Wu Xiaobin, the President, COO, and GM of China at BeiGene , Ltd. (NASDAQ:BGNE), a prominent biotechnology company with a market capitalization of $22 billion and impressive gross profit margins of 84%, recently disclosed a transaction involving the sale of his economic interest in the company's RMB Shares Employee Participation Plan. While no direct shares were sold, Wu expects to receive net proceeds of approximately $120,894 from this disposal, based on an exchange rate of US$1.00 = RMB7.27.
The transaction, dated December 6, 2024, reflects Wu's indirect participation in the STAR Offering, where the RMB Shares were initially issued. Following this transaction, Wu holds 1,071,327 ordinary shares and 12,365 American Depositary Shares directly, while indirectly holding 4,000 American Depositary Shares through his wife. Each American Depositary Share represents 13 ordinary shares.
This filing provides insight into Wu's financial activities related to his involvement in BeiGene's employee participation program, although the transaction does not impact his direct shareholding in the company.
In other recent news, BeiGene has been the focus of several significant developments. The biopharmaceutical company's third-quarter earnings exceeded consensus estimates, reporting a revenue of $1.1 billion, a 28% increase from the same period last year. The robust sales of their cancer drug, Brukinsa, in the U.S. and Europe contributed to this improvement. However, the company reported a narrower loss per share of $0.09, lower than the prior-year quarter's earnings per share of $0.15.
Morgan Stanley (NYSE:MS) resumed coverage of BeiGene with an Overweight rating and set a new price target of $300.00, highlighting the growing market share of BeiGene's drug Brukinsa and the potential of Brukinsa in the European market. Bernstein also revised projections for BeiGene based on three significant drugs for B-cell malignancies, projecting that despite challenges post-2032, BeiGene is expected to maintain over $5 billion in sales.
BeiGene has also resolved ongoing patent litigation with MSN Pharmaceuticals, ensuring market exclusivity for Brukinsa, a key product in its oncology portfolio. This resolution was followed by a price target upgrade from $254 to $260 by analyst firm TD Cowen. Lastly, BeiGene announced a proposed name change to BeOne Medicines Ltd., pending shareholder approval, to better align with its corporate identity.
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