BeOne Medicines Tops Revenue Estimates at $1.89 Billion; Adjusted EPS $4.59

BeOne Medicines Ltd. (Nasdaq: ONC) reported third-quarter revenue of $1.89 billion, above the $1.76 billion analysts expected, and adjusted diluted EPS of $4.59 per American Depositary Share (ADS) against the $1.88 consensus estimate, in an 8-K filed Thursday.

Total revenue rose 34% from $1.41 billion a year earlier. Net product revenue was $1.86 billion, up 33%, and other revenue was $34.8 million, up 101%.

BRUKINSA drives product sales

Global sales of BRUKINSA (zanubrutinib) totaled $1.4 billion in the quarter, up 34% from a year earlier. U.S. sales of BRUKINSA reached $1.0 billion, up 36%. TEVIMBRA (tislelizumab) generated $243 million in global sales, up 28%, and Amgen in-licensed products generated $167 million, up 26%.

GAAP gross margin on product sales was 88%, compared with 86% a year earlier. On an adjusted basis, gross margin was 90%. The release attributes the gain to a higher sales mix of BRUKINSA and productivity improvements, partly offset by a $22 million non-cash intangible asset impairment tied to the decision to discontinue promotion of POBEVCY.

Profit and spending

GAAP income from operations was $418.7 million, compared with $163.1 million a year earlier. GAAP net income was $384.7 million, or $3.28 per diluted ADS, compared with $124.8 million, or $1.09 per diluted ADS. Adjusted net income was $538.7 million.

GAAP research and development expenses rose 26% to $660.8 million, and selling, general and administrative expenses rose 12% to $593.5 million. The company said R&D increased as early clinical programs advanced into late stage and preclinical programs entered the clinic, and that SG&A rose to support commercial growth.

Free cash flow was $473.5 million, up 34% from a year earlier.

Guidance raised

BeOne now expects 2026 total revenue of $6.9 billion to $7.0 billion, compared with its prior range of $6.6 billion to $6.8 billion. Analysts had expected full-year revenue of $6.76 billion on average. The company's GAAP operating income guidance is $1.2 billion to $1.3 billion, and its non-GAAP operating income guidance is $1.9 billion to $2.0 billion.

The company also said it expects to reverse certain valuation allowances in the fourth quarter of 2026, which would produce a material tax benefit when recognized. It expects about 118 million diluted ADSs outstanding.

The stock closed at $377.78 on Wednesday, Nov. 4, the last session before the filing.