BeOne Medicines Announces Second Quarter 2026 Financial Results and Business Updates

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Postmedia has not reviewed the content. by Business Wire BeOne Medicines Announces Second Quarter 2026 Financial Results and Business UpdatesAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.Total global revenues of $1.7 billion for the second quarter, an increase of 30% from the prior year BRUKINSA (zanubrutinib) global revenues of $1.2 billion for the second quarter, an increase of 31% from the prior yearDiluted GAAP Earnings per American Depository Share (ADS) of $2.05 for the second quarter; non-GAAP diluted Earnings per ADS of $3.84 for the second quarterRaised 2026 total revenue guidance to $6.6 to $6.8 billion; GAAP operating income of $1 to $1.1 billion, non-GAAP operating income of $1.7 to $1.8 billionTHIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountSAN CARLOS, Calif. — BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced financial results and corporate updates from the second quarter of 2026.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againJohn 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 EndedSix Months EndedJune 30,June 30,20262025% Change20262025% ChangeNet product revenues$1,679,794$1,302,07629%$3,167,123$2,410,60631%Other revenue$25,277$13,22491%$51,386$21,973134%Total revenue$1,705,071$1,315,30030%$3,218,509$2,432,57932%GAAP income from operations$325,047$87,885270%$574,949$98,987481%Adjusted income from operations*$503,029$274,94583%$917,423$414,302121%GAAP net income$237,007$94,320151%$464,364$95,590386%Adjusted net income*$444,497$252,82276%$819,539$388,959111%GAAP basic EPS per ADS$2.12$0.87144%$4.17$0.89369%Adjusted basic EPS per ADS*$3.98$2.3371%$7.37$3.61104%GAAP diluted EPS per ADS$2.05$0.84144%$4.01$0.85372%Adjusted diluted EPS per ADS*$3.84$2.2571%$7.08$3.48103%Free Cash Flow*$435,344$219,77298%$595,891$207,447187%*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 Resultstotaled $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.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.The following table summarizes operating expenses for the second quarter of 2026:GAAPNon-GAAP(unaudited, in thousands, except percentages)Q2 2026Q2 2025% ChangeQ2 2026Q2 2025% ChangeResearch and development$612,280$524,89617%$533,950$444,05720%Selling, general and administrative$593,214$537,91310%$500,674$441,65513%Total operating expenses$1,205,494$1,062,80913%$1,034,624$885,71217%The following table summarizes operating expenses for the first half of 2026:GAAPNon-GAAP(unaudited, in thousands, except percentages)Q2 YTD 2026Q2 YTD 2025% ChangeQ2 YTD 2026Q2 YTD 2025% ChangeResearch and development$1,153,504$1,006,78315%$999,854$865,25216%Selling, general and administrative$1,148,311$997,20115%$972,667$837,16616%Total operating expenses$2,301,815$2,003,98415%$1,972,521$1,702,41816%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) Expensesincreased 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 ShareGAAP 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.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.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.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 GuidanceBeOne’s financial guidance is summarized below:Prior FY 2026 GuidanceCurrent FY 2026 Guidance1Total revenue$6.3B – $6.5B$6.6B – $6.8BGAAP gross margin %High-80% rangeHigh-80% rangeGAAP operating expenses2 (combined R&D and SG&A)$4.7B – $4.9B$4.8B – $5.0BGAAP operating income2$750M – $850M$1.0B – $1.1BNon-GAAP operating income2,3$1.45B- $1.55B$1.7B-$1.8B1 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 HighlightsAchieved 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) and European Hematology Association (EHA) annual meetings.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.Achieved Japan regulatory approval for the treatment of adult patients with first-line gastric cancer.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 ProgramsHosted an investor event at ASCO 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).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 CancersBGB-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.BGB-58067 (MTA-cooperative PRMT5 inhibitor): Received U.S. FDA Orphan Drug Designation for the treatment of adult patients with pancreatic ductal adenocarcinoma.BON-110 (PD-1xVEGF-AxCTLA-4 trispecific antibody)1: Initiated first-in-human study.Anticipated R&D MilestonesProgramsMilestonesTimingBRUKINSARegulatory submissions for the treatment of adult patients with first-line MCL in the U.S., Europe, China and Japan.2H 2026TEVIMBRAU.S. FDA regulatory action for the treatment of adult patients with first-line HER2-positive GEA in combination with ZIIHERA and chemotherapy2H 2026China regulatory action for the treatment of adult patients with first-line HER2-positive GEA in combination with ZIIHERA and chemotherapy.1H 2027ZIIHERAChina regulatory action for the treatment of adult patients with first-line HER2-positive GEA in combination with chemotherapy, with or without TEVIMBRA.1H 2027Tacabrutideg (BTK CDAC)Phase 2 potential submission (if data support) for the treatment of adult patients with R/R CLL.2H 2026BG-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 2026Announced 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 WebcastThe 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.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 StatementsThis 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 growth as a global oncology leader; BeOne’s pipeline catalysts; BeOne’s full year 2026 guidance; 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 June 30,Six Months Ended June 30,2026202520262025(Unaudited)(Unaudited)RevenuesProduct revenue, net$1,679,794$1,302,076$3,167,123$2,410,606Other revenue25,27713,22451,38621,973Total revenues1,705,0711,315,3003,218,5092,432,579Cost of sales – products174,530164,606341,745329,608Gross profit1,530,5411,150,6942,876,7642,102,971Operating expenses:Research and development612,280524,8961,153,5041,006,783Selling, general and administrative593,214537,9131,148,311997,201Total operating expenses1,205,4941,062,8092,301,8152,003,984Income from operations325,04787,885574,94998,987Interest income27,90011,49255,56424,342Interest expense(39,739)(7,995)(72,626)(14,997)Other (expense) income, net(749)8,16713,78712,117Income before income taxes312,45999,549571,674120,449Income tax expense75,4525,229107,31024,859Net income$237,007$94,320$464,364$95,590Earnings per shareBasic$0.16$0.07$0.32$0.07Diluted$0.16$0.06$0.31$0.07Weighted-average shares outstanding—basic1,450,485,5521,408,166,7541,446,490,9041,399,159,898Weighted-average shares outstanding—diluted1,505,361,9001,463,277,4011,505,389,1821,454,296,475Earnings per American Depositary Share (“ADS”)Basic$2.12$0.87$4.17$0.89Diluted$2.05$0.84$4.01$0.85Weighted-average ADSs outstanding—basic111,575,812108,320,520111,268,531107,627,684Weighted-average ADSs outstanding—diluted115,797,069112,559,800115,799,168111,868,960Select Condensed Consolidated Balance Sheet Data (U.S. GAAP) (Amounts in thousands of U.S. Dollars)As ofJune 30,December 31,20262025(unaudited)(audited)Assets:Cash, cash equivalents and restricted cash$5,280,674$4,609,647Accounts receivable, net1,056,177865,080Inventories732,603608,227Property, plant and equipment, net1,643,2861,641,678Total assets$9,175,615$8,188,573Liabilities and equity:Accounts payable$470,299$479,035Accrued expenses and other payables1,264,2641,109,120R&D cost share liability6,18264,345Sale of future royalty liability906,313906,956Debt1,073,0591,019,206Total liabilities4,001,6173,827,379Total equity$5,173,998$4,361,194Select Condensed Consolidated Statements of Cash Flows (U.S. GAAP) (Amounts in thousands of U.S. Dollars)Three Months Ended June 30,Six Months Ended June 30,2026202520262025(unaudited)(unaudited)Cash, cash equivalents and restricted cash at beginning of period$4,853,425$2,530,591$4,609,647$2,638,747Net cash provided by operating activities462,820263,598664,156307,680Net cash used in investing activities(49,353)(66,605)(94,863)(188,546)Net cash (used in) provided by financing activities(6,054)35,02562,5781,248Net effect of foreign exchange rate changes19,83623,47739,15626,957Net increase in cash, cash equivalents, and restricted cash427,249255,495671,027147,339Cash, cash equivalents and restricted cash at end of period$5,280,674$2,786,086$5,280,674$2,786,086Note Regarding Use of Non-GAAP Financial MeasuresBeOne provides certain non-GAAP financial measures, including Adjusted Operating Expenses, Adjusted Operating Loss, 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 EndedSix Months EndedJune 30,June 30,2026202520262025Reconciliation of GAAP to adjusted cost of sales – products:GAAP cost of sales – products$174,530$164,606$341,745$329,608Less: Depreciation5,5203,3219,8465,934Less: Amortization of intangibles1,5925,7493,3346,922Less: Other—893—893Adjusted cost of sales – products$167,418$154,643$328,565$315,859Reconciliation of GAAP to adjusted research and development:GAAP research and development$612,280$524,896$1,153,504$1,006,783Less: Share-based compensation cost58,53664,392112,392106,159Less: Depreciation19,79416,44741,25835,372Adjusted research and development$533,950$444,057$999,854$865,252Reconciliation of GAAP to adjusted selling, general and administrative:GAAP selling, general and administrative$593,214$537,913$1,148,311$997,201Less: Share-based compensation cost78,93186,161148,423139,845Less: Depreciation13,59210,08627,18720,162Less: Amortization of intangibles17113428Adjusted selling, general and administrative$500,674$441,655$972,667$837,166Reconciliation of GAAP to adjusted operating expenses:GAAP operating expenses$1,205,494$1,062,809$2,301,815$2,003,984Less: Share-based compensation cost137,467150,553260,815246,004Less: Depreciation33,38626,53368,44555,534Less: Amortization of intangibles17113428Adjusted operating expenses$1,034,624$885,712$1,972,521$1,702,418Reconciliation of GAAP to adjusted income from operations:GAAP income from operations$325,047$87,885$574,949$98,987Plus: Share-based compensation cost137,467150,553260,815246,004Plus: Depreciation38,90629,85478,29161,468Plus: Amortization of intangibles1,6095,7603,3686,950Plus: Other—893—893Adjusted income from operations$503,029$274,945$917,423$414,302Reconciliation of GAAP to adjusted income tax expense:GAAP income tax expense$75,452$5,229$107,310$24,859Plus: Discrete tax items(49,839)14,210(53,374)8,737Plus: Income tax effect of non-GAAP adjustments20,33117,46640,67328,703Adjusted income tax expense$45,944$36,905$94,609$62,299Reconciliation of GAAP to adjusted net income:GAAP net income$237,007$94,320$464,364$95,590Plus: Share-based compensation expenses137,467150,553260,815246,004Plus: Depreciation38,90629,85478,29161,468Plus: Amortization of intangibles1,6095,7603,3686,950Plus: Other—893—893Plus: Impairment of equity investments—3,118—15,494Plus: Discrete tax items49,839(14,210)53,374(8,737)Plus: Income tax effect of non-GAAP adjustments1(20,331)(17,466)(40,673)(28,703)Adjusted net income$444,497$252,822$819,539$388,959Reconciliation of GAAP to adjusted EPS – basicGAAP earnings per share – basic$0.16$0.07$0.32$0.07Plus: Share-based compensation expenses0.090.110.180.18Plus: Depreciation0.030.020.050.04Plus: Amortization of intangibles0.000.000.000.00Plus: Other0.000.000.000.00Plus: Impairment of equity investments0.000.000.000.01Plus: Discrete tax items0.03(0.01)0.04(0.01)Plus: Income tax effect of non-GAAP adjustments1(0.01)(0.01)(0.03)(0.02)Adjusted earnings per share – basic$0.31$0.18$0.57$0.28Reconciliation of GAAP to adjusted EPS – dilutedGAAP earnings per share – diluted$0.16$0.06$0.31$0.07Plus: Share-based compensation expenses0.090.100.170.17Plus: Depreciation0.030.020.050.04Plus: Amortization of intangibles0.000.000.000.00Plus: Other0.000.000.000.00Plus: Impairment of equity investments0.000.000.000.01Plus: Discrete tax items0.03(0.01)0.04(0.01)Plus: Income tax effect of non-GAAP adjustments1(0.01)(0.01)(0.03)(0.02)Adjusted earnings per share – diluted$0.30$0.17$0.54$0.27Reconciliation of GAAP to adjusted earnings per ADS – basicGAAP earnings per ADS – basic$2.12$0.87$4.17$0.89Plus: Share-based compensation expenses1.231.392.342.29Plus: Depreciation0.350.280.700.57Plus: Amortization of intangibles0.010.050.030.06Plus: Other0.000.010.000.01Plus: Impairment of equity investments0.000.030.000.14Plus: Discrete tax items0.45(0.13)0.48(0.08)Plus: Income tax effect of non-GAAP adjustments1(0.18)(0.16)(0.37)(0.27)Adjusted earnings per ADS – basic$3.98$2.33$7.37$3.61Reconciliation of GAAP to adjusted earnings per ADS – dilutedGAAP earnings per ADS – diluted$2.05$0.84$4.01$0.85Plus: Share-based compensation expenses1.191.342.252.20Plus: Depreciation0.340.270.680.55Plus: Amortization of intangibles0.010.050.030.06Plus: Other0.000.010.000.01Plus: Impairment of equity investments0.000.030.000.14Plus: Discrete tax items0.43(0.13)0.46(0.08)Plus: Income tax effect of non-GAAP adjustments1(0.18)(0.16)(0.35)(0.26)Adjusted earnings per ADS – diluted$3.84$2.25$7.08$3.48Tax 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 EndedSix Months EndedJune 30,June 30,2026202520262025Free Cash Flow (Non-GAAP):Net cash provided by operating activities (GAAP)$462,820$263,598$664,156$307,680Less: Purchases of property, plant and equipment(27,476)(43,826)(68,265)(100,233)Free Cash Flow (Non-GAAP)$435,344$219,772$595,891$207,447Reconciliation of GAAP Operating Income Guidance to Non-GAAPOperating Income Guidance for Full Year 2026(Unaudited)GAAP operating income1,000,000—1,100,000Plus: Adjustments to arrive at Non-GAAP1700,000—700,000Non-GAAP operating income1,700,000—1,800,000The non-GAAP adjustments are based on best available information at this time related to non-cash items similar to those reported in our actual Non-GAAP results.____________________* BeOne has entered into an exclusive option with Huahui Health to license worldwide rights to HH160 (BON-110), a novel trispecific antibody targeting PD-1, VEGF-A and CTLA-4.View source version on businesswire.com: Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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