BeOne Medicines (ONC) investor relations material

Executive summary

• Q3 revenue rose 33.8% YoY to $1.890B; product revenue increased 33.0% to $1.855B, with growth across major products and regions.

• BRUKINSA global revenue grew 33.7% to $1.391B; diluted GAAP EPS was $3.28 per ADS, versus $1.09.

• FY2026 revenue and operating-income guidance increased; five solid-tumor programs advanced toward registrational development.

Financial highlights

• Q3 GAAP operating income was $418.7M versus $163.1M; net income was $384.7M versus $124.8M.

• Adjusted operating income was $612M versus $341M; adjusted net income was $539M versus $304M.

• Q3 diluted GAAP EPS was $3.28 per ADS and adjusted diluted EPS was $4.59 per ADS, versus $1.09 and $2.65.

• Q3 free cash flow was $474M, up 34% YoY; operating cash flow was $509M.

• Operating expenses increased 19.1% to $1.254B, with R&D up 26.2% to $660.8M and SG&A up 12.2% to $593.5M.

Outlook and guidance

• FY2026 revenue guidance rose to $6.9B–$7.0B from $6.6B–$6.8B; gross-margin outlook remains in the high-80% range.

• FY2026 GAAP operating-expense guidance is $4.9B–$5.0B; GAAP operating-income guidance is $1.2B–$1.3B and non-GAAP operating income is $1.9B–$2.0B, each raised by $200M across the range.

• A Q4 2026 reversal of part of the deferred-tax valuation allowance may create a material tax benefit; timing and amount remain under assessment.

• 2027 operating expenses are expected to grow at least in line with recent years; operating income should grow meaningfully, with more modest margin expansion.

• U.S. BRUKINSA net pricing may shift from a modest 2026 benefit to flat-to-modest headwinds in 2027 as Medicare Part D manufacturer liability increases.