2021 Q2 Form 10-Q Financial Statement

#000165130821000172 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $150.0M $65.64M
YoY Change 128.52% -73.03%
Cost Of Revenue $36.26M $14.31M
YoY Change 153.46% -19.8%
Gross Profit $113.7M $51.33M
YoY Change 121.57% -77.24%
Gross Profit Margin 75.82% 78.2%
Selling, General & Admin $232.3M $124.0M
YoY Change 87.26% 50.82%
% of Gross Profit 204.25% 241.68%
Research & Development $356.1M $286.0M
YoY Change 24.52% 25.01%
% of Gross Profit 313.1% 557.14%
Depreciation & Amortization $11.22M $7.679M
YoY Change 46.15% 128.34%
% of Gross Profit 9.87% 14.96%
Operating Expenses $588.4M $410.0M
YoY Change 43.5% 31.83%
Operating Profit -$474.8M -$358.9M
YoY Change 32.31% 318.11%
Interest Expense -$55.21M
YoY Change
% of Operating Profit
Other Income/Expense, Net -$867.0K $19.98M
YoY Change -104.34% -2375.17%
Pretax Income -$480.6M -$337.8M
YoY Change 42.27% 302.97%
Income Tax -$230.0K -$1.475M
% Of Pretax Income
Net Earnings -$480.3M -$335.2M
YoY Change 43.3% 291.73%
Net Earnings / Revenue -320.24% -510.71%
Basic Earnings Per Share -$0.40 -$0.33
Diluted Earnings Per Share -$0.40
COMMON SHARES
Basic Shares Outstanding 1.194B shares 1.010B shares
Diluted Shares Outstanding 1.194B shares 1.010B shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.382B $3.153B
YoY Change 38.99%
Cash & Equivalents $1.776B $1.345B
Short-Term Investments $2.605B $1.808B
Other Short-Term Assets $1.024B
YoY Change
Inventory $117.6M $33.23M
Prepaid Expenses
Receivables $73.79M $61.66M
Other Receivables $3.504M
Total Short-Term Assets $4.799B $3.392B
YoY Change 41.46% 93.22%
LONG-TERM ASSETS
Property, Plant & Equipment $395.2M $258.1M
YoY Change 53.1% 21.36%
Goodwill $109.0K $109.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $348.5M $26.24M
YoY Change 1227.99%
Other Assets $132.2M $112.4M
YoY Change 17.67% 86.81%
Total Long-Term Assets $725.1M $510.9M
YoY Change 41.93% 29.46%
TOTAL ASSETS
Total Short-Term Assets $4.799B $3.392B
Total Long-Term Assets $725.1M $510.9M
Total Assets $5.524B $3.903B
YoY Change 41.52% 81.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $168.8M $157.2M
YoY Change 7.41% 5.81%
Accrued Expenses $398.9M $207.9M
YoY Change 91.83%
Deferred Revenue $63.61M
YoY Change
Short-Term Debt $2.716B
YoY Change
Long-Term Debt Due 2.807B CNies $26.06M
YoY Change 10672.22% 198.18%
Total Short-Term Liabilities $1.242B $551.2M
YoY Change 125.39% 102.88%
LONG-TERM LIABILITIES
Long-Term Debt 1.258B CNies $131.5M
YoY Change 856.8% 55.63%
Other Long-Term Liabilities $55.33M $46.51M
YoY Change 18.96% 22.08%
Total Long-Term Liabilities $675.0M $805.6M
YoY Change -16.21% 162.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.242B $551.2M
Total Long-Term Liabilities $675.0M $805.6M
Total Liabilities $1.917B $1.357B
YoY Change 41.31% 134.31%
SHAREHOLDERS EQUITY
Retained Earnings -$3.967B -$2.655B
YoY Change 49.41% 110.63%
Common Stock $120.0K $102.0K
YoY Change 17.65% 30.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.607B $2.536B
YoY Change
Total Liabilities & Shareholders Equity $5.524B $3.903B
YoY Change 41.52% 81.52%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$480.3M -$335.2M
YoY Change 43.3% 291.73%
Depreciation, Depletion And Amortization $11.22M $7.679M
YoY Change 46.15% 128.34%
Cash From Operating Activities -$2.739B
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$269.5M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.396B
YoY Change
Cash From Investing Activities $2.127B
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 140.0M
YoY Change
NET CHANGE
Cash From Operating Activities -2.739B
Cash From Investing Activities 2.127B
Cash From Financing Activities 140.0M
Net Change In Cash -472.2M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$2.739B
Capital Expenditures -$269.5M
Free Cash Flow -$2.470B
YoY Change

Facts In Submission

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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax
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bgne Acquired In Process Research And Development But Not Yet Paid
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2546492000 USD
CY2021Q2 bgne Number Of Molecules
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10 molecule
CY2021Q2 bgne Number Of Persons
NumberOfPersons
1600 people
CY2021Q2 bgne Product Candidate
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3 product
CY2021Q2 bgne Products In Commercial Or Clinical Development
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45 product
CY2021Q2 dei Entity Number Of Employees
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6400 employee
CY2021Q2 us-gaap Number Of Countries In Which Entity Operates
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18 country
us-gaap Use Of Estimates
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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of estimates</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, estimating the useful lives of long-lived assets, estimating variable consideration in product sales and collaboration revenue arrangements, identifying separate accounting units and determining the standalone selling price of each performance obligation in the Company’s revenue arrangements, assessing the impairment of long-lived assets, valuation and recognition of share-based compensation expenses, realizability of deferred tax assets, estimating uncertain tax positions, valuation of inventory, estimating the allowance for credit losses, determining defined benefit pension plan obligations, measurement of right-of-use assets and lease liabilities and the fair value of financial instruments. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.</span></div>
CY2021Q2 bgne Reimbursement Expense
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CY2020Q2 bgne Reimbursement Expense
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bgne Reimbursement Expense
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bgne Reimbursement Expense
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us-gaap Depreciation
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CY2020Q2 us-gaap Depreciation
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us-gaap Depreciation
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3316000 USD
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188000 USD
us-gaap Amortization Of Intangible Assets
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492000 USD
us-gaap Amortization Of Intangible Assets
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471000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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727000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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1453000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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1453000 USD
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CY2021Q2 bgne Finite Lived Intangible Asset Expected Amortization After Year Three
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CY2020Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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79000 USD
CY2021Q2 us-gaap Unrecognized Tax Benefits
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8306000 USD
CY2021Q2 bgne Unrecognized Tax Benefits Increase Resulting From Tax Credit And Incentives
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579000 USD
bgne Unrecognized Tax Benefits Increase Resulting From Tax Credit And Incentives
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us-gaap Provision For Doubtful Accounts
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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0 USD
bgne Accounts Receivable Allowance For Credit Loss Exchange Rate Changes
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1000 USD
bgne Accounts Receivable Allowance For Credit Loss Exchange Rate Changes
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0 USD
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable
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67000 USD
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
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121000 USD
CY2021Q2 bgne Prepaid Research And Development Costs
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73563000 USD
CY2020Q4 bgne Prepaid Research And Development Costs
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71341000 USD
CY2021Q2 us-gaap Prepaid Taxes
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26941000 USD
CY2020Q4 us-gaap Prepaid Taxes
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30392000 USD
CY2021Q2 bgne Payroll Tax Receivable Current
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29141000 USD
CY2020Q4 bgne Payroll Tax Receivable Current
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3580000 USD
CY2021Q2 us-gaap Other Receivables Net Current
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3504000 USD
CY2020Q4 us-gaap Other Receivables Net Current
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4464000 USD
CY2021Q2 us-gaap Interest Receivable Current
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6916000 USD
CY2020Q4 us-gaap Interest Receivable Current
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6619000 USD
CY2021Q2 us-gaap Prepaid Insurance
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7113000 USD
CY2020Q4 us-gaap Prepaid Insurance
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1347000 USD
CY2021Q2 bgne Prepaid Manufacturing Costs
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CY2021Q2 us-gaap Income Taxes Receivable
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21761000 USD
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225455000 USD
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160012000 USD
CY2021Q2 us-gaap Goodwill
Goodwill
109000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
109000 USD
CY2021Q2 bgne Prepayment Of Long Term Asset
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24244000 USD
us-gaap Interest Expense Debt
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CY2021Q2 bgne Prepaid Construction Cost
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23096000 USD
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PrepaidConstructionCost
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CY2021Q2 us-gaap Value Added Tax Receivable Noncurrent
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CY2021Q2 bgne Rental Deposits And Other
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73073000 USD
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14373000 USD
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25572000 USD
CY2020Q4 bgne Accrued Sales Rebates And Returns Current
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11874000 USD
CY2021Q2 bgne Accrued Professional Fees And Other Current
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12516000 USD
CY2020Q4 bgne Accrued Professional Fees And Other Current
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3699000 USD
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CY2021Q2 bgne Government Grants Or Incentives Received And Deferred Noncurrent
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47403000 USD
CY2020Q4 bgne Government Grants Or Incentives Received And Deferred Noncurrent
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49139000 USD
CY2021Q2 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
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7752000 USD
CY2020Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
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CY2021Q2 us-gaap Other Sundry Liabilities Noncurrent
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176000 USD
CY2020Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
177000 USD
CY2021Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
55331000 USD
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
57429000 USD
CY2021Q2 us-gaap Long Term Debt Current
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434802000 USD
CY2021Q2 us-gaap Long Term Debt Current
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2807349000 CNY
CY2020Q4 us-gaap Long Term Debt Current
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335015000 USD
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2185928000 CNY
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
194856000 USD
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1258111000 CNY
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
183637000 USD
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1198206000 CNY
CY2021Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
7627000 USD
CY2021Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
147000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
251000 USD
CY2020Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
1888000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
3607000 USD
CY2020Q2 us-gaap Interest Costs Capitalized
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57000 USD
us-gaap Interest Costs Capitalized
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124000 USD
CY2021Q2 us-gaap Profit Loss
ProfitLoss
-480341000 USD
CY2020Q2 us-gaap Profit Loss
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us-gaap Profit Loss
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1194071476 shares
us-gaap Profit Loss
ProfitLoss
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CY2021Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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0 USD
CY2020Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
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CY2021Q2 us-gaap Net Income Loss
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-480341000 USD
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1194071476 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1010230470 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1010230470 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1191521766 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1191521766 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1007967904 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1007967904 shares
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
64791000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
45468000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
110624000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
83723000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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5215000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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62000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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5153000 USD
CY2021Q2 bgne Restricted Net Assets Minimum Required Statutory Reserve Of Annual After Tax Profit Percentage
RestrictedNetAssetsMinimumRequiredStatutoryReserveOfAnnualAfterTaxProfitPercentage
0.10
CY2021Q2 bgne Restricted Net Assets Required Statutory Reserve As Percentage Of Registered Capital
RestrictedNetAssetsRequiredStatutoryReserveAsPercentageOfRegisteredCapital
0.50
CY2021Q2 bgne Restricted Net Assets Minimum Required Statutory Reserve Of Annual After Tax Profit Percentage
RestrictedNetAssetsMinimumRequiredStatutoryReserveOfAnnualAfterTaxProfitPercentage
0.10
us-gaap Long Term Purchase Commitment Amount
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220147000 USD
us-gaap Number Of Operating Segments
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1 segment
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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149992000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
65635000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
755864000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
117694000 USD
CY2021Q2 dei Entity Number Of Employees
EntityNumberOfEmployees
6400 employee
CY2021Q2 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
18 country
CY2021Q2 bgne Number Of Molecules
NumberOfMolecules
10 molecule
CY2021Q2 bgne Number Of Persons
NumberOfPersons
1600 people
CY2021Q2 bgne Product Candidate
ProductCandidate
3 product
CY2021Q2 bgne Products In Commercial Or Clinical Development
ProductsInCommercialOrClinicalDevelopment
45 product

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