BeiGene files 2024 STAR annual report; US GAAP revenue $3.81B, gross margin down

BeOne Medicines Ltd.

2025-Q1 EPS reported $0.00 revenue$1,117,279,000

Revenue $3.81B in 2024, up 55% YoY from $2.46B; gross margin 85.1% vs 84.5% prior year.
China revenue $1.41B (gross margin 62.9%, down from 68.0%); ex-China revenue $2.40B (97.1% vs 98.0%).
Total R&D expenses $1.95B, up 10% YoY; zanubrutinib R&D $129M, tislelizumab $69M, Bcl-2 $100M.
Key product sales 5.0M vials in 2024; inventory 2.6M vials as of Dec 31, 2024.
Differences between PRC GAAP and US GAAP outlined for share-based comp and lease accounting.

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