BeOne Medicines ONC
BeOne Medicines reports $384.71 million net income for Q3 2026
- Form
- 10-Q
- Filed
- Importance
- Major
- Accession
- 0001628280-26-070477
- Revenue of $1.89 billion for the three months ended Sep 30, 2026
- Net income of $384.71 million for the three months ended Sep 30, 2026
- Diluted EPS of $0.25 for the three months ended Sep 30, 2026
- Cash and equivalents of $5.78 billion as of Sep 30, 2026
Written from the 10-Q on EDGAR. Check the filing before you rely on it.
What changed
12 changes since the June 2026 10-Q
Compared with the 10-Q 0001628280-26-052878, filed Aug 5, 2026.
Net income up 62% from Jun 30
$385M, was $237M.
From the filings
Before
$237MNow
$385MEPS up 56% from Jun 30
$0.25, was $0.16.
From the filings
Before
$0.16Now
$0.25Cash up 13% from Jun 30
$5.8B, was $5.1B.
From the filings
Before
$5.1BNow
$5.8BRevenue up 11% from Jun 30
$1.9B, was $1.7B.
From the filings
Before
$1.7BNow
$1.9B*We face substantial competition, which may result in others discovering, developing, or commercializing…
Adds "more efficiently".
From the filings
Before
We face substantial competition, which may result in others discovering, developing, or commercializing competing medicines before or more successfully than we do. The development and commercialization of new medicines is highly competitive. We face competition from major pharmaceutical companies, specialty pharmaceutical companies and biotechnology companies worldwide. There are a number of large pharmaceutical and biotechnology companies that currently market and sell medicines or are pursuing the development of medicines for the treatment of cancer for which we are commercializing our medicines or developing our drug candidates. For example, BRUKINSA ® , TEVIMBRA ® , and pamiparib face substantial competition, and some of our products face or are expected to face competition from generic therapies. Potential competitors also include academic institutions, government agencies and other public and private research organizations that conduct research, seek patent protection and establish collaborative arrangements for research, development, manufacturing, and commercialization. Our commercial opportunity could be reduced or eliminated if our competitors develop and commercialize medicines that are safer, more effective, have fewer or less severe side effects, are more convenient or are less expensive than our medicines. Our competitors also may obtain approval from regulatory authorities for their medicines more rapidly than we may obtain approval for ours, which could result in our competitors establishing a strong market position before we are able to enter the market and/or slow our regulatory approval. Many of the companies against which we are competing or against which we may compete in the future have significantly greater financial resources and expertise in research and development, manufacturing, preclinical testing, conducting clinical trials, obtaining regulatory approvals and marketing approved medicines than we do. Mergers and acquisitions in the…Now
*We face substantial competition, which may result in others discovering, developing, or commercializing competing medicines before or more successfully than we do. The development and commercialization of new medicines is highly competitive. We face competition from major pharmaceutical companies, specialty pharmaceutical companies and biotechnology companies worldwide. There are a number of large pharmaceutical and biotechnology companies that currently market and sell medicines or are pursuing the development of medicines for the treatment of cancer for which we are commercializing our medicines or developing our drug candidates. For example, BRUKINSA ® , TEVIMBRA ® , and pamiparib face substantial competition, and some of our products face or are expected to face competition from generic therapies. Potential competitors also include academic institutions, government agencies and other public and private research organizations that conduct research, seek patent protection and establish collaborative arrangements for research, development, manufacturing, and commercialization. Our commercial opportunity could be reduced or eliminated if our competitors develop and commercialize medicines more efficiently that are safer, more effective, have fewer or less severe side effects, are more convenient or are less expensive than our medicines. In addition, the increasing use of artificial intelligence ("AI") by third parties (including actual or potential competitors) may allow them to develop more effective methods to accelerate discovery and development timelines, identify targets or optimize development decisions more rapidly, or reduce such costs relative to us. Our competitors also may obtain approval from regulatory authorities for their medicines more rapidly than we may obtain approval for ours, which could result in our competitors establishing a strong market position before we are able to enter the market and/or slow our regulatory approval. Many of the…*We have operations in the U.S., China, Europe, and other markets and plan to expand in these and new…
Adds "imposed"; drops "indicated its intention to pursue alternative statutory mechanisms to reinstate or impose".
From the filings
Before
*We have operations in the U.S., China, Europe, and other markets and plan to expand in these and new markets on our own or with collaborators, which exposes us to risks of conducting business in international markets. We are currently developing and commercializing or plan to commercialize our medicines in international markets, including China, Europe and other markets outside of the U.S., either on our own or with third-party collaborators or distributors. Our international business relationships subject us to additional risks that may materially adversely affect our ability to attain or sustain profitable operations, including: • difficulty of effective enforcement of contractual provisions in local jurisdictions; • potential third-party patent rights or potentially reduced protection for intellectual property rights; • unexpected changes in trade policy, including tariffs that have been or may in the future be imposed by the U.S. or other countries, trade disputes, trade barriers and regulatory requirements, including the loss of normal trade status between China and the U.S. or actions taken by U.S. or China governmental authorities on companies with significant operations in the U.S. and China, such as us, and protectionist or retaliatory measures taken by the U.S. or China; • compliance with tax, employment, immigration and labor laws for our employees; • the effects of applicable non-U.S. tax structures and potentially adverse tax consequences; • currency fluctuations, which could result in increased operating expenses and reduced revenue; • failure of our employees and contracted third parties to comply with Office of Foreign Asset Control rules and regulations and the Foreign Corrupt Practices Act and other anti-bribery and corruption laws; • business interruptions resulting from geo-political actions, including trade disputes, war and terrorism, public health crises or natural disasters, including earthquakes, volcanoes, typhoons, floods, hurricanes…Now
*We have operations in the U.S., China, Europe, and other markets and plan to expand in these and new markets on our own or with collaborators, which exposes us to risks of conducting business in international markets. We are currently developing and commercializing or plan to commercialize our medicines in international markets, including China, Europe and other markets outside of the U.S., either on our own or with third-party collaborators or distributors. Our international business relationships subject us to additional risks that may materially adversely affect our ability to attain or sustain profitable operations, including: • difficulty of effective enforcement of contractual provisions in local jurisdictions; • potential third-party patent rights or potentially reduced protection for intellectual property rights; • unexpected changes in trade policy, including tariffs that have been or may in the future be imposed by the U.S. or other countries, trade disputes, trade barriers and regulatory requirements, including the loss of normal trade status between China and the U.S. or actions taken by U.S. or China governmental authorities on companies with significant operations in the U.S. and China, such as us, and protectionist or retaliatory measures taken by the U.S. or China; • compliance with tax, employment, immigration and labor laws for our employees; • the effects of applicable non-U.S. tax structures and potentially adverse tax consequences; • currency fluctuations, which could result in increased operating expenses and reduced revenue; • failure of our employees and contracted third parties to comply with Office of Foreign Asset Control rules and regulations and the Foreign Corrupt Practices Act and other anti-bribery and corruption laws; • business interruptions resulting from geo-political actions, including trade disputes, war and terrorism, public health crises or natural disasters, including earthquakes, volcanoes, typhoons, floods, hurricanes…*Federal legislative and regulatory efforts to implement reference pricing or most-favored-nation pricing…
Adds "both"; drops "proposed to begin on October 1, 2026".
From the filings
Before
Federal legislative and regulatory efforts to implement reference pricing or most-favored-nation pricing models could impact our product revenues and materially harm our business. On May 12, 2025, President Trump issued an executive order calling on pharmaceutical manufacturers to voluntarily reduce the prices of medicines in the U.S. and directing the Secretary of HHS to communicate MFN price targets to pharmaceutical manufacturers to align prices with those in comparably developed nations and, in the event significant progress towards MFN pricing is not delivered, to propose rulemaking to impose MFN pricing. Since the May 12, 2025 order, the Trump administration has continued to exert pressure on drug manufacturers to implement MFN pricing, including by suggesting that the administration may impose significant tariffs on pharmaceuticals if such manufacturers do not reach agreements to implement MFN pricing, and the Trump administration has announced agreements with several pharmaceutical companies that require the drug manufacturers to offer MFN pricing equal to or lower than those paid in other developed nations for certain prescription drugs under Medicaid and for certain newly launched products across all market channels in the U.S. Further, in November 2025, CMS introduced the GENEROUS (GENErating cost Reductions for U.S. Medicaid) Model, a voluntary Medicaid payment initiative under which participating drug manufacturers may voluntarily offer supplemental rebates to participating state Medicaid programs that are intended to provide such Medicaid programs with an MFN price for the manufacturers' products. Additionally, in December 2025, CMS announced proposals for new mandatory demonstration payment models through two proposed rules under its Center for Medicare and Medicaid Innovation ("CMMI") authority, the GLOBE for Medicare Part B and GUARD for Medicare Part D. If finalized, these models would impose additional mandatory rebates on manufacturers of…Now
*Federal legislative and regulatory efforts to implement reference pricing or most-favored-nation pricing models could impact our product revenues and materially harm our business. On May 12, 2025, President Trump issued an executive order calling on pharmaceutical manufacturers to voluntarily reduce the prices of medicines in the U.S. and directing the Secretary of HHS to communicate MFN price targets to pharmaceutical manufacturers to align prices with those in comparably developed nations and, in the event significant progress towards MFN pricing is not delivered, to propose rulemaking to impose MFN pricing. Since the May 12, 2025 order, the Trump administration has continued to exert pressure on drug manufacturers to implement MFN pricing, including by suggesting that the administration may impose significant tariffs on pharmaceuticals if such manufacturers do not reach agreements to implement MFN pricing, and the Trump administration has announced agreements with several pharmaceutical companies that require the drug manufacturers to offer MFN pricing equal to or lower than those paid in other developed nations for certain prescription drugs under Medicaid and for certain newly launched products across all market channels in the U.S. Further, in November 2025, CMS introduced the GENEROUS (GENErating cost Reductions for U.S. Medicaid) Model, a voluntary Medicaid payment initiative under which participating drug manufacturers may voluntarily offer supplemental rebates to participating state Medicaid programs that are intended to provide such Medicaid programs with an MFN price for the manufacturers' products. Additionally, in December 2025, CMS announced proposals for new mandatory demonstration payment models through two proposed rules under its Center for Medicare and Medicaid Innovation ("CMMI") authority, the GLOBE for Medicare Part B and GUARD for Medicare Part D. If finalized, these models would impose additional mandatory rebates on manufacturers of…*We have entered into licensing and collaboration arrangements and may enter into additional collaborations…
Adds "Even"; drops "For example, in 2019, we entered into a strategic collaboration with Amgen with respect…".
From the filings
Before
We have entered into licensing and collaboration arrangements and may enter into additional collaborations, licensing arrangements, or strategic alliances in the future, and we may not realize the benefits of such arrangements. We have entered into licensing and collaboration agreements and may enter into additional collaboration, licensing arrangements, or strategic alliances with third parties that we believe will complement or augment our research, development and commercialization efforts. Any of these relationships may require us to incur non-recurring and other charges, increase our near and long-term expenditures, issue securities that dilute our existing shareholders, or disrupt our management and business. For example, in 2019, we entered into a strategic collaboration with Amgen with respect to its commercial-stage oncology products XGEVA ® , BLINCYTO ® and KYPROLIS ® and a portfolio of clinical- and late-preclinical-stage oncology pipeline products. In 2021, we entered into a collaboration and license agreement with Novartis Pharma AG ("Novartis"), granting Novartis rights to develop, manufacture and commercialize our anti-PD-1 antibody TEVIMBRA in certain territories, but that agreement was terminated in September 2023 and we regained full, global rights to develop, manufacture and commercialize TEVIMBRA. In December 2021, we entered into an option, collaboration and license agreement with Novartis to develop, manufacture and commercialize our investigational TIGIT inhibitor, ociperlimab, in North America, Europe, and Japan, terminated that agreement in July 2023 and regained full, global rights to develop, manufacture and commercialize ociperlimab. In December 2024, we entered into a global licensing agreement with CSPC Zhongqi Pharmaceutical Technology (Shijiazhuang) Co., Ltd. for a methionine adenosyltransferase 2A (MAT2A)-inhibitor being explored for solid tumors. Our strategic collaborations involve numerous risks. We may not achieve the revenue…Now
*We have entered into licensing and collaboration arrangements and may enter into additional collaborations, licensing arrangements, or strategic alliances in the future, and we may not realize the benefits of such arrangements. We have entered into licensing and collaboration agreements and may enter into additional collaboration, licensing arrangements, or strategic alliances with third parties that we believe will complement or augment our research, development and commercialization efforts. Any of these relationships may require us to incur non-recurring and other charges, increase our near and long-term expenditures, issue securities that dilute our existing shareholders, or disrupt our management and business. Our strategic collaborations involve numerous risks. We may not achieve the revenue and cost synergies expected from our collaborations, and our management's attention may be diverted from our drug discovery and development business. These synergies are inherently uncertain, and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and are beyond our control. Even if we achieve the expected benefits, they may not be achieved within the anticipated time frame. Additionally, strategic collaborations can be terminated for various reasons, including future acquisitions. We face significant competition in seeking appropriate strategic partners, and the negotiation process is time-consuming and complex. Moreover, we may not be successful in our efforts to establish a strategic collaboration for our medicines and drug candidates because they may be deemed to be at too early of a stage of development for collaborative effort. If and when we collaborate with a third party for development and commercialization of a medicine or drug candidate, we can expect to relinquish some or all of the control over the future success of that medicine or drug candidate to the third-party. For any…*Our information technology ("IT") systems, or those used by our contractors or collaborators, may fail or…
Adds "and bad actors around the world use increasingly sophisticated methods, including…".
From the filings
Before
*Our information technology ("IT") systems, or those used by our contractors or collaborators, may fail or suffer security breaches, which could result in a material disruption of our product development and commercialization efforts. Despite the implementation of security measures, our IT systems, and those of our contractors, vendors, and collaborators, are vulnerable to damage, compromise, or disruption. These risks originate from a variety of sources, including state-sponsored actors, organized criminals, or negligent/malicious internal actors. Cyber incidents such as ransomware, business email compromise, social engineering (including phishing), and distributed denial-of-service attacks continue to evolve in frequency and sophistication. The increasing use of emerging technologies, such as generative artificial intelligence and highly autonomous reasoning agents, may further amplify these threats by expanding attack surfaces, automating the discovery of zero-day vulnerabilities, and enhancing the effectiveness of threat actor tactics through autonomous, multi-step execution of complex cyberattacks. Moreover, our internal use of advanced AI models for research and operational efficiency subjects us to risks, including "prompt injection" attacks, model hallucinations that could compromise data integrity in clinical or manufacturing processes, and the potential for unintended disclosure of trade secrets through the training or fine-tuning of third-party models. We rely heavily on a complex ecosystem of cloud-based, on-premises, and software-as-a-service platforms. In the ordinary course of business, we process and store sensitive data, including legally protected patient health information, personally identifiable information of employees, and proprietary intellectual property. Because IT systems are critical to our research, manufacturing, and commercialization activities, any shutdown or breach, whether at our company or within our third-party supply chain…Now
*Our information technology ("IT") systems, or those used by our contractors or collaborators, may fail or suffer security breaches, which could result in a material disruption of our product development and commercialization efforts. Despite the implementation of security measures, our IT systems, and those of our contractors, vendors, and collaborators, are vulnerable to damage, compromise, or disruption. These risks originate from a variety of sources, including state-sponsored actors, organized criminals, or negligent/malicious internal actors, and bad actors around the world use increasingly sophisticated methods, including artificial intelligence, to engage in illegal activities involving the theft and misuse of personal information, confidential information and intellectual property. Cyber incidents, such as ransomware, business email compromise, social engineering (including phishing), and distributed denial-of-service attacks, continue to evolve in frequency and sophistication, and threat actors may use synthetic media and related techniques (including deepfakes) that may be increasingly difficult to identify. The increasing use of emerging technologies, such as generative artificial intelligence and highly autonomous reasoning agents, may further amplify these threats by expanding attack surfaces, automating the discovery of zero-day vulnerabilities, and enhancing the effectiveness of threat actor tactics, including through more targeted exploits and social engineering campaigns and through autonomous, multi-step execution of complex cyberattacks. These attacks could be used to misappropriate or redirect funds or payments, gain unauthorized access to systems or data, or circumvent internal controls and approval workflows. Moreover, our internal use of advanced AI models for research and operational efficiency subjects us to risks, including "prompt injection" attacks, model hallucinations that could compromise data integrity in clinical or manufacturing…*The increasing use of artificial intelligence-based software (including machine learning) and social media…
Adds "Our employees and personnel, and third parties or vendors with whom we work, may use…"; drops "The use of".
From the filings
Before
The increasing use of artificial intelligence-based software (including machine learning) and social media platforms may result in reputational harm or liability or could otherwise adversely affect our business. The use of artificial intelligence-based software is increasingly being used in the biopharmaceutical and global healthcare industries. As with many developing technologies, artificial intelligence-based software presents risks and challenges that could affect its further development, adoption, and use, and therefore our business. Use of this technology could pose cybersecurity, data privacy, IT, intellectual property, regulatory, legal, operational, competitive, reputational and other risks and challenges that could affect our business. Specifically, risks related to accuracy, bias, artificial intelligence hallucinations, discrimination, harmful content, misinformation, fraud, scams, targeted attacks (including model poisoning or data poisoning), surveillance, data leakage, inequality, environmental harms, and other harms may flow from our development, use, or deployment of AI technologies. Algorithms may be flawed; data sets may be insufficient, of poor quality, or contain biased information; and inappropriate or controversial data practices by data scientists, engineers, and end-users could impair results. If the analyses that artificial intelligence applications assist in producing are deficient or inaccurate, we could be subjected to competitive harm, potential legal liability, and brand or reputational harm. Furthermore, use of artificial intelligence-based software may lead to the inadvertent release, disclosure, or compromise of confidential information or other proprietary intellectual property through the use of generative artificial intelligence tools, or other cybersecurity incidents which may impact our ability to realize the benefit of our intellectual property. A growing number of laws and regulations are being adopted which focus on…Now
*The increasing use of artificial intelligence-based software (including machine learning) and social media platforms may result in reputational harm or liability or could otherwise adversely affect our business. Artificial intelligence-based software is increasingly being used in the biopharmaceutical and global healthcare industries. As with many developing technologies, artificial intelligence-based software presents risks and challenges that could affect its further development, adoption, and use, and therefore our business. Use of this technology could pose cybersecurity, data privacy, IT, intellectual property, regulatory, legal, operational, competitive, reputational and other risks and challenges that could affect our business. Specifically, risks related to accuracy, bias, artificial intelligence hallucinations, discrimination, harmful content, misinformation, fraud, scams, targeted attacks (including model poisoning or data poisoning), surveillance, data leakage, inequality, environmental harms, and other harms may flow from our development, use, or deployment of AI technologies. Algorithms may be flawed; data sets may be insufficient, of poor quality, or contain biased information; and inappropriate or controversial data practices by data scientists, engineers, and end-users could impair results. If the analyses that artificial intelligence applications assist in producing are deficient or inaccurate, we could be subjected to competitive harm, potential legal liability, and brand or reputational harm. Furthermore, use of artificial intelligence-based software may lead to the inadvertent release, disclosure, or compromise of confidential information or other proprietary intellectual property through the use of generative artificial intelligence tools, or other cybersecurity incidents which may impact our ability to realize the benefit of our intellectual property. Our employees and personnel, and third parties or vendors with whom we work, may use…*Our failure to comply with privacy and data protection laws and regulations could lead to government…
Adds "which was incorporated into the laws of the United Kingdom,".
From the filings
Before
Our failure to comply with privacy and data protection laws and regulations could lead to government enforcement actions and significant penalties against us, and adversely impact our operating results. In the U.S., Europe, China, and many other jurisdictions where we operate, we are subject to laws and regulations that address privacy, personal information protection, use of artificial intelligence-based software and data security. Numerous laws and regulations, including, without limitation, privacy laws (such as the European Union's General Data Protection Regulation ("GDPR") or similar laws), security breach notification laws (such as China's Measures on National Cybersecurity Incident Reporting), health information privacy laws (such as the United States' Health Insurance Portability and Accountability Act ("HIPAA")), and consumer protection laws (such as the United States' Federal Trade Commission's unfair or deceptive practices rules, or California's Consumer Privacy Act), govern the collection, use, disclosure and protection of health-related and other personal information. A subset of these laws also have strict requirements governing the cross-border transfer of, or access to, personal information (see the risk factor titled " Compliance with the Data Security Law of the PRC (the "Data Security Law"), Cybersecurity Review Measures, Personal Information Protection Law of the PRC (the "PIPL"), regulations and guidelines relating to the multi-level protection scheme (the "MLPS") and any other future laws and regulations may entail significant expenses and could materially affect our business. "). The legal and regulatory landscape around data privacy is rapidly changing with countries, states and other localities passing new laws and regulations every year. For example, in the U.S., in early 2025, the U.S. Department of Justice ("the DOJ") issued a January 8, 2025 rule on "Preventing Access to U.S. Sensitive Personal Data and Government-Related Data by…Now
*Our failure to comply with privacy and data protection laws and regulations could lead to government enforcement actions and significant penalties against us, and adversely impact our operating results. In the U.S., Europe, China, and many other jurisdictions where we operate, we are subject to laws and regulations that address privacy, personal information protection, use of artificial intelligence-based software and data security. Numerous laws and regulations, including, without limitation, privacy laws (such as the European Union's General Data Protection Regulation ("GDPR"), which was incorporated into the laws of the United Kingdom, or similar laws), security breach notification laws (such as China's Measures on National Cybersecurity Incident Reporting), health information privacy laws (such as the United States' Health Insurance Portability and Accountability Act ("HIPAA")), and consumer protection laws (such as the United States' Federal Trade Commission's unfair or deceptive practices rules, or California's Consumer Privacy Act), govern the collection, use, disclosure and protection of health-related and other personal information. A subset of these laws also have strict requirements governing the cross-border transfer of, or access to, personal information (see the risk factor titled " Compliance with the Data Security Law of the PRC (the "Data Security Law"), Cybersecurity Review Measures, Personal Information Protection Law of the PRC (the "PIPL"), regulations and guidelines relating to the multi-level protection scheme (the "MLPS") and any other future laws and regulations may entail significant expenses and could materially affect our business. "). The legal and regulatory landscape around data privacy is rapidly changing with countries, states and other localities passing new laws and regulations every year. For example, in the U.S., in early 2025, the U.S. Department of Justice ("the DOJ") issued a January 8, 2025 rule on "Preventing Access to…*The pharmaceutical industry in China is highly regulated, and such regulations are subject to change, which…
Adds "For example, the Provisions on the Administration of Pharmaceutical Representatives…".
From the filings
Before
The pharmaceutical industry in China is highly regulated, and such regulations are subject to change, which may affect approval and commercialization of our medicines and drug candidates. A large portion of our business is conducted in China. The pharmaceutical industry in China is subject to comprehensive government regulation and supervision, encompassing the approval, registration, manufacturing, packaging, licensing and marketing of new medicines. In recent years, the regulatory framework in China for pharmaceutical companies has undergone significant changes, which we expect will continue. While we believe our strategies regarding research, development, manufacturing and commercialization in China are aligned with the Chinese government's policies, they may in the future diverge, requiring a change in our strategies. Any such change may result in increased compliance costs on our business or cause delays in or prevent the successful research, development, manufacturing or commercialization of our drug candidates or medicines in China and reduce the current benefits we believe are available to us from developing and manufacturing medicines in China. Chinese authorities have become increasingly active in enforcing laws affecting the pharmaceutical industry. Specifically, Chinese authorities have recently increased anti-bribery efforts to address improper payments and other benefits received by physicians, staff and hospital administrators in connection with the sales, marketing and purchase of pharmaceutical products. Any failure by us or our partners to maintain compliance with applicable laws and regulations or obtain and maintain required licenses and permits may result in the suspension or termination of our business activities in China. Reports of what have come to be viewed as significant quality-control failures by Chinese vaccine manufacturers have led to enforcement actions against officials responsible for implementing national reforms favorable to…Now
*The pharmaceutical industry in China is highly regulated, and such regulations are subject to change, which may affect approval and commercialization of our medicines and drug candidates. A large portion of our business is conducted in China. The pharmaceutical industry in China is subject to comprehensive government regulation and supervision, encompassing the approval, registration, manufacturing, packaging, licensing and marketing of new medicines. In recent years, the regulatory framework in China for pharmaceutical companies has undergone significant changes, which we expect will continue. While we believe our strategies regarding research, development, manufacturing and commercialization in China are aligned with the Chinese government's policies, they may in the future diverge, requiring a change in our strategies. Any such change may result in increased compliance costs on our business or cause delays in or prevent the successful research, development, manufacturing or commercialization of our drug candidates or medicines in China and reduce the current benefits we believe are available to us from developing and manufacturing medicines in China. Chinese authorities have become increasingly active in enforcing laws affecting the pharmaceutical industry. Specifically, Chinese authorities have recently increased anti-bribery efforts to address improper payments and other benefits received by physicians, staff and hospital administrators in connection with the sales, marketing and purchase of pharmaceutical products. For example, the Provisions on the Administration of Pharmaceutical Representatives became effective on August 1, 2026, which impose requirements on the filing, conduct and management of pharmaceutical representatives, including restrictions on certain interactions between pharmaceutical representatives and healthcare professionals and medical institutions. Our commercialization activities in China must comply with these requirements, and any…
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Section by section. Added words and removed words against the earlier filing.
Cover page 2 changes
3 unchanged paragraphs
For the quarterly period ended June September 30, 2026
16 unchanged paragraphs
As of July 31, October 30, 2026, 1,478,124,405 1,484,939,031 ordinary shares, par value $0.0001 per share, were outstanding, of which 752,892,166 766,039,443 ordinary shares were held in the form of 57,914,782 58,926,111 American Depositary Shares, each representing 13 ordinary shares, and 115,055,260 were RMB shares which are ordinary shares issued to permitted investors in China and listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange in Renminbi.
12 unchanged paragraphs
Financial statements 154 changes
3 unchanged paragraphs
Three Months Ended Six Nine Months Ended
September 30, September 30,
1 unchanged paragraph
Product revenue, net 11 1,679,794 1,302,076 3,167,123 2,410,606
Other revenue 3 25,277 13,224 51,386 21,973
Total revenues 1,705,071 1,315,300 3,218,509 2,432,579
Cost of sales - product 174,530 164,606 341,745 329,608
Gross profit 1,530,541 1,150,694 2,876,764 2,102,971
Research and development 612,280 524,896 1,153,504 1,006,783
Selling, general and administrative 593,214 537,913 1,148,311 997,201
Total operating expenses 1,205,494 1,062,809 2,301,815 2,003,984
Income from operations 325,047 87,885 574,949 98,987
Interest income 27,900 11,492 55,564 24,342
Interest expense ( 39,739 ) ( 7,995 ) ( 72,626 ) ( 14,997 )
Other (expense) income, net ( 749 ) 8,167 13,787 12,117
Income before income taxes 312,459 99,549 571,674 120,449
Income tax expense 8 75,452 5,229 107,310 24,859
Net income 237,007 94,320 464,364 95,590
Basic 12 0.16 0.07 0.32 0.07
Diluted 12 0.16 0.06 0.31 0.07
Weighted-average shares outstanding—basic 1,450,485,552 1,408,166,754 1,446,490,904 1,399,159,898
Weighted-average shares outstanding—diluted 1,505,361,900 1,463,277,401 1,505,389,182 1,454,296,475
Product revenue, net 11 1,855,057 1,395,013 5,022,180 3,805,619
Other revenue 3 34,758 17,271 86,144 39,244
Total revenues 1,889,815 1,412,284 5,108,324 3,844,863
Cost of sales - product 216,896 196,510 558,641 526,118
Gross profit 1,672,919 1,215,774 4,549,683 3,318,745
Research and development 660,784 523,662 1,814,288 1,530,445
Selling, general and administrative 593,460 528,998 1,741,771 1,526,199
Total operating expenses 1,254,244 1,052,660 3,556,059 3,056,644
Income from operations 418,675 163,114 993,624 262,101
Interest income 33,663 19,393 89,227 43,735
Interest expense ( 42,407 ) ( 16,364 ) ( 115,033 ) ( 31,361 )
Other income (expense), net 429 ( 18,979 ) 14,216 ( 6,862 )
Income before income taxes 410,360 147,164 982,034 267,613
Income tax expense 8 25,654 22,323 132,964 47,182
Net income 384,706 124,841 849,070 220,431
Basic 12 0.26 0.09 0.58 0.16
Diluted 12 0.25 0.08 0.56 0.15
Weighted-average shares outstanding—basic 1,478,074,394 1,432,801,699 1,457,134,424 1,410,497,062
Weighted-average shares outstanding—diluted 1,524,954,790 1,488,750,354 1,511,972,953 1,465,535,004
1 unchanged paragraph
Basic 12 2.12 0.87 4.17 0.89
Diluted 12 2.05 0.84 4.01 0.85
Weighted-average ADSs outstanding—basic 111,575,812 108,320,520 111,268,531 107,627,684
Weighted-average ADSs outstanding—diluted 115,797,069 112,559,800 115,799,168 111,868,960
Basic 12 3.38 1.13 7.58 2.03
Diluted 12 3.28 1.09 7.30 1.96
Weighted-average ADSs outstanding—basic 113,698,030 110,215,515 112,087,263 108,499,774
Weighted-average ADSs outstanding—diluted 117,304,215 114,519,258 116,305,612 112,733,462
4 unchanged paragraphs
Net income 237,007 94,320 464,364 95,590
Three Months Ended Six Nine Months Ended
September 30, September 30,
Net income 384,706 124,841 849,070 220,431
1 unchanged paragraph
Foreign currency translation adjustments 27,881 28,547 52,351 34,988
Other adjustments 231 76 463 302
Comprehensive income 265,119 122,943 517,178 130,880
Foreign currency translation adjustments 18,529 12,058 70,880 47,046
Other adjustments 230 383 693 685
Comprehensive income 403,465 137,282 920,643 268,162
4 unchanged paragraphs
June September 30, December 31,
1 unchanged paragraph
Intangible assets, net 7 60,956 62,704
Cash and cash equivalents 5,098,041 5,781,128 4,547,530
Accounts receivable, net 1,056,177 1,092,535 865,080
Inventories, net 9 732,603 807,922 608,227
Prepaid expenses and other current assets 9 328,984 249,654 212,752
Total current assets 7,215,805 7,931,239 6,233,589
Property, plant and equipment, net 6 1,643,286 1,647,231 1,641,678
Operating lease right-of-use assets 145,987 150,008 148,184
Other non-current assets 9 109,581 102,418 147,447 165,122
Total non-current assets 1,959,810 1,944,686 1,954,984
Total assets 9,175,615 9,875,925 8,188,573
2 unchanged paragraphs
Accounts payable 470,299 479,035
Accounts payable 496,879 479,035
Accrued expenses and other payables 9 1,264,264 1,342,646 1,109,120
Income tax payable 8 76,315 14,801 41,625
Operating lease liabilities, current portion 21,953 24,462 20,698
Research and development cost share liability, current portion 3 6,182 — 64,345
Sale of future royalty liability, current portion 4 89,278 106,274 56,714
Short-term debt 10 190,896 248,861 57,293
Total current liabilities 2,119,187 2,233,923 1,828,830
1 unchanged paragraph
Long-term debt 10 882,163 825,220 961,913
2 unchanged paragraphs
4 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
2 unchanged paragraphs
1 unchanged paragraph
4 unchanged paragraphs
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
4 unchanged paragraphs
13 unchanged paragraphs
14 unchanged paragraphs
3 unchanged paragraphs
and 74 more changes in the filing
Notes to the financial statements 1 change
(Amounts in thousands of U.S. Dollar ("$"), and Renminbi ("RMB"), except for number of shares and per share data)
Note 1: Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies 3 changes
6 unchanged paragraphs
The accompanying condensed consolidated balance sheet as of June September 30, 2026, the condensed consolidated statements of operations and comprehensive income for the three and six nine months ended June September 30, 2026 and 2025, the condensed consolidated statements of cash flows for the six nine months ended June September 30, 2026 and 2025, and the condensed consolidated statements of shareholders' equity for the three and six nine months ended June September 30, 2026 and 2025, and the related footnote disclosures are unaudited. The accompanying unaudited interim condensed consolidated financial statements were prepared in accordance with U.S. GAAP, including guidance with respect to interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report").
The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all normal recurring adjustments, necessary to present a fair statement of the results for the interim periods presented. Results of operations for the three and six nine months ended June September 30, 2026 are not necessarily indicative of the results expected for the full fiscal year or for any future annual or interim period.
11 unchanged paragraphs
There have been no material changes to the Company's significant accounting policies as of and for the six nine months ended June September 30, 2026, as compared to the significant accounting policies described in the Annual Report.
Note 2: Fair Value Measurements 9 changes
5 unchanged paragraphs
The following tables present the Company's financial assets and liabilities measured and recorded at fair value on a recurring basis using the above input categories as of June September 30, 2026 and December 31, 2025:
1 unchanged paragraph
As of June September 30, 2026 (Level 1) (Level 2) (Level 3)
Money market funds 2,231,035 2,862,842 — —
1 unchanged paragraph
Total 2,234,328 — 6,474
Equity securities with readily determinable fair values — 20 —
Convertible debt instrument — — 6,474 5,956
Total 2,866,558 20 5,956
8 unchanged paragraphs
The Company holds convertible notes issued by private biotech companies. The Company elected the fair value option method of accounting for the convertible notes. Accordingly, the convertible notes are remeasured at fair value on a recurring basis using Level 3 inputs, with any changes in the fair value option recorded in other income, net. The Company recorded net gains on fair value adjustment of $ 81 49 and $ 160 209 for the three and six nine months ended June September 30, 2026, respectively, and net losses on fair value adjustment of $ 75 3,093 and $ 1,211 1,882 for the three and six nine months ended June September 30, 2025, respectively. Refer to Note 5, Restricted Cash and Investments for details of the determination of the carrying amount of private equity investments without readily determinable fair values and equity method investments.
As of June September 30, 2026 and December 31, 2025, the Company held time deposits of $ 31,281 174,777 and nil , respectively, that were classified as cash equivalents. As of June September 30, 2026 and December 31, 2025, the fair values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and short-term debt approximated their carrying values due to their short-term nature. Long-term debt's carrying values approximate their fair values due to the fact that the related interest rates approximate the rates currently offered by financial institutions for similar debt instrument of comparable maturities.
Note 3: Collaborative, Licensing and Other Arrangements 47 changes
1 unchanged paragraph
For the three and six nine months ended June September 30, 2026 and 2025, the Company's other revenue consisted primarily of royalty revenue from IMDELLTRA ® sales outside of China under the Amgen collaboration agreement and revenue generated under the Novartis broad markets agreement.
The following table summarizes total other revenue recognized for the three and six nine months ended June September 30, 2026 and 2025:
Three Months Ended Six Nine Months Ended
September 30, September 30,
1 unchanged paragraph
Amgen royalty revenue 18,823 9,033 37,120 14,552
Novartis broad markets revenue 4,956 3,320 10,219 6,842
Other 1,498 871 4,047 579
Other Revenue 25,277 13,224 51,386 21,973
Amgen royalty revenue 25,744 12,169 62,864 26,721
Novartis broad markets revenue 6,869 4,115 17,088 10,957
Other 2,145 987 6,192 1,566
Other Revenue 34,758 17,271 86,144 39,244
1 unchanged paragraph
BeOne's portion of the development funding 59,818 52,196 117,866 92,715
Less: Amortization of research and development cost share liability 29,518 25,757 58,163 45,569
Research and development expense 30,300 26,439 59,703 47,146
Remaining portion of development funding cap 12,527
Cost of sales - product 12,660 9,533 23,913 17,027
Research and development ( 1,132 ) ( 1,597 ) ( 1,325 ) ( 2,109 )
Selling, general and administrative ( 27,083 ) ( 25,037 ) ( 53,525 ) ( 48,985 )
Total ( 15,555 ) ( 17,101 ) ( 30,937 ) ( 34,067 )
During the three and six nine months ended June September 30, 2026 and 2025, the Company recorded the following amounts related to its collaboration arrangement with Amgen. For a detailed description of the arrangement and related rights and obligations, see the Company's Annual Report. The Company is still in the commercialization period for XGEVA ® , KYPROLIS ® and BLINCYTO ® in China.
Amounts recorded related to the Company's portion of the co-development funding on the pipeline assets for the three and six nine months ended June September 30, 2026 and 2025 were as follows:
Three Months Ended Six Nine Months Ended
September 30, September 30,
BeOne's portion of the development funding 12,204 59,325 130,070 152,040
Total Less: Amortization of research and development cost share liability 6,182 29,275 64,345 74,844
Research and development expense 6,022 30,050 65,725 77,196
The Company fulfilled its research and development cost share liability during the three months ended September 30, 2026. As of June September 30, 2026 and December 31, 2025, the research and development cost share liability recorded in the Company's balance sheet was as follows:
June September 30, December 31,
Research and development cost share liability, current portion 6,182 — 64,345
Total research and development cost share liability — 64,345
The total reimbursement paid under the commercial profit-sharing agreement for product sales is classified in the income statement for the three and six nine months ended June September 30, 2026 and 2025 as follows:
Three Months Ended Six Nine Months Ended
September 30, September 30,
Cost of sales - product 5,859 9,962 29,772 26,989
Research and development ( 1,332 ) ( 371 ) ( 2,657 ) ( 2,480 )
Selling, general and administrative ( 32,870 ) ( 24,546 ) ( 86,395 ) ( 73,531 )
Total ( 28,343 ) ( 14,955 ) ( 59,280 ) ( 49,022 )
The Company purchases commercial inventory from Amgen to distribute in China. Inventory purchases amounted to $ 132,019 177,997 and $ 255,710 433,707 for the three and six nine months ended June September 30, 2026, respectively, and $ 73,288 84,243 and $ 136,032 220,275 for the three and six nine months ended June September 30, 2025, respectively. Net amounts payable to Amgen was $ 110,503 146,707 and $ 79,097 as of June September 30, 2026 and December 31, 2025, respectively.
2 unchanged paragraphs
Upfront and milestone payments incurred under these arrangements for the three and six nine months ended June September 30, 2026 and 2025 are set forth below. All upfront and development milestones were expensed to research and development expense. All regulatory and commercial milestones were capitalized as intangible assets and are being amortized over the remainder of the respective product patent or term of the commercialization agreements.
Three Months Ended Six Nine Months Ended
September 30, September 30,
1 unchanged paragraph
Total 23,287 20,500 23,831 20,500
Upfront payments Research and development expense 19,974 500 — 191 20,518 500 691
Development milestones incurred Research and development expense 3,313 757 — 3,313 4,070 —
Regulatory and commercial milestone payments Intangible asset — 20,000 — — 20,000
Total 757 191 24,588 20,691
Note 4: Sale of Future IMDELLTRA ® Royalties 14 changes
3 unchanged paragraphs
As of June September 30, 2026 and December 31, 2025, the royalty financing obligation recorded in the Company's balance sheet was as follows:
June September 30, December 31,
Sale of future royalty liability, current portion 89,278 106,274 56,714
Sale of future royalty liability, non-current portion 817,035 806,307 850,242
Total sale of future royalty liability 906,313 912,581 906,956
The following table summarizes the royalty sale liability activity during the six nine months ended June September 30, 2026:
3 unchanged paragraphs
Accretion of liability 1,913 8,181
Balance at June September 30, 2026
The carrying value of the sale of future royalty liability approximates fair value as of June September 30, 2026 and is based on the Company's current estimates of future royalties expected to be paid to Royalty Pharma over the life of the royalty stream, which are considered Level 3 inputs.
1 unchanged paragraph
Interest expense 24,883 — 43,379 —
Three Months Ended Six Nine Months Ended
September 30, September 30,
Interest expense 27,016 — 70,395 —
As of June September 30, 2026, $ 24,883 27,016 of interest expense was accrued. The effective annual imputed interest rate was 11.0 11.8 % as of June September 30, 2026.
Note 5: Restricted Cash and Investments 19 changes
Total 182,633 62,117
The Company's restricted cash primarily consists of RMB-denominated cash deposits held in designated bank accounts as collateral for letters of credit and cash used to settle employee benefit obligations and related taxes. The Company classifies restricted cash as current or non-current based on the term of the restriction. Restricted cash as of June September 30, 2026 and December 31, 2025 was as follows:
June September 30, December 31,
Short-term restricted cash 161,046 63,400 41,284
Long-term restricted cash 21,587 21,786 20,833
2 unchanged paragraphs
June September 30, December 31,
Equity securities with readily determinable fair values — 20 2
Equity securities without readily determinable fair values 36,317 33,154 1
Equity-method investments 1 2
1 In the three and nine months ended September 30, 2025, the Company recognized an impairment loss of $ 15,552 within other income (expense), net, resulting from a decline in the enterprise value related to a business acquisition of one of its investees.
1 2 In the first quarter of 2025, in connection with the wind-down of the operations and related financial obligations of one of the Company's equity-method investments, the investment's fair value was assessed to be zero . The Company recognized an other-than-temporary impairment loss of $ 12,376 during the six nine months ended June September 30, 2025, within unrealized losses from equity-method investments.
The following table summarizes net gains and losses related to investments in equity securities recorded in other (expense) income (expense), net for the three and six nine months ended June September 30, 2026 and 2025:
Three Months Ended Six Nine Months Ended
September 30, September 30,
1 unchanged paragraph
Equity securities without readily determinable fair values 3,134 — 3,118 ( 13,754 ) 3,188 ( 3,118 16,872 )
1 unchanged paragraph
The following table summarizes the portion of unrealized losses that relates to equity securities still held by the Company as of June September 30, 2026:
Three Months Ended Six Nine Months Ended
September 30, September 30,
1 unchanged paragraph
Less: net gains (losses) recognized on equity securities sold 3,134 — ( 15,552 ) 3,134 ( 15,552 )
1 unchanged paragraph
Note 6: Property, Plant and Equipment, Net 18 changes
1 unchanged paragraph
Laboratory equipment 328,807 309,471
Leasehold improvement 79,529 76,568
Depreciation expense 38,906 29,854 78,291 61,468
June September 30, December 31,
Building 1,205,301 1,237,680 1,187,836
Manufacturing equipment 289,068 289,306 273,769
Laboratory equipment 346,146 309,471
Leasehold improvement 66,534 76,568
Software, electronics and office equipment 136,248 144,803 124,136
Property, plant and equipment, at cost 2,110,387 2,155,903 2,043,214
Less: accumulated depreciation ( 619,773 645,903 ) ( 528,695 )
Construction in progress 152,672 137,231 127,159
Property, plant and equipment, net 1,643,286 1,647,231 1,641,678
The Company has made a significant investment in its recently opened manufacturing and clinical R&D facility in Hopewell, New Jersey. As of June September 30, 2026, the Company had construction in progress of $ 95,763 100,493 related to the Hopewell facility, the majority of which will be put into service in 2026.
Depreciation expense for the three and six nine months ended June September 30, 2026 and 2025 was as follows:
Three Months Ended Six Nine Months Ended
September 30, September 30,
Depreciation expense 37,320 35,730 115,611 97,198
Note 7: Intangible Assets 16 changes
Intangible assets as of June September 30, 2026 and December 31, 2025 are summarized as follows:
June September 30, 2026 December 31, 2025
2 unchanged paragraphs
Developed products 79,510 80,329 ( 19,029 42,864 ) 60,481 37,465 77,486 ( 15,291 ) 62,195
Other 8,987 ( 8,512 8,528 ) 475 459 8,987 ( 8,478 ) 509
Total finite-lived intangible assets 88,497 89,316 ( 27,541 51,392 ) 60,956 37,924 86,473 ( 23,769 ) 62,704
2 unchanged paragraphs
The weighted-average life for each finite-lived intangible assets is approximately 10 9 years. Amortization expense was as follows:
Three Months Ended Six Nine Months Ended
September 30, September 30,
2 unchanged paragraphs
Total 1,609 5,760 3,368 6,950
Total 23,614 1,554 26,982 8,504
Included within the amortization expense for the three and nine months ended September 30, 2026 was a developed product intangible asset impairment charge of $ 22,027 associated with the Company's decision to discontinue promotion of
POBEVCY. As of June September 30, 2026, estimated amortization expense for each of the five succeeding years and thereafter was as follows:
2 unchanged paragraphs
2031 and thereafter 31,763 173 31,936
Total 60,481 475 60,956
2031 and thereafter 26,883 173 27,056
Total 37,465 459 37,924
Note 8: Income Taxes 3 changes
Income tax expense was $ 75,452 25,654 and $ 107,310 132,964 for the three and six nine months ended June September 30, 2026, respectively, and $ 5,229 22,323 and $ 24,859 47,182 for the three and six nine months ended June September 30, 2025, respectively. The income tax expense for the three and six nine months ended June September 30, 2026 and 2025 was primarily attributable to the application of our the Company's expected current worldwide effective tax rate for the full year to the year-to-date actual pre-tax income, reflecting the mix of taxable income across jurisdictions as well as the impact of certain discrete items. Specifically, the provision for income taxes for the three months ended June September 30, 2026 included a discrete net tax expense benefit of approximately $ 49,276 . This figure primarily relates to the settlement of the audit of one of our China subsidiaries amounting to $ 59,034 11,501 , partially offset by certain discrete items attributable mainly related to U.S. share-based compensation. The income tax expense for the three and six nine months ended June September 30, 2025 included a discrete net tax benefit of $ 14,192 917 and $ 8,688 9,605 , respectively, primarily related to updated provision estimates for U.S. R&D credits for prior periods.
On a quarterly basis, the Company evaluates the realizability of deferred tax assets by jurisdiction and assesses the need for a valuation allowance. In assessing the realizability of deferred tax assets, the Company considers historical profitability, evaluation of scheduled reversals of deferred tax liabilities, projected future taxable income and tax-planning strategies. Valuation allowances have been provided on deferred tax assets where, based on all available evidence, it was considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. After consideration of all positive and negative evidence, as of June September 30, 2026, the Company will maintain maintained a full valuation allowance against its net deferred tax assets. The Company may release all or a portion of the valuation allowance in the near-term; however, the release of the valuation allowance, as well as the exact timing and the amount of such release, continue to be subject to, among other things, the Company's level of profitability, revenue growth, clinical program progression and expectations regarding future profitability. The Company's total deferred tax asset balance subject to the valuation allowance was approximately $ 3.6 billion as of June September 30, 2026.
As of June September 30, 2026, the Company had gross unrecognized tax benefits of $ 26,046 28,068 . Due to the uncertain and complex application of income tax regulations by certain tax authorities outside of the U.S., it is possible that the ultimate resolution of ongoing audits may result in liabilities that could be materially different from current estimates. The ongoing tax audits in various jurisdictions could impact future tax expenses if tax authorities in their administration of tax laws during open audits may lead us to change our assessment of whether or not it is more likely than not that certain tax benefit positions will be sustained. The Company's reserve for uncertain tax positions decreased increased by $ 2,449 2,021 and $ 1,789 232 in the three and six nine months ended June September 30, 2026, respectively, primarily due to the settlement of the China audit, partially offset by an increase in U.S. federal and state tax attributes, partially offset by the settlement of the China audit in a prior quarter.
Note 9: Supplemental Balance Sheet Information 44 changes
1 unchanged paragraph
Raw materials 267,266 236,190
Finished goods 351,016 249,356
Total 732,603 608,227
June September 30, December 31,
Raw materials 249,186 236,190
Work in process 114,321 90,653 122,681
Finished goods 468,083 249,356
Total 807,922 608,227
1 unchanged paragraph
Prepaid taxes 34,368 42,232
Other receivables 14,778 21,781
Total 328,984 212,752
June September 30, December 31,
Short-term restricted cash 161,046 63,400 41,284
Prepaid research and development costs 48,221 25,439 52,594
Prepaid taxes 40,400 42,232
Prepaid general and administrative expenses 23,625 18,539 22,209
Other current assets 46,946 45,298 32,652
Other receivables 56,578 21,781
Total 249,654 212,752
1 unchanged paragraph
Prepaid VAT 3,773 3,504
Total 109,581 102,418
June September 30, December 31,
Long-term investments 66,056 65,407 61,678
Intangible assets, net 37,924 62,704
Long-term restricted cash 21,587 21,786 20,833
Rental deposits and other 12,719 13,334 10,470
Prepayment of property and equipment 4,618 4,118 4,964
Prepaid VAT 4,138 3,504
Prepaid supply cost 828 740 969
Total 147,447 165,122
1 unchanged paragraph
Compensation related 247,322 305,055
Commercial activities 132,085 118,449
June September 30, December 31,
Revenue rebates and returns related 485,870 561,651 398,533
External research and development activities related 167,026 134,780 156,525
Compensation related 297,819 305,055
Commercial activities 152,089 118,449
Individual income tax and other taxes 149,380 107,896 60,359
Accrued general and administrative expenses 42,364 45,600 36,635
Total 1,264,264 1,342,646 1,109,120
1 unchanged paragraph
June September 30, December 31,
Deferred government grant income 28,455 28,124 28,979
Pension liability 17,762 17,446 18,170
Asset retirement obligation 3,748 4,143 3,565
Note 10: Debt 33 changes
3 unchanged paragraphs
June September 30, December 31,
A Loan Facility 25,349 25,654 12,298
B2 Term Loan Facility 56,000 112,000 —
Less: unamortized debt issuance costs ( 10,167 9,945 ) ( 3,235 )
Total short-term debt 71,182 127,709 9,063
A Loan Facility 291,518 295,019 295,152
B2 Term Loan Facility 504,000 448,000 560,000
Less: unamortized debt issuance costs ( 6,837 4,505 ) ( 18,783 )
Total long-term debt 788,681 738,514 836,369
1 unchanged paragraph
The A Loan Facility is subject to an interest rate equal to the Reference Rate (RMB) (as defined in the Facilities Agreement) plus a margin of 0.65 % per annum. The B Loan Facilities are subject to an interest rate equal to the Reference Rate (USD) (as defined in the Facilities Agreement) plus a margin of 2.40 % per annum. In addition to paying interest on the outstanding principal, the Company is also required to pay a commitment fee of 0.85 % on the undrawn and uncancelled amounts under the Loan Facilities. Excluding commitment fees, the interest rate for the A Loan Facility and B2 Term Loan Facility was 3.7 % and 6.1 6.3 %, respectively, as of June September 30, 2026.
As of June September 30, 2026, the B1 Revolving Loan Facility was available for borrowing. has been terminated in accordance with its terms. Subject to certain limitations, the Loan Facilities are secured on a first priority basis granted in favor of HSBC (as security agent on behalf of the secured parties) by: (a) a security interest in the equity interests of a member of the Company and its subsidiaries and (b) security interests in, and mortgage on, the Company's manufacturing and clinical R&D facility in New Jersey.
The Company is required to satisfy certain financial and non-financial covenants under the Facilities Agreement. The Company was compliant with the required covenants as of June September 30, 2026.
The following table summarizes the Company's working capital and project loans as of June September 30, 2026 and December 31, 2025:
1 unchanged paragraph
June September 30, 2026 December 31, 2025
1 unchanged paragraph
June 11, 2027 1 33,161 33,559 21,450
1 unchanged paragraph
January 20, 2029 2 9,264 9,375 8,989
1 unchanged paragraph
November 8, 2029 3 8,757 8,863 8,497
1 unchanged paragraph
July 28, 2032 4 9,580 9,695 9,294
1 unchanged paragraph
March 18, 2027 5 58,952 59,660 —
Total short-term debt 119,714 121,152 48,230
3 unchanged paragraphs
January 20, 2029 2 16,212 14,063 20,224
1 unchanged paragraph
November 8, 2029 3 22,386 20,440 25,970
1 unchanged paragraph
July 28, 2032 4 54,884 52,203 57,900
Total long-term debt 93,482 86,706 125,544
1 The credit facility offers a borrowing capacity of RMB 580,000 , denominated in RMB, and bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.8 % as of June September 30, 2026. The outstanding principal balance is payable in semi-annual installments. The Company repaid $ 11,080 (RMB 75,000 ) during the six nine months ended June September 30, 2026. The loan is secured by BeOne Guangzhou Biologics Manufacturing Co., Ltd.'s property ownership certificate and fixed assets.
2 The credit facility offers a borrowing capacity of RMB 350,000 , denominated in RMB, and bears floating interest rates benchmarking against prevailing interest rates of financial institutions in the PRC. The loan interest rate was 3.3 % as of June September 30, 2026. The outstanding principal balance is payable in quarterly installments. The Company repaid $ 4,560 6,883 (RMB 31,429 47,143 ) during the six nine months ended June September 30, 2026. The loan is secured by Guangzhou Factory's south district land use right and certain fixed assets.
3 The credit facility offers a borrowing capacity of RMB 378,000 , denominated in RMB, and bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.2 % as of June September 30, 2026. The outstanding principal balance is payable in quarterly installments. The Company repaid $ 4,343 6,551 (RMB 29,710 44,565 ) during the six nine months ended June September 30, 2026. The loan is secured by certain fixed assets placed into service in the third phase of the Guangzhou manufacturing facility's buildout.
4 The credit facility offers a borrowing capacity of RMB 480,000 , denominated in RMB, and bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.3 % as of June September 30, 2026. The outstanding principal balance is payable in semi-annual installments. The Company repaid $ 4,710 8,021 (RMB 32,500 54,900 ) during the six nine months ended June September 30, 2026. The loan is secured by BeOne Pharmaceutical (Suzhou) Co., Ltd.'s property ownership certificate of the small molecule manufacturing campus in Suzhou, China.
5 In March 2026, the Company entered into a credit facility agreement with China Merchants Bank for an aggregate facility of RMB 950,000 , denominated in RMB, available for a period of 36 months for drawdown as revolving and/or one-time borrowings. The Company drew down $ 58,204 (RMB 400,000 ) during the six nine months ended June September 30, 2026. The borrowing bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 2.6 % as of June September 30, 2026.
The Company has numerous financial and non-financial covenants on its debt obligations with the lenders above. Some of these covenants include default and/or cross-default provisions that could require acceleration of repayment of loans in the event of default. As of June September 30, 2026, the Company was in compliance with all covenants of its material debt agreements.
1 unchanged paragraph
Three Months Ended Six Nine Months Ended
September 30, September 30,
1 unchanged paragraph
Amortization of debt issuance costs 2,643 2,694 — 5,243 7,937 —
1 unchanged paragraph
Note 11: Product Revenue 28 changes
Product revenue – gross 2,205,600 1,657,838 4,099,089 3,057,904
Less: rebates and sales returns ( 525,806 ) ( 355,762 ) ( 931,966 ) ( 647,298 )
Product revenue – net 1,679,794 1,302,076 3,167,123 2,410,606
Other 37,823 21,149 71,015 39,049
Total product revenue – net 1,679,794 1,302,076 3,167,123 2,410,606
The Company's product revenue is primarily derived from the sale of its internally developed products BRUKINSA ® and TEVIMBRA ® in the U.S., China, EU, and other regions; XGEVA ® , BLINCYTO ® and KYPROLIS ® in China under a license from Amgen; BAITUOWEI ® in China under a license from Luye Pharma; and POBEVCY ® in China under a license from Bio-Thera.
The table below presents the Company's net product revenue for the three and six nine months ended June September 30, 2026 and 2025:
Three Months Ended Six Nine Months Ended
September 30, September 30,
Product revenue – gross 2,436,062 1,770,689 6,535,151 4,828,593
Less: rebates and sales returns ( 581,005 ) ( 375,676 ) ( 1,512,971 ) ( 1,022,974 )
Product revenue – net 1,855,057 1,395,013 5,022,180 3,805,619
The following table disaggregates net product revenue by product for the three and six nine months ended June September 30, 2026 and 2025:
Three Months Ended Six Nine Months Ended
September 30, September 30,
Other 29,760 8,869 68,776 33,241
Total product revenue – net 1,855,057 1,395,013 5,022,180 3,805,619
The following table presents the roll-forward of accrued revenue rebates and returns for the six nine months ended June September 30, 2026 and 2025:
2 unchanged paragraphs
Accrual 449,474 482,492 931,966
Payments ( 362,137 ) ( 499,012 ) ( 861,149 )
Accrual 724,460 788,511 1,512,971
Payments ( 561,342 ) ( 776,155 ) ( 1,337,497 )
Balance at June September 30, 2026
1 unchanged paragraph
Accrual 283,525 363,773 647,298
Payments ( 221,808 ) ( 361,633 ) ( 583,441 )
Accrual 457,909 565,065 1,022,974
Payments ( 310,732 ) ( 564,676 ) ( 875,408 )
Balance at June September 30, 2025
Note 12: Earnings Per Share/ADS 21 changes
1 unchanged paragraph
Net income 237,007 94,320 464,364 95,590
Weighted-average shares outstanding—basic 1,450,485,552 1,408,166,754 1,446,490,904 1,399,159,898
Dilutive common share equivalents 54,876,348 55,110,647 58,898,278 55,136,577
Weighted-average shares outstanding—diluted 1,505,361,900 1,463,277,401 1,505,389,182 1,454,296,475
Antidilutive common share equivalents excluded from above 830,113 1,317,291 710,393 1,496,899
Basic 0.16 0.07 0.32 0.07
Diluted 0.16 0.06 0.31 0.07
Basic 2.12 0.87 4.17 0.89
Diluted 2.05 0.84 4.01 0.85
Three Months Ended Six Nine Months Ended
September 30, September 30,
Net income 384,706 124,841 849,070 220,431
Weighted-average shares outstanding—basic 1,478,074,394 1,432,801,699 1,457,134,424 1,410,497,062
Dilutive common share equivalents 46,880,396 55,948,655 54,838,529 55,037,942
Weighted-average shares outstanding—diluted 1,524,954,790 1,488,750,354 1,511,972,953 1,465,535,004
Antidilutive common share equivalents excluded from above 446,534 1,665,727 719,599 1,415,410
Basic 0.26 0.09 0.58 0.16
Diluted 0.25 0.08 0.56 0.15
Basic 3.38 1.13 7.58 2.03
Diluted 3.28 1.09 7.30 1.96
For the three and six nine months ended June September 30, 2026 and 2025, diluted earnings per share was computed using the weighted-average number of ordinary shares and the effect of potentially dilutive shares outstanding during the periods. Potentially dilutive shares consist of stock options, restricted stock units, performance stock units and ESPP shares. The dilutive effect of outstanding stock options, restricted stock units, performance stock units and ESPP shares is reflected in diluted net earnings per share using the treasury stock method.
1 unchanged paragraph
Note 13: Share-Based Compensation Expense 12 changes
1 unchanged paragraph
During the six nine months ended June September 30, 2026, the Company granted options for 1,222,884 ordinary shares, restricted share units for 21,152,651 23,174,216 ordinary shares, and performance share units for 2,093,507 ordinary shares under the Company's share option and incentive plan. As of June September 30, 2026, options, restricted share units, and performance share units for ordinary shares outstanding totaled 46,769,997 35,589,170 , 69,650,256 67,416,141 , and 6,530,381 , respectively. As of June September 30, 2026, share-based awards to acquire 113,721,802 ordinary shares were available for future grant under the Company's share option and incentive plan.
2 unchanged paragraphs
As of June September 30, 2026, 5,688,481 4,822,408 ordinary shares were available for future issuance under the ESPP.
3 unchanged paragraphs
August 31, 2026 812,149 $ 314.36 $ 24.18 $ 267.21 $ 20.55 $ 16,693
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Research and development 58,536 64,392 112,392 106,159
Selling, general and administrative 78,931 86,161 148,423 139,845
Total 137,467 150,553 260,815 246,004
The following table summarizes total share-based compensation expense recognized for the three and six nine months ended June September 30, 2026 and 2025:
Three Months Ended Six Nine Months Ended
September 30, September 30,
Research and development 56,474 58,839 168,866 164,998
Selling, general and administrative 76,143 81,947 224,566 221,792
Total 132,617 140,786 393,432 386,790
Note 14: Accumulated Other Comprehensive Loss 6 changes
3 unchanged paragraphs
Other comprehensive income before reclassifications 52,351 114 52,465
Balance as of June 30, 2026 ( 13,901 ) ( 11,469 ) ( 25,370 )
Other comprehensive income before reclassifications 70,880 168 71,048
Amounts reclassified from accumulated other comprehensive loss — 349 349 525 525
Net-current period other comprehensive income 52,351 463 52,814 70,880 693 71,573
Balance as of September 30, 2026 4,628 ( 11,239 ) ( 6,611 )
Note 15: Restricted Net Assets 2 changes
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As a result of these PRC laws and regulations, including the requirement to make annual appropriations of at least 10 % of after-tax income and set aside as a general reserve fund prior to payment of dividends, the Company's PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company.
Foreign exchange and other regulations in the PRC may further restrict the Company's PRC subsidiaries from transferring funds to the Company in the form of dividends, loans and advances. As of June September 30, 2026 and December 31, 2025, amounts restricted were the net assets of the Company's PRC subsidiaries, which, after intercompany eliminations, amounted to $ 2,134,091 1,964,450 and $ 2,012,019 , respectively.
Note 16: Commitments and Contingencies 4 changes
1 unchanged paragraph
As of June September 30, 2026, the Company had non-cancellable purchase commitments amounting to $ 262,816 237,266 , of which $ 22,579 related to non-utilization fees and minimum purchase requirements for supply purchased from contract manufacturers and $ 240,237 214,687 related to binding purchase obligations of inventory from Amgen. The Company does not have any minimum purchase requirements for inventory from Amgen.
The Company had capital commitments amounting to $ 22,245 18,676 for the acquisition of property, plant and equipment as of June September 30, 2026, related to various facilities across the globe.
1 unchanged paragraph
Under the Amgen Collaboration Agreement, the Company is responsible for co-funding global development costs for the Amgen oncology pipeline assets up to a total cap of $ 1.25 billion. 1,250,000 . The Company is funding funded its portion of the co-development costs by contributing cash and/or development services As of June 30, 2026, and reached the Company's remaining co-development funding commitment was $ 12,527 . cap during the quarter ended September 30, 2026.
The Company had committed capital related to equity investments in the amount of $ 15,057 16,958 . As of June September 30, 2026, the remaining capital commitment was $ 2,157 4,058 and is expected to be paid from time to time over the investment period.
Note 17: Segment and Geographic Information 29 changes
1 unchanged paragraph
The primary measure of segment profitability for the Company's operating segment is considered to be consolidated net income. Significant segment expenses reviewed by the CODM on a regular basis included within net income include cost of product sales, research and development expenses and selling, general and administrative expenses which are separately presented on the Company's consolidated statements of operations. Other segment items within net income include interest income, interest expense, other income (expense), net and income tax expense.
2 unchanged paragraphs
U.S. - total revenue 914,205 694,427 1,696,460 1,261,638
Product revenue 898,616 685,395 1,664,229 1,248,743
Other revenue 15,589 9,032 32,231 12,895
China - total revenue 506,021 432,924 977,995 832,516
Product revenue 499,714 428,802 964,896 825,164
Other revenue 6,307 4,122 13,099 7,352
Europe - total revenue 208,755 152,384 402,751 270,938
Product revenue 208,403 152,314 399,724 269,212
Other revenue 352 70 3,027 1,726
Rest of world - total revenue 76,090 35,565 141,303 67,487
Product revenue 73,061 35,565 138,274 67,487
Other revenue 3,029 — 3,029 —
Total Revenue 1,705,071 1,315,300 3,218,509 2,432,579
Three Months Ended Six Nine Months Ended
September 30, September 30,
U.S. - total revenue 1,027,915 754,856 2,724,375 2,016,494
Product revenue 1,013,241 742,687 2,677,470 1,991,430
Other revenue 14,674 12,169 46,905 25,064
China - total revenue 536,365 439,885 1,514,360 1,272,401
Product revenue 527,351 434,783 1,492,247 1,259,947
Other revenue 9,014 5,102 22,113 12,454
Europe - total revenue 239,555 166,576 642,306 437,514
Product revenue 234,180 166,576 633,904 435,788
Other revenue 5,375 — 8,402 1,726
Rest of world - total revenue 85,980 50,967 227,283 118,454
Product revenue 80,285 50,967 218,559 118,454
Other revenue 5,695 — 8,724 —
Total Revenue 1,889,815 1,412,284 5,108,324 3,844,863
Forward-looking statements 321 changes
4 unchanged paragraphs
We provide certain financial measures that are not defined under accounting principles generally accepted in the United States of America ("GAAP"), commonly referred to as non-GAAP financial measures, including Adjusted Cost of Sales- Product, Adjusted Operating Expenses, Adjusted Income (Loss) from Operations, Adjusted Income Tax Expense, Adjusted Net Income (Loss), Adjusted Earnings Per Share, Free Cash Flow and certain other non-GAAP measures, each of which include adjustments to GAAP figures. These non-GAAP measures are intended to provide additional information on our operating performance. Adjustments to our GAAP figures exclude, as applicable, non-cash items such as share-based compensation, depreciation and amortization. Certain other special items or substantive events may also be included in the non-GAAP adjustments periodically when their magnitude is significant within the periods incurred. Non-GAAP adjustments are tax effected to the extent there is US GAAP current tax effect. The Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects in our tax expense. We maintain an established non-GAAP policy that guides the determination of what items may be excluded in non-GAAP financial measures. We believe that these non-GAAP measures, when considered together with the GAAP figures, can enhance an overall understanding of our operating performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of our historical and expected financial results and trends and to facilitate comparisons between periods and with respect to projected information. In addition, these non-GAAP financial measures are among the indicators BeOne's management uses for planning and forecasting purposes and measuring our performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, GAAP financial measures. The non-GAAP financial measures used by BeOne may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies.
1 unchanged paragraph
• Global BRUKINSA ® (zanubrutinib) revenues increased 31% to $1.2 billion versus second quarter 2025
Key highlights for the second third quarter of 2026 are as follows:
• Second Third quarter 2026 total global revenues increased 30% 34% to $1.7 $1.9 billion versus second third quarter 2025
• BRUKINSA ® (zanubrutinib) global revenues increased 34% to $1.4 billion versus third quarter 2025
• Diluted GAAP Earnings per American Depositary Share ("ADS") of $2.05, $3.28, non-GAAP diluted Earnings per ADS of $3.84. $4.59.
1 unchanged paragraph
On July 23, 2026, we announced a $300 million expansion of our flagship clinical and commercial-stage manufacturing and research and development center at the Princeton West Innovation Campus in Hopewell, New Jersey, to add small molecule manufacturing capabilities.
On June 30, 2026, we announced positive topline results from the Phase 3 MANGROVE study (BGB-3111-306) evaluating foundational Bruton's tyrosine kinase ("BTK") inhibitor BRUKINSA ® plus rituximab versus bendamustine plus rituximab in adult patients with previously untreated mantle cell lymphoma ("MCL").
On May 13, 2026, we announced that the U.S. Food and Drug Administration ("FDA") granted accelerated approval to BEQALZI ™ (sonrotoclax), a foundational, next-generation BCL2 inhibitor, for the treatment of adult patients with relapsed or refractory (R/R) MCL, after at least two lines of systemic therapy, including a BTK inhibitor.
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and 312 more changes in the filing
Market risk 4 changes
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Controls and procedures 2 changes
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Risk factors 33 changes
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and 33 more changes in the filing
Unregistered sales of stock 2 changes
and 2 more changes in the filing
Other information 11 changes
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and 11 more changes in the filing
Exhibits 10 changes
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and 10 more changes in the filing
Unchanged: MD&A, Legal proceedings, Defaults on senior securities, Mine Safety Disclosures
Compared by code from the two filings' text and XBRL. Not advice.
The reading, claim by claim
- From time to time, we may use our website, our X account at x.com/BeOneMedicines , our LinkedIn account at linkedin.com/company/BeOneMedicines, our Facebook account at facebook.com/BeOneMedicines, and our Instagram account at instagram.com/BeOneMedicines to disclose material information and to comply with our disclosure obligations under Regulation FD.
- The accompanying notes are an integral part of these condensed consolidated financial statements.
2 of 4 claims matched the filing text.
Not found in the filing text
- The accompanying notes are an integral part of these condensed consolidated financial statements.
- The accompanying notes are an integral part of these condensed consolidated financial statements.
For perspective, checked against its own source
From the 10-Q for the quarter ended June 30, 2026
- For the quarter ended June 30, 2026, BeOne Medicines Ltd. reported: Revenue $1.7 billion.
- Net income $237.0 million.
- Gross margin 89.8%.
- Operating margin 19.1%.
- Net margin 13.9%.
- Revenue change from a year earlier +29.6%.
From the filing
Item 6.
Item 6.
Exhibits
109
SIGNATURES
111
From time to time, we may use our website, our X account at x.com/BeOneMedicines , our LinkedIn account at linkedin.com/company/BeOneMedicines, our Facebook account at facebook.com/BeOneMedicines, and our Instagram account at instagram.com/BeOneMedicines to disclose material information and to comply with our disclosure obligations under Regulation FD.1 Our financial and other material information is routinely posted to and accessible on the Investors section of our website, available at www.beonemedicines.com. Investors are encouraged to review the Investors section of our website because we may post material information on that site that is not otherwise disseminated by us. Information that is contained in and can be accessed through our website, our X posts, our LinkedIn posts and our Instagram posts are not incorporated into, and does not form a part of, this Quarterly Report.
2
Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Item 1. Financial Statements
BEONE MEDICINES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands of U.S. Dollars ("$"), except for number of shares and per share data)
(Unaudited)
Three Months Ended Nine Months Ended
$ $ $ $
Revenues
Operating expenses
Earnings per share
Earnings per American Depositary Share ("ADS")
The accompanying notes are an integral part of these condensed consolidated financial statements.2
3
Table of Contents
BEONE MEDICINES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands of U.S. Dollars ("$"))
(Unaudited)
Three Months Ended Nine Months Ended
$ $ $ $
The accompanying notes are an integral part of these condensed consolidated financial statements.
4
Table of Contents
BEONE MEDICINES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of U.S. Dollars ("$"), except for number of shares and per share data)
As of
$ $ (unaudited) (audited)
Assets
Current assets:
Operating lease right-of-use assets 150,008 148,184
Liabilities and shareholders' equity
Current liabilities:
Operating lease liabilities, current portion 24,462 20,698
Research and development cost share liability, current portion 3 — 64,345
Operating lease liabilities, non-current portion 50,223 52,940
Commitments and contingencies 16
Shareholders' equity:
Total liabilities and shareholders' equity 9,875,925 8,188,573
The accompanying notes are an integral part of these condensed consolidated financial statements.
5
Table of Contents
BEONE MEDICINES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of U.S. Dollars ("$"))
(Unaudited)
Nine Months Ended September 30,
Note 2026 2025
$ $
Operating activities:
Net income 849,070 220,431
Adjustments to reconcile net income to net cash provided by operating activities:
Acquired in-process research and development 20,518 691
Amortization of research and development cost share liability 3 ( 64,345 ) ( 74,844 )
Impairment of equity investments — 34,216
Non-cash interest expense 7,937 —
Accrued expenses and other payables 201,527 165,886
Other liabilities 9,040 3,550
Net cash provided by operating activities 1,172,863 710,233
Investing activities:
Purchases of property, plant and equipment ( 103,440 ) ( 148,317 )
Purchase of intangible assets — ( 20,000 )
Proceeds from sale or maturity of investments 5,872 1,800
Purchase of in-process research and development ( 20,518 ) ( 60,691 )
Other investing activities ( 12,537 ) ( 10,612 )
Net cash used in investing activities ( 130,623 ) ( 237,820
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