BeiGene Ltd. (Nasdaq: BGNE), a biopharma company, reported after markets closed Thursday its financial results for the first quarter, saying its revenue has more than doubled from a year ago.
The company, with headquarters in Cambridge, Mass., and Beijing, said its revenue reached $77.83 million in the first three months through March, up 139 percent from the same period a year ago.
BeiGene said revenue from its product sales has more than doubled year-over-year to $57.42 million, while the rest was generated from its collaboration projects.
“We made good progress in each of our business areas, including strong commercial performance in the first quarter of 2019, as we prepare for our planned launches in China and first new drug application in the United States,” BeiGene’s co-founder and chief executive officer, John Oyler, said in the statement.
In response to the news, the stock of BeiGene peaked 6 percent in after-hours trading. On the day, its ADSs closed at $121.24 apiece, 3 percent above yesterday’s close.
The company also reported surging expenses of $251.59 million compared with $143.35 million last year. Expenses rose across all departments as BeiGene initiated new clinical trials, launched the distribution of three drugs, Abraxane, Revlimid, and Vidaza, in China, and expanded its commercial team.
Net loss in the first quarter reached $167.64 million, or $2.81 per share, compared with $104.60 million, or $2.03 per ADS, a year ago, according to the report.
Oyler also said, “Our team is continuing to expand across the globe, with new trials, new indications, and importantly, new hope for patients with cancer who may not have had access or options for treating their disease.”