BeOne Medicines 1H profit surges 386% to $464 million

BeOne Medicines reported first-half net profit of $464 million, up 386% from a year earlier, as total revenue climbed 32% to $3.22 billion.

"Our foundational hematology franchise, led by BRUKINSA, continues to gain momentum as we advance one of the industry's deepest and most diverse pipelines," John V. Oyler, co-founder, chairman and chief executive officer at BeOne, said.

Second-quarter revenue rose 30% to $1.71 billion. BRUKINSA global sales reached $1.2 billion, up 31%, with U.S. sales of $893 million also up 31%. TEVIMBRA sales grew 18% to $229 million, while Amgen in-licensed products rose 25% to $157 million. Gross margin widened to 90% from 87% on a richer BRUKINSA sales mix and lower production costs. Adjusted net income for the quarter was $444 million, up 76%, and free cash flow reached $435 million, nearly double the prior-year period.

The company raised its full-year revenue guidance to $6.6 billion to $6.8 billion from $6.3 billion to $6.5 billion, and lifted GAAP operating income guidance to $1.0 billion to $1.1 billion from $750 million to $850 million. Non-GAAP operating income is now expected at $1.7 billion to $1.8 billion.

During the quarter, BRUKINSA posted positive topline results from the Phase 3 MANGROVE study in previously untreated mantle cell lymphoma, and the U.S. Food and Drug Administration granted accelerated approval to BEQALZI for relapsed or refractory mantle cell lymphoma. TEVIMBRA won Japan approval for first-line gastric cancer. The company also announced a $300 million expansion of its manufacturing and research center in Hopewell, New Jersey.

Hong Kong-listed shares rose 2.6% on the day, while the U.S. American depositary shares gained 3.9% in premarket trading to $355.49. The company declared no interim dividend.

The guidance raise points to sustained momentum for BRUKINSA, which accounts for the bulk of revenue, as BeOne expands into new markets. Investors will watch regulatory decisions in the second half, including a U.S. FDA action on TEVIMBRA in first-line HER2-positive gastroesophageal cancer.

This article is for informational purposes only and does not constitute investment advice.