB1,100,000 to RMB350,000. The loan interest rate was 4.1% as of December 31, 2023. The Company repaid $1,422 (RMB10,000) during the year ended December 31, 2023. BeiGene Guangzhou Biologics Manufacturing Co., Ltd. is a company incorporated under the laws of the PRC on March 3, 2017 and a wholly owned subsidiary of BeiGene Biologics Co., Ltd. (“BeiGene Biologics”). 3. The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.9% as of December 31, 2023. 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. The Company repaid $5,281 (RMB37,500) during the year ended December 31, 2023. 4. The outstanding borrowings bear floating interest rates benchmarking the Secured Overnight Financing Rate (“SOFR”). The loan interest rate was 7.2% as of December 31, 2023. 5. In September 2020, the Company entered into a loan agreement with China Minsheng Bank for a total loan facility of up to $200,000, of which $120,000 designated to fund the purchase of noncontrolling equity interest in BeiGene Biologics from Guangzhou GET Technology Development Co., Ltd. (now Guangzhou High-tech Zone Technology Holding Group Co., Ltd.) (“GET”) and repayment of the Shareholder Loan and $80,000 was designated for general working capital purposes. The loan had an original maturity date of October 8, 2021, which was 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 twelve $150,000 during the year ended December 31, 2023. 6. The outstanding borrowings bear floating interest rates benchmarking Hong Kong interbank market rate for RMB. The loan interest rate was 4.5% as of December 31, 2023. 7. During the two years ended December 31, 2023, the Company entered into additional short-term working capital loans with China Industrial Bank and China Merchants Bank to borrow up to RMB875,000 in aggregate, with maturity dates ranging from December 15, 2022 to May 24, 2024. The Company drew down $28,174 (RMB199,000) and repaid $109,576 (RMB792,000) during the year ended December 31, 2023. The weighted average interest rate for the short-term working capital loans was approximately 3.2% as of December 31, 2023. The outstanding principal balance is due in May 2024. 8. In July 2022, the Company entered into a 10-year bank loan agreement with China CITIC Bank to borrow up to RMB480,000 at a floating interest rate benchmarked against prevailing interest rates of certain PRC financial institutions. The loan interest rate was 3.9% as of December 31, 2023 . The loan is secured by BeiGene Suzhou Co., Ltd.’s land use right and certain fixed assets that will be placed into service upon completion of the small molecule manufacturing campus in Suzhou, China. The Company drew down $22,502 (RMB163,000) during the year ended December 31, 2023. The Company has numerous financial and non-financial covenants on its debt obligations with various banks and other lenders. Some of these covenants include cross-default provisions that could require acceleration of repayment of loans in the event of default. However, the Company’s debt is primarily short-term in nature. Any acceleration would be a matter of months but may impact the Company’s ability to refinance debt obligations if an event of default occurs. As of December 31, 2023, the Company is in compliance with all covenants of our material debt agreements. |
Schedule of Contractual Maturities of Debt Obligations | The aggregate contractual maturities of all borrowings due subsequent to December 31, 2023 are as follows: Maturity dates Amounts $ Year ending December 31, 2024 688,366 Year ending December 31, 2025 35,565 Year ending December 31, 2026 46,279 Year ending December 31, 2027 46,279 Year ending December 31, 2028 25,146 Thereafter 44,349 Total 885,984 |
Product Revenue (Tables)
Product Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Net Product Sales | The following table summarizes total collaboration revenue recognized for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Revenue from Collaborators $ $ $ License revenue — — 484,646 Research and development service revenue 79,431 46,822 53,671 Right to access intellectual property revenue 104,477 104,994 3,979 Material rights revenue 71,980 — — Other 13,039 9,493 — Total 268,927 161,309 542,296 The following table summarizes collaboration revenue recognized in connection with the tislelizumab collaboration and license agreement for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 $ $ $ License revenue — — 484,646 Research and development service revenue 72,278 39,655 53,421 Other (1) 5,067 9,493 — Total 77,345 49,148 538,067 (1) Represents revenue recognized on sale of tislelizumab clinical supply to Novartis in conjunction with the collaboration. The following table summarizes collaboration revenue recognized in connection with the ociperlimab option, collaboration and license agreement for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 $ $ $ Research and development service revenue 7,153 7,167 250 Right to access intellectual property revenue 104,477 104,994 3,979 Material rights revenue 71,980 — — Other (2) 8,859 — — Total 192,469 112,161 4,229 The table below presents the Company’s net product sales for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 2022 2021 $ $ $ Product revenue - gross 2,718,969 1,438,440 748,824 Less: Rebates and sales returns (529,117) (183,828) (114,837) Product revenue - net 2,189,852 1,254,612 633,987 The following table disaggregates net product revenue by product for the years ended December 31, 2023, 2022 and 2021. Year Ended December 31, 2023 2022 2021 $ $ $ BRUKINSA ® 1,290,396 564,651 217,987 Tislelizumab 536,620 422,885 255,119 REVLIMID ® 76,018 79,049 70,065 XGEVA ® 92,828 63,398 45,956 POBEVCY ® 56,547 38,124 1,353 BLINCYTO ® 54,342 36,107 12,515 KYPROLIS ® 39,799 13,696 — VIDAZA ® 13,960 15,213 19,591 Pamiparib 6,668 5,460 3,661 Other 22,674 16,029 7,740 Total product revenue - net 2,189,852 1,254,612 633,987 |
Schedule of Accrued Sales Rebates and Returns | The following table presents the roll-forward of accrued sales rebates and returns for the years ended December 31, 2023 and 2022. Year Ended December 31, 2023 2022 $ $ Beginning balance, as of January 1 41,817 59,639 Accrual 529,117 183,828 Payment (430,998) (201,650) Ending balance, as of December 31 139,936 41,817 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of the Computations of Basic and Diluted Loss Per Share | Loss per share was calculated as follows: Year Ended December 31, 2023 2022 2021 $ $ $ Numerator: Net loss (881,708) (2,003,815) (1,457,816) Denominator: Weighted average shares outstanding for computing basic and diluted loss per share 1,357,034,547 1,340,729,572 1,206,210,049 Loss per share (0.65) (1.49) (1.21) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Shedule 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 August 31, 2023 794,144 $ 207.55 $ 15.97 $ 176.42 $ 13.57 $ 10,777 February 28, 2023 930,582 $ 171.10 $ 13.16 $ 145.44 $ 11.19 $ 10,414 August 31, 2022 861,315 $ 171.66 $ 13.20 $ 145.91 $ 11.22 $ 9,667 February 28, 2022 667,160 $ 210.52 $ 16.19 $ 178.94 $ 13.76 $ 9,183 August 31, 2021 425,386 $ 308.30 $ 23.72 $ 262.06 $ 20.16 $ 8,575 February 26, 2021 436,124 $ 236.30 $ 18.18 $ 200.86 $ 15.45 $ 6,738 1 The market price is the lower of the closing price on NASDAQ 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. |
Schedule of Share Option Activities | The following table summarizes the Company’s share option activities under the 2011, 2016 and 2018 Plans: Number of Weighted Weighted Weighted Aggregate $ $ Years $ Outstanding at December 31, 2020 84,991,715 5.27 Granted 6,244,524 26.46 12.40 Exercised (17,233,853) 4.52 367,110 Forfeited (1,797,498) 13.27 Outstanding at December 31, 2021 72,204,888 7.08 Granted 12,516,816 12.34 6.40 Exercised (5,898,217) 4.63 52,258 Forfeited (2,296,634) 16.46 Outstanding at December 31, 2022 76,526,853 7.85 Granted 9,817,925 16.37 8.14 Exercised (6,974,331) 4.54 92,051 Forfeited (1,225,334) 17.60 Outstanding at December 31, 2023 78,145,113 9.06 5.09 465,231 Exercisable as of December 31, 2023 59,221,091 6.93 3.91 452,750 Vested and expected to vest at December 31, 2023 75,306,510 8.81 4.95 463,359 |
Schedule of the Range of Fair Values and the Assumptions Used to Estimate the Fair Values of the Share Options Granted | The following table presents the range of fair values and the assumptions used to estimate those fair values of the share options granted in the years presented: Year Ended December 31, 2023 2022 2021 Fair value of ordinary share $7.26 ~ $10.72 $5.51 ~ $9.04 $9.94 ~ $14.97 Risk-free interest rate 3.4% ~ 4.6% 1.8% ~ 3.9% 1.1% ~ 1.7% Expected exercise multiple 2.8 2.8 2.8 Expected volatility 58% ~ 60% 51% ~ 60% 51% ~ 59% Expected dividend yield 0% 0% 0% Contractual life 10 years 10 years 10 years |
Schedule of Employee Restricted Shares Activities and Restricted Share Units Activities | The following table summarizes the Company’s restricted share unit activities under the 2016 and 2018 Plans: Numbers Weighted-Average $ Outstanding at December 31, 2020 34,876,972 12.50 Granted 17,173,767 25.58 Vested (10,703,381) 12.23 Forfeited (5,264,376) 15.82 Outstanding at December 31, 2021 36,082,982 18.33 Granted 38,707,669 12.46 Vested (12,533,586) 16.37 Forfeited (6,859,892) 16.72 Outstanding at December 31, 2022 55,397,173 14.87 Granted 34,573,994 15.57 Vested (17,862,598) 14.71 Forfeited (5,707,546) 15.47 Outstanding at December 31, 2023 66,401,023 15.22 Expected to vest at December 31, 2023 56,440,870 15.22 |
Schedule of Total Compensation Cost Recognized | The following table summarizes total share-based compensation cost recognized for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 $ $ $ Research and development 163,550 139,348 114,357 Selling, general and administrative 204,038 163,814 126,355 Total 367,588 303,162 240,712 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The movement of accumulated other comprehensive (loss) income was as follows: Foreign Currency Unrealized Pension Liability Adjustments Total $ $ $ $ December 31, 2021 27,898 (3,700) (6,248) 17,950 Other comprehensive income (loss) before reclassifications (90,421) (5,311) (446) (96,178) Amounts reclassified from accumulated other comprehensive (loss) income (1) — — 811 811 Net-current period other comprehensive (loss) income (90,421) (5,311) 365 (95,367) December 31, 2022 (62,523) (9,011) (5,883) (77,417) Other comprehensive income (loss) before reclassifications (25,464) 9,046 (6,422) (22,840) Amounts reclassified from accumulated other comprehensive (loss) income (1) — — 811 811 Net-current period other comprehensive (loss) income (25,464) 9,046 (5,611) (22,029) December 31, 2023 (87,987) 35 (11,494) (99,446) (1) The amounts reclassified from accumulated other comprehensive (loss) income were included in other income (expense), net in the consolidated statements of operations. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Expected Benefit Payments | The following table reflects the total expected benefit payments to Swiss Plan participants and have been estimated based on the same assumptions used to measure the Company’s benefit obligations as of December 31, 2023: Amounts $ Year ending December 31, 2024 607 Year ending December 31, 2025 214 Year ending December 31, 2026 580 Year ending December 31, 2027 985 Year ending December 31, 2028 811 Thereafter 9,569 Total 12,766 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Net Product Revenues by Geographic Area | Total net revenues by geographic area are presented as follows: Year Ended December 31, 2023 2022 2021 $ $ $ U.S. - total revenue 1,128,219 502,626 495,265 Product revenue 945,551 389,710 115,658 Collaboration revenue 182,668 112,916 379,607 China- total revenue 1,101,951 840,032 517,104 Product revenue 1,093,091 840,032 517,104 Collaboration revenue 8,860 — — Europe- total revenue 202,014 63,257 163,051 Product revenue 122,228 14,864 362 Collaboration revenue 79,786 48,393 162,689 Rest of world- total revenue 26,595 10,006 863 Product revenue 28,982 10,006 863 Collaboration revenue (2,387) — — Total Revenue 2,458,779 1,415,921 1,176,283 |
Organization (Details)
Organization (Details) patient in Thousands, employee in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) employee medicine patient region team trial | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Stockholders' Equity Note [Abstract] | |||
Total revenues | $ 2,458,779 | $ 1,415,921 | $ 1,176,283 |
Revenue, period increase | $ 1,000,000 | ||
Net loss period decrease | $ 1,100,000 | ||
Number of approved medicines | medicine | 3 | ||
Number of approved medicines company has rights to | medicine | 14 | ||
Number of internal clinical teams | team | 3,000 | ||
Clinical trials conducted | trial | 130 | ||
Number of patients | patient | 22 | ||
Number of regions | region | 45 | ||
Number of employees | employee | 10 | ||
Minimum | |||
Stockholders' Equity Note [Abstract] | |||
Products on trial | trial | 40 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Impairment loss | $ 7,529 | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | Dec. 31, 2023 |
Building | |
Property and equipment | |
Useful lives (in years) | 20 years |
Manufacturing equipment | Minimum | |
Property and equipment | |
Useful lives (in years) | 3 years |
Manufacturing equipment | Maximum | |
Property and equipment | |
Useful lives (in years) | 10 years |
Laboratory Equipment | Minimum | |
Property and equipment | |
Useful lives (in years) | 3 years |
Laboratory Equipment | Maximum | |
Property and equipment | |
Useful lives (in years) | 5 years |
Software, electronics and office equipment | Minimum | |
Property and equipment | |
Useful lives (in years) | 3 years |
Software, electronics and office equipment | Maximum | |
Property and equipment | |
Useful lives (in years) | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Land Use Right, Net (Details) - Land-Rights - intangible | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 |
Land use right, net | |||
Number of intangible assets, count | 2 | ||
Useful life | 50 years | 30 years | 36 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Intangible asset impairment | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impairment of long-lived assets | |||
Impairment of long-lived assets | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Unobservable Inputs (Level 3) | Convertible debt instrument | |||
Other non-current assets (Note 5): | |||
Loss on fair value | $ (1,492) | $ 0 | $ 0 |
Recurring Basis | Quoted Price in Active Market for Identical Assets (Level 1) | |||
Other non-current assets (Note 5): | |||
Total | 1,100,647 | 1,426,672 | |
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 | 2,600 | 665,251 | |
Recurring Basis | Quoted Price in Active Market for Identical Assets (Level 1) | Convertible debt instrument | |||
Prepaid expenses and other current assets (Note 5): | |||
Convertible debt instrument | 0 | 0 | |
Other non-current assets (Note 5): | |||
Convertible debt instrument | 0 | 0 | |
Recurring Basis | Quoted Price in Active Market for Identical Assets (Level 1) | Equity securities with readily determinable fair values | |||
Other non-current assets (Note 5): | |||
Equity securities with readily determinable fair values | 3,046 | 3,307 | |
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: | 1,052,149 | 758,114 | |
Recurring Basis | Quoted Price in Active Market for Identical Assets (Level 1) | Time deposits | |||
Assets at fair value on a recurring basis | |||
Cash equivalents: | 42,852 | ||
Recurring Basis | Significant Other Observable Inputs (Level 2) | |||
Other non-current assets (Note 5): | |||
Total | 542 | 706 | |
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) | Convertible debt instrument | |||
Prepaid expenses and other current assets (Note 5): | |||
Convertible debt instrument | 0 | 0 | |
Other non-current assets (Note 5): | |||
Convertible debt instrument | 0 | 0 | |
Recurring Basis | Significant Other Observable Inputs (Level 2) | Equity securities with readily determinable fair values | |||
Other non-current assets (Note 5): | |||
Equity securities with readily determinable fair values | 542 | 706 | |
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 Other Observable Inputs (Level 2) | Time deposits | |||
Assets at fair value on a recurring basis | |||
Cash equivalents: | 0 | ||
Recurring Basis | Significant Unobservable Inputs (Level 3) | |||
Other non-current assets (Note 5): | |||
Total | 8,883 | 8,190 | |
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) | Convertible debt instrument | |||
Prepaid expenses and other current assets (Note 5): | |||
Convertible debt instrument | 4,668 | 5,190 | |
Other non-current assets (Note 5): | |||
Convertible debt instrument | 4,215 | 3,000 | |
Recurring Basis | Significant Unobservable Inputs (Level 3) | Equity securities with readily determinable fair values | |||
Other non-current assets (Note 5): | |||
Equity securities with readily determinable fair values | 0 | 0 | |
Recurring Basis | Significant Unobservable Inputs (Level 3) | Money market funds | |||
Assets at fair value on a recurring basis | |||
Cash equivalents: | 0 | $ 0 | |
Recurring Basis | Significant Unobservable Inputs (Level 3) | Time deposits | |||
Assets at fair value on a recurring basis | |||
Cash equivalents: | $ 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies -Government Grants (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment | ||
Other long-term liabilities | $ 50,510 | $ 46,095 |
Depreciation Expense | ||
Property, Plant and Equipment | ||
Government assistance amount | $ 2,938 | $ 3,169 |
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Depreciation and amortization expense | Depreciation and amortization expense |
Other Nonoperating Income (Expense) | ||
Property, Plant and Equipment | ||
Government assistance amount | $ 0 | $ 1,664 |
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other income (expense), net | Other income (expense), net |
Accrued Research And Development | ||
Property, Plant and Equipment | ||
Other long-term liabilities | $ 120 | $ 58 |
Guangzhou | ||
Property, Plant and Equipment | ||
Other long-term liabilities | $ 34,084 | $ 38,118 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Segment Information (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment information | |
Number of reportable segments | 1 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Concentration of Risks (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Concentration Risk | |||||
Cash and cash equivalents | $ 3,171,800 | $ 3,869,564 | $ 4,375,678 | ||
Short-term investments | 2,600 | 665,251 | |||
Accounts receivable, net | $ 358,027 | $ 173,168 | |||
Novartis | Collaborative Arrangement | |||||
Concentration Risk | |||||
Upfront cash payment received | $ 300,000 | $ 300,000 | $ 650,000 | ||
Product Revenue | ASD Specialty Healthcare | Customer Concentration Risk | |||||
Concentration Risk | |||||
Concentration risk, percentage | 16% | 14.20% | |||
Product Revenue | McKesson | Customer Concentration Risk | |||||
Concentration Risk | |||||
Concentration risk, percentage | 14.20% | ||||
Product Revenue | Sinopharm | Customer Concentration Risk | |||||
Concentration Risk | |||||
Concentration risk, percentage | 12.40% | 18.10% | 26% | ||
Product Revenue | Shanghai Pharmaceutical | Customer Concentration Risk | |||||
Concentration Risk | |||||
Concentration risk, percentage | 11.40% | 15.50% | 16.70% | ||
Product Revenue | China Resources | Customer Concentration Risk | |||||
Concentration Risk | |||||
Concentration risk, percentage | 12.10% | 19.90% | |||
Accounts Receivable | Four Largest Customers | Customer Concentration Risk | |||||
Concentration Risk | |||||
Concentration risk, percentage | 53.20% | 57% | |||
Accounts Receivable | Three Largest Customers | Customer Concentration Risk | |||||
Concentration Risk | |||||
Concentration risk, percentage | 23.40% | ||||
Accounts Receivable | Novartis | Customer Concentration Risk | |||||
Concentration Risk | |||||
Concentration risk, percentage | 66.40% |
Collaborative and Licensing A_3
Collaborative and Licensing Arrangements - Recognized Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Total revenues | $ 2,458,779 | $ 1,415,921 | $ 1,176,283 |
Collaboration revenue | |||
Revenues | |||
Total revenues | 268,927 | 161,309 | 542,296 |
Collaboration revenue | Novartis | |||
Revenues | |||
Total revenues | 268,927 | 161,309 | 542,296 |
Collaboration revenue | Tislelizumab | |||
Revenues | |||
Total revenues | 77,345 | 49,148 | 538,067 |
Collaboration revenue | Ociperlimab | |||
Revenues | |||
Total revenues | 192,469 | 112,161 | 4,229 |
License revenue | Novartis | |||
Revenues | |||
Total revenues | 0 | 0 | 484,646 |
License revenue | Tislelizumab | |||
Revenues | |||
Total revenues | 0 | 0 | 484,646 |
Research and development service revenue | Novartis | |||
Revenues | |||
Total revenues | 79,431 | 46,822 | 53,671 |
Research and development service revenue | Tislelizumab | |||
Revenues | |||
Total revenues | 72,278 | 39,655 | 53,421 |
Research and development service revenue | Ociperlimab | |||
Revenues | |||
Total revenues | 7,153 | 7,167 | 250 |
Right to access intellectual property revenue | Novartis | |||
Revenues | |||
Total revenues | 104,477 | 104,994 | 3,979 |
Right to access intellectual property revenue | Ociperlimab | |||
Revenues | |||
Total revenues | 104,477 | 104,994 | 3,979 |
Material rights revenue | Novartis | |||
Revenues | |||
Total revenues | 71,980 | 0 | 0 |
Material rights revenue | Ociperlimab | |||
Revenues | |||
Total revenues | 71,980 | 0 | 0 |
Other | Novartis | |||
Revenues | |||
Total revenues | 13,039 | 9,493 | 0 |
Other | Tislelizumab | |||
Revenues | |||
Total revenues | 5,067 | 9,493 | 0 |
Other | Ociperlimab | |||
Revenues | |||
Total revenues | $ 8,859 | $ 0 | $ 0 |
Collaborative and Licensing A_4
Collaborative and Licensing Arrangements - Novartis (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 performance_obligation | Jan. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 31, 2021 USD ($) |
License revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Remaining performance obligation | $ 71,980 | ||||
Novartis | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Number of performance obligations | performance_obligation | 2 | ||||
Novartis | Collaborative Arrangement | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Upfront cash payment received | $ 300,000 | $ 300,000 | $ 650,000 | ||
Maximum proceeds from milestones | 745,000 | 1,300,000 | |||
Maximum achievement of sales milestone | $ 1,150,000 | 250,000 | |||
Novartis | Collaborative Arrangement | License revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Remaining performance obligation | 484,646 | ||||
Novartis | Collaborative Arrangement | Research and development service revenue | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Remaining performance obligation | $ 14,570 | $ 165,354 |
Collaborative and Licensing A_5
Collaborative and Licensing Arrangements - Ociperlimab Option, Collaboration and License Agreement and China Broad Market Development Agreement (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022 product | Dec. 31, 2023 USD ($) trial | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) | Jan. 31, 2022 USD ($) | Jan. 31, 2021 USD ($) | |
Research and development collaborative arrangements | |||||||
Number of products | product | 5 | ||||||
Total revenues | $ 2,458,779 | $ 1,415,921 | $ 1,176,283 | ||||
Number of ongoing trials | trial | 2 | ||||||
License revenue | |||||||
Research and development collaborative arrangements | |||||||
Remaining performance obligation | $ 71,980 | ||||||
Other | |||||||
Research and development collaborative arrangements | |||||||
Remaining performance obligation | 213,450 | ||||||
U.S. | |||||||
Research and development collaborative arrangements | |||||||
Total revenues | 1,128,219 | 502,626 | 495,265 | ||||
Novartis | License revenue | |||||||
Research and development collaborative arrangements | |||||||
Total revenues | 0 | 0 | 484,646 | ||||
Novartis | Other | |||||||
Research and development collaborative arrangements | |||||||
Total revenues | 13,039 | 9,493 | 0 | ||||
Novartis | Research and development service revenue | |||||||
Research and development collaborative arrangements | |||||||
Total revenues | 79,431 | $ 46,822 | 53,671 | ||||
Collaborative Arrangement | Novartis | |||||||
Research and development collaborative arrangements | |||||||
Upfront cash payment received | $ 300,000 | $ 300,000 | $ 650,000 | ||||
Maximum proceeds from milestones | 745,000 | 1,300,000 | |||||
Maximum achievement of sales milestone | $ 1,150,000 | 250,000 | |||||
Collaborative Arrangement | Novartis | License revenue | |||||||
Research and development collaborative arrangements | |||||||
Remaining performance obligation | 484,646 | ||||||
Collaborative Arrangement | Novartis | Research and development service revenue | |||||||
Research and development collaborative arrangements | |||||||
Remaining performance obligation | 14,570 | $ 165,354 | |||||
Collaborative Arrangement | Novartis | Minimum | |||||||
Research and development collaborative arrangements | |||||||
Additional upfront proceeds upon the exercise of option | $ 600,000 | ||||||
Collaborative Arrangement | Novartis | Maximum | |||||||
Research and development collaborative arrangements | |||||||
Additional upfront proceeds upon the exercise of option | $ 700,000 | ||||||
Collaborative Arrangement | Novartis | U.S. | |||||||
Research and development collaborative arrangements | |||||||
Collaborative arrangement co detailing and co-field (percent) | 50% | ||||||
Collaborative Arrangement | Novartis | CANADA | |||||||
Research and development collaborative arrangements | |||||||
Collaborative arrangement co detailing and co-field (percent) | 25% | ||||||
Collaborative Arrangement | Novartis | MEXICO | |||||||
Research and development collaborative arrangements | |||||||
Collaborative arrangement co detailing and co-field (percent) | 25% |
Collaborative and Licensing A_6
Collaborative and Licensing Arrangements - Amgen (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 02, 2020 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) shares | Dec. 31, 2023 USD ($) product | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Research and Development Arrangement, Contract to Perform for Others | |||||
Payments to acquire equity interest | $ 0 | $ 0 | $ 50,000 | ||
Ordinary Shares | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Share price, ADS (in dollars per share) | $ / shares | $ 132.74 | ||||
Proceeds from ADS shares | $ 2,109,902 | ||||
Amgen, Inc | Beigene Ltd | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Minority interest in investment (as a percent) | 20.50% | ||||
Product Revenue | Product Concentration Risk | Amgen, Inc | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Concentration risk, percentage | 100% | ||||
Amgen, Inc | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Number of products company has the right to retain | product | 1 | ||||
Product retention period | 5 years | ||||
Maximum cash and development services commitment | $ 1,250,000 | ||||
Shares issued (in shares) | shares | 15,895,001 | 2,151,877,000 | |||
Per share acquisition price (in dollars per share) | $ / shares | $ 174.85 | ||||
Fair value of cost share liability | $ 601,857 | ||||
Payments to acquire equity interest | 2,779,241 | $ 50 | |||
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 and Licensing A_7
Collaborative and Licensing Arrangements - Funding Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and Development Arrangement, Contract to Perform for Others | |||
Research and development expense | $ 1,778,594 | $ 1,640,508 | $ 1,459,239 |
Amgen, Inc | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Research and development expense | 53,314 | 98,955 | 115,464 |
Amortization of research and development cost share liability | 55,294 | 96,402 | 112,486 |
Total amount due to Amgen for BeiGene’s portion of the development funding | 108,608 | $ 195,357 | $ 227,950 |
Remaining portion of development funding cap | $ 483,651 |
Collaborative and Licensing A_8
Collaborative and Licensing Arrangements - Financing Liability (Details) - Amgen, Inc - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Research and Development Arrangement, Contract to Perform for Others | ||
Research and development cost share liability, current portion | $ 68,004 | $ 114,335 |
Research and development cost share liability, non-current portion | 170,662 | 179,625 |
Total research and development cost share liability | $ 238,666 | $ 293,960 |
Collaborative and Licensing A_9
Collaborative and Licensing Arrangements - Amounts and Classification of Payments (Income/(Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and Development Arrangement, Contract to Perform for Others | |||
Total | $ (50,871) | $ (50,183) | $ (42,836) |
Accounts payable | 315,111 | 294,781 | |
Amgen, Inc | Collaborative Arrangement | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Collaborative arrangement, inventory purchases | 108,691 | 71,720 | 110,303 |
Amgen, Inc | Collaborative Arrangement | Related Party | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Accounts payable | 55,474 | 54,064 | |
Cost of sales - product | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Total | 8,358 | 5,898 | 1,893 |
Selling, general and administrative | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Total | (60,917) | (54,865) | (45,152) |
Research and development | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Total | $ 1,688 | $ (1,216) | $ 423 |
Collaborative and Licensing _10
Collaborative and Licensing Arrangements - Payment Classification (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and development collaborative arrangements | |||
Total | $ 71,165 | $ 74,165 | $ 141,894 |
Intangible asset | Regulatory and commercial milestone payments | |||
Research and development collaborative arrangements | |||
Total | 24,365 | 0 | 43,394 |
Research and development expense | Upfront payments | |||
Research and development collaborative arrangements | |||
Total | 46,800 | 68,665 | 83,500 |
Research and development expense | Development milestone payments | |||
Research and development collaborative arrangements | |||
Total | $ 0 | $ 5,500 | $ 15,000 |
Collaborative and Licensing _11
Collaborative and Licensing Arrangements - Ensem Therapeutics, Inc. (Details) - Ensem Therapeutics, Inc. - Collaborative Arrangement $ in Thousands | Nov. 30, 2023 USD ($) |
Research and development collaborative arrangements | |
Additional upfront proceeds upon the exercise of option | $ 1,300,000 |
Upfront cash payment received | $ 30 |
Collaborative and Licensing _12
Collaborative and Licensing Arrangements - Shandong Luye Pharmaceutical Co., Ltd (Details - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2021 | |
Research and development collaborative arrangements | |||||
Intangible assets, net | $ 40,616 | $ 57,138 | |||
Shandong Luye Pharmaceutical Co., Ltd | |||||
Research and development collaborative arrangements | |||||
Upfront license payment | 48,665 | ||||
Payments for supplies | $ 30 | ||||
Novartis | Collaborative Arrangement | |||||
Research and development collaborative arrangements | |||||
Maximum proceeds from milestones | $ 745,000 | $ 1,300,000 | |||
Bio-Thera Solutions, Ltd. | |||||
Research and development collaborative arrangements | |||||
Upfront license payment | $ 20,000 | ||||
Bio-Thera Solutions, Ltd. | Capitalized Commercial Milestone | |||||
Research and development collaborative arrangements | |||||
Intangible assets, net | $ 5 |
Collaborative and Licensing _13
Collaborative and Licensing Arrangements - Shoreline Biosciences, Inc. (Details) $ in Thousands | 1 Months Ended |
Jun. 30, 2021 USD ($) target | |
Research and development collaborative arrangements | |
Designated therapeutic targets | 4 |
Number of targets | 2 |
Shoreline Biosciences, Inc. | |
Research and development collaborative arrangements | |
Upfront license payment | $ | $ 45,000 |
Collaborative and Licensing _14
Collaborative and Licensing Arrangements - Nanjing Leads Biolabs, Inc. (Details) - Nanjing Leads Biolabs, Inc. - USD ($) $ in Thousands | 1 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Research and development collaborative arrangements | ||
Upfront license payment | $ 30,000 | |
Maximum milestone payments | $ 742,000 |
Collaborative and Licensing _15
Collaborative and Licensing Arrangements - EUSA Pharma (Details) - EUSA Pharma $ in Thousands | 1 Months Ended |
Jan. 31, 2020 USD ($) | |
Research and Development Arrangement, Contract to Perform for Others | |
Upfront license payment | $ 40,000 |
Maximum milestone payments | $ 120 |
Collaborative and Licensing _16
Collaborative and Licensing Arrangements - Assembly Biosciences, Inc. (Details) - Assembly Biosciences, Inc. $ in Thousands | 1 Months Ended |
Jul. 31, 2020 USD ($) application | |
Research and Development Arrangement, Contract to Perform for Others | |
Candidates | application | 3 |
Upfront license payment | $ 40 |
Maximum milestone payments | $ 503,750 |
Collaborative and Licensing _17
Collaborative and Licensing Arrangements - Bio-Thera Solutions, Ltd. (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Aug. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Research and Development Arrangement, Contract to Perform for Others | |||
Intangible assets, net | $ 57,138 | $ 40,616 | |
Bio-Thera Solutions, Ltd. | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Upfront license payment | $ 20,000 | ||
Maximum milestone payments | $ 145,000 | ||
Bio-Thera Solutions, Ltd. | Capitalized Commercial Milestone | |||
Research and Development Arrangement, Contract to Perform for Others | |||
Intangible assets, net | $ 5 |
Restricted Cash and Investments
Restricted Cash and Investments - Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Short-term restricted cash | $ 11,473 | $ 196 |
Long-term restricted cash | 2,711 | 5,277 |
Total | $ 14,184 | $ 5,473 |
Restricted Cash - Narrative (De
Restricted Cash - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments | ||
Restricted cash | $ 14,184 | $ 5,473 |
STAR Market | IPO | ||
Schedule of Investments | ||
Restricted cash | $ 1,191,583 |
Investments - Short-Term Invest
Investments - Short-Term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term investments | ||
Amortized Cost | $ 2,565 | $ 674,262 |
Gross Unrealized Gains | 35 | 0 |
Gross Unrealized Losses | 0 | 9,011 |
Fair Value (Net Carrying Amount) | 2,600 | 665,251 |
U.S. treasury securities | ||
Short-term investments | ||
Amortized Cost | 2,565 | 674,262 |
Gross Unrealized Gains | 35 | 0 |
Gross Unrealized Losses | 0 | 9,011 |
Fair Value (Net Carrying Amount) | $ 2,600 | $ 665,251 |
Investments - Equity Securities
Investments - Equity Securities with/without Readily Determinable Fair Values and Equity-Method Investments (Details) - USD ($) $ in Thousands | 1 Months Ended | |||
Sep. 30, 2021 | Jan. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments | ||||
Equity securities without readily determinable fair values | $ 55,860 | $ 57,054 | ||
Leap Therapeutic, Inc | ||||
Schedule of Investments | ||||
Equity method investments, percent | 2.90% | |||
Equity method investments, including warrants, percent | 4.70% | |||
Leap Therapeutic, Inc | Series B Preferred Stock | ||||
Schedule of Investments | ||||
Payments to acquire equity securities | $ 5,000 | |||
Leap Therapeutic, Inc | Ordinary Shares | ||||
Schedule of Investments | ||||
Payments to acquire equity securities | $ 7,250 | |||
GET Biomedical Industry Investment Fund Management Co., Ltd. | ||||
Schedule of Investments | ||||
Equity method investment | $ 25,981 | $ 27,710 |
Investments - Losses Recognized
Investments - Losses Recognized On The Company's Investment In Leap (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Investments | |||
Other income (expense), net | $ (16,221) | $ (21,996) | $ 7,632 |
Leap Therapeutic, Inc | |||
Schedule of Investments | |||
Other income (expense), net | $ (425) | $ (30,102) | $ 9,386 |
Investments - Fair value of Com
Investments - Fair value of Common Stock and Warrants (Details) - Leap Therapeutic, Inc - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair value of Leap common stock | ||
Schedule of Investments | ||
Equity securities with readily determinable fair values | $ 3,046 | $ 3,307 |
Fair value of Leap warrants | ||
Schedule of Investments | ||
Equity securities with readily determinable fair values | $ 542 | $ 706 |
Investments - Investments In Eq
Investments - Investments In Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Other income (expense), net | $ 5,065 | $ 0 | |
Other income (expense), net | $ (6,448) |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Investments | |||
Other income (expense), net | $ (16,221) | $ (21,996) | $ 7,632 |
BeiGene (Guangzhou) Co., Ltd. (“BeiGene Guangzhou”) | Other Income | |||
Schedule of Investments | |||
Other income (expense), net | $ (7,856) | $ (3,682) | $ (1,796) |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 148,772 | $ 88,957 |
Work in process | 39,098 | 20,886 |
Finished goods | 228,252 | 172,503 |
Total inventories | $ 416,122 | $ 282,346 |
Leases - Narratives (Details)
Leases - Narratives (Details) | Dec. 31, 2023 |
Building | |
Lessee, Lease, Description | |
Contract term (years) | 6 years |
Land | Manufacturing Facility in Guangzhou | |
Lessee, Lease, Description | |
Contract term (years) | 50 years |
Land | Office Facility In Changping | |
Lessee, Lease, Description | |
Contract term (years) | 36 years |
Land | Manufacturing Facility in Suzhou | |
Lessee, Lease, Description | |
Contract term (years) | 30 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 25,978 | $ 25,938 | $ 22,536 |
Variable lease cost | 6,101 | 6,834 | 4,892 |
Short-term lease cost | 1,683 | 1,299 | 1,823 |
Total lease cost | $ 33,762 | $ 34,071 | $ 29,251 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lessee, Lease, Description | ||
Total operating lease right-of-use assets | $ 95,207 | $ 109,960 |
Current portion of operating lease liabilities | 21,950 | 24,041 |
Operating lease liabilities, non-current portion | 22,251 | 34,517 |
Total lease liabilities | 44,201 | 58,558 |
Operating lease right-of-use assets | ||
Lessee, Lease, Description | ||
Total operating lease right-of-use assets | 43,490 | 56,008 |
Land use rights, net | ||
Lessee, Lease, Description | ||
Total operating lease right-of-use assets | $ 51,717 | $ 53,952 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Lease Liabilities, Payments Due | ||
Year ending December 31, 2024 | $ 23,499 | |
Year ending December 31, 2025 | 14,148 | |
Year ending December 31, 2026 | 5,740 | |
Year ending December 31, 2027 | 3,155 | |
Year ending December 31, 2028 | 1,682 | |
Thereafter | 932 | |
Total lease payments | 49,156 | |
Less imputed interest | (4,955) | |
Total lease liabilities | $ 44,201 | $ 58,558 |
Leases - Other Supplemental Inf
Leases - Other Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows used in operating leases | $ 27,985 | $ 28,064 | $ 19,962 |
ROU assets obtained in exchange for new operating lease liabilities | $ 11,854 | $ 22,278 | $ 37,454 |
Weighted-average remaining lease term (years) | 3 years | 3 years | |
Weighted-average discount rate | 7.22% | 5.76% |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net- Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property and equipment | ||
Property and equipment, at cost | $ 832,751 | $ 723,789 |
Less: Accumulated depreciation | (249,212) | (171,470) |
Construction in progress | 740,615 | 293,627 |
Property, plant and equipment, net | 1,324,154 | 845,946 |
Land | ||
Property and equipment | ||
Property and equipment, at cost | 65,485 | 65,485 |
Laboratory equipment | ||
Property and equipment | ||
Property and equipment, at cost | 205,349 | 158,908 |
Construction in progress | 16,135 | 12,256 |
Leasehold improvements | ||
Property and equipment | ||
Property and equipment, at cost | 60,124 | 53,786 |
Building | ||
Property and equipment | ||
Property and equipment, at cost | 231,656 | 222,448 |
Construction in progress | 579,649 | 224,392 |
Manufacturing equipment | ||
Property and equipment | ||
Property and equipment, at cost | 186,856 | 175,679 |
Construction in progress | 119,380 | 33,332 |
Software, electronics and office equipment | ||
Property and equipment | ||
Property and equipment, at cost | $ 83,281 | $ 47,483 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Narratives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 80,436 | $ 62,302 | $ 44,742 |
Property, Plant and Equipment_5
Property, Plant and Equipment, Net - Construction in Progress (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property and equipment | ||
Construction in progress | $ 740,615 | $ 293,627 |
Building | ||
Property and equipment | ||
Construction in progress | 579,649 | 224,392 |
Manufacturing equipment | ||
Property and equipment | ||
Construction in progress | 119,380 | 33,332 |
Laboratory equipment | ||
Property and equipment | ||
Construction in progress | 16,135 | 12,256 |
Other | ||
Property and equipment | ||
Construction in progress | $ 25,451 | $ 23,647 |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Intangible assets | ||
Gross carrying amount | $ 73,261 | $ 49,551 |
Accumulated amortization | (16,123) | (8,935) |
Intangible assets, net | 57,138 | 40,616 |
Developed products | ||
Intangible assets | ||
Gross carrying amount | 64,274 | 41,235 |
Accumulated amortization | (7,807) | (4,119) |
Intangible assets, net | 56,467 | 37,116 |
Other | ||
Intangible assets | ||
Gross carrying amount | 8,987 | 8,316 |
Accumulated amortization | (8,316) | (4,816) |
Intangible assets, net | $ 671 | $ 3,500 |
Intangible Assets - Useful Life
Intangible Assets - Useful Life (Details) - Weighted Average | Dec. 31, 2023 |
Developed products | |
Other intangible assets | |
Useful life | 12 years |
Other | |
Other intangible assets | |
Useful life | 12 years |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets | |||
Amortization of intangible assets | $ 7,239 | $ 3,976 | $ 1,715 |
Cost of Sales - Product | |||
Finite-Lived Intangible Assets | |||
Amortization of intangible assets | 3,739 | 3,225 | 965 |
Operating Expenses | |||
Finite-Lived Intangible Assets | |||
Amortization of intangible assets | $ 3,500 | $ 751 | $ 750 |
Intangible Assets - Expected Am
Intangible Assets - Expected Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Year Ending December 31, | ||
2024 | $ 5,000 | |
2025 | 5,000 | |
2026 | 4,999 | |
2027 | 4,776 | |
2028 | 4,776 | |
2029 and thereafter | 32,587 | |
Intangible assets, net | 57,138 | $ 40,616 |
Cost of Sales - Product | ||
Year Ending December 31, | ||
2024 | 4,776 | |
2025 | 4,776 | |
2026 | 4,776 | |
2027 | 4,776 | |
2028 | 4,776 | |
2029 and thereafter | 32,587 | |
Intangible assets, net | 56,467 | |
Operating Expenses | ||
Year Ending December 31, | ||
2024 | 224 | |
2025 | 224 | |
2026 | 223 | |
2027 | 0 | |
2028 | 0 | |
2029 and thereafter | 0 | |
Intangible assets, net | $ 671 |
Income Taxes - Income_(Loss) Be
Income Taxes - Income/(Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of income / (loss) before income taxes | |||
Loss before income taxes | $ (825,836) | $ (1,961,037) | $ (1,438,588) |
U.S. | |||
Components of income / (loss) before income taxes | |||
Foreign | 117,446 | 67,744 | 34,923 |
PRC | |||
Components of income / (loss) before income taxes | |||
PRC | (315,852) | (583,610) | (606,752) |
Other | |||
Components of income / (loss) before income taxes | |||
Foreign | $ (627,430) | $ (1,445,171) | $ (866,759) |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Components Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current Tax Expense (Benefit): | |||
U.S. | $ 25,170 | $ 4,844 | $ (9) |
PRC | 24,956 | 27,905 | 15,252 |
Other | 5,059 | 6,547 | 805 |
Total | 55,185 | 39,296 | 16,048 |
Deferred Tax Expense (Benefit): | |||
U.S. | 0 | 0 | (35) |
PRC | 687 | 3,480 | 4,919 |
Other | 0 | 2 | (1,704) |
Total | 687 | 3,482 | 3,180 |
Income Tax (Benefit) Expense | $ 55,872 | $ 42,778 | $ 19,228 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Statutory Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of the statutory tax rate | |||
Loss before tax | $ (825,836) | $ (1,961,037) | $ (1,438,588) |
Expected taxation at U.S. statutory tax rate | (173,426) | (411,818) | (302,103) |
Foreign and preferential tax rate differential | 141,902 | 209,692 | 128,330 |
Non-deductible expenses | 19,134 | 29,223 | 361 |
Stock compensation expenses | 32,581 | 33,872 | (27,411) |
State tax expense (benefit) | (3,464) | 1,375 | (3,187) |
Change in valuation allowance | 845,811 | 229,550 | 254,768 |
Tax relief credits | (704,928) | 0 | 0 |
Research tax credits and incentives | (64,343) | (42,844) | (31,530) |
Foreign-derived intangible income | (37,395) | (6,272) | 0 |
Income Tax (Benefit) Expense | $ 55,872 | $ 42,778 | $ 19,228 |
Effective tax rate | (6.80%) | (2.20%) | (1.30%) |
State Administration of Taxation, China | |||
Reconciliation of the statutory tax rate | |||
U.S. statutory tax rate | 21% | 21% | 21% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets, Net [Abstract] | ||||
Accruals and reserves | $ 106,708 | $ 97,896 | $ 84,766 | |
Net operating losses carryforward | 996,588 | 862,214 | 625,114 | |
Stock-based compensation | 26,687 | 19,700 | 14,982 | |
Research tax credits | 68,117 | 86,000 | 82,060 | |
Tax relief credits | 704,928 | 0 | 0 | |
Depreciable and amortizable assets | 687,600 | 798,563 | 937,069 | |
Lease liability obligation | 7,893 | 10,348 | 11,571 | |
R&D and other capitalized costs | 164,190 | 63,156 | 0 | |
Right of use asset | (7,735) | (10,098) | (11,322) | |
Gross deferred tax assets | 2,754,976 | 1,927,779 | 1,744,240 | |
Less valuation allowance | (2,771,470) | (1,943,775) | (1,758,409) | $ (1,200,547) |
Net deferred tax liabilities | $ (16,494) | $ (15,996) | $ (14,169) |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes | |||
Change in valuation allowance | $ 845,811,000 | $ 229,550,000 | $ 254,768,000 |
Net operating loss carryforward | 5,945,753,000 | 5,077,247,000 | |
Unrecognized tax benefit that would impact tax rate | 0 | ||
Tax benefit from foreign tax status | $ 3,092,000 | ||
Tax benefit from foreign tax status (per share) | $ 0.01 | ||
Undistributed earnings of foreign subsidiaries | $ 2,969,000 | ||
Tax relief credits | 704,928,000 | $ 0 | $ 0 |
PRC | |||
Income taxes | |||
Net operating loss carryforward | 1,839,748,000 | ||
BeiGene Switzerland GmbH | |||
Income taxes | |||
Net operating loss carryforward | 4,088,658,000 | ||
Tax relief credits | 704,928,000 | ||
BeiGene USA | |||
Income taxes | |||
Net operating loss not subject to expiration | 2,047,000 | ||
Tax credit carryforwards | $ 76,794,000 |
Income taxes - Schedule of Valu
Income taxes - Schedule of Valuation Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Tax Assets Activity [Roll Forward] | |||
Beginning balance, as of January 1 | $ 1,943,775 | $ 1,758,409 | $ 1,200,547 |
Additions/(subtractions) charged to income tax provision | 845,811 | 229,550 | 254,768 |
Additions/(subtractions) charged to equity | 0 | 0 | 263,632 |
Currency translation and other | (18,116) | (44,184) | 39,462 |
Ending balance, as of December 31 | $ 2,771,470 | $ 1,943,775 | $ 1,758,409 |
Income Taxes - Gross Unrecogniz
Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gross unrecognized tax benefits | |||
Beginning balance, as of January 1 | $ 11,555 | $ 9,925 | $ 7,123 |
Additions based on tax positions related to prior tax years | 0 | 0 | 0 |
Reductions based on tax positions related to prior tax years | 0 | 0 | 0 |
Additions based on tax positions related to the current tax year | 2,709 | 1,630 | 2,802 |
Reductions based on lapse of statute of limitations | 0 | 0 | 0 |
Ending balance, as of December 31 | $ 14,264 | $ 11,555 | $ 9,925 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid expenses and other current assets (Note 5): | ||
Prepaid research and development costs | $ 60,476 | $ 71,488 |
Prepaid taxes | 37,320 | 20,478 |
Other receivables | 36,124 | 22,777 |
Interest receivable | 1,735 | 3,039 |
Prepaid insurance | 8,872 | 3,664 |
Prepaid manufacturing cost | 42,066 | 58,950 |
Other current assets | 56,799 | 36,157 |
Total | $ 243,392 | $ 216,553 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information - Schedule of Other Non-current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other non-current assets | ||
Prepayment of property and equipment | $ 4,144 | $ 22,025 |
Prepaid supply cost | 18,122 | 48,642 |
Prepaid VAT | 2,546 | 804 |
Rental deposits and other | 8,195 | 7,054 |
Long-term restricted cash | 2,711 | 5,277 |
Long-term investments | 89,644 | 91,779 |
Other | 0 | 109 |
Total | $ 125,362 | $ 175,690 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued expenses and other payables | ||
Compensation related | $ 217,803 | $ 184,775 |
External research and development activities related | 162,969 | 139,168 |
Commercial activities | 87,572 | 51,806 |
Individual income tax and other taxes | 30,083 | 18,815 |
Sales rebates and returns related | 139,936 | 41,817 |
Other | 55,368 | 30,971 |
Total accrued expenses and other payables | $ 693,731 | $ 467,352 |
Supplemental Balance Sheet In_6
Supplemental Balance Sheet Information - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other long-term liabilities | ||
Deferred government grant income | $ 34,204 | $ 38,176 |
Pension liability | 14,995 | 7,760 |
Asset retirement obligation | 1,127 | 0 |
Other | 184 | 159 |
Total other long-term liabilities | $ 50,510 | $ 46,095 |
Debt - Short-term and Long-term
Debt - Short-term and Long-term Debt Obligations (Details) | 12 Months Ended | |||||
Jan. 22, 2020 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Debt Instrument | ||||||
Short-term debt | $ 688,366,000 | ¥ 4,885,838,000 | $ 328,969,000 | ¥ 2,268,905,000 | ||
Long-term debt | $ 197,618,000 | 1,402,643,000 | 209,148,000 | 1,442,500,000 | ||
Long Term Bank Loan Dated July 29, 2022 | China CITIC Bank | ||||||
Debt Instrument | ||||||
Line of credit | 480,000,000 | |||||
Loans Payable | Long Term Bank Loan Dated April 4, 2018 | China Construction Bank | ||||||
Debt Instrument | ||||||
Line of credit | 580,000 | |||||
Term | 9 years | |||||
Interest Rate | 4.50% | |||||
Long-term debt | $ 59,174,000 | 420,000,000 | 75,395,000 | 520,000,000 | ||
Loans Payable | Long Term Bank Loan Dated January 22, 2020 | China Merchants Bank | ||||||
Debt Instrument | ||||||
Term | 9 years | |||||
Long-term debt | $ 37,638,000 | 267,143,000 | 49,369,000 | 340,500,000 | ||
Loans Payable | Long Term Bank Loan Dated November 9, 2020 | China Merchants Bank | ||||||
Debt Instrument | ||||||
Line of credit | 378,000 | |||||
Term | 9 years | |||||
Long-term debt | $ 42,337,000 | 300,500,000 | 47,847,000 | 330,000,000 | ||
Loans Payable | Long Term Bank Loan Dated July 29, 2022 | China CITIC Bank | ||||||
Debt Instrument | ||||||
Line of credit | 480,000 | |||||
Term | 10 years | |||||
Long-term debt | $ 58,469,000 | 415,000,000 | 36,537,000 | 252,000,000 | ||
Loans Payable | ||||||
Debt Instrument | ||||||
Short-term debt | $ 28,037,000 | 199,000,000 | 114,832,000 | 792,000,000 | ||
Loans Payable | China Industrial Bank | ||||||
Debt Instrument | ||||||
Line of credit | 875,000,000 | |||||
Interest Rate | 3.20% | |||||
Loans Payable | Short Term Bank Loan Dated April 4 2018 | China Construction Bank | ||||||
Debt Instrument | ||||||
Line of credit | 580,000 | |||||
Term | 9 years | |||||
Short-term debt | $ 14,089,000 | 100,000,000 | 7,250,000 | 50,000,000 | ||
Loans Payable | Short Term Bank Loan Dated January 22, 2020 | China Merchants Bank | ||||||
Debt Instrument | ||||||
Line of credit | ¥ 1,100,000,000 | ¥ 350,000,000 | ||||
Term | 9 years | 9 years | ||||
Interest Rate | 4.10% | |||||
Short-term debt | $ 8,856,000 | 62,857,000 | 1,450,000 | 10,000,000 | ||
Loans Payable | Short Term Bank Loan Dated November 9, 2020 | China Merchants Bank | ||||||
Debt Instrument | ||||||
Line of credit | $ | $ 378,000 | |||||
Term | 9 years | |||||
Short-term debt | $ 5,636,000 | 40,000,000 | 5,437,000 | 37,500,000 | ||
Loans Payable | Short Term Bank Loan Dated July 28, 2023 | China Merchants Bank | ||||||
Debt Instrument | ||||||
Line of credit | 380,000,000 | |||||
Term | 1 year | |||||
Interest Rate | 7.20% | |||||
Short-term debt | $ 300,000,000 | 2,129,321,000 | 0 | 0 | ||
Loans Payable | Short Term Bank Loan Dated December 20, 2023 | China Merchants Bank | ||||||
Debt Instrument | ||||||
Line of credit | 150,000,000 | |||||
Term | 1 year | |||||
Interest Rate | 7.30% | |||||
Short-term debt | $ 150,000,000 | 1,064,660,000 | 0 | 0 | ||
Loans Payable | Short Term Bank Loan Dated September 24, 2020 | China Merchants Bank | ||||||
Debt Instrument | ||||||
Line of credit | $ | 200,000,000 | |||||
Short-term debt | 0 | 0 | 150,000,000 | 1,034,554,000 | ||
Loans Payable | Short Term Bank Loan Dated February 25, 2022 | Shanghai Pudong Development Bank | ||||||
Debt Instrument | ||||||
Line of credit | $ | $ 50,000,000 | |||||
Term | 1 year | |||||
Interest Rate | 2.20% | |||||
Short-term debt | $ 0 | 0 | 50,000,000 | 344,851,000 | ||
Loans Payable | Short Term Bank Loan Dated June 5 2023 | China Merchants Bank | ||||||
Debt Instrument | ||||||
Line of credit | 400,000 | |||||
Term | 1 year | |||||
Interest Rate | 3.20% | |||||
Short-term debt | $ 56,356,000 | 400,000,000 | 0 | 0 | ||
Loans Payable | Short Term Bank Loan Dated May 4 2023 | HSBC Bank | ||||||
Debt Instrument | ||||||
Line of credit | 340,000 | |||||
Term | 1 year | |||||
Interest Rate | 4.50% | |||||
Short-term debt | $ 47,903,000 | 340,000,000 | 0 | 0 | ||
Loans Payable | Short Term Bank Loan Dated May 30 2023 | China Industrial Bank | ||||||
Debt Instrument | ||||||
Line of credit | 200,000 | |||||
Term | 1 year | |||||
Interest Rate | 2.80% | |||||
Short-term debt | $ 28,177,000 | 200,000,000 | 0 | 0 | ||
Loans Payable | Short Term Bank Loan Dated November 14, 2023 | Shanghai Pudong Development Bank | ||||||
Debt Instrument | ||||||
Line of credit | $ | $ 700,000 | |||||
Term | 1 year | |||||
Interest Rate | 2.90% | |||||
Short-term debt | $ 49,312,000 | ¥ 350,000,000 | $ 0 | ¥ 0 |
Debt - Footnotes (Details)
Debt - Footnotes (Details) | 1 Months Ended | 12 Months Ended | ||||||||
Oct. 10, 2022 USD ($) | Oct. 08, 2021 | Jan. 22, 2020 CNY (¥) | Sep. 30, 2020 USD ($) option | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Debt Instrument | ||||||||||
Repayment of short-term loans | $ 309,576,000 | $ 417,081,000 | $ 321,754,000 | |||||||
Repayments of long-term debt | 13,690,000 | 0 | 0 | |||||||
Proceeds from long-term loan | $ 22,502,000 | $ 37,372,000 | $ 16,838,000 | |||||||
China Industrial Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Debt instrument, interest rate during period | 3.20% | 3.20% | ||||||||
Line of credit | ¥ | ¥ 875,000,000 | |||||||||
Proceeds from long-term loan | $ 28,174,000 | ¥ 199,000,000 | ||||||||
China Industrial Bank | Loans Payable | Beijing Innerway Bio-tech Co., Ltd | Working Capital Facility | ||||||||||
Debt Instrument | ||||||||||
Repayment of short-term loans | $ 109,576,000 | ¥ 792,000,000 | ||||||||
Long-term bank April 4, 2018 | China Construction Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Debt instrument, interest rate during period | 4.50% | 4.50% | ||||||||
Repayment of short-term loans | $ 6,987,000 | ¥ 50,000,000 | ||||||||
Debt instrument term (in years) | 9 years | 9 years | ||||||||
Line of credit | ¥ | ¥ 580,000 | |||||||||
Short Term Bank Loan Dated January 22, 2020 | China Construction Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Repayment of short-term loans | $ 1,422,000 | ¥ 10,000,000 | ||||||||
Short Term Bank Loan Dated January 22, 2020 | China Merchants Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Debt instrument, interest rate during period | 4.10% | 4.10% | ||||||||
Debt instrument term (in years) | 9 years | 9 years | 9 years | |||||||
Line of credit | ¥ | ¥ 1,100,000,000 | ¥ 350,000,000 | ||||||||
Short Term Bank Loan Dated November 9, 2020 | China Merchants Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Debt instrument term (in years) | 9 years | 9 years | ||||||||
Line of credit | $ 378,000 | |||||||||
Fixed annual interest rate (as a percent) | 3.90% | 3.90% | ||||||||
Repayments of long-term debt | $ 5,281,000 | ¥ 37,500,000 | ||||||||
Short Term Bank Loan Dated July 28, 2023 | China Merchants Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Debt instrument, interest rate during period | 7.20% | 7.20% | ||||||||
Debt instrument term (in years) | 1 year | 1 year | ||||||||
Line of credit | ¥ | ¥ 380,000,000 | |||||||||
Short-term debt September 24, 2020 | China Merchants Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Line of credit | $ 200,000,000 | |||||||||
Short-term debt September 24, 2020 | China Minsheng Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Repayment of short-term loans | $ 150,000,000 | |||||||||
Line of credit | $ 200,000,000 | |||||||||
Senior loan Reserved For JV Purchase | China Minsheng Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Line of credit | 120,000,000 | |||||||||
Working Capital | China Minsheng Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Line of credit | $ 80,000,000 | |||||||||
Senior Loan | China Minsheng Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Extension options (option) | option | 2 | |||||||||
Extension period | 12 months | 12 months | ||||||||
Short Term Bank Loan Dated May 4 2023 | HSBC Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Debt instrument, interest rate during period | 4.50% | 4.50% | ||||||||
Debt instrument term (in years) | 1 year | 1 year | ||||||||
Line of credit | ¥ | ¥ 340,000 | |||||||||
Short Term Bank Loan Dated November 14, 2023 | Shanghai Pudong Development Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Debt instrument, interest rate during period | 2.90% | 2.90% | ||||||||
Debt instrument term (in years) | 1 year | 1 year | ||||||||
Line of credit | $ 700,000 | |||||||||
Long Term Bank Loan Dated July 29, 2022 | China Merchants Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Fixed annual interest rate (as a percent) | 3.90% | 3.90% | ||||||||
Long Term Bank Loan Dated July 29, 2022 | China CITIC Bank | ||||||||||
Debt Instrument | ||||||||||
Line of credit | ¥ | ¥ 480,000,000 | |||||||||
Long Term Bank Loan Dated July 29, 2022 | China CITIC Bank | Loans Payable | ||||||||||
Debt Instrument | ||||||||||
Debt instrument term (in years) | 10 years | 10 years | ||||||||
Line of credit | ¥ | ¥ 480,000 | |||||||||
Proceeds from long-term loan | $ 22,502,000 | ¥ 163,000,000 |
Debt - Contractual maturities o
Debt - Contractual maturities of debt obligations (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Contractual Maturities of Debt Obligations | |
Year ending December 31, 2024 | $ 688,366 |
Year ending December 31, 2025 | 35,565 |
Year ending December 31, 2026 | 46,279 |
Year ending December 31, 2027 | 46,279 |
Year ending December 31, 2028 | 25,146 |
Thereafter | 44,349 |
Total | $ 885,984 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 20,800 | $ 21,699 | $ 29,263 |
Interest capitalized | $ 16,571 | $ 2,594 | $ 1,054 |
Product Revenue - Product Sales
Product Revenue - Product Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Product revenue - net | $ 2,458,779 | $ 1,415,921 | $ 1,176,283 |
Product | |||
Revenues | |||
Product revenue - gross | 2,718,969 | 1,438,440 | 748,824 |
Less: Rebates and sales returns | (529,117) | (183,828) | (114,837) |
Product revenue - net | 2,189,852 | 1,254,612 | 633,987 |
Product | BRUKINSA® | |||
Revenues | |||
Product revenue - net | 1,290,396 | 564,651 | 217,987 |
Product | Tislelizumab | |||
Revenues | |||
Product revenue - net | 536,620 | 422,885 | 255,119 |
Product | REVLIMID® | |||
Revenues | |||
Product revenue - net | 76,018 | 79,049 | 70,065 |
Product | XGEVA® | |||
Revenues | |||
Product revenue - net | 92,828 | 63,398 | 45,956 |
Product | POBEVCY® | |||
Revenues | |||
Product revenue - net | 56,547 | 38,124 | 1,353 |
Product | BLINCYTO® | |||
Revenues | |||
Product revenue - net | 54,342 | 36,107 | 12,515 |
Product | KYPROLIS® | |||
Revenues | |||
Product revenue - net | 39,799 | 13,696 | 0 |
Product | VIDAZA® | |||
Revenues | |||
Product revenue - net | 13,960 | 15,213 | 19,591 |
Product | Pamiparib | |||
Revenues | |||
Product revenue - net | 6,668 | 5,460 | 3,661 |
Product | Other | |||
Revenues | |||
Product revenue - net | $ 22,674 | $ 16,029 | $ 7,740 |
Product Revenue - Accrued Sales
Product Revenue - Accrued Sales Rebates and Returns (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accrued sales rebates and returns | ||
Beginning balance, as of January 1 | $ 41,817 | |
Ending balance, as of December 31 | 139,936 | $ 41,817 |
Product | ||
Accrued sales rebates and returns | ||
Beginning balance, as of January 1 | 41,817 | 59,639 |
Accrual | 529,117 | 183,828 |
Payment | (430,998) | (201,650) |
Ending balance, as of December 31 | $ 139,936 | $ 41,817 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net loss | $ (881,708) | $ (2,003,815) | $ (1,457,816) |
Denominator: | |||
Weighted average shares outstanding for computing basic loss per share (in shares) | 1,357,034,547 | 1,340,729,572 | 1,206,210,049 |
Weighted average shares outstanding for computing diluted loss per share (in shares) | 1,357,034,547 | 1,340,729,572 | 1,206,210,049 |
Loss per share basic (in dollars per share) | $ (0.65) | $ (1.49) | $ (1.21) |
Loss per share diluted (in dollars per share) | $ (0.65) | $ (1.49) | $ (1.21) |
Share-Based Compensation - 2016
Share-Based Compensation - 2016 Share Option and Incentive Plan (Details) - shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 01, 2018 | Jun. 30, 2020 | Dec. 31, 2018 | Mar. 31, 2022 | Dec. 31, 2023 | Jan. 31, 2016 | |
2016 Plan | ||||||
Share-based compensation | ||||||
Number of shares reserved and available for issuance (in shares) | 65,029,595 | |||||
Outstanding number of shares (as a percent) | 5% | 5% | ||||
Increase in ordinary shares authorized (in shares) | 29,603,616 | 57,200,000 | 38,553,159 | 66,300,000 | ||
2016 Plan | Employee Stock Option | ||||||
Share-based compensation | ||||||
Granted (in shares) | 37,575,472 | |||||
2011 Plan | ||||||
Share-based compensation | ||||||
Shares cancelled or forfeited (in shares) | 5,166,822 |
Share-Based Compensation - 2018
Share-Based Compensation - 2018 Inducement Equity Plan (Details) | Jun. 30, 2018 shares |
Inducement Equity Plan2018 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Number of shares reserved and available for issuance (in shares) | 12,000,000 |
Share-Based Compensation - 20_2
Share-Based Compensation - 2018 Employee Share Purchase Plan (Details) - Employee Share Purchase Plan 2018 - shares | 1 Months Ended | ||
Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
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 | ||
Offering period | 6 months | ||
Discount on purchase price of common stock (as a percent) | 15% | ||
Maximum percentage of eligible earnings as after-tax withholdings to purchase ordinary shares (as a percent) | 10% | ||
Shares available for future issuance (in shares) | 1,941,075 |
Share-Based Compensation - Shar
Share-Based Compensation - Shares Issued Under Employee Share Purchase Plan (Details) - Employee Share Purchase Plan 2018 - USD ($) $ / shares in Units, $ in Thousands | Aug. 31, 2023 | Feb. 28, 2023 | Aug. 31, 2022 | Feb. 28, 2022 | Aug. 31, 2021 | Feb. 26, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Number of ordinary shares issued ( in shares) | 794,144 | 930,582 | 861,315 | 667,160 | 425,386 | 436,124 |
Market price, ADS (in dollars per share) | $ 207.55 | $ 171.10 | $ 171.66 | $ 210.52 | $ 308.30 | $ 236.30 |
Market price, Ordinary (in dollars per share) | 15.97 | 13.16 | 13.20 | 16.19 | 23.72 | 18.18 |
Purchase price, ADS (in dollars per share) | 176.42 | 145.44 | 145.91 | 178.94 | 262.06 | 200.86 |
Purchase Price, Ordinary (in dollars per share) | $ 13.57 | $ 11.19 | $ 11.22 | $ 13.76 | $ 20.16 | $ 15.45 |
Proceeds | $ 10,777 | $ 10,414 | $ 9,667 | $ 9,183 | $ 8,575 | $ 6,738 |
Share-Based Compensation - Opti
Share-Based Compensation - Options and Restricted Shares and Restricted Stock Units Vesting Periods (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Contractual life (in years) | 10 years | 10 years | 10 years |
Employee Stock Option | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period of award (in years) | 3 years | ||
Employee Stock Option | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period of award (in years) | 5 years | ||
Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period of award (in years) | 4 years | ||
Restricted Share Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period of award (in years) | 4 years |
Share-Based Compensation - Sh_2
Share-Based Compensation - Share Option Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Options | |||
Outstanding at the beginning of the year (in shares) | 76,526,853 | 72,204,888 | 84,991,715 |
Granted (in shares) | 9,817,925 | 12,516,816 | 6,244,524 |
Exercised (in shares) | (6,974,331) | (5,898,217) | (17,233,853) |
Forfeited (in shares) | (1,225,334) | (2,296,634) | (1,797,498) |
Outstanding at the end of the year (in shares) | 78,145,113 | 76,526,853 | 72,204,888 |
Number of Options - Exercisable (in shares) | 59,221,091 | ||
Number of Options - Vested and expected to vest (in shares) | 75,306,510 | ||
Weighted Average Exercise Price | |||
Outstanding at the beginning of the year (in dollars per share) | $ 7.85 | $ 7.08 | $ 5.27 |
Granted (in dollars per share) | 16.37 | 12.34 | 26.46 |
Exercised (in dollars per share) | 4.54 | 4.63 | 4.52 |
Forfeited (in dollars per share) | 17.60 | 16.46 | 13.27 |
Outstanding at the end of the year (in dollars per share) | 9.06 | 7.85 | 7.08 |
Weighted Average Exercise Price - Exercisable (in dollars per share) | 6.93 | ||
Weighted Average Exercise Price - Vested and expected to vest (in dollars per share) | 8.81 | ||
Weighted Average Grant Date Fair Value | |||
Granted (in dollars per share) | $ 8.14 | $ 6.40 | $ 12.40 |
Weighted Average Remaining Contractual Term | |||
Outstanding | 5 years 1 month 2 days | ||
Exercisable | 3 years 10 months 28 days | ||
Vested and expected to vest | 4 years 11 months 12 days | ||
Aggregate Intrinsic Value | |||
Exercised | $ 92,051 | $ 52,258 | $ 367,110 |
Outstanding | 465,231 | ||
Exercisable at the end of the period | 452,750 | ||
Vested and expected to vest | 463,359 | ||
Total fair value of the employee share option awards vested | $ 61,121 | $ 62,548 | $ 53,571 |
Employee Stock Option | |||
Aggregate Intrinsic Value | |||
Employee service share based compensation nonvested stock options | 16,085,419 | ||
Unrecognized share-based compensation costs | $ 96,053 | ||
Period of unrecognized share-based compensation cost over average amortization (in years) | 2 years 6 months |
Share-Based Compensation - Fair
Share-Based Compensation - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant unobservable inputs used in the fair value measurement | |||
Expected exercise multiple, maximum | 2.8 | 2.8 | |
Employee Stock Option | |||
Significant unobservable inputs used in the fair value measurement | |||
Risk-free interest rate, minimum (as percent) | 3.40% | 1.80% | 1.10% |
Risk-free interest rate, maximum (as percent) | 4.60% | 3.90% | 1.70% |
Expected exercise multiple, maximum | 2.8 | ||
Expected volatility, minimum (as percent) | 58% | 51% | 51% |
Expected volatility, maximum (as percent) | 60% | 60% | 59% |
Expected dividend yield (as percent) | 0% | 0% | 0% |
Contractual life (in years) | 10 years | 10 years | 10 years |
Employee Stock Option | Minimum | |||
Significant unobservable inputs used in the fair value measurement | |||
Fair value of ordinary share (in dollars per share) | $ 7.26 | $ 5.51 | $ 9.94 |
Employee Stock Option | Maximum | |||
Significant unobservable inputs used in the fair value measurement | |||
Fair value of ordinary share (in dollars per share) | $ 10.72 | $ 9.04 | $ 14.97 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Share Units (Details) - Restricted Share Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numbers of Shares | |||
Outstanding at the beginning of the year (in shares) | 55,397,173 | 36,082,982 | 34,876,972 |
Granted (in shares) | 34,573,994 | 38,707,669 | 17,173,767 |
Vested (in shares) | (17,862,598) | (12,533,586) | (10,703,381) |
Forfeited (in shares) | (5,707,546) | (6,859,892) | (5,264,376) |
Outstanding at the end of the year (in shares) | 66,401,023 | 55,397,173 | 36,082,982 |
Number of Shares - Expected to vest (in shares) | 56,440,870 | ||
Weighted-Average Grant Date Fair Value | |||
Outstanding at the beginning of the year (in dollars per share) | $ 14.87 | $ 18.33 | $ 12.50 |
Granted (in dollars per share) | 15.57 | 12.46 | 25.58 |
Vested (in dollars per share) | 14.71 | 16.37 | 12.23 |
Forfeited (in dollars per share) | 15.47 | 16.72 | 15.82 |
Outstanding at the end of the year (in dollars per share) | 15.22 | $ 14.87 | $ 18.33 |
Weighted Average Grant Date Fair value- Expected to vest (in dollars per share) | $ 15.22 | ||
Additonal disclosures | |||
Unrecognized share-based compensation costs | $ 702,778 | ||
Period of unrecognized share-based compensation cost over average amortization (in years) | 2 years 9 months 18 days |
Share-Based Compensation - Sh_3
Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based compensation | |||
Compensation expense | $ 367,588 | $ 303,162 | $ 240,712 |
Research and development | |||
Share-based compensation | |||
Compensation expense | 163,550 | 139,348 | 114,357 |
Selling, general and administrative | |||
Share-based compensation | |||
Compensation expense | $ 204,038 | $ 163,814 | $ 126,355 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in accumulated other comprehensive loss | |||
Other comprehensive income (loss) before reclassifications | $ (22,840) | $ (96,178) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 811 | 811 | |
Accumulated Other Comprehensive Income/(Loss) | |||
Movement in accumulated other comprehensive loss | |||
Balance at the beginning of period | (77,417) | 17,950 | $ 6,942 |
Net-current period other comprehensive (loss) income | (22,029) | (95,367) | 11,008 |
Balance at the ending of period | (99,446) | (77,417) | 17,950 |
Foreign Currency Translation Adjustments | |||
Movement in accumulated other comprehensive loss | |||
Balance at the beginning of period | (62,523) | 27,898 | |
Other comprehensive income (loss) before reclassifications | (25,464) | (90,421) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 0 | |
Net-current period other comprehensive (loss) income | (25,464) | (90,421) | |
Balance at the ending of period | (87,987) | (62,523) | 27,898 |
Unrealized Gains/Losses on Available-for-Sale Securities | |||
Movement in accumulated other comprehensive loss | |||
Balance at the beginning of period | (9,011) | (3,700) | |
Other comprehensive income (loss) before reclassifications | 9,046 | (5,311) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 0 | |
Net-current period other comprehensive (loss) income | 9,046 | (5,311) | |
Balance at the ending of period | 35 | (9,011) | (3,700) |
Pension Liability Adjustments | |||
Movement in accumulated other comprehensive loss | |||
Balance at the beginning of period | (5,883) | (6,248) | |
Other comprehensive income (loss) before reclassifications | (6,422) | (446) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 811 | 811 | |
Net-current period other comprehensive (loss) income | (5,611) | 365 | |
Balance at the ending of period | $ (11,494) | $ (5,883) | $ (6,248) |
Shareholders' Equity (Details)
Shareholders' Equity (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 02, 2020 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2021 ¥ / shares | |
Subsidiary, Sale of Stock | ||||||
Proceeds from sale of ordinary shares, net of cost | $ | $ 0 | $ 0 | $ 50,000 | |||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Beigene Ltd | Amgen, Inc | ||||||
Subsidiary, Sale of Stock | ||||||
Minority interest in investment (as a percent) | 20.50% | |||||
Amgen, Inc | ||||||
Subsidiary, Sale of Stock | ||||||
Issuance of ordinary shares in connection (in shares) | shares | 15,895,001 | 2,151,877,000 | ||||
Proceeds from sale of ordinary shares, net of cost | $ | $ 2,779,241 | $ 50 | ||||
Per share acquisition price (in dollars per share) | $ / shares | $ 174.85 | |||||
Stock issued during period, shares, new issues, american depository shares (in shares) | shares | 165,529,000 | |||||
IPO | STAR Market | ||||||
Subsidiary, Sale of Stock | ||||||
Issuance of ordinary shares in connection (in shares) | shares | 115,055,260 | |||||
Proceeds from sale of ordinary shares, net of cost | $ | $ 3,392,616 | |||||
Per share acquisition price (in dollars per share) | (per share) | $ 391.68 | ¥ 192.60 |
Restricted Net Assets (Details)
Restricted Net Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted net assets | |||
Minimum required statutory reserve of annual after-tax profit (as a percent) | 10% | ||
Required statutory reserve as a percentage of registered capital (as a percent) | 50% | ||
Appropriation to statutory reserves | $ 0 | $ 0 | $ 0 |
PRC | |||
Restricted net assets | |||
Restricted net assets | $ 4,125,458,000 | $ 3,548,881,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
PRC Mandated Defined Contribution | |||
Employee defined contribution plan | |||
Employer contribution to retirement plan | $ 94,358 | $ 83,860 | $ 63,772 |
401(k) Plan | |||
Employee defined contribution plan | |||
Employer contribution to retirement plan | $ 15,316 | 10,298 | 7,483 |
Participant's contributions matched (as a percent) | 4% | ||
Swiss Plan | |||
Employee defined contribution plan | |||
Employer contribution to retirement plan | $ 2,710 | 3,887 | $ 2,986 |
Projected benefit obligation | 70,600 | 45,835 | |
Defined benefit plan, plan asset | 55,605 | $ 38,075 | |
Annual contributions per employee | $ 3,577 |
Employee Benefit Plans - Total
Employee Benefit Plans - Total Expected Benefit Payments (Details) - Swiss Plan $ in Thousands | Dec. 31, 2023 USD ($) |
Amounts | |
Year ending December 31, 2024 | $ 607 |
Year ending December 31, 2025 | 214 |
Year ending December 31, 2026 | 580 |
Year ending December 31, 2027 | 985 |
Year ending December 31, 2028 | 811 |
Thereafter | 9,569 |
Total | $ 12,766 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) investment | |
Purchase and Capital commitments | |
Purchase commitments | $ 169,212 |
Investments Funding Commitment | |
Purchase and Capital commitments | |
Other commitments | $ 8,905 |
Number of equity investments | investment | 2 |
Maximum commitment | $ 15,055 |
Amgen, Inc | |
Purchase and Capital commitments | |
Other commitments | 483,651 |
Maximum cash and development services commitment | 1,250,000 |
Minimum Purchase Commitments For Supply Purchased | |
Purchase and Capital commitments | |
Purchase commitments | 41,186 |
Inventories | |
Purchase and Capital commitments | |
Purchase commitments | 128,026 |
Capital Addition Purchase Commitments | |
Purchase and Capital commitments | |
Other commitments | $ 333,498 |
Segment and Geographic Inform_3
Segment and Geographic Information - Narratives (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Segment and Geographic Inform_4
Segment and Geographic Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net product revenues by geographic area | |||
Revenue from contract with customer | $ 2,458,779 | $ 1,415,921 | $ 1,176,283 |
Product | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 2,189,852 | 1,254,612 | 633,987 |
Collaboration revenue | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 268,927 | 161,309 | 542,296 |
U.S. - total revenue | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 1,128,219 | 502,626 | 495,265 |
U.S. - total revenue | Product | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 945,551 | 389,710 | 115,658 |
U.S. - total revenue | Collaboration revenue | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 182,668 | 112,916 | 379,607 |
China- total revenue | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 1,101,951 | 840,032 | 517,104 |
China- total revenue | Product | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 1,093,091 | 840,032 | 517,104 |
China- total revenue | Collaboration revenue | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 8,860 | 0 | 0 |
Europe- total revenue | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 202,014 | 63,257 | 163,051 |
Europe- total revenue | Product | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 122,228 | 14,864 | 362 |
Europe- total revenue | Collaboration revenue | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 79,786 | 48,393 | 162,689 |
Rest of world- total revenue | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 26,595 | 10,006 | 863 |
Rest of world- total revenue | Product | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | 28,982 | 10,006 | 863 |
Rest of world- total revenue | Collaboration revenue | |||
Net product revenues by geographic area | |||
Revenue from contract with customer | $ (2,387) | $ 0 | $ 0 |