BeOne Medicines Ltd. Class A · SSE:688235
BeOne Medicines Ltd. Class A — Q3 2026 Earnings Presentation
42 slides from BeOne Medicines Ltd. Class A's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Results
Q3 2026 Results Conference call and webcast for investors and analysts NOVEMBER 5, 2026
Slide 2: Disclosures
Disclosures Certain statements contained in this presentation and in the accompanying oral presentation, other than statements of fact that are independently verifiable at the date hereof, constitute forward looking statements. Examples of such forward-looking statements include statements regarding
Slide 3: Agenda
Agenda 1 Welcome, safe harbor, and agenda Dan Maller Head of Investor Relations 2 CEO business update John V. Oyler Co-Founder, Chairman and CEO 3 Financial results Aaron Rosenberg Chief Financial Officer 4 R&D and pipeline progress Lai Wang, Ph.D. President and Global Head of R&D 5 Q&A BeOne manage
Slide 4: CEO business update
CEO business update John V. Oyler Co-Founder, Chairman and CEO 4
Slide 5: Q3 2026: Delivering at scale. Model proven. Impact multiplying.
Q3 2026: Delivering at scale. Model proven. Impact multiplying. Financial and Pipeline highlights business highlights REVENUE EARNINGS PER ADS 1 HEMATOLOGY $1.9B $3.28 Foundational heme franchise expansion BRUKINSA 1L MCL Mangrove FDA filing acceptance (priority review) +34% Y/Y GAAP · Non-GAAP2 $4.
Slide 6: Foundational BRUKINSA sustained U.S. and global leadership
Foundational BRUKINSA sustained U.S. and global leadership BRUKINSA global quarterly revenue $ in millions Ex-U.S. U.S. 1,391 Powerful and sustained 1,248 BTK inhibition 1,146 1,095 386 1,041 MARKET SHARE 950 301 355 #1 Sustained U.S. and global leadership 828 334 792 302 266 690 FASTEST GROWTH
Slide 7: Real-world evidence: BRUKINSA vs. acalabrutinib and ibrutinib
Real-world evidence: BRUKINSA reported lower risk of death and treatment failure vs. acalabrutinib and ibrutinib Acalabrutinib Adjusted hazard ratios: BRUKINSA vs. acalabrutinib and ibrutinib Ibrutinib ENDPOINT COMPARATOR DATASET (n) aHR (95% CI) 1 Acalabrutinib Medicare FFS (n=7,315) 0.77 (0.66–0.8
Slide 8: A BeOne medicine for each patient's journey
A BeOne medicine for each patient’s journey INDICATION TODAY FUTURE CLL Frontline BRUKINSA1 BRUKINSA1 BRUKINSA + BEQALZI3 taca-deg + BEQALZI4 taca-deg4 Additional Hematology assets entering clinic Phase 1 CLL R/R BRUKINSA1 BRUKINSA1 taca-deg3 taca-deg + BEQALZI3 BEQALZI + O3 Asset FIH KAT6A/B inhibi
Slide 9: Solid tumor: delivering on our promise
Solid tumor: delivering on our promise GPC3 x 4-1BB PRMT5i CEA ADC CDK4i B7-H4 ADC 36% 38.5% 60% ~70% 55% uORR (45% cORR) cORR in 2L+ HCC, ~5x higher cORR in MTAP-deficient, cORR in ORR with letrozole in 1L in OC at target dose than standard of care with EGFR wild-type NSCLC1 CEA-high NSCLC1 HR+/HER
Slide 10: Pivotal-stage programs are poised to change global patient impact
Pivotal-stage programs are poised to exponentially change our global patient impact Global annual cases (millions) BeOne asset Indication Incidence Mortality Biomarker 2.2 CEA ADC PRMT5i Lung (NSCLC†) 1.6 CEA-high (~30%) MTAP-deleted (~13%) 0.9 GPC3 × 4-1BB bsAb Liver (HCC)* 0.8 GPC3 (most HCC) 2.4
Slide 11: Our innovation engine is delivering top-tier productivity
Our innovation engine is delivering top-tier productivity Internally discovered Externally discovered 1 2 3 LEADING DISCOVERY PRODUCTIVITY COMPETITIVELY ADVANTAGED SPEED TOP-TIER LATE-STAGE THROUGHPUT Oncology NMEs entering the clinic Time from FIH to pivotal start for CDK4i and Highest count of new
Slide 12: A repeatable model to build the world's leading oncology company
A repeatable model to build the world’s leading oncology company Industry-leading Strong R&D returns financial profile Collectively deliver Profits reinvested OUR FOUNDATIONAL COMPETITIVE ADVANTAGES 1 2 3 4 Rigorous, Global Global Entrepreneurial prolific development commercial culture research supe
Slide 13: Financial results
Financial results Aaron Rosenberg Chief Financial Officer 13
Slide 14: Q3 2026: product revenue composition
Q3 2026: product revenue composition $ in millions (Q3 2026) Product revenue Commentary +33% growth • BRUKINSA: +34% - Sustained BTK leadership in the U.S. 1,855 1,680 - Strong underlying demand growth while 216 1,476 1,487 204 maximizing value share 1,395 243 148 186 229 164 182 206 • TEVIMBRA: +28
Slide 15: Q3 2026: diversified revenue mix and growth across all markets
Q3 2026: diversified revenue mix and growth across all markets $ in millions (Q3 2026) Growth % (Q3 2026) Product revenue mix Product revenue growth U.S. 1,013 U.S. 36% China 527 China 21% Europe 234 Europe 41% ROW 80 ROW 58% 15 Growth % represents Q3 2026 vs. Q3 2025
Slide 16: Q3 2026: reported financial information (GAAP)
Q3 2026: reported financial information (GAAP) $ in millions (except per ADS) Q3 2026 Q3 2025 Total revenue 1,890 1,412 Gross margin % 88% 86% Total operating expenses 1,254 1,053 R&D 661 524 SG&A 593 529 Income from operations 419 163 Net income 385 125 Earnings per ADS - diluted $3.28 $1.09 Cash f
Slide 17: Q3 2026: adjusted financial information (Non-GAAP)
Q3 2026: adjusted financial information (Non-GAAP) $ in millions (except per ADS) Q3 2026 Q3 2025 Total revenue 1,890 1,412 Gross margin % 90% 86% Total operating expenses 1,090 880 R&D 586 446 SG&A 504 434 Adjusted income from operations1 612 341 Adjusted net income 539 304 Adjusted earnings per AD
Slide 18: Updated full year 2026 guidance
Updated full year 2026 guidance Prior Current FY 2026 guidance FY 2026 guidance Total revenue $6.6 - $6.8B $6.9 - $7.0B GAAP gross margin %1 High-80% range High-80% range GAAP operating expenses (combined R&D and SG&A)2 $4.8 - $5.0B $4.9 - $5.0B GAAP operating income2 $1.0 - $1.1B $1.2 - $1.3B Non-G
Slide 19: R&D and pipeline progress
R&D and pipeline progress Lai Wang, Ph.D. President and Global Head of R&D 19
Slide 20: Progress across BeOne's growing pipeline
Progress across BeOne’s growing pipeline Hematology Solid Tumor BRUKINSA® (zanubrutinib) TEVIMBRA® (tislelizumab) • U.S. (priority review), EU, and CN submissions completed for • HERIZON-GEA-01 1L HER2+ GEA1 approved in U.S. MANGROVE TN MCL; plenary presentation at ASH Pipeline update BEQALZI (sonro
Slide 21: A deep pipeline designed to deliver leadership across key disease areas
A deep pipeline designed to deliver leadership across key disease areas Hematology/ Breast/ Immunology/ Oncology Gynecologic Lung Gastrointestinal Inflammation BTKi (BRUKINSA) CDK4i PRMT5i GPC3 x 4-1BB bsAb Tacabrutideg BCL2i (BEQALZI) B7-H4 ADC3 CEA ADC PRMT5i IRAK4 CDAC Tacabrutideg CDK2 CDAC EGFR
Slide 22: Tacabrutideg is on track to be potential first-in-class BTK degrader
Tacabrutideg is on track to be potential first-in-class and best-in-class BTK degrader CLINICAL PROGRESS PRECLINICAL HIGHLIGHTS Excellent selectivity across kinome and protein degradation assays 1 Phase 2 in R/R CLL Tacabrutideg Bexobrutideg Tacabrutideg Bexobrutideg Tacabrutideg Bexobrutideg achiev
Slide 23: BGB-B2033 - GPC3 x 4-1BB bsAb
BGB-B2033 - GPC3 x 4-1BB bsAb FIC potential breakthrough therapy in HCC with unprecedented efficacy and safety Global Ph3 U.S. cancer burden1 since 20212 HCC has high unmet need, ranking 6th in 68 U.S. cancer mortality but has few innovative Pancreatic cancer 53 11 therapies in development 36 Multip
Slide 24: BGB-B2033 - GPC3 x 4-1BB bsAb in 2L+ HCC
BGB-B2033 - GPC3 x 4-1BB bsAb in 2L+ HCC Favorable safety profile and durable responses consistent with immune mechanism DOR rate (95% CI), % 450 mg Q3W All patients TRAEs occurring in >5% patients 20 (n=9)a (N=27)a 6-month 74.1 (28.9-93.0) 79.2 (56.9-90.8) Target lesion change from baseline (%) AST
Slide 25: BGB-58067 - PRMT5i
BGB-58067 - PRMT5i Potential best-in-class brain-penetrant therapy with broad utility Meaningful opportunity in various MTAPdel tumors Objective responses observed in multiple MTAP- deficient tumors with intracranial responses in patients with brain metastases NSCLC 13% 270k In pretreated MTAP defic
Slide 26: BGB-58067 - PRMT5i durable responses and intracranial activity
BGB-58067 - PRMT5i Durable responses, sustained stable disease, and encouraging intracranial activity Best overall response by investigator1 Demonstrated efficacy in brain metastases Best overall response ~40% of NSCLC patients develop brain metastases by investigator Partial response (PR) The confi
Slide 27: BG-C477 - CEA ADC
BG-C477 - CEA ADC Potential first-in-class opportunity in NSCLC ~ 1/3 of NSCLC tumors have high CEA expression 60% confirmed ORR in heavily pretreated CEAhigh NSCLC patients, with 6 months DOR rate of 73%1 CEAhigh Favorable safety profile, including no grade ≥3 ILD or ocular events NSCLC Other NSCLC
Slide 28: BG-C477 - CEA ADC in late-line NSCLC
BG-C477 - CEA ADC in late-line NSCLC Promising initial activity with durable responses Best confirmed overall response KM plot for PFS in CEAhigh NSCLC patients 20 × in CEAhigh NSCLC patients (safety analysis set; N=25) SD (efficacy evaluable analysis set; N=24a) 1.00 Change in target lesions from b
Slide 29: What you will see at ASH 2026
What you will see at ASH 2026 45 abstracts accepted at ASH 2026 5 oral presentations, including MANGROVE plenary 32 posters BeOne to host ASH IR event on December 14, 2026 BRUKINSA BRUKINSA BRUKINSA BEQALZI TACABRUTIDEG First and only CLL patients Higher Deep, fixed- First-in-class chemo-free
Slide 30: Key upcoming events
Key upcoming events New since last update ✓ achieved planned Milestone H1 2026 H2 2026 2027 Phase 3 BRUKINSA+R vs. BR in 1L MCL (MANGROVE) interim analysis and submission ✓ ✓ Taca-deg Phase 2 in R/R CLL submission1 (mid-2027) Hematology Sonro Phase 3 triplet in 2L+ t(11;14) MM (CELESTIAL-305) in
Slide 31: Q&A
Q&A 31
Slide 32: End
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Slide 33: Appendix
Appendix 33
Slide 34: Reconciliation to adjusted income from operations
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted income from operations $ in millions Q3 2026 Q3 2025 GAAP income from operations 419 163 Plus: Share-based compensation 133 141 Plus: Depreciation expense 37 36 Plus: Amortization expense 24 2 Adjusted income fr
Slide 35: Reconciliation to adjusted income tax expense
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted income tax expense $ in millions Q3 2026 Q3 2025 GAAP income tax expense 26 22 Plus: Discrete tax items 12 1 Plus: Income tax effect of non-GAAP adjustments 28 17 Adjusted income tax expense 65 40 35 Figures may
Slide 36: Reconciliation to adjusted net income
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted net income $ in millions Q3 2026 Q3 2025 GAAP net income 385 125 Plus: Share-based compensation 133 141 Plus: Depreciation expense 37 36 Plus: Amortization expense 24 2 Plus: Impairment of equity investments - 1
Slide 37: Reconciliation to adjusted EPS per ADS - basic
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted EPS per ADS - basic Q3 2026 Q3 2025 GAAP EPS per ADS - basic 3.38 1.13 Plus: Share-based compensation 1.17 1.28 Plus: Depreciation expense 0.33 0.32 Plus: Amortization expense 0.21 0.01 Plus: Impairment of equit
Slide 38: Reconciliation to adjusted EPS per ADS - diluted
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted EPS per ADS - diluted Q3 2026 Q3 2025 GAAP EPS per ADS – diluted1 3.28 1.09 Plus: Share-based compensation 1.13 1.23 Plus: Depreciation expense 0.32 0.31 Plus: Amortization expense 0.20 0.01 Plus: Impairment of
Slide 39: Reconciliation to free cash flow
Reconciliation and calculation of non-GAAP financial measures Reconciliation to free cash flow $ in millions Q3 2026 Q3 2025 Net cash provided by operating activities (GAAP) 509 403 Less: Purchases of property, plant and equipment (35) (48) Free cash flow 474 354 39 Figures may not sum due to roundi
Slide 40: Reconciliation to non-GAAP operating income guidance for 2026
Reconciliation and calculation of non-GAAP financial measures Reconciliation to non-GAAP operating income guidance for full year 2026 $ in millions GAAP Operating Income 1,200 - 1,300 Plus: Adjustments to arrive at Non-GAAP 700 - 700 Non-GAAP Operating Income 1,900 2,000 40 Figures may not sum due t
Slide 41: Acronyms: A-I
Acronyms: A-I 1H First half D 1L 1st-line D Diameter 2H Second half DCR Disease control rate 2L 2nd-line DoR Duration of response A E AA Accelerated approval EC Endometrial cancer ADC Antibody drug conjugate EHA European Hematology Association ADS American depositary share EPS Earnings per share EGF
Slide 42: Acronyms: J-Z
Acronyms: J-Z J PR Partial response JCO Journal of Clinical Oncology PRMT5 / PRMT5i Protein arginine methyltransferase 5 (inhibitor) JP Japan Q K Q1 First quarter KM Kaplan-Meier Q2 Second quarter L Q3 Third quarter M Q4 Fourth quarter mAb Monoclonal antibody R MAIC Matching adjusted indirect compar