Form 8-K

8-K — BeOne Medicines Ltd.

Accession: 0001628280-26-052877

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0001651308

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bgne-20260805.htm (Primary)

EX-99.1 (exhibit991-q22026earningsr.htm)

GRAPHIC (bgi2404beoneprimarylogorgba.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bgne-20260805.htm · Sequence: 1

bgne-20260805

0001651308false00016513082026-08-052026-08-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

Form 8-K

_________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): August 5, 2026

BEONE MEDICINES LTD.

(Exact Name of Registrant as Specified in Charter)

Switzerland

001-37686

98-1209416

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification Number)

c/o BeOne Medicines I GmbH

Aeschengraben 27

Basel 4051

Switzerland

(Address of Principal Executive Offices) (Zip Code)

+41 61 685 19 00

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

American Depositary Shares, each representing 13 Ordinary Shares, par value $0.0001 per share ONC The Nasdaq Global Select Market

Ordinary Shares, par value $0.0001 per share* 06160 The Stock Exchange of Hong Kong Limited

*Included in connection with the registration of the American Depositary Shares with the Securities and Exchange Commission. The ordinary shares are not listed for trading in the United States but are listed for trading on The Stock Exchange of Hong Kong Limited.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On August 5, 2026, BeOne Medicines Ltd. announced its financial results for the three months ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Press release titled “BeOne Medicines Announces Second Quarter 2026 Financial Results and Business Updates” issued by BeOne Medicines Ltd. on August 5, 2026

104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

The portions of the press release set forth under Item 2.02 of this Current Report on Form 8-K are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly set forth by specific reference in such filing.

Exhibit Index

Exhibit No. Description

99.1

Press release titled “BeOne Medicines Announces Second Quarter 2026 Financial Results and Business Updates” issued by BeOne Medicines Ltd. on August 5, 2026

104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BEONE MEDICINES LTD.

Date: August 5, 2026

By: /s/ Chan Lee

Name: Chan Lee

Title: Senior Vice President, General Counsel

EX-99.1

Filename: exhibit991-q22026earningsr.htm · Sequence: 2

Document

Exhibit 99.1

BeOne Medicines Announces Second Quarter 2026 Financial Results and Business Updates

•Total global revenues of $1.7 billion for the second quarter, an increase of 30% from the prior year

•BRUKINSA (zanubrutinib) global revenues of $1.2 billion for the second quarter, an increase of 31% from the prior year

•Diluted GAAP Earnings per American Depository Share (ADS) of $2.05 for the second quarter; non-GAAP diluted Earnings per ADS of $3.84 for the second quarter

•Raised 2026 total revenue guidance to $6.6 to $6.8 billion; GAAP operating income of $1 to $1.1 billion, non-GAAP operating income of $1.7 to $1.8 billion

SAN CARLOS, Calif. – August 5, 2026 – BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced financial results and corporate updates from the second quarter of 2026.

John V. Oyler, Co-Founder, Chairman, and CEO, BeOne, said:

“These strong second-quarter results underscore our continued growth as a global oncology leader. Our foundational hematology franchise, led by BRUKINSA, continues to gain momentum as we advance one of the industry’s deepest and most diverse pipelines. With differentiated capabilities spanning drug discovery, clinical development, manufacturing, and commercialization, we are well positioned for our next phase of global growth.”

(Amounts in thousands of U.S. dollars and unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 % Change 2026 2025 % Change

Net product revenues $ 1,679,794 $ 1,302,076 29 % $ 3,167,123 $ 2,410,606 31 %

Other revenue $ 25,277 $ 13,224 91 % $ 51,386 $ 21,973 134 %

Total revenue $ 1,705,071 $ 1,315,300 30 % $ 3,218,509 $ 2,432,579 32 %

GAAP income from operations $ 325,047 $ 87,885 270 % $ 574,949 $ 98,987 481 %

Adjusted income from operations* $ 503,029 $ 274,945 83 % $ 917,423 $ 414,302 121 %

GAAP net income $ 237,007 $ 94,320 151 % $ 464,364 $ 95,590 386 %

Adjusted net income* $ 444,497 $ 252,822 76 % $ 819,539 $ 388,959 111 %

GAAP basic EPS per ADS $ 2.12 $ 0.87 144 % $ 4.17 $ 0.89 369 %

Adjusted basic EPS per ADS* $ 3.98 $ 2.33 71 % $ 7.37 $ 3.61 104 %

GAAP diluted EPS per ADS $ 2.05 $ 0.84 144 % $ 4.01 $ 0.85 372 %

Adjusted diluted EPS per ADS* $ 3.84 $ 2.25 71 % $ 7.08 $ 3.48 103 %

Free Cash Flow* $ 435,344 $ 219,772 98 % $ 595,891 $ 207,447 187 %

* For an explanation of our use of non-GAAP financial measures, refer to the “Note Regarding Use of Non-GAAP Financial Measures” section later in this press release and for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measures, see the table at the end of this press release.

Exhibit 99.1

Second Quarter 2026 Financial Results

Product Revenue totaled $1.7 billion for the second quarter of 2026, representing growth of 29% compared to the prior-year period.

•BRUKINSA: Global sales totaled $1.2 billion for the second quarter of 2026, representing growth of 31% compared to the prior-year period; U.S. sales of BRUKINSA totaled $893 million in the second quarter of 2026, representing growth of 31% compared to the prior-year period.

•TEVIMBRA (tislelizumab): Global sales totaled $229 million in the second quarter of 2026, representing growth of 18% compared to the prior-year period.

•Amgen in-licensed products: Global sales totaled $157 million in the second quarter of 2026, representing growth of 25% compared to the prior-year period.

Gross Margin as a percentage of global product sales for the second quarter of 2026 was 90%, compared to 87% in the prior-year period on a GAAP basis. The gross margin percentage increased due to a proportionally higher sales mix of global BRUKINSA compared to other products in the Company’s portfolio. Gross margin also benefited from productivity improvements resulting in lower costs for both BRUKINSA and TEVIMBRA.

Operating Expenses

The following table summarizes operating expenses for the second quarter of 2026:

GAAP Non-GAAP

(unaudited, in thousands, except percentages) Q2 2026 Q2 2025 % Change Q2 2026 Q2 2025 % Change

Research and development $ 612,280 $ 524,896 17 % $ 533,950 $ 444,057 20 %

Selling, general and administrative $ 593,214 $ 537,913 10 % $ 500,674 $ 441,655 13 %

Total operating expenses $ 1,205,494 $ 1,062,809 13 % $ 1,034,624 $ 885,712 17 %

The following table summarizes operating expenses for the first half of 2026:

GAAP Non-GAAP

(unaudited, in thousands, except percentages) Q2 YTD 2026 Q2 YTD 2025 % Change Q2 YTD 2026 Q2 YTD 2025 % Change

Research and development $ 1,153,504 $ 1,006,783 15 % $ 999,854 $ 865,252 16 %

Selling, general and administrative $ 1,148,311 $ 997,201 15 % $ 972,667 $ 837,166 16 %

Total operating expenses $ 2,301,815 $ 2,003,984 15 % $ 1,972,521 $ 1,702,418 16 %

Research and Development (R&D) Expenses increased for the second quarter of 2026 compared to the prior-year period on both a GAAP and adjusted basis due to advancing early clinical programs into late stage and preclinical programs into the clinic. Upfront fees and milestone payments related to in-process R&D for in-licensed assets totaled $23.3 million and $0.5 million in the second quarter of 2026 and 2025, respectively.

Selling, General and Administrative (SG&A) Expenses increased for the second quarter of 2026 compared to the prior-year period on both a GAAP and adjusted basis due to continued investment to support commercial growth. SG&A expenses as a percentage of product sales were 35% for the second quarter of 2026, compared to 41% in the prior-year period.

Net Income and Basic/Diluted Earnings Per Share

GAAP net income for the second quarter of 2026 was $237 million, an increase of $143 million over the prior-year period, primarily attributable to revenue growth and improved operating leverage. Adjusted net income was $444 million, an increase of $192 million over the prior-year period.

For the second quarter of 2026, basic and diluted earnings per share were both $0.16 per share and $2.12 and $2.05 per American Depositary Share (ADS), respectively, compared to basic and diluted earnings per share of $0.07 and $0.06 per share and $0.87 and $0.84 per ADS in the prior-year period. On an adjusted basis, basic and diluted earnings per share was $0.31 and $0.30 per share and $3.98 and $3.84 per ADS, respectively, compared to $0.18 and $0.17 per share and $2.33 and $2.25 per ADS in the prior-year period.

Exhibit 99.1

Free Cash Flow for the second quarter of 2026 was $435 million, representing an increase of $216 million over the prior-year period.

For further details on BeOne’s Second Quarter 2026 Financial Statements, please see BeOne’s Quarterly Report on Form 10-Q for the second quarter of 2026 filed with the U.S. Securities and Exchange Commission.

Updated Full Year 2026 Guidance

BeOne’s financial guidance is summarized below:

Prior FY 2026 Guidance

Current FY 2026 Guidance1

Total revenue $6.3B - $6.5B $6.6B - $6.8B

GAAP gross margin % High-80% range High-80% range

GAAP operating expenses2

(combined R&D and SG&A)

$4.7B - $4.9B $4.8B - $5.0B

GAAP operating income2

$750M - $850M $1.0B - $1.1B

Non-GAAP operating income2,3

$1.45B - $1.55B $1.7B - $1.8B

1 Assumes August 1, 2026 foreign exchange rates.

2 Does not assume any potential new, material business development activity or unusual/non-recurring items.

3 Non-GAAP operating income is a financial measure that excludes from the corresponding GAAP measure costs related to share-based compensation, depreciation and amortization expense. Guidance assumes that Non-GAAP expenses track overall expense growth.

BeOne’s total revenue guidance for full year 2026 of $6.6 billion to $6.8 billion includes expectations for strong revenue growth driven by BRUKINSA’s leadership position in the U.S. and continued global expansion in both Europe and other important rest of world markets. Gross margin percentage is expected to be in the high-80% range and includes the impact of product mix and a full year of 2026 productivity improvements. Guidance for combined operating expenses on a GAAP basis includes expectations of investment to support growth.

The Company is providing the following additional guidance on items impacting net income and earnings per ADS:

•Other income (expense): Estimated range of $25 million to $50 million in expense, includes interest amortization from Royalty Pharma arrangement.

•Income tax outlook: Earnings may provide sufficient positive evidence to reverse certain valuation allowances in 2026, resulting in a material tax benefit when recognized; the timing and magnitude of a potential reversal is uncertain; prior to reversal, income tax expense should trend with earnings per historical relationship. See Form 10-Q for additional updates on income tax uncertainties.

•Diluted ADS outstanding: The Company expects diluted ADSs outstanding of approximately 118 million.

Second Quarter 2026 Business Highlights

Core Marketed Products

BRUKINSA (zanubrutinib)

•Achieved positive topline results from the Phase 3 MANGROVE study in combination with rituximab demonstrating unprecedented progression-free survival (PFS) superiority versus bendamustine plus rituximab in adult patients with previously untreated mantle cell lymphoma (MCL).

•Reported long-term 78-month follow-up data from the Phase 3 SEQUOIA study, which continue to demonstrate sustained PFS benefit for the treatment of adult patients with treatment-naïve chronic lymphocytic leukemia (CLL), at the American Society of Clinical Oncology (ASCO) and European Hematology Association (EHA) annual meetings.

BEQALZI (sonrotoclax)

•Received U.S. Food and Drug Administration (FDA) accelerated approval 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.

TEVIMBRA (tislelizumab)

•Achieved Japan regulatory approval for the treatment of adult patients with first-line gastric cancer.

Exhibit 99.1

ZIIHERA (zanidatamab)

•Announced New England Journal of Medicine publication of full results from the Phase 3 HERIZON-GEA-01 study plus chemotherapy, with and without TEVIMBRA, versus trastuzumab plus chemotherapy as first-line treatment for advanced/metastatic HER2+ gastroesophageal adenocarcinoma (GEA).

Select Clinical-Stage Programs

•Hosted an investor event at ASCO highlighting proof-of-concept data for three solid tumor programs, including BGB-43395 (CDK4 inhibitor), BGB-B2033 (GPC3x4-1BB bispecific antibody), and BG-C9074 (B7-H4 antibody-drug conjugate).

Hematology

•Tacabrutideg (BTK CDAC): Achieved last patient enrolled for Phase 3 CaDAnCe-303 (China-only) study (BGB-16673-303) in post-BTKi R/R CLL.

•BG-75202 (KAT6 A/B inhibitor): Achieved first patient enrolled into monotherapy cohort for Phase 1 study for the treatment of adult patients with acute myeloid leukemia.

Breast and Gynecological Cancers

•BGB-43395 (CDK4 inhibitor): Initiated Phase 3 study in combination with letrozole for the treatment of adult patients with first-line HR-positive, HER2-negative metastatic breast cancer.

Gastrointestinal Cancers

•BGB-58067 (MTA-cooperative PRMT5 inhibitor): Received U.S. FDA Orphan Drug Designation for the treatment of adult patients with pancreatic ductal adenocarcinoma.

Lung Cancer

•BON-110 (PD-1xVEGF-AxCTLA-4 trispecific antibody)*: Initiated first-in-human study.

Anticipated R&D Milestones

Programs

Milestones

Timing

BRUKINSA

•Regulatory submissions for the treatment of adult patients with first-line MCL in the U.S., Europe, China and Japan.

2H 2026

TEVIMBRA

•U.S. FDA regulatory action for the treatment of adult patients with first-line HER2-positive GEA in combination with ZIIHERA and chemotherapy.

2H 2026

•China regulatory action for the treatment of adult patients with first-line HER2-positive GEA in combination with ZIIHERA and chemotherapy.

1H 2027

ZIIHERA

•China regulatory action for the treatment of adult patients with first-line HER2-positive GEA in combination with chemotherapy, with or without TEVIMBRA.

1H 2027

Tacabrutideg(BTK CDAC)

•Phase 2 potential submission (if data support) for the treatment of adult patients with R/R CLL.

2H 2026

BG-C9074

(B7-H4 ADC)

•Phase 3 study initiation for the treatment of adult patients with first-line ovarian cancer in maintenance setting.

2H 2026

BGB-B2033

(GPC3x4-1BB bispecific antibody)

•Pivotal Phase 3 study initiation in second-line hepatocellular carcinoma.

2H 2026

* BeOne has entered into an exclusive option with Huahui Health to license worldwide rights to HH160 (BON-110), a novel trispecific antibody targeting PD-1, VEGF-A and CTLA-4.

Exhibit 99.1

Corporate Updates

•Announced a $300 million expansion of the Company’s 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.

•Appointed Felix J. Baker, Ph.D.; Elizabeth F. Mooney; and Charles L. Sawyers, M.D., to the Company’s Board of Directors.

BeOne’s Earnings Results Webcast

The Company’s earnings conference call for the second quarter 2026 will be broadcast via webcast at 8:00 a.m. ET on Wednesday, August 5, 2026, and will be accessible through the Investors section of BeOne’s website at www.beonemedicines.com. Supplemental information in the form of a slide presentation, transcript of prepared remarks, and a replay of the webcast will also be available.

About BeOne

BeOne Medicines is a global oncology company that is discovering and developing innovative treatments for cancer patients worldwide. With a portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations. The Company has a growing global team spanning six continents who are driven by scientific excellence and exceptional speed to reach more patients than ever before.

To learn more about BeOne, please visit www.beonemedicines.com and follow us on LinkedIn, X, Facebook and Instagram.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding: BeOne’s continued growth as a global oncology leader; BeOne’s pipeline catalysts; BeOne’s full year 2026 guidance; BeOne’s expectations regarding continued global expansion and investment to support growth; upcoming R&D milestones to be achieved by BeOne; the timing of clinical and regulatory developments and data readouts; and BeOne’s plans, commitments, aspirations and goals under the caption “About BeOne.” Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including BeOne’s ability to demonstrate the efficacy and safety of its drug candidates; the clinical results for its drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; BeOne’s ability to achieve commercial success for its marketed medicines and drug candidates, if approved; BeOne’s ability to obtain and maintain protection of intellectual property for its medicines and technology; BeOne’s reliance on third parties to conduct drug development, manufacturing, commercialization, and other services; BeOne’s limited experience in obtaining regulatory approvals and commercializing pharmaceutical products; BeOne’s ability to obtain additional funding for operations and to complete the development of its drug candidates and achieve and maintain profitability; and those risks more fully discussed in the section entitled “Risk Factors” in BeOne’s most recent periodic report filed with the U.S. Securities and Exchange Commission (“SEC”), as well as discussions of potential risks, uncertainties, and other important factors in BeOne’s subsequent filings with the SEC. All information in this press release is as of the date of this press release, and BeOne undertakes no duty to update such information unless required by law. BeOne’s financial guidance is based on estimates and assumptions that are subject to significant uncertainties.

Investor Contact Media Contact

Liza Heapes Kyle Blankenship

+1 857-302-5663 +1 667-351-5176

ir@beonemed.com media@beonemed.com

Exhibit 99.1

Condensed Consolidated Statements of Operations (U.S. GAAP)

(Amounts in thousands of U.S. dollars, except for shares, American Depositary Shares (ADSs), per share and per ADS data)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026 2025 2026 2025

(Unaudited) (Unaudited)

Revenues

Product revenue, net $ 1,679,794 $ 1,302,076 $ 3,167,123 $ 2,410,606

Other revenue 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 - products 174,530 164,606 341,745 329,608

Gross profit 1,530,541 1,150,694 2,876,764 2,102,971

Operating expenses:

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 75,452 5,229 107,310 24,859

Net income $ 237,007 $ 94,320 $ 464,364 $ 95,590

Earnings per share

Basic $ 0.16 $ 0.07 $ 0.32 $ 0.07

Diluted $ 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

Earnings per American Depositary Share (“ADS”)

Basic $ 2.12 $ 0.87 $ 4.17 $ 0.89

Diluted $ 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

Exhibit 99.1

Select Condensed Consolidated Balance Sheet Data (U.S. GAAP)

(Amounts in thousands of U.S. Dollars)

As of

June 30, December 31,

2026 2025

(unaudited) (audited)

Assets:

Cash, cash equivalents and restricted cash $ 5,280,674 $ 4,609,647

Accounts receivable, net 1,056,177 865,080

Inventories 732,603 608,227

Property, plant and equipment, net 1,643,286 1,641,678

Total assets $ 9,175,615 $ 8,188,573

Liabilities and equity:

Accounts payable $ 470,299 $ 479,035

Accrued expenses and other payables 1,264,264 1,109,120

R&D cost share liability 6,182 64,345

Sale of future royalty liability 906,313 906,956

Debt 1,073,059 1,019,206

Total liabilities 4,001,617 3,827,379

Total equity $ 5,173,998 $ 4,361,194

Exhibit 99.1

Select Condensed Consolidated Statements of Cash Flows (U.S. GAAP)

(Amounts in thousands of U.S. Dollars)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026 2025 2026 2025

(unaudited) (unaudited)

Cash, cash equivalents and restricted cash at beginning of period $ 4,853,425 $ 2,530,591 $ 4,609,647 $ 2,638,747

Net cash provided by operating activities 462,820 263,598 664,156 307,680

Net cash used in investing activities (49,353) (66,605) (94,863) (188,546)

Net cash (used in) provided by financing activities (6,054) 35,025 62,578 1,248

Net effect of foreign exchange rate changes 19,836 23,477 39,156 26,957

Net increase in cash, cash equivalents, and restricted cash 427,249 255,495 671,027 147,339

Cash, cash equivalents and restricted cash at end of period $ 5,280,674 $ 2,786,086 $ 5,280,674 $ 2,786,086

Exhibit 99.1

Note Regarding Use of Non-GAAP Financial Measures

BeOne provides certain non-GAAP financial measures, including Adjusted Operating Expenses, Adjusted Operating Loss, Adjusted Net Income, Adjusted Earnings Per Share, Free Cash Flow and certain other non-GAAP income statement line items, each of which include adjustments to GAAP figures. These non-GAAP financial measures are intended to provide additional information on BeOne’s operating performance. Adjustments to BeOne’s 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 U.S. GAAP current tax expense. The Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects. BeOne maintains an established non-GAAP policy that guides the determination of what costs will be excluded in non-GAAP financial measures and the related protocols, controls and approval with respect to the use of such measures. BeOne believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of BeOne’s operating performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of BeOne’s 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 BeOne’s performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. 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.

Exhibit 99.1

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES

(Amounts in thousands of U.S. Dollars, except for per share and per ADS data)

(unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Reconciliation of GAAP to adjusted cost of sales - products:

GAAP cost of sales - products $ 174,530 $ 164,606 $ 341,745 $ 329,608

Less: Depreciation 5,520 3,321 9,846 5,934

Less: Amortization of intangibles 1,592 5,749 3,334 6,922

Less: Other — 893 — 893

Adjusted cost of sales - products $ 167,418 $ 154,643 $ 328,565 $ 315,859

Reconciliation of GAAP to adjusted research and development:

GAAP research and development $ 612,280 $ 524,896 $ 1,153,504 $ 1,006,783

Less: Share-based compensation cost 58,536 64,392 112,392 106,159

Less: Depreciation 19,794 16,447 41,258 35,372

Adjusted research and development $ 533,950 $ 444,057 $ 999,854 $ 865,252

Reconciliation of GAAP to adjusted selling, general and administrative:

GAAP selling, general and administrative $ 593,214 $ 537,913 $ 1,148,311 $ 997,201

Less: Share-based compensation cost 78,931 86,161 148,423 139,845

Less: Depreciation 13,592 10,086 27,187 20,162

Less: Amortization of intangibles 17 11 34 28

Adjusted selling, general and administrative $ 500,674 $ 441,655 $ 972,667 $ 837,166

Reconciliation of GAAP to adjusted operating expenses:

GAAP operating expenses $ 1,205,494 $ 1,062,809 $ 2,301,815 $ 2,003,984

Less: Share-based compensation cost 137,467 150,553 260,815 246,004

Less: Depreciation 33,386 26,533 68,445 55,534

Less: Amortization of intangibles 17 11 34 28

Adjusted operating expenses $ 1,034,624 $ 885,712 $ 1,972,521 $ 1,702,418

Reconciliation of GAAP to adjusted income from operations:

GAAP income from operations $ 325,047 $ 87,885 $ 574,949 $ 98,987

Plus: Share-based compensation cost 137,467 150,553 260,815 246,004

Plus: Depreciation 38,906 29,854 78,291 61,468

Plus: Amortization of intangibles 1,609 5,760 3,368 6,950

Plus: Other — 893 — 893

Adjusted income from operations $ 503,029 $ 274,945 $ 917,423 $ 414,302

Reconciliation of GAAP to adjusted income tax expense:

GAAP income tax expense $ 75,452 $ 5,229 $ 107,310 $ 24,859

Plus: Discrete tax items (49,839) 14,210 (53,374) 8,737

Plus: Income tax effect of non-GAAP adjustments 20,331 17,466 40,673 28,703

Adjusted income tax expense $ 45,944 $ 36,905 $ 94,609 $ 62,299

Exhibit 99.1

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Reconciliation of GAAP to adjusted net income:

GAAP net income $ 237,007 $ 94,320 $ 464,364 $ 95,590

Plus: Share-based compensation expenses 137,467 150,553 260,815 246,004

Plus: Depreciation 38,906 29,854 78,291 61,468

Plus: Amortization of intangibles 1,609 5,760 3,368 6,950

Plus: Other — 893 — 893

Plus: Impairment of equity investments — 3,118 — 15,494

Plus: Discrete tax items 49,839 (14,210) 53,374 (8,737)

Plus: Income tax effect of non-GAAP adjustments1

(20,331) (17,466) (40,673) (28,703)

Adjusted net income $ 444,497 $ 252,822 $ 819,539 $ 388,959

Reconciliation of GAAP to adjusted EPS - basic

GAAP earnings per share - basic $ 0.16 $ 0.07 $ 0.32 $ 0.07

Plus: Share-based compensation expenses 0.09 0.11 0.18 0.18

Plus: Depreciation 0.03 0.02 0.05 0.04

Plus: Amortization of intangibles 0.00 0.00 0.00 0.00

Plus: Other 0.00 0.00 0.00 0.00

Plus: Impairment of equity investments 0.00 0.00 0.00 0.01

Plus: Discrete tax items 0.03 (0.01) 0.04 (0.01)

Plus: Income tax effect of non-GAAP adjustments1

(0.01) (0.01) (0.03) (0.02)

Adjusted earnings per share - basic $ 0.31 $ 0.18 $ 0.57 $ 0.28

Reconciliation of GAAP to adjusted EPS - diluted

GAAP earnings per share - diluted $ 0.16 $ 0.06 $ 0.31 $ 0.07

Plus: Share-based compensation expenses 0.09 0.10 0.17 0.17

Plus: Depreciation 0.03 0.02 0.05 0.04

Plus: Amortization of intangibles 0.00 0.00 0.00 0.00

Plus: Other 0.00 0.00 0.00 0.00

Plus: Impairment of equity investments 0.00 0.00 0.00 0.01

Plus: Discrete tax items 0.03 (0.01) 0.04 (0.01)

Plus: Income tax effect of non-GAAP adjustments1

(0.01) (0.01) (0.03) (0.02)

Adjusted earnings per share - diluted $ 0.30 $ 0.17 $ 0.54 $ 0.27

Reconciliation of GAAP to adjusted earnings per ADS - basic

GAAP earnings per ADS - basic $ 2.12 $ 0.87 $ 4.17 $ 0.89

Plus: Share-based compensation expenses 1.23 1.39 2.34 2.29

Plus: Depreciation 0.35 0.28 0.70 0.57

Plus: Amortization of intangibles 0.01 0.05 0.03 0.06

Plus: Other 0.00 0.01 0.00 0.01

Plus: Impairment of equity investments 0.00 0.03 0.00 0.14

Plus: Discrete tax items 0.45 (0.13) 0.48 (0.08)

Plus: Income tax effect of non-GAAP adjustments1

(0.18) (0.16) (0.37) (0.27)

Adjusted earnings per ADS - basic $ 3.98 $ 2.33 $ 7.37 $ 3.61

Exhibit 99.1

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Reconciliation of GAAP to adjusted earnings per ADS - diluted

GAAP earnings per ADS - diluted $ 2.05 $ 0.84 $ 4.01 $ 0.85

Plus: Share-based compensation expenses 1.19 1.34 2.25 2.20

Plus: Depreciation 0.34 0.27 0.68 0.55

Plus: Amortization of intangibles 0.01 0.05 0.03 0.06

Plus: Other 0.00 0.01 0.00 0.01

Plus: Impairment of equity investments 0.00 0.03 0.00 0.14

Plus: Discrete tax items 0.43 (0.13) 0.46 (0.08)

Plus: Income tax effect of non-GAAP adjustments1

(0.18) (0.16) (0.35) (0.26)

Adjusted earnings per ADS - diluted $ 3.84 $ 2.25 $ 7.08 $ 3.48

1.Tax effect of Non-GAAP adjustments is based on the statutory tax rate in the relevant tax jurisdiction. Please note that the Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects.

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Free Cash Flow (Non-GAAP):

Net cash provided by operating activities (GAAP) $ 462,820 $ 263,598 $ 664,156 $ 307,680

Less: Purchases of property, plant and equipment (27,476) (43,826) (68,265) (100,233)

Free Cash Flow (Non-GAAP) $ 435,344 $ 219,772 $ 595,891 $ 207,447

Reconciliation of GAAP Operating Income Guidance to Non-GAAP

Operating Income Guidance for Full Year 2026

(Unaudited)

GAAP operating income 1,000,000 — 1,100,000

Plus: Adjustments to arrive at Non-GAAP1

700,000 — 700,000

Non-GAAP operating income 1,700,000 — 1,800,000

1.The non-GAAP adjustments are based on best available information at this time related to non-cash items similar to those reported in our actual Non-GAAP results.

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v3.26.1

Document and Entity Information Document

Aug. 05, 2026

Cover [Abstract]

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Entity Registrant Name

BEONE MEDICINES LTD.

Entity Incorporation, State or Country Code

Entity File Number

001-37686

Entity Tax Identification Number

98-1209416

Entity Address, Address Line One

c/o BeOne Medicines I GmbH

Entity Address, Address Line Two

Aeschengraben 27

Entity Address, City or Town

Basel

Entity Address, Postal Zip Code

4051

Entity Address, Country

City Area Code

Local Phone Number

685 19 00

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American Depositary Shares, each representing 13 Ordinary Shares, par value $0.0001 per share

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Security Exchange Name

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