On August 5, 2026 BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, reported financial results and corporate updates from the second quarter of 2026.

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John V. Oyler, Co-Founder, Chairman, and CEO, BeOne, said:

"These strong second-quarter results underscore our continued growth as a global oncology leader. Our foundational hematology franchise, led by BRUKINSA, continues to gain momentum as we advance one of the industry’s deepest and most diverse pipelines. With differentiated capabilities spanning drug discovery, clinical development, manufacturing, and commercialization, we are well positioned for our next phase of global growth."

(Amounts in thousands of U.S. dollars and unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 % Change 2026 2025 % Change
Net product revenues $ 1,679,794 $ 1,302,076 29 % $ 3,167,123 $ 2,410,606 31 %
Other revenue $ 25,277 $ 13,224 91 % $ 51,386 $ 21,973 134 %
Total revenue $ 1,705,071 $ 1,315,300 30 % $ 3,218,509 $ 2,432,579 32 %
GAAP income from operations $ 325,047 $ 87,885 270 % $ 574,949 $ 98,987 481 %
Adjusted income from operations* $ 503,029 $ 274,945 83 % $ 917,423 $ 414,302 121 %
GAAP net income $ 237,007 $ 94,320 151 % $ 464,364 $ 95,590 386 %
Adjusted net income* $ 444,497 $ 252,822 76 % $ 819,539 $ 388,959 111 %
GAAP basic EPS per ADS $ 2.12 $ 0.87 144 % $ 4.17 $ 0.89 369 %
Adjusted basic EPS per ADS* $ 3.98 $ 2.33 71 % $ 7.37 $ 3.61 104 %
GAAP diluted EPS per ADS $ 2.05 $ 0.84 144 % $ 4.01 $ 0.85 372 %
Adjusted diluted EPS per ADS* $ 3.84 $ 2.25 71 % $ 7.08 $ 3.48 103 %
Free Cash Flow* $ 435,344 $ 219,772 98 % $ 595,891 $ 207,447 187 %

* For an explanation of our use of non-GAAP financial measures, refer to the "Note Regarding Use of Non-GAAP Financial Measures" section later in this press release and for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measures, see the table at the end of this press release.

Second Quarter 2026 Financial Results
Product Revenue totaled $1.7 billion for the second quarter of 2026, representing growth of 29% compared to the prior-year period.
•BRUKINSA: Global sales totaled $1.2 billion for the second quarter of 2026, representing growth of 31% compared to the prior-year period; U.S. sales of BRUKINSA totaled $893 million in the second quarter of 2026, representing growth of 31% compared to the prior-year period.
•TEVIMBRA (tislelizumab): Global sales totaled $229 million in the second quarter of 2026, representing growth of 18% compared to the prior-year period.
•Amgen in-licensed products: Global sales totaled $157 million in the second quarter of 2026, representing growth of 25% compared to the prior-year period.
Gross Margin as a percentage of global product sales for the second quarter of 2026 was 90%, compared to 87% in the prior-year period on a GAAP basis. The gross margin percentage increased due to a proportionally higher sales mix of global BRUKINSA compared to other products in the Company’s portfolio. Gross margin also benefited from productivity improvements resulting in lower costs for both BRUKINSA and TEVIMBRA.
Operating Expenses
The following table summarizes operating expenses for the second quarter of 2026:
GAAP Non-GAAP
(unaudited, in thousands, except percentages) Q2 2026 Q2 2025 % Change Q2 2026 Q2 2025 % Change
Research and development $ 612,280 $ 524,896 17 % $ 533,950 $ 444,057 20 %
Selling, general and administrative $ 593,214 $ 537,913 10 % $ 500,674 $ 441,655 13 %
Total operating expenses $ 1,205,494 $ 1,062,809 13 % $ 1,034,624 $ 885,712 17 %

The following table summarizes operating expenses for the first half of 2026:
GAAP Non-GAAP
(unaudited, in thousands, except percentages) Q2 YTD 2026 Q2 YTD 2025 % Change Q2 YTD 2026 Q2 YTD 2025 % Change
Research and development $ 1,153,504 $ 1,006,783 15 % $ 999,854 $ 865,252 16 %
Selling, general and administrative $ 1,148,311 $ 997,201 15 % $ 972,667 $ 837,166 16 %
Total operating expenses $ 2,301,815 $ 2,003,984 15 % $ 1,972,521 $ 1,702,418 16 %

Research and Development (R&D) Expenses increased for the second quarter of 2026 compared to the prior-year period on both a GAAP and adjusted basis due to advancing early clinical programs into late stage and preclinical programs into the clinic. Upfront fees and milestone payments related to in-process R&D for in-licensed assets totaled $23.3 million and $0.5 million in the second quarter of 2026 and 2025, respectively.
Selling, General and Administrative (SG&A) Expenses increased for the second quarter of 2026 compared to the prior-year period on both a GAAP and adjusted basis due to continued investment to support commercial growth. SG&A expenses as a percentage of product sales were 35% for the second quarter of 2026, compared to 41% in the prior-year period.
Net Income and Basic/Diluted Earnings Per Share
GAAP net income for the second quarter of 2026 was $237 million, an increase of $143 million over the prior-year period, primarily attributable to revenue growth and improved operating leverage. Adjusted net income was $444 million, an increase of $192 million over the prior-year period.
For the second quarter of 2026, basic and diluted earnings per share were both $0.16 per share and $2.12 and $2.05 per American Depositary Share (ADS), respectively, compared to basic and diluted earnings per share of $0.07 and $0.06 per share and $0.87 and $0.84 per ADS in the prior-year period. On an adjusted basis, basic and diluted earnings per share was $0.31 and $0.30 per share and $3.98 and $3.84 per ADS, respectively, compared to $0.18 and $0.17 per share and $2.33 and $2.25 per ADS in the prior-year period.

Free Cash Flow for the second quarter of 2026 was $435 million, representing an increase of $216 million over the prior-year period.
For further details on BeOne’s Second Quarter 2026 Financial Statements, please see BeOne’s Quarterly Report on Form 10-Q for the second quarter of 2026 filed with the U.S. Securities and Exchange Commission.
Updated Full Year 2026 Guidance
BeOne’s financial guidance is summarized below:
Prior FY 2026 Guidance
Current FY 2026 Guidance1
Total revenue $6.3B – $6.5B $6.6B – $6.8B
GAAP gross margin % High-80% range High-80% range
GAAP operating expenses2
(combined R&D and SG&A)
$4.7B – $4.9B $4.8B – $5.0B
GAAP operating income2
$750M – $850M $1.0B – $1.1B
Non-GAAP operating income2,3
$1.45B – $1.55B $1.7B – $1.8B

1 Assumes August 1, 2026 foreign exchange rates.
2 Does not assume any potential new, material business development activity or unusual/non-recurring items.
3 Non-GAAP operating income is a financial measure that excludes from the corresponding GAAP measure costs related to share-based compensation, depreciation and amortization expense. Guidance assumes that Non-GAAP expenses track overall expense growth.
BeOne’s total revenue guidance for full year 2026 of $6.6 billion to $6.8 billion includes expectations for strong revenue growth driven by BRUKINSA’s leadership position in the U.S. and continued global expansion in both Europe and other important rest of world markets. Gross margin percentage is expected to be in the high-80% range and includes the impact of product mix and a full year of 2026 productivity improvements. Guidance for combined operating expenses on a GAAP basis includes expectations of investment to support growth.
The Company is providing the following additional guidance on items impacting net income and earnings per ADS:
•Other income (expense): Estimated range of $25 million to $50 million in expense, includes interest amortization from Royalty Pharma arrangement.
•Income tax outlook: Earnings may provide sufficient positive evidence to reverse certain valuation allowances in 2026, resulting in a material tax benefit when recognized; the timing and magnitude of a potential reversal is uncertain; prior to reversal, income tax expense should trend with earnings per historical relationship. See Form 10-Q for additional updates on income tax uncertainties.
•Diluted ADS outstanding: The Company expects diluted ADSs outstanding of approximately 118 million.
Second Quarter 2026 Business Highlights
Core Marketed Products
BRUKINSA (zanubrutinib)
•Achieved positive topline results from the Phase 3 MANGROVE study in combination with rituximab demonstrating unprecedented progression-free survival (PFS) superiority versus bendamustine plus rituximab in adult patients with previously untreated mantle cell lymphoma (MCL).
•Reported long-term 78-month follow-up data from the Phase 3 SEQUOIA study, which continue to demonstrate sustained PFS benefit for the treatment of adult patients with treatment-naïve chronic lymphocytic leukemia (CLL), at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) and European Hematology Association (EHA) (Free EHA Whitepaper) annual meetings.

BEQALZI (sonrotoclax)
•Received U.S. Food and Drug Administration (FDA) accelerated approval for the treatment of adult patients with relapsed or refractory (R/R) MCL, after at least two lines of systemic therapy, including a BTK inhibitor.
TEVIMBRA (tislelizumab)
•Achieved Japan regulatory approval for the treatment of adult patients with first-line gastric cancer.

ZIIHERA (zanidatamab)
•Announced New England Journal of Medicine publication of full results from the Phase 3 HERIZON-GEA-01 study plus chemotherapy, with and without TEVIMBRA, versus trastuzumab plus chemotherapy as first-line treatment for advanced/metastatic HER2+ gastroesophageal adenocarcinoma (GEA).

Select Clinical-Stage Programs
•Hosted an investor event at ASCO (Free ASCO Whitepaper) highlighting proof-of-concept data for three solid tumor programs, including BGB-43395 (CDK4 inhibitor), BGB-B2033 (GPC3x4-1BB bispecific antibody), and BG-C9074 (B7-H4 antibody-drug conjugate).
Hematology
•Tacabrutideg (BTK CDAC): Achieved last patient enrolled for Phase 3 CaDAnCe-303 (China-only) study (BGB-16673-303) in post-BTKi R/R CLL.
•BG-75202 (KAT6 A/B inhibitor): Achieved first patient enrolled into monotherapy cohort for Phase 1 study for the treatment of adult patients with acute myeloid leukemia.
Breast and Gynecological Cancers
•BGB-43395 (CDK4 inhibitor): Initiated Phase 3 study in combination with letrozole for the treatment of adult patients with first-line HR-positive, HER2-negative metastatic breast cancer.
Gastrointestinal Cancers
•BGB-58067 (MTA-cooperative PRMT5 inhibitor): Received U.S. FDA Orphan Drug Designation for the treatment of adult patients with pancreatic ductal adenocarcinoma.
Lung Cancer
•BON-110 (PD-1xVEGF-AxCTLA-4 trispecific antibody)*: Initiated first-in-human study.
Anticipated R&D Milestones
Programs
Milestones
Timing
BRUKINSA
•Regulatory submissions for the treatment of adult patients with first-line MCL in the U.S., Europe, China and Japan.
2H 2026
TEVIMBRA
•U.S. FDA regulatory action for the treatment of adult patients with first-line HER2-positive GEA in combination with ZIIHERA and chemotherapy.
2H 2026
•China regulatory action for the treatment of adult patients with first-line HER2-positive GEA in combination with ZIIHERA and chemotherapy.
1H 2027
ZIIHERA
•China regulatory action for the treatment of adult patients with first-line HER2-positive GEA in combination with chemotherapy, with or without TEVIMBRA.
1H 2027
Tacabrutideg(BTK CDAC)
•Phase 2 potential submission (if data support) for the treatment of adult patients with R/R CLL.
2H 2026
BG-C9074
(B7-H4 ADC)
•Phase 3 study initiation for the treatment of adult patients with first-line ovarian cancer in maintenance setting.
2H 2026
BGB-B2033
(GPC3x4-1BB bispecific antibody)
•Pivotal Phase 3 study initiation in second-line hepatocellular carcinoma.
2H 2026

Corporate Updates
•Announced a $300 million expansion of the Company’s flagship clinical and commercial-stage manufacturing and research and development center at the Princeton West Innovation Campus in Hopewell, New Jersey, to add small molecule manufacturing capabilities.
•Appointed Felix J. Baker, Ph.D.; Elizabeth F. Mooney; and Charles L. Sawyers, M.D., to the Company’s Board of Directors.
BeOne’s Earnings Results Webcast
The Company’s earnings conference call for the second quarter 2026 will be broadcast via webcast at 8:00 a.m. ET on Wednesday, August 5, 2026, and will be accessible through the Investors section of BeOne’s website at www.beonemedicines.com. Supplemental information in the form of a slide presentation, transcript of prepared remarks, and a replay of the webcast will also be available.

(Press release, BeOne Medicines, AUG 5, 2026, View Source [SID1234669718])