Executive Summary

Q1 2024 delivered strong top-line results: total revenue $751.7M (+68% YoY), product revenue $746.9M (+82% YoY), and gross margin of 83% as BRUKINSA mix increased .
BRUKINSA revenue reached $489M, led by U.S. sales of $351M (+153% YoY) and Europe $67M (+243% YoY); TEVIMBRA sales were $145M (+26% YoY) .
Operating leverage improved materially: GAAP loss from operations narrowed 30% YoY to $(261.3)M; adjusted operating loss narrowed 47% YoY to $(147.3)M; SG&A fell to 57% of product sales vs 80% prior year .
Results beat Wall Street consensus: revenue beat by $81.6M and EPS beat by $0.66; the company noted progress on path to sustainable profitability—an ongoing stock reaction catalyst tied to revenue trajectory and label expansions .

What Went Well and What Went Wrong

What Went Well

BRUKINSA leadership strengthened with the “broadest label in the BTKi class” after a fifth FDA approval and share gains in U.S. TN CLL and R/R CLL; U.S. sales +153% YoY to $351M and Europe +243% YoY to $67M .
Operating leverage inflected: GAAP loss from operations improved 30% YoY and adjusted operating loss improved 47% YoY; SG&A as % of product sales dropped to 57% from 80% .
CEO tone confident: “We have now ascended into the top 15 of global oncology innovators… and continue to make significant improvement in our operating leverage as we progress to sustainable profitability” (John Oyler) .

What Went Wrong

Collaboration revenue fell 87% YoY to $4.7M, reducing non-product contribution to total revenue .
Despite improvement, the company remains loss-making: GAAP net loss of $(251.2)M in Q1; cash used in operations of $309M (though improved from $564M YoY) .
Regulatory timing risk: pending FDA approval for first-line ESCC (tislelizumab) “may be deferred” due to potential delay in scheduling clinical site inspections .

Financial Results

Summary vs Prior Periods and Estimates

Metric	Q3 2023	Q4 2023	Q1 2024	Vs. Consensus (Q1 2024)
Total Revenue ($USD Millions)	$781.3	$634.4	$751.7	$670.1 expected; Beat +$81.6M
Product Revenue ($USD Millions)	$595.3	$630.5	$746.9	N/A
GAAP Net Income (Loss) ($USD Millions)	$215.4	$(367.6)	$(251.2)	N/A
Net Loss per ADS ($USD)	$2.06 (basic)	$(3.53)	$(2.41)	Consensus EPS $(3.07); Beat +$0.66
Gross Margin % (product)	83.8%	83.2%	83%	N/A
Net Income Margin %	27.6% (calc. from revenue & net income)	(57.9)% (calc.)	(33.4)% (calc.)	N/A

Note: Estimates via S&P Global unavailable for BGNE in our SPGI mapping; consensus figures sourced from MarketBeat .

Q1 2024 Segment Breakdown

Segment	Revenue ($USD Millions)
BRUKINSA (global)	$489
TEVIMBRA (tislelizumab)	$145
Net Collaboration Revenue	$4.7
Total Product Revenue	$746.9
Total Revenue	$751.7

KPIs

KPI	Q1 2024	Notes
Gross Margin % (product)	83%	Mix shift to BRUKINSA drove expansion
SG&A as % of Product Sales	57%	Down from 80% prior-year
Cash Used in Operations ($USD Millions)	$309	Improved from $564 prior-year
Cash, Cash Equivalents & ST Investments ($USD Millions)	$2,807.4	Balance sheet liquidity
Debt ($USD Millions)	$1,026.0	As of 3/31/2024
U.S. Product Revenue ($USD Millions)	$351.0	Largest market in Q1

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue/Margins/OpEx	FY/Q2+	Not provided in Q1 2024 materials	Not provided	N/A (company emphasized operating leverage progress and pipeline/regulatory milestones)

Earnings Call Themes & Trends

Note: Q1 2024 earnings call transcript was not available in our corpus; themes derived from press releases across Q3 2023, Q4 2023, and Q1 2024.

Topic	Previous Mentions (Q-2: Q3 2023)	Previous Mentions (Q-1: Q4 2023)	Current Period (Q1 2024)	Trend
BRUKINSA adoption/label	Rapid uptake; positive CHMP opinion; EU/UK label for PFS; global sales $357.7M	Expanded labels; BRUKINSA sales $413M; leadership in BTKi	Broadest BTKi label; BRUKINSA $489M; U.S. +153% YoY, Europe +243% YoY	Strengthening
TEVIMBRA (tislelizumab) global expansion	EU approval 2L ESCC; multiple submissions	CHMP positive for NSCLC; regulatory reviews ongoing in 10 markets	EU approvals across NSCLC indications; FDA approvals for 2L ESCC; 1L gastric BLA accepted; inspection-related deferral risk for ESCC 1L	Expanding with timing risk
Operating leverage	Improving; moderate expense growth	Operating loss declines; GM up	Significant improvement; SG&A % down; adjusted op loss narrowed	Improving
Pipeline: sonrotoclax (BCL2i)	Initiated pivotal; Phase 1/2 data	Four registrational trials; global Phase 3 TN CLL	FDA fast track in R/R MCL; >850 patients; ongoing registrational intents	Advancing
Pipeline: BTK CDAC (BGB-16673)	First-in-human data; expansion cohorts	Expansion cohorts R/R CLL/MCL; > data at ASH	Initiated expansion; Phase 3 R/R CLL by YE 2024	Advancing
Manufacturing footprint	U.S. flagship facility near completion; China capacity expansion	Hopewell NJ facility operational in July 2024	NJ facility opening anticipated in July	On track
Legal/regulatory	EU/UK labels, CHMP opinions	BMS settlement non-operating gain in FY23	USPTO PGR petition granted vs Pharmacyclics patent; decision expected in ~12 months	Active

Management Commentary

“We have now ascended into the top 15 of global oncology innovators based on total oncology sales… and continue to make significant improvement in our operating leverage as we progress to sustainable profitability.” — John V. Oyler, Co-Founder, Chairman & CEO .
“BRUKINSA now the BTK inhibitor with the broadest label in the class… With TEVIMBRA now approved for use in the U.S. and Europe, we look forward to rapidly advancing our deep pipeline of solid tumor therapies…” — John V. Oyler .

Q&A Highlights

Q1 2024 earnings call transcript was not available in our documents corpus; no Q&A content to report. Conference call details (date/time) are referenced externally, but full transcript could not be accessed via our tools .

Estimates Context

Consensus (non-SPGI source): Revenue $670.1M; EPS $(3.07). Actuals: revenue $751.7M and net loss per ADS $(2.41). Result: revenue beat (+$81.6M) and EPS beat (+$0.66). Bold beats suggest upside surprise tied to BRUKINSA mix and SG&A efficiency .
S&P Global consensus unavailable in our mapping; we therefore anchored estimate comparisons to MarketBeat and have noted this limitation explicitly.

Key Takeaways for Investors

BRUKINSA momentum is the core driver; U.S. and Europe growth, broader label, and share gains underpin near-term revenue trajectory .
Operating leverage inflection is real: adjusted operating loss narrowed 47% YoY; SG&A intensity fell materially—track this trajectory for path-to-profitability milestones .
TEVIMBRA’s regulatory expansion across U.S. and EU creates optionality, but inspection/timing risks can introduce volatility; watch 1L ESCC scheduling updates .
Collaboration revenue headwinds persist; the model is increasingly concentrated in internal products—higher-quality revenue mix but also higher R&D spend to sustain pipeline .
Liquidity remains robust ($2.81B cash and ST investments) to support pipeline and commercialization; leverage modest with ~$1.03B debt as of Q1-end .
Near-term trading: potential catalysts from ongoing label/approval events and USPTO PGR outcome; monitor continued product GM stability (~83%) and U.S. BRUKINSA new-patient share data .
Medium-term thesis: Hematology leadership plus solid tumor pipeline depth (ADC, degraders, targeted therapies) could broaden growth; execution on Phase 3 starts and regulatory wins is key .

Sources: Q1 2024 8-K press release and financials ; PRC GAAP supplemental 8-K ; Q4 2023 8-K ; Q3 2023 8-K ; External consensus (MarketBeat) .

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