(Yicai Global) Nov. 10 -- Shares of BeiGene dropped after the Chinese biotech company’s third-quarter net loss widened because of foreign exchange losses caused by stronger US dollar.

BeiGene [SHA: 688235] was trading down 0.5 percent at CNY132.35 (USD18.26) as of 2.05 p.m. today. Its Hong Kong-traded shares [HKG: 6160] fell 2 percent to HKD109.80 (USD13.99). Its stock in New York [NASDAQ: BGNE] plunged 6.8 percent to USD176.23 yesterday.

Net loss widened 27 percent to USD558 million in the third quarter from the same period last year, weighed down by non-operating expenses of USD125.6 million, mainly because the exchange rate of the US dollar against the Chinese yuan jumped to 7.114 on Sept. 30 from 6.4448 a year ago, the Beijing-based firm said yesterday. Revenue rose 89 percent to USD388 million.

Although the company is still in deficit, its cash, cash equivalents, restricted funds, and short-term investments totaled USD5.1 billion at the end of the third quarter, showing sufficient liquidity in assets, BeiGene noted. It did not provide fourth-quarter earnings guidance. 

BeiGene’s product revenue in the third quarter jumped 82 percent to USD350 million in the three months ended Sept. 30 from a year earlier. Sales of its BTK inhibitor Brukisa, the first Chinese cancer drug approved in the US, more than doubled to USD156 million from USD65.8 million.

In the first three quarters, net loss widened 80 percent to USD1.6 billion from a year ago due to the collaboration revenue and the impact of exchange rate fluctuations. Revenue rose 7.7 percent to USD1 billion.

Editor: Martin Kadiev