(Yicai Global) May 7 -- BeiGene made money in the first quarter, the first time that the Chinese biopharmaceutical firm has posted a profit since it went public in Hong Kong in August 2018. The change in fortune was largely due to the inclusion of its leukemia and tumor medicines in the country’s medical insurance scheme, ensuring vast distribution.

BeiGene reported profit of USD67 million in the three months ended March 31, the Beijing-based firm said in its latest earnings report released today.

Drug sales revenue also more than doubled year on year to USD106 million. This, together with a cash injection of USD500 million from partner Swiss pharma giant Novartis, brought revenue for the period up to USD606 million, a big turnaround from the loss of USD360 million it made in the same period last year.

No guidance was given on future performance.

The company’s research and development expenses in the first quarter climbed nearly 6 percent year on year to USD321 million due to the preparation of new drug registrations, the launch of more late-stage clinical trials, higher production costs and other expenses, it said.

BeiGene’s Hong Kong stock price [HKG:6160] closed up 0.70 percent today at HKD186.10 (USD24). Its US shares [NASDAQ:BGNE] finished up 2.82 percent yesterday at USD314 apiece.

The company is said to be mulling a share sale on the Shanghai Stock Exchange’s Nasdaq-style Star Market sometime this year.

Editor: Kim Taylor