BeOne Medicines Announces Third Quarter 2026 Financial Results and Business Updates

Higher revenue and operating-income guidance accompanies rising research and commercial expenses.

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• Total global revenues of $1.9 billion for the third quarter, an increase of 34% from the prior year
• BRUKINSA (zanubrutinib) global revenues of $1.4 billion for the third quarter, an increase of 34% from the prior year
• Diluted GAAP Earnings per American Depository Share (ADS) of $3.28 for the third quarter; non-GAAP diluted Earnings per ADS of $4.59 for the third quarter
• Raised 2026 total revenue guidance to $6.9 to $7.0 billion; GAAP operating income of $1.2 to $1.3 billion, non-GAAP operating income of $1.9 to $2.0 billion

SAN CARLOS, Calif.--(BUSINESS WIRE)-- BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced financial results and corporate updates from the third quarter of 2026.

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

“Our strong third quarter results and raised full-year guidance reflect continued rapid global growth and leadership in hematology, anchored by our foundational BTK inhibitor BRUKINSA, which drives powerful and sustained responses in patients, and now joined by our next-generation BCL2 inhibitor BEQALZI. We look forward to multiple catalysts in the coming months from one of the deepest pipelines in oncology, spanning hematology and solid tumors, accelerated by our differentiated capabilities in R&D, manufacturing, and commercialization.”

(Amounts in thousands of U.S. dollars and unaudited)
		Three Months Ended									Nine Months Ended
		September 30,									September 30,
		2026			2025			% Change			2026			2025			% Change
Net product revenues		$	1,855,057		$	1,395,013		33	%		$	5,022,180		$	3,805,619		32	%
Other revenue		$	34,758		$	17,271		101	%		$	86,144		$	39,244		120	%
Total revenue		$	1,889,815		$	1,412,284		34	%		$	5,108,324		$	3,844,863		33	%
GAAP income from operations		$	418,675		$	163,114		157	%		$	993,624		$	262,101		279	%
Adjusted income from operations*		$	612,226		$	341,184		79	%		$	1,529,649		$	755,486		102	%
GAAP net income		$	384,706		$	124,841		208	%		$	849,070		$	220,431		285	%
Adjusted net income*		$	538,735		$	303,663		77	%		$	1,358,274		$	692,622		96	%
GAAP basic EPS per ADS		$	3.38		$	1.13		199	%		$	7.58		$	2.03		273	%
Adjusted basic EPS per ADS*		$	4.74		$	2.76		72	%		$	12.12		$	6.38		90	%
GAAP diluted EPS per ADS		$	3.28		$	1.09		201	%		$	7.30		$	1.96		272	%
Adjusted diluted EPS per ADS*		$	4.59		$	2.65		73	%		$	11.68		$	6.14		90	%
Free Cash Flow*		$	473,532		$	354,469		34	%		$	1,069,423		$	561,916		90	%
*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.

Third Quarter 2026 Financial Results

Product Revenue totaled $1.9 billion for the third quarter of 2026, representing growth of 33% compared to the prior-year period.

• BRUKINSA: Global sales totaled $1.4 billion for the third quarter of 2026, representing growth of 34% compared to the prior-year period; U.S. sales of BRUKINSA totaled $1.0 billion in the third quarter of 2026, representing growth of 36% compared to the prior-year period.
• TEVIMBRA (tislelizumab): Global sales totaled $243 million in the third quarter of 2026, representing growth of 28% compared to the prior-year period.
• Amgen in-licensed products: Global sales totaled $167 million in the third quarter of 2026, representing growth of 26% compared to the prior-year period.

Gross Margin as a percentage of global product sales for the third quarter of 2026 was 88%, compared to 86% 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, which was offset by a non-cash intangible asset impairment charge of $22 million associated with our decision to discontinue promotion of POBEVCY. On an adjusted basis, which does not include depreciation and amortization, or the impairment charge, gross margin as a percentage of product sales increased to 90%, from 86% in the comparable period of the prior year.

Operating Expenses

The following table summarizes operating expenses for the third quarter of 2026:

		GAAP									Non-GAAP
(unaudited, in thousands, except percentages)		Q3 2026			Q3 2025			% Change			Q3 2026			Q3 2025			% Change
Research and development		$	660,784		$	523,662		26	%		$	586,168		$	445,904		31	%
Selling, general and administrative		$	593,460		$	528,998		12	%		$	503,719		$	434,484		16	%
Total operating expenses		$	1,254,244		$	1,052,660		19	%		$	1,089,887		$	880,388		24	%

The following table summarizes operating expenses for the year-to-date period ended September 30, 2026, and 2025:

		GAAP									Non-GAAP
(unaudited, in thousands, except percentages)		Q3 YTD 2026			Q3 YTD 2025			% Change			Q3 YTD 2026			Q3 YTD 2025			% Change
Research and development		$	1,814,288		$	1,530,445		19	%		$	1,586,022		$	1,311,156		21	%
Selling, general and administrative		$	1,741,771		$	1,526,199		14	%		$	1,476,386		$	1,271,650		16	%
Total operating expenses		$	3,556,059		$	3,056,644		16	%		$	3,062,408		$	2,582,806		19	%

Research and Development (R&D) Expenses increased for the third 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.

Selling, General and Administrative (SG&A) Expenses increased for the third quarter of 2026 compared to the prior-year period on both a GAAP and adjusted basis due to continued investment to support commercial growth.

Net Income and Basic/Diluted Earnings Per Share

GAAP net income for the third quarter of 2026 was $385 million, an increase of $260 million over the prior-year period, primarily attributable to revenue growth and improved operating leverage. Adjusted net income was $539 million, an increase of $235 million over the prior-year period.

For the third quarter of 2026, basic and diluted earnings per share were $0.26 and $0.25 per share and $3.38 and $3.28 per American Depositary Share (ADS), respectively, compared to $0.09 and $0.08 per share and $1.13 and $1.09 per ADS in the prior-year period. On an adjusted basis, basic and diluted earnings per share was $0.36 and $0.35 per share and $4.74 and $4.59 per ADS, respectively, compared to $0.21 and $0.20 per share and $2.76 and $2.65 per ADS in the prior-year period.

Free Cash Flow for the third quarter of 2026 was $474 million, representing an increase of $119 million over the prior-year period.

For further details on BeOne’s Third Quarter 2026 Financial Statements, please see BeOne’s Quarterly Report on Form 10-Q for the third quarter of 2026 filed with the U.S. Securities and Exchange Commission.

Full Year 2026 Guidance

BeOne’s financial guidance is summarized below:

	Prior FY 2026 Guidance	Current FY 2026 Guidance1
Total revenue	$6.6B - $6.8B	$6.9B - $7.0B
GAAP gross margin %	High-80% range	High-80% range
GAAP operating expenses2 (combined R&D and SG&A)	$4.8B - $5.0B	$4.9B - $5.0B
GAAP operating income2	$1.0B - $1.1B	$1.2B - $1.3B
Non-GAAP operating income2,3	$1.7B-$1.8B	$1.9B-$2.0B
1 Assumes November 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 $6.9 billion to $7.0 billion reflects performance through the third quarter and the Company’s expectations for the remainder of the year. Gross margin percentage is expected to be in the high-80% range and includes the impact of product mix and 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 the 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 Company continues to evaluate and assess the magnitude but expects the reversal will occur in the fourth quarter of 2026. See Form 10-Q for additional updates.
• Diluted ADS outstanding: The Company expects diluted ADSs outstanding of approximately 118 million.

Third Quarter 2026 Business Highlights

Core Marketed Products

BRUKINSA (zanubrutinib)

• Received U.S. Food and Drug Administration (FDA) Priority Review designation for the Phase 3 MANGROVE filing
• Completed Phase 3 MANGROVE regulatory submissions in the EU and China.
• 29 abstracts accepted for presentation at the American Society of Hematology (ASH) 2026 Annual Meeting, including interim analysis results from the Phase 3 MANGROVE study in first-line mantle cell lymphoma (MCL) to be presented during the Plenary Scientific Session.

BEQALZI (sonrotoclax)

• 10 abstracts accepted for presentation at ASH 2026.

TEVIMBRA (tislelizumab)

• Received Japan regulatory approval for the treatment of adult patients with first-line nasopharyngeal cancer.

ZIIHERA (zanidatamab) for which BeOne holds commercialization rights in select markets

• Presented Phase 3 survival data reinforcing benefit of ZIIHERA-containing regimens in first-line HER2+ gastroesophageal adenocarcinoma (GEA) at the European Society for Medical Oncology Congress 2026 (ESMO 2026).
• Received U.S. Food and Drug Administration (FDA) approval for TEVIMBRA-based regimen for first-line HER2+ GEA.

Select Clinical-Stage Programs

Hematology

• 6 Tacabrutideg abstracts accepted for presentation at ASH 2026.
• Tacabrutideg (BTK CDAC): Pivotal Phase 2 portion of CaDAnCe-101 met its primary endpoint of overall response rate in patients with relapsed/refractory chronic lymphocytic leukemia (CLL).
• BG-75202 (KAT6 A/B inhibitor): First patient enrolled into monotherapy cohort for the Phase 1 study for the treatment of adult patients with acute myeloid leukemia.

Gastrointestinal Cancers

• BGB-B2033 (GPC3x4-1BB bispecific antibody):
  • Updated data presented at ESMO 2026.
  • Received Orphan Drug Designation from the European Commission and awarded Innovation Passport, enabling entry to the UK's Innovative Licensing and Access Pathway, in hepatocellular carcinoma (HCC).
• BG-85738 (RAS ONi): First patient enrolled in the Phase 1 study of advanced solid tumors with RAS mutations.

Lung Cancer

• BG-C477 (CEA ADC):
  • Disclosed first clinical data at ESMO 2026.
  • Received FDA Fast Track Designation for the treatment of patients with advanced or metastatic CEA-high non-small cell lung cancer whose disease has progressed following prior systemic therapy.
• BGB 58067 (MTA-cooperative PRMT5 inhibitor): Disclosed first clinical data at ESMO 2026.

Breast and Gynecological Cancers

• BG-C9074 (B7-H4 ADC): Initiated Starstone-301 Phase 3 study in combination with bevacizumab for the treatment of adult patients with first-line ovarian cancer in maintenance setting.

Anticipated R&D Milestones

Programs	Milestones	Timing
BRUKINSA	Regulatory submission in Japan for the treatment of adult patients with first-line MCL.	Q4 2026
TEVIMBRA	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 (BGB-16673)	Phase 2 potential submission for the treatment of adult patients with R/R CLL.	Mid 2027
	CaDAnCe-306: Phase 3 study initiation for R/R CLL in combination with BEQALZI	1H 2027
BGB-B2033 (GPC3x4-1BB bispecific antibody)	GroundBBreaker-301 Phase 3 study initiation in second-line or later HCC.	Q4 2026
	GroundBBreaker-201 potentially pivotal single-arm Phase 2 study initiation in second-line or later HCC.	Q4 2026
	GroundBBreaker-302 pivotal Phase 3 study initiation in first-line HCC.	1H 2027

Corporate Updates

• Announced a multi-part collaboration with Revolution Medicines, including a clinical collaboration to evaluate drug combinations incorporating select clinical-stage oncology assets from BeOne with any of Revolution Medicines’ four clinical RAS(ON) inhibitors, and a separate regional rights agreement granting BeOne exclusive development and commercialization rights to these Revolution Medicines assets in select Asian markets.
• Announced a voluntary agreement with the U.S. Government to expand access to innovative cancer medicines for American patients while strengthening the Company’s U.S manufacturing footprint.
• Announced the renewal of a partnership with the BeOne Care Foundation and The Max Foundation, a leading global health nonprofit organization, to expand access to BRUKINSA for the treatment of adult patients with CLL in low- and middle-income countries through 2028.

BeOne’s Earnings Results Webcast

The Company’s earnings conference call for the third quarter 2026 will be broadcast via webcast at 8:00 a.m. ET on Thursday, November 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.

About BeOne

BeOne Medicines is a global oncology company that is discovering and developing innovative treatments for cancer patients worldwide. With a portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations. The Company has a growing global team spanning six continents who are driven by scientific excellence and exceptional speed to reach more patients than ever before.

To learn more about BeOne, please visit www.beonemedicines.com and follow us on LinkedIn, X, Facebook and Instagram.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding: BeOne’s continued rapid global growth and leadership in hematology; future catalysts for BeOne’s business; BeOne’s full year 2026 guidance; BeOne’s expectations regarding certain valuation allowances; BeOne’s expectations regarding continued global expansion and investment to support growth; upcoming R&D milestones to be achieved by BeOne; the timing of clinical and regulatory developments and data readouts; and BeOne’s plans, commitments, aspirations and goals under the caption “About BeOne.” Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including BeOne’s ability to demonstrate the efficacy and safety of its drug candidates; the clinical results for its drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; BeOne’s ability to achieve commercial success for its marketed medicines and drug candidates, if approved; BeOne’s ability to obtain and maintain protection of intellectual property for its medicines and technology; BeOne’s reliance on third parties to conduct drug development, manufacturing, commercialization, and other services; BeOne’s limited experience in obtaining regulatory approvals and commercializing pharmaceutical products; BeOne’s ability to obtain additional funding for operations and to complete the development of its drug candidates and achieve and maintain profitability; and those risks more fully discussed in the section entitled “Risk Factors” in BeOne’s most recent periodic report filed with the U.S. Securities and Exchange Commission (“SEC”), as well as discussions of potential risks, uncertainties, and other important factors in BeOne’s subsequent filings with the SEC. All information in this press release is as of the date of this press release, and BeOne undertakes no duty to update such information unless required by law. BeOne’s financial guidance is based on estimates and assumptions that are subject to significant uncertainties.

Condensed Consolidated Statements of Operations (U.S. GAAP)
(Amounts in thousands of U.S. dollars, except for shares, American Depositary Shares (ADSs), per share and per ADS data)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
		(Unaudited)								(Unaudited)
Revenues
Product revenue, net		$	1,855,057			$	1,395,013			$	5,022,180			$	3,805,619
Other revenue			34,758				17,271				86,144				39,244
Total revenues			1,889,815				1,412,284				5,108,324				3,844,863
Cost of sales - products			216,896				196,510				558,641				526,118
Gross profit			1,672,919				1,215,774				4,549,683				3,318,745
Operating expenses:
Research and development			660,784				523,662				1,814,288				1,530,445
Selling, general and administrative			593,460				528,998				1,741,771				1,526,199
Total operating expenses			1,254,244				1,052,660				3,556,059				3,056,644
Income from operations			418,675				163,114				993,624				262,101
Interest income			33,663				19,393				89,227				43,735
Interest expense			(42,407	)			(16,364	)			(115,033	)			(31,361	)
Other income (expense), net			429				(18,979	)			14,216				(6,862	)
Income before income taxes			410,360				147,164				982,034				267,613
Income tax expense			25,654				22,323				132,964				47,182
Net income		$	384,706			$	124,841			$	849,070			$	220,431
Earnings per share
Basic		$	0.26			$	0.09			$	0.58			$	0.16
Diluted		$	0.25			$	0.08			$	0.56			$	0.15
Weighted-average shares outstanding—basic			1,478,074,394				1,432,801,699				1,457,134,424				1,410,497,062
Weighted-average shares outstanding—diluted			1,524,954,790				1,488,750,354				1,511,972,953				1,465,535,004
Earnings per American Depositary Share (“ADS”)
Basic		$	3.38			$	1.13			$	7.58			$	2.03
Diluted		$	3.28			$	1.09			$	7.30			$	1.96
Weighted-average ADSs outstanding—basic			113,698,030				110,215,515				112,087,263				108,499,774
Weighted-average ADSs outstanding—diluted			117,304,215				114,519,258				116,305,612				112,733,462

Select Condensed Consolidated Balance Sheet Data (U.S. GAAP)
(Amounts in thousands of U.S. Dollars)
		As of
		September 30,			December 31,
		2026			2025
		(unaudited)			(audited)
Assets:
Cash, cash equivalents and restricted cash		$	5,866,314		$	4,609,647
Accounts receivable, net			1,092,535			865,080
Inventories			807,922			608,227
Property, plant and equipment, net			1,647,231			1,641,678
Total assets		$	9,875,925		$	8,188,573
Liabilities and equity:
Accounts payable		$	496,879		$	479,035
Accrued expenses and other payables			1,342,646			1,109,120
R&D cost share liability			—			64,345
Sale of future royalty liability			912,581			906,956
Debt			1,074,081			1,019,206
Total liabilities			4,055,531			3,827,379
Total equity		$	5,820,394		$	4,361,194

Select Condensed Consolidated Statements of Cash Flows (U.S. GAAP)
(Amounts in thousands of U.S. Dollars)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
		(unaudited)								(unaudited)
Cash, cash equivalents and restricted cash at beginning of period		$	5,280,674			$	2,786,086			$	4,609,647			$	2,638,747
Net cash provided by operating activities			508,707				402,553				1,172,863				710,233
Net cash used in investing activities			(35,760	)			(49,274	)			(130,623	)			(237,820	)
Net cash provided by financing activities			102,194				961,272				164,772				962,520
Net effect of foreign exchange rate changes			10,499				9,905				49,655				36,862
Net increase in cash, cash equivalents, and restricted cash			585,640				1,324,456				1,256,667				1,471,795
Cash, cash equivalents and restricted cash at end of period		$	5,866,314			$	4,110,542			$	5,866,314			$	4,110,542

Note Regarding Use of Non-GAAP Financial Measures

BeOne provides certain non-GAAP financial measures, including Adjusted Cost of Sales- Product, Adjusted Operating Expenses, Adjusted Income from Operations, Adjusted Income Tax Expense, Adjusted Net Income, Adjusted Earnings Per Share, Free Cash Flow and certain other non-GAAP income statement line items, each of which include adjustments to GAAP figures. These non-GAAP financial measures are intended to provide additional information on BeOne’s operating performance. Adjustments to BeOne’s GAAP figures exclude, as applicable, non-cash items such as share-based compensation, depreciation and amortization. Certain other special items or substantive events may also be included in the non-GAAP adjustments periodically when their magnitude is significant within the periods incurred. Non-GAAP adjustments are tax effected to the extent there is U.S. GAAP current tax expense. The Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects. BeOne maintains an established non-GAAP policy that guides the determination of what costs will be excluded in non-GAAP financial measures and the related protocols, controls and approval with respect to the use of such measures. BeOne believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of BeOne’s operating performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of BeOne’s historical and expected financial results and trends and to facilitate comparisons between periods and with respect to projected information. In addition, these non-GAAP financial measures are among the indicators BeOne’s management uses for planning and forecasting purposes and measuring BeOne’s performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by BeOne may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies.

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Amounts in thousands of U.S. Dollars, except for per share and per ADS data)
(unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
			2026				2025				2026				2025
Reconciliation of GAAP to adjusted cost of sales - products:
GAAP cost of sales - products		$	216,896			$	196,510			$	558,641			$	526,118
Less: Depreciation			5,596				4,261				15,442				10,195
Less: Amortization of intangibles			23,598				1,537				26,932				8,459
Less: Other			—				—				—				893
Adjusted cost of sales - products		$	187,702			$	190,712			$	516,267			$	506,571
Reconciliation of GAAP to adjusted research and development:
GAAP research and development		$	660,784			$	523,662			$	1,814,288			$	1,530,445
Less: Share-based compensation cost			56,474				58,839				168,866				164,998
Less: Depreciation			18,142				18,919				59,400				54,291
Adjusted research and development		$	586,168			$	445,904			$	1,586,022			$	1,311,156
Reconciliation of GAAP to adjusted selling, general and administrative:
GAAP selling, general and administrative		$	593,460			$	528,998			$	1,741,771			$	1,526,199
Less: Share-based compensation cost			76,143				81,947				224,566				221,792
Less: Depreciation			13,582				12,550				40,769				32,712
Less: Amortization of intangibles			16				17				50				45
Adjusted selling, general and administrative		$	503,719			$	434,484			$	1,476,386			$	1,271,650
Reconciliation of GAAP to adjusted operating expenses:
GAAP operating expenses		$	1,254,244			$	1,052,660			$	3,556,059			$	3,056,644
Less: Share-based compensation cost			132,617				140,786				393,432				386,790
Less: Depreciation			31,724				31,469				100,169				87,003
Less: Amortization of intangibles			16				17				50				45
Adjusted operating expenses		$	1,089,887			$	880,388			$	3,062,408			$	2,582,806
Reconciliation of GAAP to adjusted income from operations:
GAAP income from operations		$	418,675			$	163,114			$	993,624			$	262,101
Plus: Share-based compensation cost			132,617				140,786				393,432				386,790
Plus: Depreciation			37,320				35,730				115,611				97,198
Plus: Amortization of intangibles			23,614				1,554				26,982				8,504
Plus: Other			—				—				—				893
Adjusted income from operations		$	612,226			$	341,184			$	1,529,649			$	755,486
Reconciliation of GAAP to adjusted income tax expense:
GAAP income tax expense		$	25,654			$	22,323			$	132,964			$	47,182
Plus: Discrete tax items			11,527				926				(41,847	)			9,663
Plus: Income tax effect of non-GAAP adjustments			27,995				17,044				68,668				45,747
Adjusted income tax expense		$	65,176			$	40,293			$	159,785			$	102,592
Reconciliation of GAAP to adjusted net income:
GAAP net income		$	384,706			$	124,841			$	849,070			$	220,431
Plus: Share-based compensation expenses			132,617				140,786				393,432				386,790
Plus: Depreciation			37,320				35,730				115,611				97,198
Plus: Amortization of intangibles			23,614				1,554				26,982				8,504
Plus: Other			—				—				—				893
Plus: Impairment of equity investments			—				18,722				—				34,216
Plus: Discrete tax items			(11,527	)			(926	)			41,847				(9,663	)
Plus: Income tax effect of non-GAAP adjustments1			(27,995	)			(17,044	)			(68,668	)			(45,747	)
Adjusted net income		$	538,735			$	303,663			$	1,358,274			$	692,622
Reconciliation of GAAP to adjusted EPS - basic
GAAP earnings per share - basic		$	0.26			$	0.09			$	0.58			$	0.16
Plus: Share-based compensation expenses			0.09				0.10				0.27				0.27
Plus: Depreciation			0.03				0.02				0.08				0.07
Plus: Amortization of intangibles			0.02				0.00				0.02				0.01
Plus: Other			0.00				0.00				0.00				0.00
Plus: Impairment of equity investments			0.00				0.01				0.00				0.02
Plus: Discrete tax items			(0.01	)			0.00				0.03				(0.01	)
Plus: Income tax effect of non-GAAP adjustments1			(0.02	)			(0.01	)			(0.05	)			(0.03	)
Adjusted earnings per share - basic		$	0.36			$	0.21			$	0.93			$	0.49
Reconciliation of GAAP to adjusted EPS - diluted
GAAP earnings per share - diluted		$	0.25			$	0.08			$	0.56			$	0.15
Plus: Share-based compensation expenses			0.09				0.09				0.26				0.26
Plus: Depreciation			0.02				0.02				0.08				0.07
Plus: Amortization of intangibles			0.02				0.00				0.02				0.01
Plus: Other			0.00				0.00				0.00				0.00
Plus: Impairment of equity investments			0.00				0.01				0.00				0.02
Plus: Discrete tax items			(0.01	)			0.00				0.03				(0.01	)
Plus: Income tax effect of non-GAAP adjustments1			(0.02	)			(0.01	)			(0.05	)			(0.03	)
Adjusted earnings per share - diluted		$	0.35			$	0.20			$	0.90			$	0.47
Reconciliation of GAAP to adjusted earnings per ADS - basic
GAAP earnings per ADS - basic		$	3.38			$	1.13			$	7.58			$	2.03
Plus: Share-based compensation expenses			1.17				1.28				3.51				3.56
Plus: Depreciation			0.33				0.32				1.03				0.90
Plus: Amortization of intangibles			0.21				0.01				0.24				0.08
Plus: Other			0.00				0.00				0.00				0.01
Plus: Impairment of equity investments			0.00				0.17				0.00				0.32
Plus: Discrete tax items			(0.10	)			(0.01	)			0.37				(0.09	)
Plus: Income tax effect of non-GAAP adjustments1			(0.25	)			(0.15	)			(0.61	)			(0.42	)
Adjusted earnings per ADS - basic		$	4.74			$	2.76			$	12.12			$	6.38
Reconciliation of GAAP to adjusted earnings per ADS - diluted
GAAP earnings per ADS - diluted		$	3.28			$	1.09			$	7.30			$	1.96
Plus: Share-based compensation expenses			1.13				1.23				3.38				3.43
Plus: Depreciation			0.32				0.31				0.99				0.86
Plus: Amortization of intangibles			0.20				0.01				0.23				0.08
Plus: Other			0.00				0.00				0.00				0.01
Plus: Impairment of equity investments			0.00				0.16				0.00				0.30
Plus: Discrete tax items			(0.10	)			(0.01	)			0.36				(0.09	)
Plus: Income tax effect of non-GAAP adjustments1			(0.24	)			(0.15	)			(0.59	)			(0.41	)
Adjusted earnings per ADS - diluted		$	4.59			$	2.65			$	11.68			$	6.14
Tax effect of Non-GAAP adjustments is based on the statutory tax rate in the relevant tax jurisdiction. Please note that the Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
			2026				2025				2026				2025
Free Cash Flow (Non-GAAP):
Net cash provided by operating activities (GAAP)		$	508,707			$	402,553			$	1,172,863			$	710,233
Less: Purchases of property, plant and equipment			(35,175	)			(48,084	)			(103,440	)			(148,317	)
Free Cash Flow (Non-GAAP)		$	473,532			$	354,469			$	1,069,423			$	561,916

Reconciliation of GAAP Operating Income Guidance to Non-GAAP
Operating Income Guidance for Full Year 2026
	(Unaudited)
GAAP operating income	1,200,000		—		1,300,000
Plus: Adjustments to arrive at Non-GAAP1	700,000		—		700,000
Non-GAAP operating income	1,900,000		—		2,000,000
The non-GAAP adjustments are based on actual results through the first nine months of 2026 and best available information at this time related to similar items for the remainder of the year.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261105790053/en/

Investor Contact
Liza Heapes
+1 857-302-5663
ir@beonemed.com

Media Contact
Meredith Ferguson
+1 216-338-3797
media@beonemed.com

Source: BeOne Medicines Ltd.

Key Terms

non-gaap financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

priority review regulatory

Priority review is a regulatory fast-track that shortens the time an agency spends evaluating a drug, vaccine or medical device application so a decision comes sooner than normal. For investors, it matters because a faster review is like an express lane to market: it can speed revenue potential and reduce regulatory uncertainty, but it does not guarantee approval and still requires the product to meet safety and effectiveness standards.

orphan drug designation regulatory

Orphan drug designation is a special status given to medicines developed to treat rare diseases affecting only a small number of people. This status often provides benefits like faster approval processes and financial incentives, making it more attractive for companies to develop these drugs. For investors, it signals potential for exclusive market rights and reduced competition, which can impact the drug’s profitability.

fast track designation regulatory

Fast track designation is a status the U.S. Food and Drug Administration grants to drugs intended to treat serious conditions and address an unmet medical need. It gives the developer more frequent communication with the FDA and can allow parts of the application to be reviewed on a rolling basis, and it may pave the way to priority review or accelerated approval. It can shorten development timelines, though it does not guarantee approval.

overall response rate medical

Overall response rate is the percentage of patients in a clinical study whose measurable disease shrinks or disappears after receiving a treatment. Investors watch it like a product’s “hit rate” because higher response rates can signal a drug’s effectiveness, boost chances of regulatory approval and market demand, and affect a company’s future revenue prospects, similar to how a higher batting average suggests a more reliable player.