01—Abstract
Summary
Summary of the 10-Q filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.
BeOne Medicines Ltd. reported a significant increase in revenue for the first quarter of 2026, reaching $1.51 billiona, a 35.5% rise compared to the prior year period.
This growth was primarily driven by strong sales of BRUKINSA®, which saw a 38.3% increase, and improved performance from TEVIMBRA® and in-licensed Amgen products. The company achieved positive net income of $227.4 millionb, a substantial improvement from the $1.3 million reported in the first quarter of 2025, translating to diluted EPS of $0.15. Operating expenses also increased, with R&D up 12.3% and SG&A up 20.9%, reflecting continued investment in pipeline development and commercial expansion.
Despite these investments, income from operations surged to $250 millionc, a significant jump from $11.1 million in the prior year. The company ended the quarter with a strong cash position of $4.85 billion, and free cash flow turned positive at $160.5 million, indicating improving operational efficiency and financial health.
02—Key points
Key Highlights
- Total revenues increased by 35.5% to $1.51 billion in Q1 2026 compared to Q1 2025.
- BRUKINSA® global sales grew by 38.3% to $1.09 billion in Q1 2026.
- Net income improved dramatically to $227.4 million in Q1 2026, compared to $1.3 million in Q1 2025.
- Diluted Earnings Per ADS was $1.96 in Q1 2026, up from $0.01 in Q1 2025.
- Income from operations increased significantly by 2,151.0% to $249.9 million in Q1 2026.
- Free Cash Flow turned positive, reaching $160.5 million in Q1 2026, compared to negative $12.3 million in Q1 2025.
- Cash, cash equivalents, and restricted cash stood at $4.85 billion as of March 31, 2026.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q1 FY2026, BeOne Medicines Ltd. kept $0.15.
- Revenue$1.51B100.0%
- Cost of revenue−$167.2M11.0%
- Gross profit$1.35B89.0%
- Operating costs−$1.10B72.4%
- Operating income$249.9M16.5%
- Interest, other & tax−$22.5M1.5%
- Net income$227.4M15.0%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 6, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $1.51B$1.12B | +35.5% |
| Gross Profit | $1.35B$952.28M | +41.4% |
| R&D Expenses | $541.22M$481.89M | +12.3% |
| SG&A Expenses | $555.10M$459.29M | +20.9% |
| Operating Expenses | $1.10B$941.17M | +16.5% |
| Operating Income | $249.90M$11.10M | +2151.0% |
| Net Income | $227.36M$1.27M | +17802.1% |
| EPS (Basic) | $0.16— | — |
| EPS (Diluted) | $0.15— | — |
| Shares Outstanding (Basic) | 1.44B1.39B | +3.8% |
| Shares Outstanding (Diluted) | 1.51B1.45B | +4.1% |
05—Questions
Frequently Asked Questions
What were the main drivers of BeOne Medicines' revenue growth in the first quarter of 2026?
The primary drivers of BeOne Medicines' revenue growth were the strong performance of its internally developed product, BRUKINSA®, which saw a 38.3% increase in global sales, and the continued growth of TEVIMBRA®, as well as increased sales of in-licensed products from Amgen.
How has the company's profitability changed year-over-year?
BeOne Medicines experienced a substantial improvement in profitability. Net income surged to $227.4 million in the first quarter of 2026, a significant increase from just $1.3 million in the same period of 2025. This also resulted in a positive diluted Earnings Per ADS of $1.96 in Q1 2026, compared to $0.01 in Q1 2025.
What is the company's current cash position and how is it funding its operations?
As of March 31, 2026, BeOne Medicines maintained a robust cash position of $4.85 billion in cash, cash equivalents, and restricted cash. The company has generated positive cash flow from operations since Q3 2024 and expects its operating cash flows and existing cash to fund operations for at least the next 12 months.
Are there any significant legal proceedings or risk factors that investors should be aware of?
Investors should be aware of ongoing litigation, such as the patent infringement suit against Zydus concerning BRUKINSA® and the trade secret misappropriation allegations from AbbVie. Additionally, the company faces numerous risk factors common to the pharmaceutical industry, including competition, regulatory hurdles, intellectual property challenges, and risks associated with international operations, particularly in China.
06—Continue