BeOne Medicines (ONC) Q1 2026 earnings summary

Executive summary

• Q1 2026 global revenues reached $1.51 billion, up 35% year-over-year, driven by strong BRUKINSA (up 38%) and TEVIMBRA (up 20%) sales, and robust commercial execution in oncology.

• GAAP diluted EPS per ADS was $1.96; non-GAAP diluted EPS was $3.24, reflecting significant profitability improvement.

• Major pipeline progress included over 60 ASCO/EHA acceptances, new regulatory submissions, and Orphan Drug Designation for BRUKINSA in Japan.

• Sonrotoclax launched in China for RR CLL and RR MCL, with rapid adoption and U.S./EU submissions underway.

• Exclusive option agreement for a novel trispecific antibody and new manufacturing/R&D facility opened in New Jersey.

Financial highlights

• Net product revenue was $1.49 billion, up 34% year-over-year; BRUKINSA global sales were $1.1 billion (+38%), TEVIMBRA $206 million (+20.5%).

• U.S. revenue reached $782 million (+36% YoY), China $472 million (+17% YoY), Europe $194 million (+64% YoY), Rest of World $65 million (+104% YoY).

• Gross margin improved to 89% from 85% YoY, driven by favorable product mix and productivity gains.

• Net income was $227 million (GAAP), adjusted net income $375 million; free cash flow was $161 million.

• Operating income surged to $250 million (GAAP), adjusted operating income $414 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $6.3–$6.5 billion, reflecting strong Q1 and global expansion.

• GAAP gross margin expected in the high 80% range; operating expenses guided at $4.7–$4.9 billion.

• GAAP operating income projected at $750–$850 million; non-GAAP operating income at $1.45–$1.55 billion.

• Diluted ADSs outstanding expected to be approximately 118 million.

• Income tax outlook includes potential reversal of valuation allowances, with uncertain timing and magnitude.