Beone Medicines Ltd. Class A · SSE:688235
Beone Medicines Ltd. Class A — Q1 2026 Earnings Presentation
45 slides from Beone Medicines Ltd. Class A's earnings presentation, May 6, 2026
Slide 1: Q1 2026 results
Q1 2026 results Conference call and webcast for investors and analysts MAY 6, 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, Global Head of R&D 5 Q&A BeOne Managemen
Slide 4: CEO business update
CEO business update John V. Oyler Co-Founder, Chairman and CEO 4
Slide 5: Q1 2026: strong execution across key focus areas
Q1 2026: strong execution across key focus areas Financial and Pipeline highlights commercial highlights Revenue BRUKINSA Key data presentations • $1.5B, +35% • Sustained global BTKi • Over 60 ASCO and EHA acceptances leadership highlighting BeOne leadership across heme and solid tumor programs Earn
Slide 6: Sustained leadership in growing global BTK market
Sustained leadership in growing global BTK market ex-U.S. BRUKINSA global quarterly revenue U.S. $ in millions $1,146 $1,095 $1,041 BRUKINSA is fastest $950 $301 growing cBTKi (+38%) $828 $302 $334 driving overall global BTK $792 $266 market growth (+14%) $690 $635 $212 $229 $186 Broadest label
Slide 7: BRUKINSA is the only BTKi that induces complete and sustainable BTK inhibition
BRUKINSA is the only BTKi that induces complete and sustainable BTK inhibition due to its potency and superior PK BRUKINSA PK vs. IC501 Acalabrutinib PK vs. IC502 Ibrutinib PK vs. IC503 BRUKINSA 160mg BID Acalabrutinib 100mg BID Ibrutinib 560mg QD 100 100 100 BRUKINSA 320mg QD Free fraction in Plasm
Slide 8: Contextualizing BRUKINSA's 6-year landmark PFS and OS in 1L CLL
Contextualizing BRUKINSA’s 6-year landmark PFS and OS in 1L CLL Continuous use “Fixed duration” 80 Zanubrutinib - 20235 70 60 Ibrutinib - 20162 Acalabrutinib - 20194 VO - 20193 50 6-year PFS % 40 30 BR – 2010s1 20 10 Chlorambucil - pre-2008 0 0 10 20 30 40 50 60 70 80 90 100 6-year OS% Definitiv
Slide 9: Reported landmark PFS at years 3-6 in 1L CLL
Reported landmark PFS at years 3-6 in 1L CLL BTK inhibitors1,2,3,4 BRUKINSA and FD regimens1,2,5,6 90% 90% BRU 84% BRU 84% acala 83% ibru 82% BRU 82% VO 82% BRU 82% 80% 80% VO7 81% acala 78% AV 77% ibru 76% BRU 76% BRU 76% BRU 74% AV (Amplify) VO 74% BRU 74% last reported PFS% PFS% acala 72% data cu
Slide 10: Only BRUKINSA showed PFS superiority over ibrutinib
Only BRUKINSA showed PFS superiority over ibrutinib Zanu vs. Ibru: PFS by IRC Acala vs. Ibru: PFS by IRC Pirto vs. Ibru: PFS by IRC 100 100 Progression-free survival probability (%) Progression-free survival probability (%) Progression-free survival probability (%) 100 90 90 90 80 80 80 70 70 70 60
Slide 11: Adverse events leading to discontinuation across head-to-head BTKi trials in CLL
Adverse events leading to discontinuation across head-to-head trials of BTK inhibitors in CLL AEs leading to discontinuation (%) Zanubrutinib 8% ALPINE 1 Δ -5% Ibrutinib 13% Acalabrutinib 15% ELEVATE-RR2 Δ -7% Ibrutinib 22% Pirtobrutinib 8% BRUIN-3143 Δ +1% Ibrutinib 7% 0% 5% 10% 15% 20% 25% Definit
Slide 12: Real-world efficacy and safety data reinforce BRUKINSA in CLL
Real-world efficacy and safety data consistently reinforce BRUKINSA as the foundational treatment in CLL BeOne @ “Real-World Impact “Real-world outcomes among “Real-world treatment and survival of Atrial Fibrillation on Medicare beneficiaries treated outcomes for zanubrutinib and acalabrutinib Cardi
Slide 13: Sonrotoclax: our next-generation foundational BCL2 inhibitor
Sonrotoclax: our next-generation foundational BCL2 inhibitor Designed to optimize efficacy and safety with more convenient handling Key updates than venetoclax Now launched in RR CLL and RR MCL (China) and RR MCL submitted in U.S and EU (FDA PDUFA - 1H 2026) Potency 14-fold more potent (IC50) for de
Slide 14: Zanubrutinib plus sonrotoclax poised to deliver optimized efficacy, safety, and convenience
Zanubrutinib plus sonrotoclax (ZS) poised to deliver optimized efficacy, safety, and convenience ZS ZS VO IV IV IV VO VO AV (BGB-11417-101) (BGB-11417-101)1 1 (CLL17)2 (CLL17)2 (CAPTIVATE)3,4 (GLOW)5 (CLL14)6 (CLL13)7 (AMPLIFY)8 All comers Population All comers All comers All comers <70y Unfit Unfit
Slide 15: BTK CDAC: potential first-in-class and best-in-class BTK degrader
BTK CDAC: potential first-in-class and best-in-class BTK degrader CaDAnCe 101 Monotherapy Potentially pivotal R/R CLL/SLL Key attributes CaDAnCe 304 (vs. pirto) Monotherapy R/R CLL/SLL Phase 3 Most advanced BTK degrader CaDAnCe 302, 3031 (vs. inv choice) Complete BTK degradation Monotherapy R/R CLL/
Slide 16: Foundational medicines across the three key MOAs in CLL
BeOne is the only company with foundational medicines across the three key MOAs in CLL BRUKINSA Sonrotoclax BTK CDAC (BTKi) (BCL2i) (BTK degrader) Potentially Differentiated Potentially design Best-in-class best-in-class best-in-class/ first-in-class Sustained Most approved CLL indications and
Slide 17: Highlighting leadership at upcoming major congresses
Highlighting leadership across hematology and solid tumors at upcoming major congresses Key updates BRUKINSA: Sequoia LT follow-up and real-world evidence BRUKINSA: Sequoia – data update on largest/longest- followed cohort of patients aged ≥80 years ZS combination: 101 trial update BTK CDAC: CaDAnCe
Slide 18: Financial results
Financial results Aaron Rosenberg Chief Financial Officer 18
Slide 19: Q1 2026: product revenue composition
Q1 2026: product revenue composition $ in millions (Q1 2026) Product revenue Commentary +34% • BRUKINSA: +38% growth - Sustained BTK leadership in the U.S. 1,476 1,487 - Strong underlying demand growth while 1,395 1,302 164 148 186 maximizing value share 1,109 159 182 206 191 146 194 • TEVIMBRA: +20
Slide 20: Q1 2026: diversified revenue mix and growth across all markets
Q1 2026: diversified revenue mix and growth across all markets $ in millions (Q1 2026) Growth % (Q1 2026) Product revenue mix Product revenue growth U.S. 766 U.S. 36% China 465 China 17% Europe 191 Europe 64% ROW 65 ROW 104% 20 Growth % represents Q1 2026 vs. Q1 2025
Slide 21: Q1 2026: reported financial information (GAAP)
Q1 2026: reported financial information (GAAP) $ in millions (except per ADS) Q1 2026 Q1 2025 Total revenue 1,513 1,117 Gross margin % 89% 85% Total operating expenses 1,096 941 R&D 541 482 SG&A 555 459 Income from operations 250 11 Net income 227 1 Earnings per ADS - diluted $ 1.96 $ 0.01 Cash flow
Slide 22: Q1 2026: adjusted financial information (Non-GAAP)
Q1 2026: adjusted financial information (Non-GAAP) $ in millions (except per ADS) Q1 2026 Q1 2025 Total revenue 1,513 1,117 Gross margin % 89% 85% Total operating expenses 938 817 R&D 466 421 SG&A 472 396 Adjusted income from operations1 414 139 Adjusted net income 375 136 Adjusted earnings per ADS1
Slide 23: Updated full year 2026 guidance
Updated full year 2026 guidance Prior Current FY 2026 guidance FY 2026 guidance Total revenue $6.2 - $6.4B $6.3 - $6.5B GAAP gross margin %1 High-80% range High-80% range GAAP operating expenses (combined R&D and SG&A)2 $4.7 - $4.9B $4.7 - $4.9B GAAP operating income2 $700 - $800M $750 - $850M Non-G
Slide 24: R&D and pipeline progress
R&D and pipeline progress Lai Wang, Ph.D. President and Global Head of R&D 24
Slide 25: Progress across BeOne's growing pipeline
Progress across BeOne’s growing pipeline Hematology Solid Tumor BRUKINSA TEVIMBRA • MANGROVE Phase 3 TN MCL IA on track, readout expected • HERIZON-GEA-01 1L HER2+ GEA1 submissions for TEVIMBRA in 1H 2026 and zanidatamab accepted by CDE; sBLA for TEVIMBRA accepted by U.S. FDA, granted priority revie
Slide 26: Building a deep, industry-leading pipeline in focused disease areas
Building a deep, industry-leading pipeline in focused disease areas Each target is paired with the optimal modality, enabled by state-of-art in-house technology platforms Hematology Solid Tumors I&I B-Cell AML/MDS Breast Lung Gastrointestinal Malignancies Technology Platforms CDAC Novel Payload Allo
Slide 27: Our pace of innovation continues to accelerate
Our pace of innovation continues to accelerate 2011-2020 2021-2023 2024-2025 2026 and beyond 11 NMEs including: 10 NMEs including: 18 NMEs including: Zanubrutinib (2014) BTK CDAC (2022) PRMT5i GPC3 x 4-1BB bsAb Pamiparib (2014) CDK4i (2023) KAT6A/Bi EGFR x MET x MET tsAb Tislelizum
Slide 28: 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 BTK CDAC BCL2i (sonrotoclax) B7-H4 ADC2 CEA ADC PRMT5i IRAK4 CDAC BTK CDAC CDK2 CDAC EGFR x M
Slide 29: 2026 marks an inflection year for our solid tumor portfolio
2026 marks an inflection year for our solid tumor portfolio, with a new wave of programs advancing toward registration • Superior potency and selectivity vs. atirmociclib CDK4i • High ORR signal and emerging BIC hematologic toxicity profile; data disclosure at ASCO • First site initiated for Phase 3
Slide 30: HCC represents one of the largest unmet needs in oncology
HCC represents one of the largest unmet needs in oncology 5-year survival rate in U.S. (%)1 HCC incidence2 0% 50% 100% 40,000 U.S., by stage Breast 89 92 Global 35,000 2L Advanced Kidney 54 78 30,000 48 25,000 38 Ovarian 44 52 1L Advanced 38 20,000 275 Stomach 24 40 15,000 Lung 15 30 10,000 Intermed
Slide 31: Accelerating GPC3 x 4-1BB
Accelerating GPC3 x 4-1BB 19 months from FIH to first patient enrolled in a potentially registrational study Sep 2024 Jun 2025 Dec 2025 Mar 2026 Apr 2026 Today Dose escalation Dose expansion FIH FDA fast track FDA orphan drug Potential 200+ designation designation pivotal FSE patients enrolled Our u
Slide 32: What to expect at ASCO 2026
What to expect at ASCO 2026 24 abstracts accepted, including 3 oral presentations and 15 poster presentations BGB-43395, CDK4i BG-C9074, B7-H4 ADC1 BGB-B2033, GPC3 x 4-1BB bsAb Presenting author Presenting author Presenting author Dr. Shom Goel Dr. Binghe Xu Dr. Hong Jae Chon Session title Rapid ora
Slide 33: We continue to execute our strategy and prioritize our pipeline
We continue to execute our strategy and prioritize our pipeline Additional data disclosures this year R&D strategy PRMT5i, CEA ADC Create globally competitive molecules with leading science and execute Recently entered the clinic Fast-to-POC ADAM9 ADC, KLRG1 mAb Advance only most promising assets Da
Slide 34: BON-1101: PD-1 x VEGF-A x CTLA-4 trispecific antibody
BON-1101: PD-1 x VEGF-A x CTLA-4 trispecific antibody Potential IO-backbone for BeOne solid tumor pipeline Differentiated from PD-(L)1 x VEGF bsAbs by addition of anti-CTLA-4 MoA, potentially delivering longer overall survival BON-110 format design Broad combination opportunities across BeOne’s port
Slide 35: BeOne key 2026 catalysts
BeOne key 2026 catalysts achieved planned Milestone H1 2026 H2 2026 Phase 3 BRUKINSA+R vs. BR in 1L MCL (MANGROVE) interim analysis Sonrotoclax R/R MCL U.S. approval Hematology Phase 3 BRUKINSA+sonrotoclax in TN CLL vs. AV initiation Phase 3 Sonrotoclax triplet in 2L+ t(11;14) MM initiatio
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Slide 37: Appendix
Appendix 37
Slide 38: Reconciliation to adjusted income from operations
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted income from operations $ in millions Q1 2026 Q1 2025 GAAP income from operations 250 11 Plus: Share-based compensation 123 95 Plus: Depreciation expense 39 32 Plus: Amortization expense 2 1 Adjusted income from
Slide 39: Reconciliation to adjusted net income
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted net income $ in millions Q1 2026 Q1 2025 GAAP net income 227 1 Plus: Share-based compensation 123 95 Plus: Depreciation expense 39 32 Plus: Amortization expense 2 1 Plus: Impairment of equity investments - 12 Pl
Slide 40: Reconciliation to adjusted EPS per ADS - basic
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted EPS per ADS - basic Q1 2026 Q1 2025 GAAP EPS per ADS - basic 2.05 0.01 Plus: Share-based compensation 1.11 0.89 Plus: Depreciation expense 0.35 0.30 Plus: Amortization expense 0.02 0.01 Plus: Impairment of equit
Slide 41: Reconciliation to adjusted EPS per ADS - diluted
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted EPS per ADS - diluted Q1 2026 Q1 2025 GAAP EPS per ADS – diluted1 1.96 0.01 Plus: Share-based compensation 1.07 0.86 Plus: Depreciation expense 0.34 0.28 Plus: Amortization expense 0.02 0.01 Plus: Impairment of
Slide 42: Reconciliation to free cash flow
Reconciliation and calculation of non-GAAP financial measures Reconciliation to free cash flow $ in millions Q1 2026 Q1 2025 Net cash provided by operating activities (GAAP) 201 44 Less: Purchases of property, plant and equipment (41) (56) Free cash flow 161 (12) 42 Figures may not sum due to roundi
Slide 43: Reconciliation to Non-GAAP Operating Income Guidance for Full Year 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 750 - 850 Plus: Adjustments to arrive at Non-GAAP1 700 - 700 Non-GAAP Operating Income 1,450 1,550 43 Figures may not sum due to r
Slide 44: Acronyms: A-I
Acronyms: A-I 1H First half D 1L 1st-line DOR Duration of response 2H Second half E 2L 2nd-line EHA European Hematology Association A EPS Earnings per share AA Accelerated approval EGFR Epidermal growth factor receptor ADC Antibody drug conjugate EOY End of year ADS American depositary share ESMO Eu
Slide 45: Acronyms: J-Z
Acronyms: J-Z J Q JCO Journal of Clinical Oncology Q1 First quarter JP Japan Q2 Second quarter K Q3 Third quarter Q4 Fourth quarter L M R R&D Research and Development mAB Monoclonal antibody RA Rheumatoid arthritis MAIC Matching adjusted indirect comparison ROW Rest of world MCL Mantle cell lymphoma