(Yicai Global) Feb. 28 -- Shares in BeiGene surged as much as 8 percent today after the Chinese biotech company said that revenue from two of its self-developed cancer treatments increased substantially last year. Investors bought in even though the firm logged a substantial jump in losses that year.

BeiGene’s share price on the mainland [SHA:688235] closed up 5.8 percent at CNY140.54 (USD20). Earlier in the day it hit CNY143.41. While in Hong Kong, its stock [HKG:6160] edged up 1.6 percent to end the day at HKD133.50 (USD17). Yesterday, its New York-traded stock [NASDAQ:BGNE] gained 0.2 percent to reach USD216.03.

BeiGene’s net loss for the year 2022 widened 37.5 percent from a year earlier to USD2 billion mainly due to foreign exchange losses caused by a stronger US dollar, according to the Beijing-based firm’s latest earnings report released yesterday.

However, boosted by surging sales, total revenue jumped 20.4 percent to USD1.4 billion. Product sales accounted for USD1.3 billion of this, almost double from a year ago.

Global sales of Brukinsa, the first Chinese cancer drug approved in the US, soared over two-and-a-half fold over the period to USD564.7 million, while that of Tislelizumab, which was approved to go to market in China in 2019, advanced 66 percent to USD422.9 million, the earnings report said.

Brukinsa, which is now available in 65 markets around the world, is used to treat a variety of cancers including chronic lymphocytic leukemia, while Tislelizumab is used as a treatment for cancers including Hodgkin lymphoma and non-small cell lung cancer. Both Brukinsa and Tislelizumab are included in China’s medical bulk-buy scheme.

BeiGene has more than 50 clinical trials for new drugs underway. The company’s research and development expenditure gained 6.7 percent in 2022 year on year to USD1.6 billion, the report said.

Editor: Kim Taylor