BeOne Medicines (ONC) investor relations material

Executive summary

• Q3 2025 revenue rose 41% year-over-year to $1.4 billion, driven by strong BRUKINSA and TEVIMBRA sales, with BRUKINSA surpassing $1 billion in quarterly revenue and leading the global BTK inhibitor market.

• GAAP net income reached $125 million, reversing a prior year loss; non-GAAP net income was $304 million, and GAAP EPS was $1.09.

• Free cash flow for Q3 was $354 million, with cash and equivalents increasing to $4.1 billion, bolstered by an $885 million royalty monetization transaction.

• Over 40 clinical and commercial stage assets, with more than 75 global approvals for BRUKINSA and over 45 for TEVIMBRA across hematology, solid tumor, and immunology/inflammation.

• Nearly 50 abstracts from the hematology portfolio accepted at ASH, highlighting robust R&D and late-stage pipeline progress.

Financial highlights

• Product revenue grew 40% year-over-year; U.S. revenue up 47%, China up 17%, Europe up 71%, and rest of world up 133%.

• Gross margin improved to 85.9% from 82.8% year-over-year, driven by favorable product mix and cost efficiencies.

• Operating expenses rose 11% to $1.1 billion, reflecting disciplined investment in growth and R&D.

• Net income for Q3 2025 was $125 million (GAAP), with non-GAAP net income at $304 million and non-GAAP EPS of $2.65.

• Free cash flow for Q3 was $354 million; cash and equivalents at quarter end were $4.1 billion.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $5.1–$5.3 billion, with gross margin expected in the mid- to high-80% range.

• Operating expense guidance set at $4.1–$4.3 billion; positive GAAP operating income and free cash flow expected for the year.

• 2026 guidance to be provided in Q4 call; noted U.S. seasonality with Q4 inventory builds and Q1 drawdowns.