NVSEF - BeiGene Still Bleeding Red Ink Despite Blockbuster Drug
2024-03-08 05:10:00 ET
Summary
- BeiGene's revenue surged 73.7% to $2.46 billion last year.
- But for all the success with its flagship product, the drug maker was not able to power all the way into the black.
- Undeterred by the continuing losses, investors welcomed the bumper sales and bullish outlook.
- Having proved its ability to develop novel drugs, BeiGene now needs to show it can come up with multiple blockbusters that will finally deliver profits for shareholders.
In the cash-hungry biotech business, even a blockbuster drug with annual sales of more than $1 billion may not be enough to cure an excess of red ink....
BeiGene Still Bleeding Red Ink Despite Blockbuster Drug