Over CNY 1 billion revenue of the original drug maker came from the PD-1 product.
On February 26, BeiGene (BGNE:NASDAQ), an original drug biopharma company, announced its financial performance for 2020. Compared with last year, its revenue went down from USD 428.21 million to USD308.87 million, in which China market contributed USD 163.4 million. The decrease in revenue was mainly due to the declined sales of Bristol-Myers Squibb-authorized products. In 2020, Bristol-Myers Squibb's authorized product sales in China was USD 95.12 million, far fewer than USD 221.56 million in 2019.
In 2020, self-developed products and cooperative authorized products contributed the most revenue: Tislelizumab (tirizumab, PD-1 inhibitor) in China, Brukinsa (zebutinib, BTK inhibitor) in China and the United States, and sales of authorized products in China after reaching cooperation agreements with Amgen and Bristol-Myers Squibb.
Last year, the product revenue of Brukinsa in China and the United States was 41.7 million US dollars (about 269 million yuan). Tislelizumab, Brukinsa and Xgeva (authorized by Amgen) were included by the new national medical insurance catalog.
In 2020, the R&D expenditure of BeiGene was USD 1.29 billion, up from USD 927.3 million in 2019. The increase of R&D expenses is driven by the continuous growth of expenses for ongoing and newly launched clinical trials, advanced payment of authorized candidate drugs, development costs related to cooperation with Amgen, new drug registration and other costs related to pre-commercialization activities and production.
In 2020, the sales, general and administrative expenses were USD 600.2 million, up from last year's USD 388.3 million. Team expansion, professional fee increase, marketing expenses and other sales costs scaled up. The net loss in 2020 was USD 1.6 billion.