BeOne Medicines Ltd. (06160) Reports Adjusted Net Profit of Approximately US$1.358 Billion for the First Three Quarters, Up 96% Year on Year, and Raises Full-Year Guidance

BeOne Medicines Ltd. (06160) announced its third-quarter 2026 results, with total revenue of approximately US$1.89 billion, up 34% year on year; net product revenue of approximately US$1.855 billion, up 33% year on year. Net profit was approximately US$385 million, up 208% year on year; adjusted net profit was approximately US$539 million, up 77% year on year. Free cash flow was US$474 million, an increase of US$119 million from the same period last year. For the first three quarters of 2026, total revenue was approximately US$5.108 billion, up 33% year on year; net profit was US$849 million, up 285% year on year; adjusted net profit was approximately US$1.358 billion, up 96% year on year. In the third quarter of 2026, GAAP gross margin (gross profit as a percentage of global product revenue) was 88%, compared with 86% in the same period last year. The year-on-year increase in gross margin was primarily driven by an increase in the share of global sales revenue of BRUKINSA within the company's product portfolio. At the same time, benefiting from improved production efficiency, production costs for BRUKINSA and TEVIMBRA decreased, but this positive impact was offset by a US$22 million non-cash intangible asset impairment loss related to the company's decision to discontinue promotion of POBEVCY. On an adjusted basis (excluding depreciation and amortization, and excluding the aforementioned impairment loss), product sales gross margin increased to 90% from 86% in the same period last year. Mr. John V. Oyler, Co-Founder, Chairman and Chief Executive Officer of BeOne Medicines Ltd., said: "The strong third-quarter financial results and raised full-year guidance reflect the company's continued rapid global business growth and leadership in hematologic oncology, driven by the foundational BTK inhibitor BRUKINSA delivering deep and durable responses for patients, and the expansion of our pipeline with the next-generation BCL2 inhibitor sonrotoclax. We have one of the industry's few deep oncology research pipelines, covering both hematologic malignancies and solid tumors, and are accelerating them through differentiated capabilities in research and development, manufacturing and commercialization, and look forward to multiple important catalysts in the coming months." BeOne Medicines Ltd.'s full-year 2026 total revenue guidance is between US$6.9 billion and US$7.0 billion, which reflects the company's performance through the third quarter and expectations for the remainder of the year. Gross margin is expected to be in the high 80% range, including the impact of product mix and improved production efficiency. The company's guidance for GAAP operating expenses includes expected investments to support future growth.