10-QPeriod: Q1 FY2026

BeOne Medicines Ltd. Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 6, 2026For Securities:ONCBEIGF

Summary

BeOne Medicines Ltd. reported a significant increase in revenue for the first quarter of 2026, reaching $1.51 billion, 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 million, 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 million, 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.

Financial Highlights

48 data points
Beta

Revenue

$1.51B

89.0% Gross Margin

Net Income

$227.36M

15.0% Net Margin

EPS (Diluted)

$0.15

Total Assets

$8.55B

Cash & Equivalents

$4.79B

Free Cash Flow

$160.55M

Financial Statements
Beta
Revenue$1.51B
Gross Profit$1.35B
R&D Expenses$541.22M
SG&A Expenses$555.10M
Operating Expenses$1.10B
Operating Income$249.90M
Net Income$227.36M
EPS (Basic)$0.16
EPS (Diluted)$0.15
Shares Outstanding (Basic)1.44B
Shares Outstanding (Diluted)1.51B

Key Highlights

  • 1Total revenues increased by 35.5% to $1.51 billion in Q1 2026 compared to Q1 2025.
  • 2BRUKINSA® global sales grew by 38.3% to $1.09 billion in Q1 2026.
  • 3Net income improved dramatically to $227.4 million in Q1 2026, compared to $1.3 million in Q1 2025.
  • 4Diluted Earnings Per ADS was $1.96 in Q1 2026, up from $0.01 in Q1 2025.
  • 5Income from operations increased significantly by 2,151.0% to $249.9 million in Q1 2026.
  • 6Free Cash Flow turned positive, reaching $160.5 million in Q1 2026, compared to negative $12.3 million in Q1 2025.
  • 7Cash, cash equivalents, and restricted cash stood at $4.85 billion as of March 31, 2026.

Frequently Asked Questions

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.

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.

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.

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.