Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 02, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-37686 | |
Entity Registrant Name | BEIGENE, LTD. | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 98-1209416 | |
Entity Address, Street Address | c/o Mourant Governance Services (Cayman) Limited | |
Entity Address, Street Address Two | 94 Solaris Avenue, Camana Bay | |
Entity Address, City | Grand Cayman | |
Entity Address, Country | KY | |
Entity Address, Postal Zip Code | KY1-1108 | |
City Area Code | 345 | |
Local Phone Number | 949-4123 | |
Title of each class | American Depositary Shares, each representing 13 Ordinary Shares, par value $0.0001 per share | |
Trading Symbol(s) | BGNE | |
Name of each exchange on which registered | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,379,529,263 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001651308 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Current assets: | ||
Cash and cash equivalents | $ 2,592,655 | $ 3,171,800 |
Accounts receivable, net | 529,449 | 358,027 |
Inventories, net | 443,260 | 416,122 |
Prepaid expenses and other current assets | 273,658 | 257,465 |
Total current assets | 3,839,022 | 4,203,414 |
Property, plant and equipment, net | 1,516,491 | 1,324,154 |
Operating lease right-of-use assets | 103,633 | 95,207 |
Intangible assets, net | 53,715 | 57,138 |
Other non-current assets | 199,318 | 125,362 |
Total non-current assets | 1,873,157 | 1,601,861 |
Total assets | 5,712,179 | 5,805,275 |
Current liabilities: | ||
Accounts payable | 333,022 | 315,111 |
Accrued expenses and other payables | 646,538 | 693,731 |
Tax payable | 5,278 | 22,951 |
Operating lease liabilities, current portion | 17,658 | 21,950 |
Research and development cost share liability, current portion | 84,615 | 68,004 |
Short-term debt | 851,657 | 688,366 |
Total current liabilities | 1,938,768 | 1,810,113 |
Non-current liabilities: | ||
Long-term bank loans | 185,271 | 197,618 |
Operating lease liabilities, non-current portion | 35,398 | 22,251 |
Deferred tax liabilities | 15,942 | 16,494 |
Research and development cost share liability, non-current portion | 119,012 | 170,662 |
Other long-term liabilities | 51,533 | 50,810 |
Total non-current liabilities | 407,156 | 457,835 |
Total liabilities | 2,345,924 | 2,267,948 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Ordinary shares, $0.0001 par value per share; 9,500,000,000 shares authorized; 1,379,101,901 and 1,359,513,224 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 137 | 135 |
Additional paid-in capital | 11,840,197 | 11,598,688 |
Accumulated other comprehensive loss | (140,474) | (99,446) |
Accumulated deficit | (8,333,605) | (7,962,050) |
Total shareholders’ equity | 3,366,255 | 3,537,327 |
Total liabilities and shareholders’ equity | $ 5,712,179 | $ 5,805,275 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
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) | 1,379,101,901 | 1,359,513,224 |
Ordinary shares, shares outstanding (in shares) | 1,379,101,901 | 1,359,513,224 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Total revenues | $ 929,166 | $ 595,261 | $ 1,680,818 | $ 1,043,062 |
Gross profit | 791,034 | 499,271 | 1,417,751 | 865,283 |
Operating expenses | ||||
Research and development | 454,466 | 422,764 | 915,104 | 831,348 |
Selling, general and administrative | 443,729 | 395,034 | 871,156 | 723,533 |
Amortization of intangible assets | 0 | 188 | 0 | 375 |
Total operating expenses | 898,195 | 817,986 | 1,786,260 | 1,555,256 |
Loss from operations | (107,161) | (318,715) | (368,509) | (689,973) |
Interest income, net | 13,225 | 15,070 | 29,385 | 31,086 |
Other expense, net | (11,984) | (63,818) | (10,222) | (45,515) |
Loss before income taxes | (105,920) | (367,463) | (349,346) | (704,402) |
Income tax expense | 14,485 | 13,674 | 22,209 | 25,166 |
Net loss | $ (120,405) | $ (381,137) | $ (371,555) | $ (729,568) |
Net loss per share, basic (in dollars per share) | $ (0.09) | $ (0.28) | $ (0.27) | $ (0.54) |
Net loss per share, diluted (in dollars per share) | $ (0.09) | $ (0.28) | $ (0.27) | $ (0.54) |
Weighted-average shares outstanding—basic (in shares) | 1,361,082,567 | 1,360,224,377 | 1,358,315,145 | 1,357,211,308 |
Weighted-average shares outstanding— diluted (in shares) | 1,361,082,567 | 1,360,224,377 | 1,358,315,145 | 1,357,211,308 |
Net loss per American Depositary Share (“ADS”), basic (in dollars per share) | $ (1.15) | $ (3.64) | $ (3.56) | $ (6.99) |
Net loss per American Depositary Share (“ADS”), diluted (in dollars per share) | $ (1.15) | $ (3.64) | $ (3.56) | $ (6.99) |
Weighted-average ADSs outstanding - basic (in shares) | 104,698,659 | 104,632,644 | 104,485,780 | 104,400,870 |
Weighted-average ADSs outstanding - diluted (in shares) | 104,698,659 | 104,632,644 | 104,485,780 | 104,400,870 |
Product revenue, net | ||||
Revenues | ||||
Total revenues | $ 921,146 | $ 553,745 | $ 1,668,064 | $ 964,036 |
Cost of sales - product | 138,132 | 95,990 | 263,067 | 177,779 |
Collaboration revenue | ||||
Revenues | ||||
Total revenues | $ 8,020 | $ 41,516 | $ 12,754 | $ 79,026 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Net loss | $ (120,405) | $ (381,137) | $ (371,555) | $ (729,568) |
Other comprehensive income (loss), net of tax of nil: | ||||
Foreign currency translation adjustments | (9,236) | (86,519) | (41,399) | (73,172) |
Pension liability adjustments | 406 | 0 | 406 | 0 |
Unrealized holding (loss) income, net | 0 | 1,846 | (35) | 6,902 |
Comprehensive loss attributable to BeiGene, Ltd. | $ (129,235) | $ (465,810) | $ (412,583) | $ (795,838) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities: | ||
Net loss | $ (371,555) | $ (729,568) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 50,224 | 42,346 |
Share-based compensation expenses | 219,304 | 178,693 |
Gain on deconsolidation of a subsidiary | (3,735) | 0 |
Amortization of research and development cost share liability | (35,039) | (22,669) |
Other items, net | 5,413 | 2,930 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (173,896) | (131,923) |
Inventories | (35,949) | (53,598) |
Other assets | (32,233) | (30,627) |
Accounts payable | 2,192 | (32,678) |
Accrued expenses and other payables | (28,256) | (8,082) |
Deferred revenue | 216 | (72,577) |
Other liabilities | (846) | 88 |
Net cash used in operating activities | (404,160) | (857,665) |
Investing activities: | ||
Purchases of property, plant and equipment | (266,528) | (247,055) |
Purchase of intangible asset | (4,674) | 0 |
Proceeds from sale or maturity of investments | 2,655 | 567,500 |
Purchase of in-process research and development | (31,800) | 0 |
Other investing activities | (20,516) | (11,582) |
Net cash (used in) provided by investing activities | (320,863) | 308,863 |
Financing activities: | ||
Proceeds from long-term loan | 9,053 | 15,771 |
Repayment of long-term loan | (14,020) | 0 |
Proceeds from short-term loans | 324,412 | 161,846 |
Repayment of short-term loans | (157,490) | (66,574) |
Proceeds from option exercises and employee share purchase plan | 20,355 | 35,169 |
Other financing activities | 3,000 | 0 |
Net cash provided by financing activities | 185,310 | 146,212 |
Effect of foreign exchange rate changes, net | (28,340) | (50,873) |
Net decrease in cash, cash equivalents, and restricted cash | (568,053) | (453,463) |
Cash, cash equivalents, and restricted cash at beginning of period | 3,185,984 | 3,875,037 |
Cash, cash equivalents, and restricted cash at end of period | 2,617,931 | 3,421,574 |
Supplemental cash flow information: | ||
Cash and cash equivalents | 2,592,655 | 3,410,368 |
Short-term restricted cash | 23,155 | 9,693 |
Long-term restricted cash | 2,121 | 1,513 |
Income taxes paid | 45,636 | 32,529 |
Interest expense paid | 24,148 | 10,015 |
Supplemental non-cash information: | ||
Capital expenditures included in accounts payable and accrued expenses | 115,564 | 95,404 |
Increase in equity investment from deconsolidation of a subsidiary | $ 40,798 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Ordinary Shares | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance at the beginning of period (in shares) at Dec. 31, 2022 | 1,356,140,180 | ||||
Balance at the beginning of period at Dec. 31, 2022 | $ 4,383,355 | $ 135 | $ 11,540,979 | $ (77,417) | $ (7,080,342) |
Increase (Decrease) in Stockholders' Equity | |||||
Use of shares reserved for share option exercises (in shares) | (98,774) | ||||
Exercise of options, ESPP and release of RSUs (in shares) | 6,610,695 | ||||
Exercise of options, ESPP and release of RSUs | 28,657 | $ 1 | 28,656 | ||
Share-based compensation | 75,322 | 75,322 | |||
Other comprehensive (loss) income | 18,403 | 18,403 | |||
Net loss | (348,431) | (348,431) | |||
Balance at the end of period (in shares) at Mar. 31, 2023 | 1,362,652,101 | ||||
Balance at the end of period at Mar. 31, 2023 | 4,157,306 | $ 136 | 11,644,957 | (59,014) | (7,428,773) |
Balance at the beginning of period (in shares) at Dec. 31, 2022 | 1,356,140,180 | ||||
Balance at the beginning of period at Dec. 31, 2022 | 4,383,355 | $ 135 | 11,540,979 | (77,417) | (7,080,342) |
Increase (Decrease) in Stockholders' Equity | |||||
Net loss | (729,568) | ||||
Balance at the end of period (in shares) at Jun. 30, 2023 | 1,376,251,336 | ||||
Balance at the end of period at Jun. 30, 2023 | 3,798,559 | $ 137 | 11,752,019 | (143,687) | (7,809,910) |
Balance at the beginning of period (in shares) at Mar. 31, 2023 | 1,362,652,101 | ||||
Balance at the beginning of period at Mar. 31, 2023 | 4,157,306 | $ 136 | 11,644,957 | (59,014) | (7,428,773) |
Increase (Decrease) in Stockholders' Equity | |||||
Use of shares reserved for share option exercises (in shares) | 220,116 | ||||
Exercise of options, ESPP and release of RSUs (in shares) | 13,379,119 | ||||
Exercise of options, ESPP and release of RSUs | 3,692 | $ 1 | 3,691 | ||
Share-based compensation | 103,371 | 103,371 | |||
Other comprehensive (loss) income | (84,673) | (84,673) | |||
Net loss | (381,137) | (381,137) | |||
Balance at the end of period (in shares) at Jun. 30, 2023 | 1,376,251,336 | ||||
Balance at the end of period at Jun. 30, 2023 | $ 3,798,559 | $ 137 | 11,752,019 | (143,687) | (7,809,910) |
Balance at the beginning of period (in shares) at Dec. 31, 2023 | 1,359,513,224 | 1,359,513,224 | |||
Balance at the beginning of period at Dec. 31, 2023 | $ 3,537,327 | $ 135 | 11,598,688 | (99,446) | (7,962,050) |
Increase (Decrease) in Stockholders' Equity | |||||
Use of shares reserved for share option exercises (in shares) | (3,634,952) | ||||
Exercise of options, ESPP and release of RSUs (in shares) | 3,646,097 | ||||
Exercise of options, ESPP and release of RSUs | 15,663 | $ 1 | 15,662 | ||
Share-based compensation | 88,667 | 88,667 | |||
Deconsolidation of a subsidiary | 2,052 | 2,052 | |||
Other comprehensive (loss) income | (32,198) | (32,198) | |||
Net loss | (251,150) | (251,150) | |||
Balance at the end of period (in shares) at Mar. 31, 2024 | 1,359,524,369 | ||||
Balance at the end of period at Mar. 31, 2024 | $ 3,360,361 | $ 136 | 11,705,069 | (131,644) | (8,213,200) |
Balance at the beginning of period (in shares) at Dec. 31, 2023 | 1,359,513,224 | 1,359,513,224 | |||
Balance at the beginning of period at Dec. 31, 2023 | $ 3,537,327 | $ 135 | 11,598,688 | (99,446) | (7,962,050) |
Increase (Decrease) in Stockholders' Equity | |||||
Other comprehensive (loss) income | (41,028) | ||||
Net loss | $ (371,555) | ||||
Balance at the end of period (in shares) at Jun. 30, 2024 | 1,379,101,901 | 1,379,101,901 | |||
Balance at the end of period at Jun. 30, 2024 | $ 3,366,255 | $ 137 | 11,840,197 | (140,474) | (8,333,605) |
Balance at the beginning of period (in shares) at Mar. 31, 2024 | 1,359,524,369 | ||||
Balance at the beginning of period at Mar. 31, 2024 | 3,360,361 | $ 136 | 11,705,069 | (131,644) | (8,213,200) |
Increase (Decrease) in Stockholders' Equity | |||||
Use of shares reserved for share option exercises (in shares) | 2,418,936 | ||||
Exercise of options, ESPP and release of RSUs (in shares) | 17,158,596 | ||||
Exercise of options, ESPP and release of RSUs | 4,492 | $ 1 | 4,491 | ||
Share-based compensation | 130,637 | 130,637 | |||
Other comprehensive (loss) income | (8,830) | (8,830) | |||
Net loss | $ (120,405) | (120,405) | |||
Balance at the end of period (in shares) at Jun. 30, 2024 | 1,379,101,901 | 1,379,101,901 | |||
Balance at the end of period at Jun. 30, 2024 | $ 3,366,255 | $ 137 | $ 11,840,197 | $ (140,474) | $ (8,333,605) |
Description of Business, Basis
Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies | Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies Description of business BeiGene, Ltd. (the “Company”, “BeiGene”, “it”, “its”) is a global oncology company discovering and developing innovative treatments that are more accessible and affordable to cancer patients worldwide. 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 markets 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 U.S., EU and China; and PARTRUVIX in China. By leveraging its strong commercial capabilities, the Company has in-licensed the rights to distribute additional 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 a fully dedicated 3,000+ person clinical team that is largely CRO free, the majority of which are in the Americas, Europe, Australia, Japan and Korea. Basis of presentation and consolidation The accompanying condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023, the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023, and the condensed consolidated statements of shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and the related footnote disclosures are unaudited. The accompanying unaudited interim condensed financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including guidance with respect to interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”). The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all normal recurring adjustments, necessary to present a fair statement of the results for the interim periods presented. Results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results expected for the full fiscal year or for any future annual or interim period. The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, estimating the useful lives of long-lived assets, estimating variable consideration in product sales and collaboration revenue arrangements, identifying separate accounting units and determining the standalone selling price of each performance obligation in the Company’s revenue arrangements, assessing the impairment of long-lived assets, valuation and recognition of share-based compensation expenses, realizability of deferred tax assets, estimating uncertain tax positions, valuation of inventory, estimating the allowance for credit losses, determining defined benefit pension plan obligations, measurement of right-of-use assets and lease liabilities and the fair value of financial instruments. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts of revenues and expenses. Actual results could differ from these estimates. 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. Significant accounting policies For a more complete discussion of the Company’s significant accounting policies and other information, the unaudited interim condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report for the year ended December 31, 2023. There have been no material changes to the Company’s significant accounting policies as of and for the six months ended June 30, 2024, as compared to the significant accounting policies described in the Annual Report. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. The Company considers an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and considers an inactive market to be one in which there are infrequent or few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. The following tables present the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis using the above input categories as of June 30, 2024 and December 31, 2023: Quoted Price in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of June 30, 2024 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents Money market funds 897,906 — — Prepaid expenses and other current assets: Convertible debt instrument — — 4,968 Other non-current assets (Note 4): Equity securities with readily determinable fair values 1,440 115 — Convertible debt instrument — — 4,773 Total 899,346 115 9,741 Quoted Price in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of December 31, 2023 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents Money market funds 1,052,149 — — Time deposits 42,852 — — Prepaid expenses and other current assets: U.S. Treasury securities 2,600 — — Convertible debt instrument — — 4,668 Other non-current assets (Note 4): Equity securities with readily determinable fair values 3,046 542 — Convertible debt instrument — — 4,215 Total 1,100,647 542 8,883 The Company’s cash equivalents are highly liquid investments with original maturities of 3 months or less. The Company’s investments in available-for-sale debt securities include U.S. Treasury 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”), a publicly-traded biotechnology company. The common stock investment is measured and carried at fair value and classified as a Level 1 investment. The warrants to purchase additional shares of common stock are measured using the Black-Scholes option-pricing valuation model and classified as a Level 2 investment. Refer to Note 4, Restricted Cash and Investments for details of the determination of the carrying amount of private equity investments without readily determinable fair values and equity method investments. The Company holds convertible notes issued by private biotech companies. The Company 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 expense, net. As of June 30, 2024 and December 31, 2023, 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 bank loans approximate their 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. |
Collaborative and Licensing Arr
Collaborative and Licensing Arrangements | 6 Months Ended |
Jun. 30, 2024 | |
Research and Development [Abstract] | |
Collaborative and Licensing Arrangements | Collaborative and Licensing Arrangements The Company has entered into collaborative arrangements for the research and development, manufacture and/or commercialization of medicines and drug candidates. To date, these collaborative arrangements have included out-licenses of 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. For detailed descriptions of each arrangement, see the Company’s Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission on February 26, 2024. Out-Licensing Arrangements For the three and six months ended June 30, 2024, the Company’s collaboration revenue consisted primarily of revenue generated under the Novartis broad markets agreement. For the three and six months ended June 30, 2023, the Company’s collaboration revenue primarily consisted of the recognition of previously deferred revenue from its former collaboration agreements with Novartis for tislelizumab and ociperlimab. The following table summarizes total collaboration revenue recognized for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenue from Collaborators $ $ $ $ Research and development service revenue — 13,563 — 20,380 Right to access intellectual property revenue — 26,248 — 52,497 Other 8,020 1,705 12,754 6,149 Total 8,020 41,516 12,754 79,026 Novartis Tislelizumab Collaboration and License In September 2023, the Company and Novartis agreed to mutually terminate the tislelizumab collaboration and license agreement. 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. No research and development service collaboration revenue was recognized in connection with the tislelizumab collaboration and license agreement during the three and six months ended June 30, 2024 due to termination of the agreement in 2023. The following table summarizes revenue recognized related to the sale of tislelizumab clinical supply to Novartis for the three and six months ended June 30, 2024 and research and development service revenue recognized for the three and six months ended June 30, 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Research and development service revenue — 11,770 — 16,796 Other (1) 2,113 1,344 2,113 5,013 Total 2,113 13,114 2,113 21,809 (1) Represents revenue recognized on final shipment of tislelizumab clinical supply to Novartis in conjunction with the former collaboration. Ociperlimab Option, Collaboration and License Agreement and China Broad Market Development Agreement In July 2023, the Company and Novartis mutually agreed to terminate the ociperlimab option, collaboration and license agreement. 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 China broad markets agreement for the three and six months ended June 30, 2024 and the terminated ociperlimab option, collaboration and license agreement for the three and six months ended June 30, 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Research and development service revenue — 1,792 — 3,583 Right to access intellectual property revenue — 26,248 — 52,497 China broad markets agreement 4,154 1,861 8,501 2,636 Total 4,154 29,901 8,501 58,716 In-Licensing Arrangements - Commercial Amgen During the three and six months ended June 30, 2024 and 2023, the Company recorded the following amounts related to its collaboration arrangement with Amgen. For a detailed description of the arrangement and related rights and obligation, see the Company’s Form 10-K for the year ended December 31, 2023 filed on February 26, 2024. Amounts recorded related to the Company’s portion of the co-development funding on the pipeline assets for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Research and development expense 22,482 5,457 35,966 23,274 Amortization of research and development cost share liability 21,903 5,271 35,039 22,669 Total amount due to Amgen for BeiGene’s portion of the development funding 44,385 10,728 71,005 45,943 As of June 30, 2024 $ Remaining portion of development funding cap 412,647 As of June 30, 2024 and December 31, 2023, the research and development cost share liability recorded in the Company’s balance sheet was as follows: As of June 30, December 31, 2024 2023 $ $ Research and development cost share liability, current portion 84,615 68,004 Research and development cost share liability, non-current portion 119,012 170,662 Total research and development cost share liability 203,627 238,666 The total reimbursement paid under the commercial profit-sharing agreement for product sales is classified in the income statement for the three and six months ended June 30, 2024 and 2023 as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Cost of sales - product 9,590 4,011 18,159 1,184 Research and development (439) (1,769) (1,144) 1,311 Selling, general and administrative (21,100) (17,552) (39,253) (29,388) Total (11,949) (15,310) (22,238) (26,893) The Company purchases commercial inventory from Amgen to distribute in China. Inventory purchases amounted to $47,653 and $109,879 during the three and six months ended June 30, 2024, respectively, and $20,146 and $39,277 during the three and six months ended June 30, 2023, respectively. Net amounts payable to Amgen was $66,824 and $55,474 as of June 30, 2024 and December 31, 2023, 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 incurred under these arrangements for the three and six months ended June 30, 2024 and 2023 are set forth below. All upfront and development milestones were expensed to research and development expense. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Payments due to collaboration partners Classification $ $ $ $ Upfront payments Research and development expense — — 27 — Development milestones incurred Research and development expense 11,500 — 46,500 — Total 11,500 — 46,527 — |
Restricted Cash and Investments
Restricted Cash and Investments | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Restricted Cash and Investments | Restricted Cash and Investments Restricted Cash The Company’s restricted cash primarily consists of RMB-denominated cash deposits held in designated bank accounts for collateral for letters of credit. The Company classifies restricted cash as current or non-current based on the term of the restriction. Restricted cash as of June 30, 2024 and December 31, 2023 was as follows: As of June 30, December 31, 2024 2023 $ $ Short-term restricted cash 23,155 11,473 Long-term restricted cash 2,121 2,711 Total 25,276 14,184 In addition to the restricted cash balances above, the Company is required by the PRC securities law to use the proceeds from its offering on the STAR Market of the Shanghai Stock Exchange (the “STAR Offering”) in strict compliance with the planned uses as disclosed in the PRC prospectus as well as those disclosed in the Company’s proceeds management policy approved by the board of directors. As of June 30, 2024, the Company had cash remaining related to the STAR Offering proceeds of $856,722. Investments in Equity Securities The following table summarizes the Company’s investments in equity securities: As of June 30, December 31, 2024 2023 $ $ Equity securities with readily determinable fair values (1) Fair value of Leap common stock 1,440 3,046 Fair value of Leap warrants 115 542 Equity securities without readily determinable fair values Pi Health, Inc. (2) 40,798 — Other 54,865 55,860 Equity-method investments 37,780 25,981 Total 134,998 85,429 (1) Represents common stock and warrants to purchase additional shares of common stock of Leap Therapeutics, Inc. (“Leap”). The Company measures the investment in the common stock and warrants at fair value, with changes in fair value recorded to other expense, net. (2) In the first quarter of 2024, the Company divested the net assets comprising substantially all of its Pi Health business with a carrying value of $38,063. The consideration received for the divestiture consisted of preferred stock in a newly formed entity, Pi Health, Inc., with a fair value of $40,798 and cash consideration of $1,000. The transaction resulted in a pre-tax gain of $3,735 recorded within other expense, net during the six months ended June 30, 2024. The Company will account for its investment prospectively as a private equity security without a readily determinable fair value and the divestiture is not treated as a discontinued operation in the Statement of Operations and therefore the historical results of operations of the Pi Health business will remain in the Company’s continuing operations. The following table summarizes unrealized (losses) gains related to investments in equity securities recorded in other expense, net for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Equity securities with readily determinable fair values (621) 470 (2,033) (636) Equity securities without readily determinable fair values — — (797) 1,081 Equity-method investments (4,017) (2,480) (4,873) (2,624) |
Inventories, Net
Inventories, Net | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Inventories, Net The Company’s inventories, net consisted of the following: As of June 30, December 31, 2024 2023 $ $ Raw materials 143,655 148,772 Work in process 59,499 39,098 Finished goods 240,106 228,252 Total inventories, net 443,260 416,122 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net are recorded at cost and consisted of the following: As of June 30, December 31, 2024 2023 $ $ Land 65,485 65,485 Building 304,854 231,656 Manufacturing equipment 227,146 186,856 Laboratory equipment 216,673 205,349 Leasehold improvement 60,382 60,124 Software, electronics and office equipment 67,649 83,281 Property, plant and equipment, at cost 942,189 832,751 Less: accumulated depreciation (289,114) (249,212) Construction in progress 863,416 740,615 Property, plant and equipment, net 1,516,491 1,324,154 The Company has made a significant investment in its newly opened manufacturing and R&D center in Hopewell, New Jersey. As of June 30, 2024, the Company had land and construction in progress of $677,126 related to the Hopewell facility, the majority of which will be put into service in the second half of 2024. In March 2024, the Company acquired a land use right and the facility currently being constructed on the land for $73,373. The Company plans to complete the construction of the facility and build a research and development center on the land. Based on the relative fair values of the land use right and construction in progress, $28,699 of the total purchase price was allocated to the land use right and $44,674 was allocated to the construction in progress. In May 2024, the Company acquired additional construction in progress in connection with the properties for $22,637. As of June 30, 2024, title of the land use right was being transitioned to the Company. As such, the purchase price allocated to the land use right was recorded as a long-term prepaid as of June 30, 2024 and will be transferred to operating lease right-of-use asset upon the closing of the transaction. Depreciation expense was $23,754 and $47,864 for the three and six months ended June 30, 2024, respectively, and $21,307 and $40,332 for the three and six months ended June 30, 2023, respectively. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets as of June 30, 2024 and December 31, 2023 are summarized as follows: As of June 30, 2024 December 31, 2023 Gross Gross carrying Accumulated Intangible carrying Accumulated Intangible amount amortization assets, net amount amortization assets, net $ $ $ $ $ $ Finite-lived intangible assets: Developed products 63,098 (10,054) 53,044 64,274 (7,807) 56,467 Other 8,987 (8,316) 671 8,987 (8,316) 671 Total finite-lived intangible assets 72,085 (18,370) 53,715 73,261 (16,123) 57,138 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 was as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Amortization expense - Cost of sales - product 1,177 840 2,360 1,639 Amortization expense - Operating expense — 188 — 375 Total 1,177 1,028 2,360 2,014 Estimated amortization expense for each of the five succeeding years and thereafter, as of June 30, 2024 is as follows: Year Ending December 31, Cost of Sales - Product Operating Expenses Total $ $ $ 2024 (remainder of year) 2,348 67 2,415 2025 4,696 67 4,763 2026 4,696 67 4,763 2027 4,696 67 4,763 2028 4,696 67 4,763 2029 and thereafter 31,912 336 32,248 Total 53,044 671 53,715 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense was $14,485 and $22,209 for the three and six months ended June 30, 2024, respectively, and $13,674 and $25,166 for the three and six months ended June 30, 2023, respectively. The income tax expense for the three and six months ended June 30, 2024 and 2023 was primarily attributable to current U.S. tax expense determined after other special tax deductions and research and development tax credits, current Switzerland tax expense based on year to date earnings, and current China tax expense due to certain non-deductible expenses. On a quarterly basis, the Company evaluates the realizability of deferred tax assets by jurisdiction and assesses the need for a valuation allowance. In assessing the realizability of deferred tax assets, the Company considers historical profitability, evaluation of scheduled reversals of deferred tax liabilities, projected future taxable income and tax-planning strategies. Valuation allowances have been provided on deferred tax assets where, based on all available evidence, it was considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. After consideration of all positive and negative evidence, as of June 30, 2024, the Company will maintain a full valuation allowance against its net deferred tax assets. As of June 30, 2024, the Company had gross unrecognized tax benefits of $15,804. The Company does not anticipate that the amount of existing unrecognized tax benefits will significantly change within the next 12 months. The Company’s reserve for uncertain tax positions increased by $880 and $1,540 in the three and six months ended June 30, 2024 primarily due to U.S. federal and state tax credits and incentives. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, December 31, 2024 2023 $ $ Prepaid research and development costs 68,234 60,476 Prepaid manufacturing cost 32,986 42,066 Prepaid taxes 32,193 37,320 Other receivables 58,776 37,859 Short-term restricted cash 23,155 11,473 Prepaid insurance 10,158 8,872 Other current assets 48,156 59,399 Total 273,658 257,465 Other non-current assets consist of the following: As of June 30, December 31, 2024 2023 $ $ Prepayment of property and equipment (1) 34,335 4,144 Prepaid supply cost 12,487 18,122 Prepaid VAT 2,602 2,546 Rental deposits and other 8,002 8,195 Long-term restricted cash 2,121 2,711 Long-term investments (Note 4) 139,771 89,644 Total 199,318 125,362 (1) Includes payment for acquired land use right in Shanghai, China that was in the process of being transitioned to the Company as of June 30, 2024 (See Note 6). Accrued expenses and other payables consist of the following: As of June 30, December 31, 2024 2023 $ $ Compensation related 167,960 217,803 External research and development activities related 133,412 162,969 Commercial activities 70,641 87,572 Individual income tax and other taxes 48,466 30,083 Sales rebates and returns related 173,263 139,936 Other 52,796 55,368 Total 646,538 693,731 Other long-term liabilities consist of the following: As of June 30, December 31, 2024 2023 $ $ Deferred government grant income 32,021 34,204 Pension liability 14,639 14,995 Asset retirement obligation 1,101 1,127 Other 3,772 484 Total 51,533 50,810 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes the Company’s short-term and long-term debt obligations as of June 30, 2024 and December 31, 2023: Lender Line of Credit Term Maturity Date Interest Rate As of June 30, 2024 December 31, 2023 $ RMB $ RMB China Construction Bank RMB580,000 9-year April 4, 2027 (1) 15,136 110,000 14,089 100,000 China Merchants Bank RMB350,000 9-year January 20, 2029 (2) 8,649 62,857 8,856 62,857 China Merchants Bank RMB378,000 9-year November 8, 2029 (3) 6,848 49,765 5,636 40,000 China Merchants Bank $380,000 1-year (4) 380,000 2,761,628 300,000 2,129,321 China Minsheng Bank $150,000 1-year December 19, 2024 7.3% 150,000 1,090,116 150,000 1,064,660 China Industrial Bank RMB 675,000 364-day March 27, 2025 (5) 92,880 675,000 — — China Merchants Bank RMB 400,000 1-year June 5, 2025 3.0% 55,040 400,000 56,356 400,000 HSBC Bank RMB 340,000 1-year May 5, 2025 (6) 46,784 340,000 47,903 340,000 China Industrial Bank RMB 200,000 1-year May 29, 2024 — — — 28,177 200,000 Shanghai Pudong Development Bank RMB 700,000 1-year (7) 2.9% 96,320 700,000 49,312 350,000 Other short-term debt (8) — — 28,037 199,000 Total short-term debt 851,657 6,189,366 688,366 4,885,838 China Construction Bank RMB580,000 9-year April 4, 2027 (1) 49,536 360,000 59,174 420,000 China Merchants Bank RMB350,000 9-year January 20, 2029 (2) 32,434 235,714 37,638 267,143 China Merchants Bank RMB378,000 9-year November 8, 2029 (3) 37,253 270,735 42,337 300,500 China CITIC Bank RMB480,000 10-year July 28, 2032 (9) 66,048 480,000 58,469 415,000 Total long-term bank loans 185,271 1,346,449 197,618 1,402,643 (1) The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 4.2% as of June 30, 2024. The loan is secured by BeiGene Guangzhou Factory’s property ownership certificate. The Company repaid $6,886 (RMB50,000) during the six months ended June 30, 2024. (2) The outstanding borrowings bear floating interest rates benchmarking against prevailing interest rates of certain PRC financial institutions. The loan interest rate was 3.7% as of June 30, 2024. 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. The Company repaid $4,362 (RMB31,429) during the six months ended June 30, 2024. (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 June 30, 2024. The loan is secured by fixed assets placed into service upon completion of the third phase of the Guangzhou manufacturing facility’s build out. The Company repaid $2,772 (RMB20,000) during the six months ended June 30, 2024. (4) The outstanding borrowings bear floating interest rates benchmarking the secured overnight financing rate. The loan interest rate was 7.2% as of June 30, 2024. $300,000 of the borrowings matures on December 25, 2024, and $80,000 matures on January 27, 2025. (5) The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 2.6% as of June 30, 2024. (6) The outstanding borrowings bear floating interest rates benchmarking Hong Kong interbank market rate for RMB. The loan interest rate was 5.7% as of June 30, 2024. (7) $48,160 (RMB350,000) of the outstanding borrowings matures on November 21, 2024 and March 19, 2025, respectively. (8) During the two years ended December 31, 2023, the Company entered into short-term working capital loans with China Industrial Bank and China Merchants Bank to borrow up to RMB875,000 in aggregate. The Company repaid $27,476 (RMB199,000) during the six months ended June 30, 2024. (9) 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 Company drew down $9,053 (RMB65,000) during the six months ended June 30, 2024. The weighted average loan interest rate was 3.9% as of June 30, 2024. The loan is secured by BeiGene Suzhou Co., Ltd.’s property ownership certificate of the small molecule manufacturing campus in Suzhou, China. 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 June 30, 2024, the Company was in compliance with all covenants of its material debt agreements. Interest Expense |
Product Revenue
Product Revenue | 6 Months Ended |
Jun. 30, 2024 | |
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., Europe, China, and other regions, and tislelizumab in China; XGEVA ® , BLINCYTO ® and KYPROLIS ® in China under a license from Amgen; and POBEVCY ® in China under a license from Bio-Thera. The table below presents the Company’s net product sales for the three and six months ended June 30, 2024 and 2023. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Product revenue – gross 1,167,155 667,328 2,111,619 1,176,933 Less: Rebates and sales returns (246,009) (113,583) (443,555) (212,897) Product revenue – net 921,146 553,745 1,668,064 964,036 The following table disaggregates net product sales by product for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ BRUKINSA ® 637,399 308,276 1,125,914 519,658 Tislelizumab 158,410 149,464 303,687 264,314 XGEVA ® 55,054 23,968 98,435 44,165 BLINCYTO ® 19,131 14,578 33,497 25,524 KYPROLIS ® 15,936 11,052 30,047 15,995 POBEVCY ® 11,572 13,438 28,205 27,764 REVLIMID ® 9,133 21,847 21,366 45,005 Other 14,511 11,122 26,913 21,611 Total product revenue – net 921,146 553,745 1,668,064 964,036 The following table presents the roll-forward of accrued sales rebates and returns for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 $ $ Balance at beginning of the period 139,936 41,817 Accrual 443,555 212,897 Payments (410,228) (169,123) Balance at end of the period 173,263 85,591 |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Loss Per Share The following table reconciles the numerator and denominator in the computations of basic and diluted loss per share: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Numerator: Net loss (120,405) (381,137) (371,555) (729,568) Denominator: Weighted average shares outstanding for computing basic and diluted loss per share 1,361,082,567 1,360,224,377 1,358,315,145 1,357,211,308 Loss per share (0.09) (0.28) (0.27) (0.54) For the three and six months ended June 30, 2024 and 2023, the computation of basic loss per share using the two-class method was not applicable as the Company was in a net loss position, and the effects of all share options, restricted shares, restricted share units and ESPP shares were excluded from the calculation of diluted loss per share, as their effect would have been anti-dilutive. |
Share-Based Compensation Expens
Share-Based Compensation Expense | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Expense | Share-Based Compensation Expense 2016 Share Option and Incentive Plan In January 2016, in connection with the Company’s initial public offering (“IPO”) on the Nasdaq Stock Market, the board of directors and shareholders of the Company approved the 2016 Share Option and Incentive Plan (the “2016 Plan”), which became effective in February 2016. The Company initially reserved 65,029,595 ordinary shares for the issuance of awards under the 2016 Plan, plus any shares available under the 2011 Option Plan (the “2011 Plan”), and not subject to any outstanding options as of the effective date of the 2016 Plan, along with underlying share awards under the 2011 Plan that are cancelled or forfeited without issuance of ordinary shares. In December 2018, the shareholders 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 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. In order to continue to provide incentive opportunities under the 2016 Plan, the Board of Directors and shareholders of the Company approved another 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. In June 2024, the shareholders of the Company approved a third amended and restated 2016 Plan (the “Amended 2016 Plan”) to comply with certain amendments of Chapter 17 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “HK Listing Rules”) and to increase the number of shares available for issuance thereunder by 92,820,000 ordinary shares. As of June 30, 2024, ordinary shares cancelled or forfeited under the 2011 Plan that were carried over to the Amended 2016 Plan totaled 5,166,848. During the six months ended June 30, 2024, the Company granted options for 8,394,737 ordinary shares, restricted share units for 42,514,355 ordinary shares, and performance share units for 2,287,402 ordinary shares under the Amended 2016 Plan. As of June 30, 2024, options, restricted share units, and performance share units for ordinary shares outstanding under the Amended 2016 Plan totaled 67,378,462, 87,422,244, and 2,287,402, respectively. As of June 30, 2024, share-based awards to acquire 82,059,496 ordinary shares were available for future grant under the Amended 2016 Plan. 2018 Employee Share Purchase Plan In June 2018, the shareholders of the Company approved the 2018 Employee Share Purchase Plan (the “ESPP”). Initially, 3,500,000 ordinary shares of the Company were reserved for issuance under the ESPP. In August 2018, in connection with the Company’s listing on the Hong Kong Stock Exchange, the board of directors approved an amended and restated ESPP to remove an “evergreen” share replenishment provision originally included in the plan and implemented other changes required by the HK Listing 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. In June 2019, the board of directors adopted an amendment to revise the eligibility criteria for enrollment in the plan. In June 2021, the board of directors of the Company adopted the third amended and restated ESPP to include certain technical amendments under U.S. tax rules and to consolidate the changes in the prior amendment, effective on September 1, 2021. In June 2024, the shareholders approved a fourth amended and restated ESPP (the “Amended ESPP”) to comply with certain amendments of Chapter 17 of the HK Listing Rules and to increase the number of shares available for sale thereunder by 5,070,000 shares. The Amended ESPP allows eligible employees to purchase the Company’s ordinary shares (including in the form of ADSs) at the end of each offering period, which will generally be six months, at a 15% discount to the market price of the Company’s ADSs at the beginning or the end of each offering period, whichever is lower, using funds deducted from their payroll during the offering period. Eligible employees are able to authorize payroll deductions of up to 10% of their eligible earnings, subject to applicable limitations. As of June 30, 2024, 5,989,678 ordinary shares were available for future issuance under the Amended ESPP. The following tables summarizes the shares issued under the ESPP: Market Price 1 Purchase Price 2 Issuance Date Number of Ordinary Shares Issued ADS Ordinary ADS Ordinary Proceeds February 29, 2024 1,021,397 $ 165.65 $ 12.74 $ 140.80 $ 10.83 $ 11,063 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 1 The market price is the lower of the closing price on the Nasdaq Stock Market on the issuance date or the offering date, in accordance with the terms of the ESPP. 2 The purchase price is the price which was discounted from the applicable market price, in accordance with the terms of the ESPP. Share-Based Compensation Expense The following table summarizes total share-based compensation expense recognized for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Research and development 55,406 45,948 93,451 79,976 Selling, general and administrative 75,288 57,381 125,957 98,741 Total 130,694 103,329 219,408 178,717 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The movement of accumulated other comprehensive loss was as follows: Unrealized Foreign Currency Gains/(Losses) on Pension Translation Available-for-Sale Liability Adjustments Securities Adjustments Total $ $ $ $ Balance as of December 31, 2023 (87,987) 35 (11,494) (99,446) Other comprehensive (loss) income before reclassifications (41,399) (35) — (41,434) Amounts reclassified from accumulated other comprehensive income (loss) — — 406 406 Net-current period other comprehensive (loss) income (41,399) (35) 406 (41,028) Balance as of June 30, 2024 (129,386) — (11,088) (140,474) |
Shareholders_ Equity
Shareholders’ Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Shareholders’ Equity | Shareholders’ Equity 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 ® |
Restricted Net Assets
Restricted Net Assets | 6 Months Ended |
Jun. 30, 2024 | |
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 statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of the subsidiary’s retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the condensed consolidated financial statements prepared in accordance with GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries. In accordance with the company law of the PRC, a domestic enterprise is required to provide statutory reserves of at least 10% of its annual after-tax profit until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. A domestic enterprise is also required to provide discretionary surplus reserve, at the discretion of the board of directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The Company’s PRC subsidiaries were established as domestic enterprises and therefore are subject to the above-mentioned restrictions on distributable profits. As a result of these PRC laws and regulations, including the requirement to make annual appropriations of at least 10% of after-tax income and set aside as general reserve fund prior to payment of dividends, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments As of June 30, 2024, the Company had non-cancellable purchase commitments amounting to $120,366, of which $28,822 related to minimum purchase requirements for supply purchased from contract manufacturing organizations and $91,544 related to binding purchase obligations of inventory from Amgen. The Company does not have any minimum purchase requirements for inventory from Amgen. Capital Commitments The Company had capital commitments amounting to $62,576 for the acquisition of property, plant and equipment as of June 30, 2024, related to various facilities across the globe, including the manufacturing and clinical R&D campus in Hopewell, New Jersey. Co-Development Funding Commitment Under the Amgen Collaboration Agreement, the Company is responsible for co-funding global development costs for the Amgen oncology pipeline assets up to a total cap of $1,250,000. The Company is funding its portion of the co-development costs by contributing cash and development services. As of June 30, 2024, the Company’s remaining co-development funding commitment was $412,647. Funding Commitment The Company had committed capital related to two equity-method investments in the amount of $15,054. As of June 30, 2024, the remaining capital commitment was $8,154 and is expected to be paid from time to time over the investment period. |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Jun. 30, 2024 | |
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 U.S. and the PRC. Net product revenues by geographic area are based upon the location of the customer, and net collaboration revenue is recorded in the jurisdiction in which the related income is expected to be sourced from. Total revenues by geographic area are presented as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ U.S. - total revenue 481,430 252,347 832,886 416,830 Product revenue 479,365 223,539 830,821 362,307 Collaboration revenue 2,065 28,808 2,065 54,523 China- total revenue 352,070 295,783 672,446 543,464 Product revenue 347,112 293,922 662,774 540,828 Collaboration revenue 4,958 1,861 9,672 2,636 Europe- total revenue 82,389 37,169 149,249 67,690 Product revenue 81,392 26,322 148,232 45,823 Collaboration revenue 997 10,847 1,017 21,867 Rest of world- total revenue 13,277 9,962 26,237 15,078 Product revenue 13,277 9,962 26,237 15,078 Collaboration revenue — — — — Total Revenue 929,166 595,261 1,680,818 1,043,062 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net loss | $ (120,405) | $ (251,150) | $ (381,137) | $ (348,431) | $ (371,555) | $ (729,568) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 shares | Jun. 30, 2024 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Name ( Title ) Action Taken ( Date of Action ) Type of Trading Arrangement Nature of Trading Arrangement Duration of Trading Arrangement Aggregate Number of Securities Dr. Xiaobin Wu (President, Chief Operating Officer) Adoption (May 13, 2024) Rule 10b5-1 trading arrangement Sale September 5, 2025 Restricted Stock Units (“RSU”) and stock options equaling to up to 218,240 American Depositary Shares (“ADSs”) less any shares sold pursuant to Dr. Wu’s prior 10b5-1 plan, which expired on May 12, 2024, but prior to this trading plan’s selling start date. Julia Wang (Former Chief Financial Officer) Adoption (May 22, 2024) Rule 10b5-1 trading arrangement Sale August 29, 2025 78,727 ADSs plus an additional number of ADSs subject to RSUs equal to the net number of shares resulting from applicable RSU vestings after sell-to-cover for withholding tax. Dr. Lai Wang (Global Head of R&D) Adoption (June 13, 2024) Rule 10b5-1 trading arrangement Sale September 12, 2025 20,000 ADSs | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Dr. Xiaobin Wu [Member] | ||
Trading Arrangements, by Individual | ||
Name | Dr. Xiaobin Wu | |
Title | President, Chief Operating Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | May 13, 2024 | |
Expiration Date | September 5, 2025 | |
Arrangement Duration | 480 days | |
Aggregate Available | 218,240 | 218,240 |
Julia Wang [Member] | ||
Trading Arrangements, by Individual | ||
Name | Julia Wang | |
Title | Former Chief Financial Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | May 22, 2024 | |
Expiration Date | August 29, 2025 | |
Arrangement Duration | 464 days | |
Aggregate Available | 78,727 | 78,727 |
Dr. Lai Wang [Member] | ||
Trading Arrangements, by Individual | ||
Name | Dr. Lai Wang | |
Title | Global Head of R&D | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | June 13, 2024 | |
Expiration Date | September 12, 2025 | |
Arrangement Duration | 456 days | |
Aggregate Available | 20,000 | 20,000 |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation and consolidation | Basis of presentation and consolidation The accompanying condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023, the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023, and the condensed consolidated statements of shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and the related footnote disclosures are unaudited. The accompanying unaudited interim condensed financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including guidance with respect to interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”). The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all normal recurring adjustments, necessary to present a fair statement of the results for the interim periods presented. Results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results expected for the full fiscal year or for any future annual or interim period. The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. |
Use of estimates | Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, estimating the useful lives of long-lived assets, estimating variable consideration in product sales and collaboration revenue arrangements, identifying separate accounting units and determining the standalone selling price of each performance obligation in the Company’s revenue arrangements, assessing the impairment of long-lived assets, valuation and recognition of share-based compensation expenses, realizability of deferred tax assets, estimating uncertain tax positions, valuation of inventory, estimating the allowance for credit losses, determining defined benefit pension plan obligations, measurement of right-of-use assets and lease liabilities and the fair value of financial instruments. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts of revenues and expenses. Actual results could differ from these estimates. |
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. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis using the above input categories as of June 30, 2024 and December 31, 2023: Quoted Price in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of June 30, 2024 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents Money market funds 897,906 — — Prepaid expenses and other current assets: Convertible debt instrument — — 4,968 Other non-current assets (Note 4): Equity securities with readily determinable fair values 1,440 115 — Convertible debt instrument — — 4,773 Total 899,346 115 9,741 Quoted Price in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of December 31, 2023 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents Money market funds 1,052,149 — — Time deposits 42,852 — — Prepaid expenses and other current assets: U.S. Treasury securities 2,600 — — Convertible debt instrument — — 4,668 Other non-current assets (Note 4): Equity securities with readily determinable fair values 3,046 542 — Convertible debt instrument — — 4,215 Total 1,100,647 542 8,883 |
Collaborative and Licensing A_2
Collaborative and Licensing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Research and Development [Abstract] | |
Schedule of Net Product Sales | The following table summarizes total collaboration revenue recognized for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenue from Collaborators $ $ $ $ Research and development service revenue — 13,563 — 20,380 Right to access intellectual property revenue — 26,248 — 52,497 Other 8,020 1,705 12,754 6,149 Total 8,020 41,516 12,754 79,026 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Research and development service revenue — 11,770 — 16,796 Other (1) 2,113 1,344 2,113 5,013 Total 2,113 13,114 2,113 21,809 (1) Represents revenue recognized on final shipment of tislelizumab clinical supply to Novartis in conjunction with the former collaboration. The following table summarizes collaboration revenue recognized in connection with the China broad markets agreement for the three and six months ended June 30, 2024 and the terminated ociperlimab option, collaboration and license agreement for the three and six months ended June 30, 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Research and development service revenue — 1,792 — 3,583 Right to access intellectual property revenue — 26,248 — 52,497 China broad markets agreement 4,154 1,861 8,501 2,636 Total 4,154 29,901 8,501 58,716 The table below presents the Company’s net product sales for the three and six months ended June 30, 2024 and 2023. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Product revenue – gross 1,167,155 667,328 2,111,619 1,176,933 Less: Rebates and sales returns (246,009) (113,583) (443,555) (212,897) Product revenue – net 921,146 553,745 1,668,064 964,036 The following table disaggregates net product sales by product for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ BRUKINSA ® 637,399 308,276 1,125,914 519,658 Tislelizumab 158,410 149,464 303,687 264,314 XGEVA ® 55,054 23,968 98,435 44,165 BLINCYTO ® 19,131 14,578 33,497 25,524 KYPROLIS ® 15,936 11,052 30,047 15,995 POBEVCY ® 11,572 13,438 28,205 27,764 REVLIMID ® 9,133 21,847 21,366 45,005 Other 14,511 11,122 26,913 21,611 Total product revenue – net 921,146 553,745 1,668,064 964,036 |
Schedule of Collaboration Agreements | Amounts recorded related to the Company’s portion of the co-development funding on the pipeline assets for the three and six months ended June 30, 2024 and 2023 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Research and development expense 22,482 5,457 35,966 23,274 Amortization of research and development cost share liability 21,903 5,271 35,039 22,669 Total amount due to Amgen for BeiGene’s portion of the development funding 44,385 10,728 71,005 45,943 As of June 30, 2024 $ Remaining portion of development funding cap 412,647 As of June 30, 2024 and December 31, 2023, the research and development cost share liability recorded in the Company’s balance sheet was as follows: As of June 30, December 31, 2024 2023 $ $ Research and development cost share liability, current portion 84,615 68,004 Research and development cost share liability, non-current portion 119,012 170,662 Total research and development cost share liability 203,627 238,666 |
Schedule of Amounts and Classification of Reimbursement Expense | The total reimbursement paid under the commercial profit-sharing agreement for product sales is classified in the income statement for the three and six months ended June 30, 2024 and 2023 as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Cost of sales - product 9,590 4,011 18,159 1,184 Research and development (439) (1,769) (1,144) 1,311 Selling, general and administrative (21,100) (17,552) (39,253) (29,388) Total (11,949) (15,310) (22,238) (26,893) |
Schedule of Payments Due to Collaboration Partners | Upfront and milestone payments incurred under these arrangements for the three and six months ended June 30, 2024 and 2023 are set forth below. All upfront and development milestones were expensed to research and development expense. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Payments due to collaboration partners Classification $ $ $ $ Upfront payments Research and development expense — — 27 — Development milestones incurred Research and development expense 11,500 — 46,500 — Total 11,500 — 46,527 — |
Restricted Cash and Investmen_2
Restricted Cash and Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Restrictions on Cash and Cash Equivalents | The Company classifies restricted cash as current or non-current based on the term of the restriction. Restricted cash as of June 30, 2024 and December 31, 2023 was as follows: As of June 30, December 31, 2024 2023 $ $ Short-term restricted cash 23,155 11,473 Long-term restricted cash 2,121 2,711 Total 25,276 14,184 |
Schedule of Equity Method Investments | The following table summarizes the Company’s investments in equity securities: As of June 30, December 31, 2024 2023 $ $ Equity securities with readily determinable fair values (1) Fair value of Leap common stock 1,440 3,046 Fair value of Leap warrants 115 542 Equity securities without readily determinable fair values Pi Health, Inc. (2) 40,798 — Other 54,865 55,860 Equity-method investments 37,780 25,981 Total 134,998 85,429 (1) Represents common stock and warrants to purchase additional shares of common stock of Leap Therapeutics, Inc. (“Leap”). The Company measures the investment in the common stock and warrants at fair value, with changes in fair value recorded to other expense, net. (2) In the first quarter of 2024, the Company divested the net assets comprising substantially all of its Pi Health business with a carrying value of $38,063. The consideration received for the divestiture consisted of preferred stock in a newly formed entity, Pi Health, Inc., with a fair value of $40,798 and cash consideration of $1,000. The transaction resulted in a pre-tax gain of $3,735 recorded within other expense, net during the six months ended June 30, 2024. The Company will account for its investment prospectively as a private equity security without a readily determinable fair value and the divestiture is not treated as a discontinued operation in the Statement of Operations and therefore the historical results of operations of the Pi Health business will remain in the Company’s continuing operations. The following table summarizes unrealized (losses) gains related to investments in equity securities recorded in other expense, net for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Equity securities with readily determinable fair values (621) 470 (2,033) (636) Equity securities without readily determinable fair values — — (797) 1,081 Equity-method investments (4,017) (2,480) (4,873) (2,624) |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The Company’s inventories, net consisted of the following: As of June 30, December 31, 2024 2023 $ $ Raw materials 143,655 148,772 Work in process 59,499 39,098 Finished goods 240,106 228,252 Total inventories, net 443,260 416,122 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net are recorded at cost and consisted of the following: As of June 30, December 31, 2024 2023 $ $ Land 65,485 65,485 Building 304,854 231,656 Manufacturing equipment 227,146 186,856 Laboratory equipment 216,673 205,349 Leasehold improvement 60,382 60,124 Software, electronics and office equipment 67,649 83,281 Property, plant and equipment, at cost 942,189 832,751 Less: accumulated depreciation (289,114) (249,212) Construction in progress 863,416 740,615 Property, plant and equipment, net 1,516,491 1,324,154 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets Outstanding | Intangible assets as of June 30, 2024 and December 31, 2023 are summarized as follows: As of June 30, 2024 December 31, 2023 Gross Gross carrying Accumulated Intangible carrying Accumulated Intangible amount amortization assets, net amount amortization assets, net $ $ $ $ $ $ Finite-lived intangible assets: Developed products 63,098 (10,054) 53,044 64,274 (7,807) 56,467 Other 8,987 (8,316) 671 8,987 (8,316) 671 Total finite-lived intangible assets 72,085 (18,370) 53,715 73,261 (16,123) 57,138 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Amortization expense - Cost of sales - product 1,177 840 2,360 1,639 Amortization expense - Operating expense — 188 — 375 Total 1,177 1,028 2,360 2,014 |
Schedule of Finite-Lived Intangible Assets Amortization Expense | Estimated amortization expense for each of the five succeeding years and thereafter, as of June 30, 2024 is as follows: Year Ending December 31, Cost of Sales - Product Operating Expenses Total $ $ $ 2024 (remainder of year) 2,348 67 2,415 2025 4,696 67 4,763 2026 4,696 67 4,763 2027 4,696 67 4,763 2028 4,696 67 4,763 2029 and thereafter 31,912 336 32,248 Total 53,044 671 53,715 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, December 31, 2024 2023 $ $ Prepaid research and development costs 68,234 60,476 Prepaid manufacturing cost 32,986 42,066 Prepaid taxes 32,193 37,320 Other receivables 58,776 37,859 Short-term restricted cash 23,155 11,473 Prepaid insurance 10,158 8,872 Other current assets 48,156 59,399 Total 273,658 257,465 |
Schedule of Other Non-Current Assets | Other non-current assets consist of the following: As of June 30, December 31, 2024 2023 $ $ Prepayment of property and equipment (1) 34,335 4,144 Prepaid supply cost 12,487 18,122 Prepaid VAT 2,602 2,546 Rental deposits and other 8,002 8,195 Long-term restricted cash 2,121 2,711 Long-term investments (Note 4) 139,771 89,644 Total 199,318 125,362 (1) Includes payment for acquired land use right in Shanghai, China that was in the process of being transitioned to the Company as of June 30, 2024 (See Note 6). |
Schedule of Accrued Expenses and Other Payables | Accrued expenses and other payables consist of the following: As of June 30, December 31, 2024 2023 $ $ Compensation related 167,960 217,803 External research and development activities related 133,412 162,969 Commercial activities 70,641 87,572 Individual income tax and other taxes 48,466 30,083 Sales rebates and returns related 173,263 139,936 Other 52,796 55,368 Total 646,538 693,731 |
Schedule of Other Long-Term Liabilities | Other long-term liabilities consist of the following: As of June 30, December 31, 2024 2023 $ $ Deferred government grant income 32,021 34,204 Pension liability 14,639 14,995 Asset retirement obligation 1,101 1,127 Other 3,772 484 Total 51,533 50,810 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and December 31, 2023: Lender Line of Credit Term Maturity Date Interest Rate As of June 30, 2024 December 31, 2023 $ RMB $ RMB China Construction Bank RMB580,000 9-year April 4, 2027 (1) 15,136 110,000 14,089 100,000 China Merchants Bank RMB350,000 9-year January 20, 2029 (2) 8,649 62,857 8,856 62,857 China Merchants Bank RMB378,000 9-year November 8, 2029 (3) 6,848 49,765 5,636 40,000 China Merchants Bank $380,000 1-year (4) 380,000 2,761,628 300,000 2,129,321 China Minsheng Bank $150,000 1-year December 19, 2024 7.3% 150,000 1,090,116 150,000 1,064,660 China Industrial Bank RMB 675,000 364-day March 27, 2025 (5) 92,880 675,000 — — China Merchants Bank RMB 400,000 1-year June 5, 2025 3.0% 55,040 400,000 56,356 400,000 HSBC Bank RMB 340,000 1-year May 5, 2025 (6) 46,784 340,000 47,903 340,000 China Industrial Bank RMB 200,000 1-year May 29, 2024 — — — 28,177 200,000 Shanghai Pudong Development Bank RMB 700,000 1-year (7) 2.9% 96,320 700,000 49,312 350,000 Other short-term debt (8) — — 28,037 199,000 Total short-term debt 851,657 6,189,366 688,366 4,885,838 China Construction Bank RMB580,000 9-year April 4, 2027 (1) 49,536 360,000 59,174 420,000 China Merchants Bank RMB350,000 9-year January 20, 2029 (2) 32,434 235,714 37,638 267,143 China Merchants Bank RMB378,000 9-year November 8, 2029 (3) 37,253 270,735 42,337 300,500 China CITIC Bank RMB480,000 10-year July 28, 2032 (9) 66,048 480,000 58,469 415,000 Total long-term bank loans 185,271 1,346,449 197,618 1,402,643 (1) The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 4.2% as of June 30, 2024. The loan is secured by BeiGene Guangzhou Factory’s property ownership certificate. The Company repaid $6,886 (RMB50,000) during the six months ended June 30, 2024. (2) The outstanding borrowings bear floating interest rates benchmarking against prevailing interest rates of certain PRC financial institutions. The loan interest rate was 3.7% as of June 30, 2024. 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. The Company repaid $4,362 (RMB31,429) during the six months ended June 30, 2024. (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 June 30, 2024. The loan is secured by fixed assets placed into service upon completion of the third phase of the Guangzhou manufacturing facility’s build out. The Company repaid $2,772 (RMB20,000) during the six months ended June 30, 2024. (4) The outstanding borrowings bear floating interest rates benchmarking the secured overnight financing rate. The loan interest rate was 7.2% as of June 30, 2024. $300,000 of the borrowings matures on December 25, 2024, and $80,000 matures on January 27, 2025. (5) The outstanding borrowings bear floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 2.6% as of June 30, 2024. (6) The outstanding borrowings bear floating interest rates benchmarking Hong Kong interbank market rate for RMB. The loan interest rate was 5.7% as of June 30, 2024. (7) $48,160 (RMB350,000) of the outstanding borrowings matures on November 21, 2024 and March 19, 2025, respectively. (8) During the two years ended December 31, 2023, the Company entered into short-term working capital loans with China Industrial Bank and China Merchants Bank to borrow up to RMB875,000 in aggregate. The Company repaid $27,476 (RMB199,000) during the six months ended June 30, 2024. (9) 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 Company drew down $9,053 (RMB65,000) during the six months ended June 30, 2024. The weighted average loan interest rate was 3.9% as of June 30, 2024. The loan is secured by BeiGene Suzhou Co., Ltd.’s property ownership certificate of the small molecule manufacturing campus in Suzhou, China. |
Product Revenue (Tables)
Product Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Net Product Sales | The following table summarizes total collaboration revenue recognized for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenue from Collaborators $ $ $ $ Research and development service revenue — 13,563 — 20,380 Right to access intellectual property revenue — 26,248 — 52,497 Other 8,020 1,705 12,754 6,149 Total 8,020 41,516 12,754 79,026 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Research and development service revenue — 11,770 — 16,796 Other (1) 2,113 1,344 2,113 5,013 Total 2,113 13,114 2,113 21,809 (1) Represents revenue recognized on final shipment of tislelizumab clinical supply to Novartis in conjunction with the former collaboration. The following table summarizes collaboration revenue recognized in connection with the China broad markets agreement for the three and six months ended June 30, 2024 and the terminated ociperlimab option, collaboration and license agreement for the three and six months ended June 30, 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Research and development service revenue — 1,792 — 3,583 Right to access intellectual property revenue — 26,248 — 52,497 China broad markets agreement 4,154 1,861 8,501 2,636 Total 4,154 29,901 8,501 58,716 The table below presents the Company’s net product sales for the three and six months ended June 30, 2024 and 2023. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Product revenue – gross 1,167,155 667,328 2,111,619 1,176,933 Less: Rebates and sales returns (246,009) (113,583) (443,555) (212,897) Product revenue – net 921,146 553,745 1,668,064 964,036 The following table disaggregates net product sales by product for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ BRUKINSA ® 637,399 308,276 1,125,914 519,658 Tislelizumab 158,410 149,464 303,687 264,314 XGEVA ® 55,054 23,968 98,435 44,165 BLINCYTO ® 19,131 14,578 33,497 25,524 KYPROLIS ® 15,936 11,052 30,047 15,995 POBEVCY ® 11,572 13,438 28,205 27,764 REVLIMID ® 9,133 21,847 21,366 45,005 Other 14,511 11,122 26,913 21,611 Total product revenue – net 921,146 553,745 1,668,064 964,036 |
Schedule of Accrued Sales Rebates and Returns | The following table presents the roll-forward of accrued sales rebates and returns for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 $ $ Balance at beginning of the period 139,936 41,817 Accrual 443,555 212,897 Payments (410,228) (169,123) Balance at end of the period 173,263 85,591 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of the Computations of Basic and Diluted Loss Per Share | The following table reconciles the numerator and denominator in the computations of basic and diluted loss per share: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Numerator: Net loss (120,405) (381,137) (371,555) (729,568) Denominator: Weighted average shares outstanding for computing basic and diluted loss per share 1,361,082,567 1,360,224,377 1,358,315,145 1,357,211,308 Loss per share (0.09) (0.28) (0.27) (0.54) |
Share-Based Compensation Expe_2
Share-Based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Shares Issued Under Employee Share Purchase Plan | The following tables summarizes the shares issued under the ESPP: Market Price 1 Purchase Price 2 Issuance Date Number of Ordinary Shares Issued ADS Ordinary ADS Ordinary Proceeds February 29, 2024 1,021,397 $ 165.65 $ 12.74 $ 140.80 $ 10.83 $ 11,063 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 1 The market price is the lower of the closing price on the Nasdaq Stock Market on the issuance date or the offering date, in accordance with the terms of the ESPP. 2 The purchase price is the price which was discounted from the applicable market price, in accordance with the terms of the ESPP. |
Schedule of Total Compensation Cost Recognized | The following table summarizes total share-based compensation expense recognized for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ Research and development 55,406 45,948 93,451 79,976 Selling, general and administrative 75,288 57,381 125,957 98,741 Total 130,694 103,329 219,408 178,717 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The movement of accumulated other comprehensive loss was as follows: Unrealized Foreign Currency Gains/(Losses) on Pension Translation Available-for-Sale Liability Adjustments Securities Adjustments Total $ $ $ $ Balance as of December 31, 2023 (87,987) 35 (11,494) (99,446) Other comprehensive (loss) income before reclassifications (41,399) (35) — (41,434) Amounts reclassified from accumulated other comprehensive income (loss) — — 406 406 Net-current period other comprehensive (loss) income (41,399) (35) 406 (41,028) Balance as of June 30, 2024 (129,386) — (11,088) (140,474) |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Net Product Revenues by Geographic Area | Total revenues by geographic area are presented as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 $ $ $ $ U.S. - total revenue 481,430 252,347 832,886 416,830 Product revenue 479,365 223,539 830,821 362,307 Collaboration revenue 2,065 28,808 2,065 54,523 China- total revenue 352,070 295,783 672,446 543,464 Product revenue 347,112 293,922 662,774 540,828 Collaboration revenue 4,958 1,861 9,672 2,636 Europe- total revenue 82,389 37,169 149,249 67,690 Product revenue 81,392 26,322 148,232 45,823 Collaboration revenue 997 10,847 1,017 21,867 Rest of world- total revenue 13,277 9,962 26,237 15,078 Product revenue 13,277 9,962 26,237 15,078 Collaboration revenue — — — — Total Revenue 929,166 595,261 1,680,818 1,043,062 |
Description of Business, Basi_3
Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies (Details) person in Thousands | Jun. 30, 2024 person medicine |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of approved medicines | medicine | 3 |
Number of internal clinical teams | person | 3 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Quoted Price in Active Market for Identical Assets (Level 1) | ||
Other non-current assets (Note 4): | ||
Total | $ 899,346 | $ 1,100,647 |
Quoted Price in Active Market for Identical Assets (Level 1) | U.S. Treasury securities | ||
Prepaid expenses and other current assets: | ||
U.S. Treasury securities | 2,600 | |
Quoted Price in Active Market for Identical Assets (Level 1) | Convertible debt instrument | ||
Prepaid expenses and other current assets: | ||
Convertible debt instrument | 0 | 0 |
Other non-current assets (Note 4): | ||
Convertible debt instrument | 0 | 0 |
Quoted Price in Active Market for Identical Assets (Level 1) | Equity securities with readily determinable fair values | ||
Other non-current assets (Note 4): | ||
Equity securities with readily determinable fair values | 1,440 | 3,046 |
Quoted Price in Active Market for Identical Assets (Level 1) | Money market funds | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 897,906 | 1,052,149 |
Quoted Price in Active Market for Identical Assets (Level 1) | Time deposits | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 42,852 | |
Significant Other Observable Inputs (Level 2) | ||
Other non-current assets (Note 4): | ||
Total | 115 | 542 |
Significant Other Observable Inputs (Level 2) | U.S. Treasury securities | ||
Prepaid expenses and other current assets: | ||
U.S. Treasury securities | 0 | |
Significant Other Observable Inputs (Level 2) | Convertible debt instrument | ||
Prepaid expenses and other current assets: | ||
Convertible debt instrument | 0 | 0 |
Other non-current assets (Note 4): | ||
Convertible debt instrument | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Equity securities with readily determinable fair values | ||
Other non-current assets (Note 4): | ||
Equity securities with readily determinable fair values | 115 | 542 |
Significant Other Observable Inputs (Level 2) | Money market funds | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Time deposits | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Other non-current assets (Note 4): | ||
Total | 9,741 | 8,883 |
Significant Unobservable Inputs (Level 3) | U.S. Treasury securities | ||
Prepaid expenses and other current assets: | ||
U.S. Treasury securities | 0 | |
Significant Unobservable Inputs (Level 3) | Convertible debt instrument | ||
Prepaid expenses and other current assets: | ||
Convertible debt instrument | 4,968 | 4,668 |
Other non-current assets (Note 4): | ||
Convertible debt instrument | 4,773 | 4,215 |
Significant Unobservable Inputs (Level 3) | Equity securities with readily determinable fair values | ||
Other non-current assets (Note 4): | ||
Equity securities with readily determinable fair values | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Money market funds | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | $ 0 | 0 |
Significant Unobservable Inputs (Level 3) | Time deposits | ||
Assets at fair value on a recurring basis | ||
Cash equivalents | $ 0 |
Collaborative and Licensing A_3
Collaborative and Licensing Arrangements - Recognized Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Total revenues | $ 929,166 | $ 595,261 | $ 1,680,818 | $ 1,043,062 |
Collaboration | ||||
Revenues | ||||
Total revenues | 8,020 | 41,516 | 12,754 | 79,026 |
Collaboration | Novartis | ||||
Revenues | ||||
Total revenues | 8,020 | 41,516 | 12,754 | 79,026 |
Collaboration | Tislelizumab | ||||
Revenues | ||||
Total revenues | 2,113 | 13,114 | 2,113 | 21,809 |
Collaboration | Ociperlimab | ||||
Revenues | ||||
Total revenues | 4,154 | 29,901 | 8,501 | 58,716 |
Research and development service revenue | Novartis | ||||
Revenues | ||||
Total revenues | 0 | 13,563 | 0 | 20,380 |
Research and development service revenue | Tislelizumab | ||||
Revenues | ||||
Total revenues | 0 | 11,770 | 0 | 16,796 |
Research and development service revenue | Ociperlimab | ||||
Revenues | ||||
Total revenues | 0 | 1,792 | 0 | 3,583 |
Right to access intellectual property revenue | Novartis | ||||
Revenues | ||||
Total revenues | 0 | 26,248 | 0 | 52,497 |
Right to access intellectual property revenue | Ociperlimab | ||||
Revenues | ||||
Total revenues | 0 | 26,248 | 0 | 52,497 |
Other | Novartis | ||||
Revenues | ||||
Total revenues | 8,020 | 1,705 | 12,754 | 6,149 |
Other | Tislelizumab | ||||
Revenues | ||||
Total revenues | 2,113 | 1,344 | 2,113 | 5,013 |
China broad markets agreement | Ociperlimab | ||||
Revenues | ||||
Total revenues | $ 4,154 | $ 1,861 | $ 8,501 | $ 2,636 |
Collaborative and Licensing A_4
Collaborative and Licensing Arrangements - Funding Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Research and Development Arrangement, Contract to Perform for Others | ||||
Research and development expense | $ 454,466 | $ 422,764 | $ 915,104 | $ 831,348 |
Amgen, Inc | ||||
Research and Development Arrangement, Contract to Perform for Others | ||||
Research and development expense | 22,482 | 5,457 | 35,966 | 23,274 |
Amortization of research and development cost share liability | 21,903 | 5,271 | 35,039 | 22,669 |
Total amount due to Amgen for BeiGene’s portion of the development funding | 44,385 | $ 10,728 | 71,005 | $ 45,943 |
Remaining portion of development funding cap | $ 412,647 | $ 412,647 |
Collaborative and Licensing A_5
Collaborative and Licensing Arrangements - Financing Liability (Details) - Amgen, Inc - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Research and Development Arrangement, Contract to Perform for Others | ||
Research and development cost share liability, current portion | $ 84,615 | $ 68,004 |
Research and development cost share liability, non-current portion | 119,012 | 170,662 |
Total research and development cost share liability | $ 203,627 | $ 238,666 |
Collaborative and Licensing A_6
Collaborative and Licensing Arrangements - Amounts and Classification of Payments (Income/(Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Research and Development Arrangement, Contract to Perform for Others | |||||
Total | $ (11,949) | $ (15,310) | $ (22,238) | $ (26,893) | |
Accounts payable | 333,022 | 333,022 | $ 315,111 | ||
Amgen, Inc | Collaborative Arrangement | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Collaborative arrangement, inventory purchases | 47,653 | 20,146 | 109,879 | 39,277 | |
Amgen, Inc | Collaborative Arrangement | Related Party | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Accounts payable | 66,824 | 66,824 | $ 55,474 | ||
Cost of sales - product | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total | 9,590 | 4,011 | 18,159 | 1,184 | |
Research and development | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total | (439) | (1,769) | (1,144) | 1,311 | |
Selling, general and administrative | |||||
Research and Development Arrangement, Contract to Perform for Others | |||||
Total | $ (21,100) | $ (17,552) | $ (39,253) | $ (29,388) |
Collaborative Arrangements - In
Collaborative Arrangements - In Licensing Agreements-Development (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative | ||||
Total | $ 11,500 | $ 0 | $ 46,527 | $ 0 |
Upfront payments | Research and development expense | ||||
Collaborative Arrangement and Arrangement Other than Collaborative | ||||
Total | 0 | 0 | 27 | 0 |
Development milestones incurred | Research and development expense | ||||
Collaborative Arrangement and Arrangement Other than Collaborative | ||||
Total | $ 11,500 | $ 0 | $ 46,500 | $ 0 |
Restricted Cash and Investmen_3
Restricted Cash and Investments - Schedule of Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Short-term restricted cash | $ 23,155 | $ 11,473 |
Long-term restricted cash | 2,121 | 2,711 |
Total | $ 25,276 | $ 14,184 |
Restricted Cash and Investmen_4
Restricted Cash and Investments - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Investments | ||
Restricted cash | $ 25,276 | $ 14,184 |
STAR Market | IPO | ||
Schedule of Investments | ||
Restricted cash | $ 856,722 |
Restricted Cash and Investmen_5
Restricted Cash and Investments - Investments In Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Schedule of Investments | ||||
Equity-method investments | $ 37,780 | $ 37,780 | $ 25,981 | |
Total | 134,998 | 134,998 | 85,429 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pi Health, Inc | ||||
Schedule of Investments | ||||
Divested net assets carrying value | $ 38,063 | |||
Proceeds from divestiture of businesses | 1 | |||
Pre-tax gain | 3,735 | |||
Leap Therapeutic, Inc | Ordinary Shares | ||||
Schedule of Investments | ||||
Equity securities with readily determinable fair values | 1,440 | 1,440 | 3,046 | |
Leap Therapeutic, Inc | Warrant | ||||
Schedule of Investments | ||||
Equity securities with readily determinable fair values | 115 | 115 | 542 | |
Pi Health, Inc | ||||
Schedule of Investments | ||||
Equity securities without readily determinable fair values | 40,798 | 40,798 | 0 | |
Other | ||||
Schedule of Investments | ||||
Equity securities without readily determinable fair values | $ 54,865 | $ 54,865 | $ 55,860 |
Restricted Cash and Investmen_6
Restricted Cash and Investments - Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Equity securities with readily determinable fair values | $ (621) | $ 470 | $ (2,033) | $ (636) |
Equity securities without readily determinable fair values | 0 | 0 | 1,081 | |
Equity securities without readily determinable fair values | (797) | |||
Equity-method investments | $ (4,017) | $ (2,480) | $ (4,873) | $ (2,624) |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 143,655 | $ 148,772 |
Work in process | 59,499 | 39,098 |
Finished goods | 240,106 | 228,252 |
Total inventories, net | $ 443,260 | $ 416,122 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net- Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property and equipment | ||
Property, plant and equipment, at cost | $ 942,189 | $ 832,751 |
Less: accumulated depreciation | (289,114) | (249,212) |
Construction in progress | 863,416 | 740,615 |
Property, plant and equipment, net | 1,516,491 | 1,324,154 |
Land | ||
Property and equipment | ||
Property, plant and equipment, at cost | 65,485 | 65,485 |
Building | ||
Property and equipment | ||
Property, plant and equipment, at cost | 304,854 | 231,656 |
Manufacturing equipment | ||
Property and equipment | ||
Property, plant and equipment, at cost | 227,146 | 186,856 |
Laboratory equipment | ||
Property and equipment | ||
Property, plant and equipment, at cost | 216,673 | 205,349 |
Leasehold improvement | ||
Property and equipment | ||
Property, plant and equipment, at cost | 60,382 | 60,124 |
Software, electronics and office equipment | ||
Property and equipment | ||
Property, plant and equipment, at cost | $ 67,649 | $ 83,281 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Narratives (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 31, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment | |||||||
Construction in progress | $ 863,416 | $ 863,416 | $ 740,615 | ||||
Purchases of property, plant and equipment | 266,528 | $ 247,055 | |||||
Depreciation expense | 23,754 | $ 21,307 | 47,864 | $ 40,332 | |||
Shanghai, China | |||||||
Property, Plant and Equipment | |||||||
Purchases of property, plant and equipment | $ 73,373 | ||||||
Land | Shanghai, China | |||||||
Property, Plant and Equipment | |||||||
Purchases of property, plant and equipment | 28,699 | ||||||
Construction in progress | |||||||
Property, Plant and Equipment | |||||||
Purchases of property, plant and equipment | $ 22,637 | ||||||
Construction in progress | Shanghai, China | |||||||
Property, Plant and Equipment | |||||||
Purchases of property, plant and equipment | $ 44,674 | ||||||
Land Located in Hopewell, NJ | Land | |||||||
Property, Plant and Equipment | |||||||
Construction in progress | $ 677,126 | $ 677,126 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets Outstanding (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-lived intangible assets: | ||
Gross carrying amount | $ 72,085 | $ 73,261 |
Accumulated amortization | (18,370) | (16,123) |
Total | 53,715 | 57,138 |
Developed products | ||
Finite-lived intangible assets: | ||
Gross carrying amount | 63,098 | 64,274 |
Accumulated amortization | (10,054) | (7,807) |
Total | 53,044 | 56,467 |
Other | ||
Finite-lived intangible assets: | ||
Gross carrying amount | 8,987 | 8,987 |
Accumulated amortization | (8,316) | (8,316) |
Total | $ 671 | $ 671 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - Weighted Average | Jun. 30, 2024 |
Developed products | |
Acquired Finite-Lived Intangible Assets | |
Useful life | 12 years |
Other | |
Acquired Finite-Lived Intangible Assets | |
Useful life | 12 years |
Intangible Assets - Future Amor
Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Finite-Lived Intangible Assets | ||||
Amortization of intangible assets | $ 1,177 | $ 1,028 | $ 2,360 | $ 2,014 |
Cost of sales - product | ||||
Finite-Lived Intangible Assets | ||||
Amortization of intangible assets | 1,177 | 840 | 2,360 | 1,639 |
Operating Expenses | ||||
Finite-Lived Intangible Assets | ||||
Amortization of intangible assets | $ 0 | $ 188 | $ 0 | $ 375 |
Intangible Assets - Expected Am
Intangible Assets - Expected Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Acquired Finite-Lived Intangible Assets | ||
2024 (remainder of year) | $ 2,415 | |
2025 | 4,763 | |
2026 | 4,763 | |
2027 | 4,763 | |
2028 | 4,763 | |
2029 and thereafter | 32,248 | |
Total | 53,715 | $ 57,138 |
Cost of Sales - Product | ||
Acquired Finite-Lived Intangible Assets | ||
2024 (remainder of year) | 2,348 | |
2025 | 4,696 | |
2026 | 4,696 | |
2027 | 4,696 | |
2028 | 4,696 | |
2029 and thereafter | 31,912 | |
Total | 53,044 | |
Operating Expenses | ||
Acquired Finite-Lived Intangible Assets | ||
2024 (remainder of year) | 67 | |
2025 | 67 | |
2026 | 67 | |
2027 | 67 | |
2028 | 67 | |
2029 and thereafter | 336 | |
Total | $ 671 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income taxes | ||||
Income tax expense | $ 14,485 | $ 13,674 | $ 22,209 | $ 25,166 |
Unrecognized tax benefits | 15,804 | 15,804 | ||
Increase in uncertain tax position | $ 880 | $ 1,540 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Prepaid expenses and other current assets | |||
Prepaid research and development costs | $ 68,234 | $ 60,476 | |
Prepaid manufacturing cost | 32,986 | 42,066 | |
Prepaid taxes | 32,193 | 37,320 | |
Other receivables | 58,776 | 37,859 | |
Short-term restricted cash | 23,155 | 11,473 | $ 9,693 |
Prepaid insurance | 10,158 | 8,872 | |
Other current assets | 48,156 | 59,399 | |
Total | $ 273,658 | $ 257,465 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information - Schedule of Other Non-current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Other non-current assets | ||
Prepayment of property and equipment | $ 34,335 | $ 4,144 |
Prepaid supply cost | 12,487 | 18,122 |
Prepaid VAT | 2,602 | 2,546 |
Rental deposits and other | 8,002 | 8,195 |
Long-term restricted cash | 2,121 | 2,711 |
Long-term investments (Note 4) | 139,771 | 89,644 |
Total | $ 199,318 | $ 125,362 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Payables (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accrued expenses and other payables | ||
Compensation related | $ 167,960 | $ 217,803 |
External research and development activities related | 133,412 | 162,969 |
Commercial activities | 70,641 | 87,572 |
Individual income tax and other taxes | 48,466 | 30,083 |
Sales rebates and returns related | 173,263 | 139,936 |
Other | 52,796 | 55,368 |
Total | $ 646,538 | $ 693,731 |
Supplemental Balance Sheet In_6
Supplemental Balance Sheet Information - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Other long-term liabilities | ||
Deferred government grant income | $ 32,021 | $ 34,204 |
Pension liability | 14,639 | 14,995 |
Asset retirement obligation | 1,101 | 1,127 |
Other | 3,772 | 484 |
Total | $ 51,533 | $ 50,810 |
Debt - Short-term and Long-term
Debt - Short-term and Long-term Debt Obligations (Details) | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | |
Debt Instrument | ||||
Short-term debt | $ 851,657,000 | ¥ 6,189,366,000 | $ 688,366,000 | ¥ 4,885,838,000 |
Long-term debt | $ 185,271,000 | 1,346,449,000 | 197,618,000 | 1,402,643,000 |
Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | 875,000,000 | |||
China Industrial Bank | Loans Payable | ||||
Debt Instrument | ||||
Interest Rate | 2.60% | |||
Short Term Bank Loan Dated April 4 2018 | China Construction Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | 580,000 | |||
Term | 9 years | |||
Short-term debt | $ 15,136,000 | 110,000,000 | 14,089,000 | 100,000,000 |
Short Term Bank Loan Dated January 22, 2020 | China Merchants Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | 350,000 | |||
Term | 9 years | |||
Interest Rate | 3.70% | |||
Short-term debt | $ 8,649,000 | 62,857,000 | 8,856,000 | 62,857,000 |
Short Term Bank Loan Dated November 9, 2020 | China Merchants Bank | Loans Payable | ||||
Debt Instrument | ||||
Interest Rate | 3.90% | |||
Short Term Bank Loan Dated November 9, 2020 | China Merchants Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | 378,000,000 | |||
Term | 9 years | |||
Short-term debt | $ 6,848,000 | 49,765,000 | 5,636,000 | 40,000,000 |
Short Term Bank Loan Dated July 28, 2023 | China Merchants Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | $ | $ 380,000,000 | |||
Term | 1 year | |||
Short-term debt | $ 380,000,000 | 2,761,628,000 | 300,000,000 | 2,129,321,000 |
Short Term Bank Loan Dated July 28, 2023 | China Minsheng Bank | Loans Payable | ||||
Debt Instrument | ||||
Interest Rate | 7.20% | |||
Short Term Bank Loan Dated December 20, 2023 | China Minsheng Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | $ | $ 150,000,000 | |||
Term | 1 year | |||
Interest Rate | 7.30% | |||
Short-term debt | $ 150,000,000 | 1,090,116,000 | 150,000,000 | 1,064,660,000 |
Short Term Bank Loan Dated March 21, 2024 | China Industrial Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | 675,000 | |||
Term | 364 days | |||
Short-term debt | $ 92,880,000 | 675,000,000 | 0 | 0 |
Short Term Bank Loan Dated June 5 2023 | China Merchants Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | 400,000 | |||
Term | 1 year | |||
Interest Rate | 3% | |||
Short-term debt | $ 55,040,000 | 400,000,000 | 56,356,000 | 400,000,000 |
Short Term Bank Loan Dated May 4 2023 | HSBC Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | 340,000 | |||
Term | 1 year | |||
Interest Rate | 5.70% | |||
Short-term debt | $ 46,784,000 | 340,000,000 | 47,903,000 | 340,000,000 |
Short Term Bank Loan Dated May 30 2023 | China Industrial Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | 200,000 | |||
Term | 1 year | |||
Interest Rate | 0% | |||
Short-term debt | $ 0 | 0 | 28,177,000 | 200,000,000 |
Short Term Bank Loan Dated November 14, 2023 | Shanghai Pudong Development Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | 700,000 | |||
Term | 1 year | |||
Interest Rate | 2.90% | |||
Short-term debt | $ 96,320,000 | 700,000,000 | 49,312,000 | 350,000,000 |
Long Term Bank Loan Dated April 4, 2018 | China Construction Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | 580,000 | |||
Term | 9 years | |||
Interest Rate | 4.20% | |||
Long-term debt | $ 49,536,000 | 360,000,000 | 59,174,000 | 420,000,000 |
Long Term Bank Loan Dated January 22, 2020 | China Merchants Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | 350,000 | |||
Term | 9 years | |||
Long-term debt | $ 32,434,000 | 235,714,000 | 37,638,000 | 267,143,000 |
Long Term Bank Loan Dated November 9, 2020 | China Merchants Bank | Loans Payable | ||||
Debt Instrument | ||||
Line of Credit | 378,000 | |||
Term | 9 years | |||
Long-term debt | $ 37,253,000 | 270,735,000 | 42,337,000 | 300,500,000 |
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 | ||||
Line of Credit | 480,000 | |||
Term | 10 years | |||
Long-term debt | $ 66,048,000 | 480,000,000 | 58,469,000 | 415,000,000 |
Short Term Bank Loan Dated November 21, 2024 | Shanghai Pudong Development Bank | Loans Payable | ||||
Debt Instrument | ||||
Short-term debt | 48,160,000 | 350,000,000 | ||
Short Term Bank Loan Dated March 19, 2025 | Shanghai Pudong Development Bank | Loans Payable | ||||
Debt Instrument | ||||
Short-term debt | 48,160,000 | 350,000,000 | ||
Other Short Term Debt | Loans Payable | ||||
Debt Instrument | ||||
Short-term debt | $ 0 | ¥ 0 | $ 28,037,000 | ¥ 199,000,000 |
Debt - Footnotes (Details)
Debt - Footnotes (Details) | 6 Months Ended | |||||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | |
Debt Instrument | ||||||
Repayment of short-term loans | $ | $ 157,490,000 | $ 66,574,000 | ||||
Repayments of long-term debt | $ | 14,020,000 | 0 | ||||
Proceeds from long-term loan | $ | 9,053,000 | $ 15,771,000 | ||||
Short-term debt | $ 851,657,000 | ¥ 6,189,366,000 | $ 688,366,000 | ¥ 4,885,838,000 | ||
Loans Payable | ||||||
Debt Instrument | ||||||
Line of credit | 875,000,000 | |||||
China Industrial Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Debt instrument, interest rate during period | 2.60% | 2.60% | ||||
Long Term Bank Loan Dated April 4, 2018 | China Construction Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Debt instrument, interest rate during period | 4.20% | 4.20% | ||||
Repayment of short-term loans | $ 6,886,000 | ¥ 50,000,000 | ||||
Line of credit | 580,000 | |||||
Debt instrument term (in years) | 9 years | 9 years | ||||
Short Term Bank Loan Dated January 22, 2020 | China Construction Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Repayment of short-term loans | $ 4,362,000 | ¥ 31,429,000 | ||||
Short Term Bank Loan Dated January 22, 2020 | China Merchants Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Debt instrument, interest rate during period | 3.70% | 3.70% | ||||
Line of credit | 350,000 | |||||
Debt instrument term (in years) | 9 years | 9 years | ||||
Short-term debt | $ 8,649,000 | 62,857,000 | 8,856,000 | 62,857,000 | ||
Short Term Bank Loan Dated November 9, 2020 | China Merchants Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Repayments of long-term debt | $ 2,772,000 | ¥ 20,000,000 | ||||
Line of credit | 378,000,000 | |||||
Debt instrument term (in years) | 9 years | 9 years | ||||
Short-term debt | $ 6,848,000 | 49,765,000 | 5,636,000 | 40,000,000 | ||
Short Term Bank Loan Dated November 9, 2020 | China Merchants Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Debt instrument, interest rate during period | 3.90% | 3.90% | ||||
Short Term Bank Loan Dated July 28, 2023 | China Merchants Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Line of credit | $ | $ 380,000,000 | |||||
Debt instrument term (in years) | 1 year | 1 year | ||||
Short-term debt | $ 380,000,000 | 2,761,628,000 | 300,000,000 | 2,129,321,000 | ||
Short Term Bank Loan Dated July 28, 2023 | China Minsheng Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Debt instrument, interest rate during period | 7.20% | 7.20% | ||||
Short Term Bank Loan Dated May 4 2023 | HSBC Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Debt instrument, interest rate during period | 5.70% | 5.70% | ||||
Line of credit | 340,000 | |||||
Debt instrument term (in years) | 1 year | 1 year | ||||
Short-term debt | $ 46,784,000 | 340,000,000 | 47,903,000 | 340,000,000 | ||
Short Term Bank Loan Dated November 21, 2024 | Shanghai Pudong Development Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Short-term debt | 48,160,000 | 350,000,000 | ||||
Short Term Bank Loan Dated March 19, 2025 | Shanghai Pudong Development Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Short-term debt | $ 48,160,000 | ¥ 350,000,000 | ||||
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 | ||||||
Line of credit | 480,000 | |||||
Debt instrument term (in years) | 10 years | 10 years | ||||
Proceeds from long-term loan | $ 9,053,000 | ¥ 65,000,000 | ||||
Other Short Term Debt | Loans Payable | ||||||
Debt Instrument | ||||||
Repayment of short-term loans | 27,476,000 | ¥ 199,000,000 | ||||
Short-term debt | 0 | ¥ 0 | $ 28,037,000 | ¥ 199,000,000 | ||
Short Term Bank Loan Maturing December252024 | China Minsheng Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Short-term debt | $ | 300,000,000 | |||||
Short Term Bank Loan Maturing January 27, 2025 | China Minsheng Bank | Loans Payable | ||||||
Debt Instrument | ||||||
Short-term debt | $ | $ 80,000,000 |
Debt - Narratives (Details)
Debt - Narratives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Disclosure [Abstract] | ||||
Interest expense | $ 13,233 | $ 4,891 | $ 25,637 | $ 9,465 |
Interest capitalized | $ 8,312 | $ 428 | $ 17,521 | $ 772 |
Product Revenue - Schedule of N
Product Revenue - Schedule of Net Product Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Product revenue – net | $ 929,166 | $ 595,261 | $ 1,680,818 | $ 1,043,062 |
Product revenue | ||||
Revenues | ||||
Product revenue – gross | 1,167,155 | 667,328 | 2,111,619 | 1,176,933 |
Less: Rebates and sales returns | (246,009) | (113,583) | (443,555) | (212,897) |
Product revenue – net | 921,146 | 553,745 | 1,668,064 | 964,036 |
Product revenue | BRUKINSA® | ||||
Revenues | ||||
Product revenue – net | 637,399 | 308,276 | 1,125,914 | 519,658 |
Product revenue | Tislelizumab | ||||
Revenues | ||||
Product revenue – net | 158,410 | 149,464 | 303,687 | 264,314 |
Product revenue | XGEVA® | ||||
Revenues | ||||
Product revenue – net | 55,054 | 23,968 | 98,435 | 44,165 |
Product revenue | BLINCYTO® | ||||
Revenues | ||||
Product revenue – net | 19,131 | 14,578 | 33,497 | 25,524 |
Product revenue | KYPROLIS® | ||||
Revenues | ||||
Product revenue – net | 15,936 | 11,052 | 30,047 | 15,995 |
Product revenue | POBEVCY® | ||||
Revenues | ||||
Product revenue – net | 11,572 | 13,438 | 28,205 | 27,764 |
Product revenue | REVLIMID® | ||||
Revenues | ||||
Product revenue – net | 9,133 | 21,847 | 21,366 | 45,005 |
Product revenue | Other | ||||
Revenues | ||||
Product revenue – net | $ 14,511 | $ 11,122 | $ 26,913 | $ 21,611 |
Product Revenue - Schedule of A
Product Revenue - Schedule of Accrued Sales Rebates and Returns (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Accrued Sales Rebates and Returns | ||
Balance at beginning of the period | $ 139,936 | |
Balance at end of the period | 173,263 | |
Product revenue | ||
Accrued Sales Rebates and Returns | ||
Balance at beginning of the period | 139,936 | $ 41,817 |
Accrual | 443,555 | 212,897 |
Payments | (410,228) | (169,123) |
Balance at end of the period | $ 173,263 | $ 85,591 |
Loss Per Share - Schedule of th
Loss Per Share - Schedule of the Computations of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||||
Net loss | $ (120,405) | $ (251,150) | $ (381,137) | $ (348,431) | $ (371,555) | $ (729,568) |
Denominator: | ||||||
Weighted average shares outstanding for computing basic loss per share (in shares) | 1,361,082,567 | 1,360,224,377 | 1,358,315,145 | 1,357,211,308 | ||
Weighted average shares outstanding for computing diluted loss per share (in shares) | 1,361,082,567 | 1,360,224,377 | 1,358,315,145 | 1,357,211,308 | ||
Loss per share basic (in dollars per share) | $ (0.09) | $ (0.28) | $ (0.27) | $ (0.54) | ||
Loss per share diluted (in dollars per share) | $ (0.09) | $ (0.28) | $ (0.27) | $ (0.54) |
Share-Based Compensation Expe_3
Share-Based Compensation Expense - Narrative (Details) - shares | 1 Months Ended | 6 Months Ended | |||||
Jun. 22, 2022 | Jun. 30, 2024 | Jun. 30, 2020 | Dec. 31, 2018 | Jun. 30, 2024 | Jun. 30, 2018 | Jan. 31, 2016 | |
2016 Share Option and Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Number of shares reserved and available for issuance (in shares) | 65,029,595 | ||||||
Increase in ordinary shares authorized (in shares) | 66,300,000 | 57,200,000 | 38,553,159 | ||||
2016 Share Option and Incentive Plan | Share Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Granted (in shares) | 8,394,737 | ||||||
Number of options outstanding (in shares) | 67,378,462 | 67,378,462 | |||||
2016 Share Option and Incentive Plan | Restricted Share Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Granted (in shares) | 42,514,355 | ||||||
Number of options outstanding (in shares) | 87,422,244 | 87,422,244 | |||||
2016 Share Option and Incentive Plan | Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Granted (in shares) | 2,287,402 | ||||||
Number of options outstanding (in shares) | 2,287,402 | 2,287,402 | |||||
2016 Share Option and Incentive Plan | Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Shares available for future grants (in shares) | 82,059,496 | 82,059,496 | |||||
Third Amended and Restated 2016 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Increase in ordinary shares authorized (in shares) | 92,820,000 | ||||||
2011 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||||
Shares cancelled or forfeited (in shares) | 5,166,848 | ||||||
Employee Share Purchase Plan 2018 | |||||||
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) | 5,070,000 | 3,855,315 | |||||
Shares available for future grants (in shares) | 5,989,678 | 5,989,678 | |||||
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% |
Share-Based Compensation Expe_4
Share-Based Compensation Expense - Schedule of Shares Issued Under Employee Share Purchase Plan (Details) - Employee Share Purchase Plan 2018 - USD ($) $ / shares in Units, $ in Thousands | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 28, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Number of Ordinary Shares Issued ( in shares) | 1,021,397 | 794,144 | 930,582 |
Market Price, ADS (in dollars per share) | $ 165.65 | $ 207.55 | $ 171.10 |
Market Price, Ordinary (in dollars per share) | 12.74 | 15.97 | 13.16 |
Purchase Price, ADS (in dollars per share) | 140.80 | 176.42 | 145.44 |
Purchase Price, Ordinary (in dollars per share) | $ 10.83 | $ 13.57 | $ 11.19 |
Proceeds | $ 11,063 | $ 10,777 | $ 10,414 |
Share-Based Compensation Expe_5
Share-Based Compensation Expense - Schedule of Total Compensation Cost Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based compensation | ||||
Compensation expense | $ 130,694 | $ 103,329 | $ 219,408 | $ 178,717 |
Research and development | ||||
Share-based compensation | ||||
Compensation expense | 55,406 | 45,948 | 93,451 | 79,976 |
Selling, general and administrative | ||||
Share-based compensation | ||||
Compensation expense | $ 75,288 | $ 57,381 | $ 125,957 | $ 98,741 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | |
Movement in accumulated other comprehensive loss | |||||
Balance at the beginning of period | $ 3,537,327 | $ 3,537,327 | |||
Other comprehensive (loss) income before reclassifications | (41,434) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 406 | ||||
Net-current period other comprehensive (loss) income | $ (8,830) | (32,198) | $ (84,673) | $ 18,403 | (41,028) |
Balance at the beginning of period | 3,366,255 | 3,366,255 | |||
Accumulated Other Comprehensive Loss | |||||
Movement in accumulated other comprehensive loss | |||||
Balance at the beginning of period | (99,446) | (99,446) | |||
Net-current period other comprehensive (loss) income | (8,830) | (32,198) | $ (84,673) | $ 18,403 | |
Balance at the beginning of period | (140,474) | (140,474) | |||
Foreign Currency Translation Adjustments | |||||
Movement in accumulated other comprehensive loss | |||||
Balance at the beginning of period | (87,987) | (87,987) | |||
Other comprehensive (loss) income before reclassifications | (41,399) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ||||
Net-current period other comprehensive (loss) income | (41,399) | ||||
Balance at the beginning of period | (129,386) | (129,386) | |||
Unrealized Gains (Losses) on Available-for-Sale Securities | |||||
Movement in accumulated other comprehensive loss | |||||
Balance at the beginning of period | 35 | 35 | |||
Other comprehensive (loss) income before reclassifications | (35) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ||||
Net-current period other comprehensive (loss) income | (35) | ||||
Balance at the beginning of period | 0 | 0 | |||
Pension Liability Adjustments | |||||
Movement in accumulated other comprehensive loss | |||||
Balance at the beginning of period | $ (11,494) | (11,494) | |||
Other comprehensive (loss) income before reclassifications | 0 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 406 | ||||
Net-current period other comprehensive (loss) income | 406 | ||||
Balance at the beginning of period | $ (11,088) | $ (11,088) |
Shareholders_ Equity (Details)
Shareholders’ Equity (Details) - USD ($) $ in Thousands | Aug. 15, 2023 | Aug. 01, 2023 |
Ordinary Shares | ||
Subsidiary, Sale of Stock | ||
Cancellation of ordinary shares (in share) | 23,273,108 | |
Total | ||
Subsidiary, Sale of Stock | ||
Cancellation of ordinary shares | $ 362,917 |
Restricted Net Assets (Details)
Restricted Net Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Segment Reporting Information | ||
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% | |
China | ||
Segment Reporting Information | ||
Restricted net assets | $ 1,378,872 | $ 1,837,790 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) investment | |
Purchase and Capital commitments | |
Purchase commitments | $ 120,366 |
Investments Funding Commitment | |
Purchase and Capital commitments | |
Other commitments | $ 8,154 |
Number of equity investments | investment | 2 |
Maximum commitment | $ 15,054 |
Amgen, Inc | |
Purchase and Capital commitments | |
Other commitments | 412,647 |
Maximum cash and development services commitment | 1,250,000 |
Minimum Purchase Commitments For Supply Purchased | |
Purchase and Capital commitments | |
Purchase commitments | 28,822 |
Inventories | |
Purchase and Capital commitments | |
Purchase commitments | 91,544 |
Capital Addition Purchase Commitments | |
Purchase and Capital commitments | |
Other commitments | $ 62,576 |
Segment and Geographic Inform_3
Segment and Geographic Information - Narratives (Details) | 6 Months Ended |
Jun. 30, 2024 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Segment and Geographic Inform_4
Segment and Geographic Information - Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net product revenues by geographic area | ||||
Total Revenue | $ 929,166 | $ 595,261 | $ 1,680,818 | $ 1,043,062 |
U.S. - total revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 481,430 | 252,347 | 832,886 | 416,830 |
China- total revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 352,070 | 295,783 | 672,446 | 543,464 |
Europe- total revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 82,389 | 37,169 | 149,249 | 67,690 |
Rest of world- total revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 13,277 | 9,962 | 26,237 | 15,078 |
Product revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 921,146 | 553,745 | 1,668,064 | 964,036 |
Product revenue | U.S. - total revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 479,365 | 223,539 | 830,821 | 362,307 |
Product revenue | China- total revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 347,112 | 293,922 | 662,774 | 540,828 |
Product revenue | Europe- total revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 81,392 | 26,322 | 148,232 | 45,823 |
Product revenue | Rest of world- total revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 13,277 | 9,962 | 26,237 | 15,078 |
Collaboration revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 8,020 | 41,516 | 12,754 | 79,026 |
Collaboration revenue | U.S. - total revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 2,065 | 28,808 | 2,065 | 54,523 |
Collaboration revenue | China- total revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 4,958 | 1,861 | 9,672 | 2,636 |
Collaboration revenue | Europe- total revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | 997 | 10,847 | 1,017 | 21,867 |
Collaboration revenue | Rest of world- total revenue | ||||
Net product revenues by geographic area | ||||
Total Revenue | $ 0 | $ 0 | $ 0 | $ 0 |