On April 26th, BeiGene (688235. SH) released its A-share 2023 annual report. The company achieved a revenue of 17.423 billion yuan last year, a year-on-year increase of 82.1%. The annual product revenue broke through again, reaching 15.504 billion yuan, a year-on-year increase of 82.8%.
Strong growth in product revenue
In 2023, BeiGene will accelerate global business development, using two independently developed drugs as growth engines and further expanding its leading commercial advantage.
The driving force behind the significant increase in product revenue for BeiGene is mainly from the BTK inhibitor Bayeza&Co; Reg; The global release of Zebutinib. In 2023, Zebutinib's global sales totaled 9.138 billion yuan, a year-on-year increase of 138.7%. Based on the previously disclosed US stock performance, Zebtinib's global sales reached $1.3 billion, marking its first annual sales breakthrough of $1 billion since its listing in the US in 2019.
With high-quality clinical evidence and therapeutic advantages, Zebutinib has been approved for multiple indications in 70 markets worldwide, not only covering mainstream pharmaceutical markets in Europe and America, but also entering many developing countries and emerging markets including Nicaragua, Thailand, Ecuador, Uruguay, and others.
Baekje Shenzhou's other self-developed anti-PD-1 antibody drug, Baekje An& Reg; The total sales revenue of (tirizumab) in 2023 was 3.806 billion yuan, a year-on-year increase of 33.1%. In China, whether in terms of indication layout, medical insurance coverage, or market share, tirizumab has ranked first and its performance has remained stable.
What is more noteworthy is the globalization pace of tirizumab, which has made a series of progress in recent times. So far, tirelizumab has been approved in the United States, the European Union, and the United Kingdom for second-line treatment of esophageal squamous cell carcinoma (ESCC), and has been approved in the European Union for three indications of combination chemotherapy for first-line and monotherapy for second-line treatment of metastatic non-small cell lung cancer (NSCLC), accelerating the global registration strategy for this core therapy.
In 2023, thanks to the rapid increase in global product revenue and active cost management, BeiGene further promoted the improvement of operational efficiency. Based on the previously disclosed US stock market performance, the company's adjusted operating losses narrowed by 47% year-on-year. As BeiGene's global business continues to maintain a strong growth trend and continuously improves operational efficiency, it is expected to usher in a new stage of development.
Building leading sustainable development practices
In addition, BeiGene released the "2023 Responsible Business and Sustainable Development" report during the same period, revealing the company's practices and future plans in promoting global health, empowering employees, sustainable innovation, and responsible operations in four key areas. In addition to actively strengthening business value and operational capabilities, BeiGene also attaches great importance to ESG work and is committed to integrating the core concepts and standards of sustainable development into the company's daily operations and governance.
In just a few years, BeiGene has made significant progress in key areas. In 2021, the company established a dedicated ESG department and formed a global cross departmental specialized working group consisting of 4 board members and 11 employees from different functional departments, responsible for overseeing responsible business and sustainable development strategies, progress, and goal setting. In 2022, BeiGene became a signatory of the United Nations Global Compact, aligning its strategic goals with the United Nations Sustainable Development Goals.
In 2023, BeiGene has further developed a comprehensive global health equity strategy, including actively participating in negotiations on the national medical insurance drug catalog, establishing a foundation, and a series of measures to address the global cancer burden and drug accessibility and affordability issues. With the expansion of self-developed products worldwide, the two core self-developed drugs of BeiGene have benefited over 1 million patients worldwide, greatly improving the accessibility of medication for patients.
In terms of environmental protection, in 2023, BeiGene announced its first quantitative climate target: by 2026, the emissions of Scope 1 and Scope 2 per unit of self-produced goods (emissions from self owned and operating facilities) will be reduced by 25% compared to 2021. Meanwhile, the report shows that the company has completed a global carbon footprint analysis for scope three and is further deploying plans.
At present, BeiGene is rated "BBB" by MSCI (Mingsheng) ESG and "A" by WIND (Wande), ranking in the top 20% of the biopharmaceutical industry and leading the industry. It has been fully recognized by international rating agencies.