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Yahoo
4 days ago
- Business
- Yahoo
Global-e Reports Second Quarter 2025 Results
PETAH-TIKVA, Israel, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) the platform powering global direct-to-consumer e-commerce, today reported financial results for the second quarter of 2025. 'We had another strong quarter, meeting or exceeding all of our guidance ranges, on-boarding many new and exciting merchants, and achieving an important milestone of sustainable GAAP profitability,' said Amir Schlachet, Founder and CEO of Global-e. 'Interest in our global e-commerce solutions is as strong as ever, as we continue to help both new and existing merchants navigate a complex and dynamic environment. We remain on-track to achieve yet another year of solid top and bottom-line growth, in-line with our long-term targets, as is evident from our increased annual forecast.' Q2 2025 Financial Results GMV1 in the second quarter of 2025 was $1,454 million, an increase of 34% year over year Revenue in the second quarter of 2025 was $214.9 million, an increase of 28% year over year, of which service fees revenue was $102.9 million and fulfillment services revenue was $112 million Non-GAAP gross profit2 in the second quarter of 2025 was $99.9 million, an increase of 24% year over year. GAAP gross profit in the second quarter of 2025 was $97.7 million Non-GAAP gross margin2 in the second quarter of 2025 was 46.5%, compared with 47.8% in the second quarter of 2024. GAAP gross margin in the second quarter of 2025 was 45.5% Adjusted EBITDA3 in the second quarter of 2025 was $38.5 million compared to $31.3 million in the second quarter of 2024 Net profit in the second quarter of 2025 was $10.5 million compared to net loss of $22.4 million in the second quarter of 2024 Net cash from operating activities in the second quarter of 2025 was $65.0 million compared with $64.1 million in the second quarter of 2024 Free Cash Flow in the second quarter of 2025 was $63.5 million, compared with $63.5 million in the second quarter of 2024 Recent Business Highlights Continued launching brands across geographies and verticals, including: SteelSeries, a consumer technology company and GANNI, a fashion brand, both out of Denmark JAKI, a fashion brand, and Escentual, a beauty retailer, both out of the UK StadiumGoods, one of the premier global resellers of sneakers and streetwear out of the US Bandi Namco, a Japanese gaming and media conglomerate Nanushka, a Hungarian fashion brand, Global-e's first merchant based out of Hungary SKYLRK, the new fashion brand from Justin and Hailey Bieber Bally, the renowned Swiss luxury brand Life360, an exciting consumer tech merchant and Global-e's first subscription brand Expanded scope of business with a number of merchants, such as: Vuori, where we added multiple countries in Europe as well as Australia and Japan Bang & Olfson, Onitsuka Tiger and Diesel, where we added Hong Kong Bennett Winch, the luxury luggage brand, which used Global-e's services to enter into Taiwan Jones Road Beauty, the fast-growing make-up brand, where we added Central and Eastern Europe Extended Global-e's long-term strategic partnership with DHL, entering into another three-year agreement Acquired ReturnGo, a leading provider of AI-enabled return and exchange solutions Q3 2025 and Full Year Outlook Global-e is introducing third quarter guidance and is raising the full year guidance as follows: Q3 2025 FY 2025 Previous FY 2025 (in millions) GMV (1) $1,455 - $1,495 $6,220 - $6,520 $6,190 - $6,490 Revenue $214 - $221 $921.5 - $971.5 $917 - $967 Adjusted EBITDA (3) $37.5 - $41.5 $180 - $200 $179 - $199 1 Gross Merchandise Value (GMV) is a key operating metric. See 'Non-GAAP Financial Measures and Key Operating Metrics' for additional information regarding this metric. 2 Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP financial measures. See 'Non-GAAP Financial Measures and Key Operating Metrics' for additional information regarding this metric. 3 Adjusted EBITDA is a non-GAAP financial measure. See 'Non-GAAP Financial Measures' for additional information regarding this metric, including the reconciliations to Operating Profit (Loss), its most directly comparable GAAP financial measure. The Company is unable to provide a reconciliation of Adjusted EBITDA to Operating Profit (Loss), its most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort because items that impact this GAAP financial measure are not within the Company's control and/or cannot be reasonably predicted. These items may include, but are not limited to, share-based compensation expenses. Such information may have a significant, and potentially unpredictable impact on the Company's future financial results. Conference Call Information: Global-e will host a conference call at 8:00 a.m. ET on Wednesday, August 13, call will be available, live, to interested parties by dialing: United States/Canada Toll Free: 1-800-717-1738 International Toll: 1-646-307-1865 A live webcast will also be available in the Investor Relations section of Global-E's website at: Approximately two hours after completion of the live call, an archived version of the webcast will be available on the Investor Relations section of the Company's web site and will remain available for approximately 30 calendar days. The press release with the financial results will be accessible on the Company's Investor Relations website prior to the conference call. Non-GAAP Financial Measures and Key Operating Metrics To supplement Global-e's financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Global-e considers certain financial measures and key performance metrics that are not prepared in accordance with GAAP including: Non-GAAP gross profit, which Global-e defines as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues Adjusted EBITDA, which Global-e defines as operating profit (loss) adjusted for stock-based compensation expenses, depreciation and amortization, commercial agreements amortization, amortization of acquired intangibles, merger related contingent consideration and acquisition related expenses. Free Cash Flow, which Global-e defines as net cash provided by operating activities less the purchase of property and equipment. Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined amount we collect from the shopper and the merchant for all components of a given transaction, including products, duties and taxes and shipping. The aforementioned key performance indicators and non-GAAP financial measures are used, in conjunction with GAAP measures, by management and our board of directors to assess our performance, including the preparation of Global-e's annual operating budget and quarterly forecasts, for financial and operational decision-making, to evaluate the effectiveness of Global-e's business strategies, and as a means to evaluate period-to-period comparisons. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that these non-GAAP financial measures are appropriate measures of operating performance because they remove the impact of certain items that we believe do not directly reflect our core operations, and permit investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance. Global-e's definition of Non-GAAP measures may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish these metrics or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Non-GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP. For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying reconciliation tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures. Cautionary Note Regarding Forward Looking Statements This press release contains estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future strategy and projected revenue, GMV, Adjusted EBITDA and other future financial and operational results, growth strategy and plans and objectives of management for future operations, including, among others, expansion in new and existing markets as well as anticipated trends and challenges in our business and the markets in which we operate, are forward-looking statements. As the words 'may,' 'might,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'plan,' 'anticipate,' 'intend,' 'target,' 'seek,' 'believe,' 'estimate,' 'predict,' 'potential,' 'continue,' 'contemplate,' 'possible' or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Global-e believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, our rapid growth and growth rates in recent periods may not be indicative of future growth; the ability to retain merchants or the GMV generated by such merchants; the ability to retain existing, and attract new merchants; our business acquisitions and ability to effectively integrate acquired businesses; our ability to anticipate merchant needs or develop or acquire new functionality or enhance our existing platforms to meet those needs; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms; our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets; increased attention to ESG matters and our ability to manage such matters; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants' or third-party service providers' unethical business practices; our ability to adapt to changes in mobile devices, systems, applications, or web browsers that may degrade the functionality of our platforms; our operation as a merchant of record for sales conducted using our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering, anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; our business's reliance on the personal importation model; our ability to securely store personal information of merchants and shoppers; increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our dependency on the continued use of the internet for commerce; our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; the effect of the situation in Ukraine on our business, financial condition and results of operations; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a direct to consumer model; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events such as war, health pandemics, climate change, macroeconomic events and the recent economic slowdown; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and uncertainties described in Global-e's Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 27, 2025 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange Commission (the 'SEC'). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. About Global-E Online Ltd. Global-e (Nasdaq: GLBE) is the world's leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,400 brands and retailers across the North America, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e's end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: Investor Contact:Alan KatzGlobal-e Investor RelationsIR@ Press Contact:Sarah SchlossHeadline MediaGlobale@ +1 786-233-7684 Global-E Online BALANCE SHEETS(In thousands) Period Ended December 31, June 30, 2024 2025 (Audited) (Unaudited) Assets Current assets: Cash and cash equivalents $ 254,620 $ 205,230 Short-term deposits 183,475 254,612 Accounts receivable, net 41,171 30,177 Prepaid expenses and other current assets 84,613 96,987 Marketable securities 36,345 55,641 Funds receivable, including cash in banks 122,984 92,376 Total current assets 723,208 735,023 Property and equipment, net 10,440 11,321 Operating lease right-of-use assets 24,429 22,405 Deferred contract acquisition and fulfillment costs, noncurrent 3,787 3,978 Long-term investments and other long-term assets 8,313 8,510 Commercial agreement asset 66,527 16,583 Goodwill 367,566 367,566 Intangible assets, net 59,212 50,408 Total long-term assets 540,274 480,771 Total assets $ 1,263,482 $ 1,215,794 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 79,559 $ 52,860 Accrued expenses and other current liabilities 141,551 135,603 Funds payable to Customers 122,984 92,376 Short term operating lease liabilities 4,347 4,702 Total current liabilities 348,441 285,541 Long-term liabilities: Long term operating lease liabilities 20,510 19,945 Other long-term liabilities 1,098 1,223 Total liabilities $ 370,049 $ 306,709 Shareholders' equity: Share capital and additional paid-in capital 1,425,317 1,444,618 Accumulated comprehensive income (loss) 515 4,231 Accumulated deficit (532,399 ) (539,764 ) Total shareholders' equity 893,433 909,085 Total liabilities and shareholders' equity $ 1,263,482 $ 1,215,794 Global-E Online STATEMENTS OF OPERATIONS(In thousands, except share and per share data) Three Months Ended Six Months Ended June 30, June 30, 2024 2025 2024 2025 (Unaudited) (Unaudited) Revenue $ 168,008 $ 214,877 $ 313,881 $ 404,759 Cost of revenue 90,578 117,206 173,165 223,004 Gross profit 77,430 97,671 140,716 181,755 Operating expenses: Research and development 26,676 30,733 50,214 58,871 Sales and marketing 60,089 43,957 117,044 107,895 General and administrative 13,482 12,468 25,536 23,661 Total operating expenses 100,247 87,158 192,794 190,427 Operating profit (loss) (22,817 ) 10,513 (52,078 ) (8,672 ) Financial expenses (income), net 693 (978 ) 4,203 (2,848 ) Profit (loss) before income taxes (23,510 ) 11,491 (56,281 ) (5,824 ) Income taxes (1,068 ) 1,000 (1,788 ) 1,541 Net profit (loss) attributable to ordinary shareholders $ (22,442 ) $ 10,491 $ (54,493 ) $ (7,365 ) Net profit (loss) per share attributable to ordinary shareholders, basic $ (0.13 ) $ 0.06 $ (0.33 ) $ (0.04 ) Net profit (loss) per share attributable to ordinary shareholders, diluted $ (0.13 ) $ 0.06 $ (0.33 ) $ (0.04 ) Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic 166,982,796 169,788,923 166,585,110 169,569,068 Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, diluted 166,982,796 175,588,437 166,585,110 169,569,068 Global-E Online STATEMENTS OF CASH FLOWS(In thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2025 2024 2025 (Unaudited) (Unaudited) Operating activities Net profit (loss) $ (22,442 ) $ 10,491 $ (54,493 ) $ (7,365 ) Adjustments to reconcile net profit (loss) to net cash provided by operating activities: Depreciation 530 571 1,041 1,107 Share-based compensation expense 11,201 10,058 19,912 18,851 Commercial agreement asset 37,433 12,927 73,729 49,944 Amortization of intangible assets 5,000 4,402 10,002 8,804 Changes in accrued interest and exchange rate on short-term deposits (411 ) (1,383 ) (43 ) (2,225 ) Unrealized loss (gain) on foreign currency 584 (6,045 ) 3,310 (7,522 ) Accounts receivable (10,918 ) 4,523 (2,500 ) 10,994 Prepaid expenses and other assets 10,580 23,615 13,267 (4,790 ) Funds receivable 1,386 (3,884 ) (6,302 ) (13,066 ) Long-term investments and other receivables (229 ) (298 ) 481 (197 ) Funds payable to customers 18,084 4,893 (12,773 ) (30,607 ) Operating lease ROU assets 857 960 1,674 2,024 Deferred contract acquisition costs (367 ) (210 ) (635 ) (311 ) Accounts payable 2,135 (14,324 ) (14,914 ) (26,699 ) Accrued expenses and other liabilities 13,229 17,887 (16,999 ) (5,823 ) Deferred taxes (1,438 ) - (2,862 ) - Operating lease liabilities (1,099 ) 773 (2,043 ) (210 ) Net cash provided by (used in) operating activities 64,117 64,956 9,852 (7,091 ) Investing activities Investment in marketable securities (685 ) (1,911 ) (1,727 ) (19,679 ) Proceeds from marketable securities 399 699 1,411 1,698 Purchases of short-term investments (31,295 ) (114,000 ) (88,244 ) (184,972 ) Purchases of long-term investments (1,121 ) - (1,152 ) - Proceeds from short-term investments 36,250 44,000 94,250 111,059 Purchases of property and equipment (573 ) (1,440 ) (1,455 ) (1,988 ) Net cash provided by (used in) investing activities 2,975 (72,652 ) 3,083 (93,882 ) Financing activities Exercise of Warrants to ordinary shares 2 - 2 - Proceeds from exercise of share options 933 191 1,053 401 Net cash provided by financing activities 935 191 1,055 401 Exchange rate differences on balances of cash, cash equivalents and restricted cash (584 ) 6,045 (3,310 ) 7,522 Net increase (decrease) in cash, cash equivalents, and restricted cash 67,443 (1,460 ) 10,680 (93,050 ) Cash and cash equivalents and restricted cash—beginning of period 211,834 240,092 268,597 331,682 Cash and cash equivalents and restricted cash—end of period $ 279,277 $ 238,632 $ 279,277 $ 238,632 Global-E Online OTHER DATA(In thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2025 2024 2025 (Unaudited) (Unaudited) Key performance metrics Gross Merchandise Value 1,082,037 1,453,884 2,011,548 2,696,398 Adjusted EBITDA (a) 31,347 38,471 52,606 70,034 Revenue by Category Service fees 82,235 49 % 102,853 48 % 150,494 44 % 186,836 46 % Fulfillment services 85,773 51 % 112,024 52 % 163,387 56 % 217,923 54 % Total revenue $ 168,008 100 % $ 214,877 100 % $ 313,881 100 % $ 404,759 100 % Revenue by merchant outbound region United States 87,631 52 % 117,483 55 % 159,743 49 % 218,037 54 % United Kingdom 44,424 27 % 41,474 19 % 85,700 31 % 83,221 21 % European Union 26,773 16 % 38,738 18 % 53,117 17 % 72,268 18 % Israel 313 0 % 416 0 % 629 0 % 817 0 % Other 8,867 5 % 16,766 8 % 14,692 3 % 30,416 7 % Total revenue $ 168,008 100 % $ 214,877 100 % $ 313,881 100 % $ 404,759 100 % (a) See reconciliation to adjusted EBITDA table Global-E Online TO Non-GAAP GROSS PROFIT(In thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2025 2024 2025 (Unaudited) Gross Profit 77,430 97,671 140,716 181,755 Amortization of acquired intangibles included in cost of revenue 2,796 2,198 5,592 4,395 Non-GAAP gross profit 80,226 99,869 146,308 186,150 Global-E Online TO Free Cash Flow(In thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2025 2024 2025 (Unaudited) Net profit (loss) (22,442 ) 10,491 (54,493 ) (7,365 ) Income tax (benefit) expenses (1,068 ) 1,000 (1,788 ) 1,541 Financial expenses (income), net 693 (978 ) 4,203 (2,848 ) Stock-based compensation: Cost of revenue 180 254 360 520 Research and development 5,497 4,501 8,965 8,128 Selling and marketing 1,482 1,633 2,764 3,070 General and administrative 4,042 3,670 7,823 7,133 Total stock-based compensation 11,201 10,058 19,912 18,851 Depreciation and amortization 530 571 1,041 1,107 Commercial agreement asset amortization 37,433 12,927 73,729 49,944 Amortization of acquired intangibles 5,000 4,402 10,002 8,804 Adjusted EBITDA 31,347 38,471 52,606 70,034 Global-E Online TO Free Cash Flow(In thousands) Three Months Ended Six Months Ended June 30, June 30, 2024 2025 2024 2025 (Unaudited) (Unaudited) Net cash (used in) provided by operating activities 64,117 64,956 9,852 (7,091 ) Purchase of property and equipment (573 ) (1,440 ) (1,455 ) (1,988 ) Free Cash Flow 63,544 63,516 8,397 (9,079 )
National Post
07-05-2025
- Business
- National Post
BeiGene Announces First Quarter 2025 Financial Results and Business Updates
Article content First quarter 2025 total revenues increased 49% to $1.1 billion with BRUKINSA ® (zanubrutinib) global sales increasing 62% to $792 million on strong demand growth versus first quarter 2024 Achieved GAAP profitability and significantly improved operating cash flow Advanced late-stage hematology and solid tumor pipelines with plan to host Investor R&D Day on June 26 Secured shareholder approval to rename the Company to BeOne Medicines Ltd. and redomicile to Switzerland Article content Article content SAN CARLOS, Calif. — BeiGene, Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company that will change its name to BeOne Medicines, Ltd., today announced financial results and corporate updates from the first quarter 2025. Article content 'We delivered another exceptional quarter, achieving our first quarter of GAAP profitability with continued global revenue growth. In the U.S., BRUKINSA remains the leader in new chronic lymphocytic leukemia (CLL) patient starts across all lines of therapy, and for the first time has become the overall BTKi market share leader,' said John V. Oyler, Co-Founder, Chairman, and CEO of BeiGene. 'We've made significant strides across our late-stage hematology and solid tumor pipelines, with multiple proof-of-concept readouts expected this year across our broad portfolio of antibody-drug conjugates, multispecific antibodies and targeted protein degraders. With accelerating financial momentum and a diversified global footprint spanning six continents, we are well positioned — as we transition to BeOne Medicines and redomicile to Switzerland — to become one of the world's most impactful oncology innovators.' Article content * For an explanation of our use of non-GAAP financial measures refer to the 'Note Regarding Use of Non-GAAP Financial Measures' section later in this press release and for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measures, see the table at the end of this press release. Article content Revenue for the first quarter of 2025 was $1.1 billion, compared to $752 million in the prior-year period driven primarily by growth in BRUKINSA product sales in the U.S. and Europe. Article content Product Revenue totaled $1.1 billion for the first quarter of 2025 compared to $747 million in the prior-year period. The increase in product revenue was primarily attributable to increased sales of BRUKINSA. The U.S. continued to be the Company's largest market, with product revenue of $563 million compared to $351 million in the prior-year period. In-licensed products from Amgen and TEVIMBRA also contributed to product revenue growth. Article content U.S. sales of BRUKINSA totaled $563 million in the first quarter of 2025, representing growth of 60% over the prior-year period driven primarily by demand, with more than 60% of the quarter-over-quarter growth coming from expanded use in CLL as BRUKINSA continued to gain share as the leader in new patient starts in the U.S. in CLL and all other approved indications; BRUKINSA sales in Europe totaled $116 million in the first quarter of 2025, representing growth of 73% compared to the prior-year period, driven by increased market share across all major European markets, including Germany, Italy, Spain, France and the UK. Sales of TEVIMBRA totaled $171 million in the first quarter of 2025, representing growth of 18% compared to the prior-year period. Article content Gross Margin as a percentage of global product sales for the first quarter of 2025 was 85.1% compared to 83.3% in the prior-year period on a GAAP basis. The gross margin percentage increased due to a proportionally higher sales mix of global BRUKINSA compared to other products in our portfolio. Gross margins also benefited from cost of sales productivity improvements for both BRUKINSA and TEVIMBRA. On an adjusted basis, which does not include depreciation and amortization, gross margin as a percentage of product sales increased to 85.5% for the first quarter of 2025, compared to 83.7% in the prior-year period. Article content Research and Development (R&D) Expenses increased for the first quarter of 2025 compared to the prior-year period on both a GAAP and adjusted basis primarily due to advancing preclinical programs into the clinic and early clinical programs into late stage. Upfront fees and milestone payments related to in-process R&D for in-licensed assets totaled nil and $35 million in the first quarter of 2025 and 2024, respectively. Article content Selling, General and Administrative (SG&A) Expenses increased for the first quarter of 2025 compared to the prior-year period on both a GAAP and adjusted basis due to continued investment in the global commercial expansion of BRUKINSA primarily in the U.S. and Europe. SG&A expenses as a percentage of product sales were 41% for the first quarter of 2025, compared to 57% in the prior-year period. Article content GAAP net income improved for the first quarter of 2025, as compared to the prior-year period loss, primarily attributable to revenue growth and improved operating leverage. Article content For the first quarter of 2025, both basic and diluted earnings per share was $0.00 per share and $0.01 per American Depositary Share (ADS), respectively, compared to basic loss of $0.19 per share and $2.41 per ADS in the prior-year period. Article content Cash Provided by Operations for the first quarter of 2025 was $44 million, an increase of $353 million over the prior-year period. Article content For further details on BeiGene's First Quarter 2025 Financial Statements, please see BeiGene's Quarterly Report on Form 10-Q for the first quarter of 2025 filed with the U.S. Securities and Exchange Commission. Article content 1 Does not assume any potential new, material business development activity or unusual/non-recurring items. Assumes January 31, 2025 foreign exchange rates. Article content BeiGene's total revenue guidance for full year 2025 of $4.9 billion to $5.3 billion includes expectations for strong revenue growth driven by BRUKINSA's U.S. leadership position and continued global expansion in both Europe and other important rest of world markets. Gross margin percentage is expected to be in the mid-80% range due to mix and production efficiencies as compared to 2024. BeiGene's guidance for combined operating expenses on a GAAP basis includes expectations of investment to support growth in both commercial and research at a pace that continues to deliver meaningful operating leverage. Non-GAAP operating expenses, which exclude costs related to share-based compensation, depreciation and amortization expense, are expected to track with GAAP operating expenses, with reconciling items unchanged from existing practice. Operating expense guidance does not assume any potential new, material business development activity or unusual/non-recurring items. Article content BRUKINSA Article content TEVIMBRA is now approved in 46 markets globally with 11 new reimbursements in the quarter, including in the U.S., Europe and China. Received U.S. Food and Drug Administration (FDA) approval in combination with platinum-containing chemotherapy for the first-line treatment of adults with unresectable or metastatic esophageal squamous cell carcinoma (ESCC) whose tumors express PD-L1 (≥1). Received FDA approval for 150 mg Q2W and 300 mg Q4W alternate dosing regimens in addition to the already approved 200 mg Q3W dosing. Received Japan approval in combination with platinum-containing chemotherapy for the first- and second-line treatment of adult patients with unresectable or metastatic ESCC. Received European Commission approval in combination with etoposide and platinum chemotherapy as a first-line treatment for adult patients with extensive-stage small cell lung cancer. Article content Hematology Article content Sonrotoclax (BCL2 inhibitor): Continued enrollment of global Phase 2 trial for the treatment of Waldenström's macroglobulinemia. Sonrotoclax BGB-11417-202: Filed in China for the treatment of relapsed/refractory (R/R) CLL. Sonrotoclax CELESTIAL-RR MCL BGB-11417-302: Achieved first subject enrolled for Phase 3 trial for the treatment of R/R MCL. Sonrotoclax CELESTIAL-TN CLL BGB-11417-301: Achieved last subject enrolled for Phase 3 trial for the treatment of treatment-naïve (TN) CLL. BGB-16673 (BTK CDAC): Continued enrollment of potentially registration enabling Phase 2 trial for the treatment of R/R CLL with data readout expected in 2026. BGB-16673: Initiated Phase 3 trial compared to physician's choice (IR/VR/BR) for treatment of R/R CLL. Article content Lung Cancer Article content Tarlatamab (AMG757, DLL3xCD3 BiTE): Announced positive data readout from Phase 3 trial for the treatment of second-line small cell lung cancer in collaboration with Amgen. Anti-TIGIT antibody: Discontinued clinical development of ociperlimab as a potential treatment for lung cancer. Article content Other Highlights Article content Received shareholder approval on April 28, 2025, to rename the Company to BeOne Medicines Ltd. and redomicile to Switzerland with the transaction set to close later this year. As previously disclosed, announced a U.S. Patent Trademark Office Final Written Decision invalidating all claims of Pharmacyclics LLC's U.S. Patent No. 11,672,803 that were challenged by BeiGene in a post-grant review (PGR) proceeding. Appointed Marcello Damiani as Chief Technology Officer. Article content The Company's earnings conference call for the first quarter 2025 will be broadcast via webcast at 8:00 a.m. ET on Wednesday, May 7, 2025, and will be accessible through the Investors section of BeiGene's website, Supplemental information in the form of a slide presentation and a replay of the webcast will also be available. Article content About BeiGene Article content BeiGene, which will change its name to BeOne Medicines Ltd., is a global oncology company that is discovering and developing innovative treatments that are more affordable and accessible to cancer patients worldwide. With a broad portfolio, we are expediting development of our diverse pipeline of novel therapeutics through our internal capabilities and collaborations. We are committed to radically improving access to medicines for far more patients who need them. Our growing global team of more than 11,000 colleagues spans six continents. Article content This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding the anticipated milestones to be achieved by BeiGene in 2025; BeiGene's ability to become one of the world's most impactful oncology innovators; BeiGene's future revenue, operating income, cash flow, operating expenses and gross margin percentage; and BeiGene's plans, commitments, aspirations and goals under the caption 'About BeiGene'. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including BeiGene's ability to demonstrate the efficacy and safety of its drug candidates; the clinical results for its drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; BeiGene's ability to achieve commercial success for its marketed medicines and drug candidates, if approved; BeiGene's ability to obtain and maintain protection of intellectual property for its medicines and technology; BeiGene's reliance on third parties to conduct drug development, manufacturing, commercialization, and other services; BeiGene's limited experience in obtaining regulatory approvals and commercializing pharmaceutical products; BeiGene's ability to obtain additional funding for operations and to complete the development of its drug candidates and achieve and maintain profitability; and those risks more fully discussed in the section entitled 'Risk Factors' in BeiGene's most recent quarterly report on Form 10-Q, as well as discussions of potential risks, uncertainties, and other important factors in BeiGene's subsequent filings with the U.S. Securities and Exchange Commission. All information in this press release is as of the date of this press release, and BeiGene undertakes no duty to update such information unless required by law. BeiGene's financial guidance is based on estimates and assumptions that are subject to significant uncertainties. Article content BeiGene provides certain non-GAAP financial measures, including Adjusted Operating Expenses Adjusted Operating Loss, Adjusted Net Income, Adjusted Earnings Per Share and certain other non-GAAP income statement line items, each of which include adjustments to GAAP figures. These non-GAAP financial measures are intended to provide additional information on BeiGene's operating performance. Adjustments to BeiGene's GAAP figures exclude, as applicable, non-cash items such as share-based compensation, depreciation and amortization. Certain other special items or substantive events may also be included in the non-GAAP adjustments periodically when their magnitude is significant within the periods incurred. Non-GAAP adjustments are tax effected to the extent there is US GAAP current tax expense. The Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects. BeiGene maintains an established non-GAAP policy that guides the determination of what costs will be excluded in non-GAAP financial measures and the related protocols, controls and approval with respect to the use of such measures. BeiGene believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of BeiGene's operating performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of the Company's historical and expected financial results and trends and to facilitate comparisons between periods and with respect to projected information. In addition, these non-GAAP financial measures are among the indicators BeiGene's management uses for planning and forecasting purposes and measuring the Company's performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies. Article content *Tax effect of Non-GAAP adjustments is based on the statutory tax rate in the relevant tax jurisdiction. Please note that the Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects. Article content Article content Article content Article content Article content Contacts Article content Investor Contact Liza Heapes +1 857-302-5663 ir@ Article content Article content Article content
