The latest: Cancer drug maker BeiGene Ltd. (BGNE.US; 6160.HK; 668235.SH) announced Monday its revenue rose 20.4% last year to $1.42 billion, thanks to big increases from its two core products, Brukinsa and Tislelizumab. But its annual net loss also increased 37.5% to $2 billion.

Looking up: The company posted a particularly strong fourth quarter, with revenue up 77.6% year-over-year to $380 million. Its net loss of $445 million for the quarter was also 20.3% narrower than the $558 million loss from the previous quarter.

Take Note: The company spent $1.6 billion on R&D last year, more than its total revenue. That, along with $1.28 billion in selling and administrative expenses, were the main factors behind the company’s continued losses.

Digging Deeper: BeiGene is a global biotechnology company that focuses on R&D and production of innovative molecularly targeted and oncology immunotherapy drugs. It is the first company to list in New York, Hong Kong and mainland China at the same time. Its core product is Brukinsa, which is mainly sold in China and the U.S. The drug’s revenues jumped 159% to $565 million last year. The company has been unprofitable due to high R&D and selling costs in its brief lifetime. But unlike other pharmaceutical companies that have cut spending to reduce their losses, BeiGene has not adopted a similar cost-cutting plan. The company now has more than 40 clinical drug candidates and plans to advance at least 10 new molecular drugs into clinical trials each year starting next year.

Market Reaction: BeiGene’s Hong Kong shares rose on Tuesday, closing up 2.4% at HK$134.60 by the midday break. The stock now trades in the middle of its 52-week range.

Translation by Jony Ho

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