Beone Medicines Ltd. Class A · SSE:688235
Beone Medicines Ltd. Class A — Q2 2026 Earnings Presentation
42 slides from Beone Medicines Ltd. Class A's earnings presentation, Aug 5, 2026
Slide 1: Q2 2026 results
Q2 2026 results Conference call and webcast for investors and analysts AUGUST 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, 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: Q2 2026: 30% revenue growth and pipeline progress
Q2 2026: 30% revenue growth and pipeline progress Financial and Pipeline highlights business highlights Revenue Other updates Pivotal trial updates • $1.7B, +30% • BEQALZI U.S. approval • MANGROVE 1L MCL met primary endpoint Earnings per ADS1 • $300 million • CDK4i 1L Phase 3 trial FSE in Q2 expansi
Slide 6: MANGROVE met primary endpoint in 1L MCL
MANGROVE met primary endpoint in 1L MCL Sizeable market Compelling efficacy opportunity MANGROVE Foundational BRUKINSA plus is first MANGROVE expands rituximab reduced the risk of BRUKINSA’s commercial Phase 3 trial to progression or death by opportunity to 1L MCL demonstrate a 43% new chemo-free st
Slide 7: Only BRUKINSA sustained U.S. and global leadership
Only BRUKINSA sustained U.S. and global leadership BRUKINSA global quarterly revenue $ in millions Ex-U.S. U.S. 1,248 The foundational 1,146 1,095 BTK inhibitor 1,041 950 355 MARKET SHARE #1 301 828 334 Sustained U.S. and 792 302 global leadership 266 690 635 212 488 186 229 +31% FASTEST GROWTH
Slide 8: BRUKINSA leads in breadth and depth of Phase 3 clinical evidence
BRUKINSA leads in breadth and depth of Phase 3 clinical evidence — with much more coming Single agent BTK Combination BTK Phase 3 patient years – reported1 Phase 3 patient years – reported and ongoing1 zanu zanu acalabrutinib acala ibrutinib ibrutinib pirtobrutinib pirto 0 2000 4000 0 2000 4000 6000
Slide 9: Only BRUKINSA induces complete and sustained BTK inhibition
Only BRUKINSA induces complete and sustained BTK inhibition due to its potency and superior PK BRUKINSA PK vs. IC501 Acalabrutinib PK vs. IC 502 Ibrutinib PK vs. IC 503 BRUKINSA 160 mg BID Acalabrutinib 100 mg BID Ibrutinib 560 mg QD 100 100 100 BRUKINSA 320 mg QD Free fraction in Plasma (nM) Free f
Slide 10: Only BRUKINSA showed PFS superiority over ibrutinib
Only BRUKINSA showed PFS superiority over ibrutinib BRUKINSA 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
Slide 11: Comparison of study protocols and aFib rates in 1L CLL BTKi trials
Comparison of study protocols and aFib rates in 1L CLL BTKi monotherapy trials Protocol inclusion criteria Median age and aFib rates Median age 70 70 SEQUOIA1 ELEVATE-TN2 BRUIN 313/3143 aFib all grades BRUKINSA acalabrutinib pirtobrutinib aFib grade 3 ≥65 or 18-64 with ≥65 or 18-64 with 3.9% Age com
Slide 12: BRUKINSA has shown the highest long-term landmark PFS%
BRUKINSA has shown the highest long-term landmark PFS% in 1L Phase 3 CLL trials Reported landmark PFS% at years 3-6 in 1L CLL Phase 3 trials (all-comers) regimens1,2,3,4,5,6 90% BRU 84% acala 83% VO 82% ibru 82% BRU 82% 80% acala 78% AV 77% BRU 76% ibru 76% VO 74% BRU 74% AV (Amplify) acala 72% PFS%
Slide 13: In unmutated IGHV patients, BRUKINSA showed durable landmark PFS
In unmutated IGHV patients, BRUKINSA showed durable landmark PFS, while fixed duration landmark PFS deteriorated BRUKINSA and FD regimens2,3,4,5 unmutated IGHV 90% BRU 84% VO 82% 80% Majority of 1L CLL patients IV 79% are unmutated IGHV1 70% BRU 70% AV 69% PFS% uIGHV status a prognostic AV (Amplify)
Slide 14: Real world evidence from over 10,500 Medicare 1L CLL patients
Real world evidence from over 10,500 Medicare 1L CLL patients reported longer overall survival for BRUKINSA 100 OS by covalent BTK inhibitor 90 80 *Zanubrutinib reported Overall survival % 70 lower risk of death by: 60 50 40 24% vs. acalabrutinib Zanubrutinib Acalabrutinib Ibrutinib 30 20 24-mo OS%
Slide 15: Only BeOne has foundational medicines across the three key MOAs
Only BeOne has foundational medicines across the three key MOAs for CLL and other B-cell malignancies BRUKINSA® BEQALZI Tacabrutideg (BTKi) (BCL2i) (BTK degrader) Potentially Differentiated Potentially design ✓ Best-in-class ✓ best-in-class ✓ best-in-class/ first-in-class Sustained Most approved CLL
Slide 16: Advancing five solid tumor programs toward registration
Advancing five solid tumor programs toward registration Presented at: Coming soon: CDK4i PRMT5i B7-H4 ADC CEA ADC GPC3 x 4-1BB bsAb GPC3 x 4-1BB bsAb 16
Slide 17: Financial results
Financial results Aaron Rosenberg Chief Financial Officer 17
Slide 18: Q2 2026: product revenue composition
Q2 2026: product revenue composition $ in millions (Q2 2026) Product revenue Commentary +29% • BRUKINSA: +31% growth - Sustained BTK leadership in the U.S. 1,680 - Strong underlying demand growth while 1,476 1,487 204 maximizing value share 1,395 1,302 164 148 186 229 159 182 206 • TEVIMBRA: +18% 19
Slide 19: Q2 2026: diversified revenue mix and growth across all markets
Q2 2026: diversified revenue mix and growth across all markets $ in millions (Q2 2026) Growth % (Q2 2026) Product revenue mix Product revenue growth U.S. 899 U.S. 31% China 500 China 17% Europe 208 Europe 37% ROW 73 ROW 105% 19 Growth % represents Q2 2026 vs. Q2 2025
Slide 20: Q2 2026: reported financial information (GAAP)
Q2 2026: reported financial information (GAAP) $ in millions (except per ADS) Q2 2026 Q2 2025 Total revenue 1,705 1,315 Gross margin % 90% 87% Total operating expenses 1,205 1,063 R&D 612 525 SG&A 593 538 Income from operations 325 88 Net income 237 94 Earnings per ADS - diluted $ 2.05 $ 0.84 Cash f
Slide 21: Q2 2026: adjusted financial information (Non-GAAP)
Q2 2026: adjusted financial information (Non-GAAP) $ in millions (except per ADS) Q2 2026 Q2 2025 Total revenue 1,705 1,315 Gross margin % 90% 88% Total operating expenses 1,035 886 R&D 534 444 SG&A 501 442 Adjusted income from operations1 503 275 Adjusted net income 444 253 Adjusted earnings per AD
Slide 22: Updated full year 2026 guidance
Updated full year 2026 guidance Prior Current FY 2026 guidance FY 2026 guidance Total revenue $6.3 - $6.5B $6.6 - $6.8B GAAP gross margin %1 High-80% range High-80% range GAAP operating expenses (combined R&D and SG&A)2 $4.7 - $4.9B $4.8 - $5.0B GAAP operating income2 $750 - $850M $1.0 - $1.1B Non-G
Slide 23: R&D and pipeline progress
R&D and pipeline progress Lai Wang, Ph.D. President, Global Head of R&D 23
Slide 24: Progress across BeOne's growing pipeline
Progress across BeOne’s growing pipeline Hematology Solid Tumor BRUKINSA TEVIMBRA • Positive Phase 3 results from MANGROVE TN MCL: • HERIZON-GEA-01 1L HER2+ GEA1 sBLA for TEVIMBRA chemo-free regimen led to 43% reduction in risk accepted by U.S. FDA, granted priority review; submissions of progressio
Slide 25: 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) GPC3 x 4-1BB bsAb BTK CDAC CDK4i PRMT5i (Tacabrutideg) BCL2i (BEQALZI) B7-H4 ADC3 CEA ADC PRMT5i IRAK4 CDAC BTK CDAC EGFR x
Slide 26: Five solid tumor programs achieved clinical PoC
Five solid tumor programs achieved clinical PoC and are poised to achieve FIH to pivotal FSEs in ~2.5 years CDK4i B7-H4 ADC GPC3 x 4-1BB CEA ADC PRMT5i HR+/HER2- BC OC, TNBC, EC HCC NSCLC NSCLC, PDAC • FIH Dec 2023 • FIH Apr 2024 • FIH Sep 2024 • FIH Oct 2024 • FIH Jan 2025 • Phase 3 in 1L
Slide 27: CDK4i ASCO update: potential best-in-class heme safety profile
CDK4i ASCO update: potential best-in-class heme safety profile with promising efficacy Compelling early efficacy at target efficacious dose with Neutropenia rates BGB-43395 vs. CDK4 and CDK4/6i 01 ~70% ORR in combination with letrozole In 1L HR+/HER2- mBC Gr 1/2 ≥Gr 3 100% 93% Differentiated
Slide 28: GPC3 x 4-1BB ASCO update: potential breakthrough therapy in HCC
GPC3 x 4-1BB ASCO update: potential breakthrough therapy in HCC with unprecedented monotherapy efficacy and safety BGB-B2033 efficacy in 2L+ HCC First-in-class program with monotherapy ORR of 30%+, consistent with current 1L 01 achieving response rates 3x current standards of care in 2L combination
Slide 29: B7-H4 ADC ASCO update: promising efficacy with potential best-in-class safety profile
B7-H4 ADC ASCO update: promising efficacy with potential best-in-class safety profile Favorable, potentially best-in-class safety profile Related grade ≥ 3 AEs with ADCs in ovarian cancer 01 among ADCs in development in ovarian cancer, supporting development in maintenance setting 68% 64% Promising
Slide 30: What to expect at ESMO
What to expect at ESMO 12 abstracts accepted, including 1 rapid oral presentation and 9 poster presentations BGB-B2033, GPC3 x 4-1BB bsAb BGB-58067, PRMT5i BG-C477, CEA ADC Presenting author Presenting author Presenting author Dr. Hong Jae Chon Dr. Jordi Rodon Ahnert Dr. Matthew Lee Session title Se
Slide 31: Key upcoming events
Key upcoming events1 New since last update ✓ achieved planned Milestone H1 20262 H2 2026 2027 Phase 3 BRUKINSA+R vs. BR in 1L MCL (MANGROVE) interim analysis and submission ✓ BEQALZI R/R MCL U.S. approval ✓ Hematology Phase 3 sonrotoclax triplet in 2L+ t(11;14) MM initiation (now 2027) Tacabru
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Slide 33: Appendix
Appendix 33
Slide 34: Reconciliation and calculation of non-GAAP financial measures
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted income from operations $ in millions Q2 2026 Q2 2025 GAAP income from operations 325 88 Plus: Share-based compensation 137 151 Plus: Depreciation expense 39 30 Plus: Amortization expense 2 6 Plus: Other - 1 Adju
Slide 35: Reconciliation and calculation of non-GAAP financial measures
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted income tax expense $ in millions Q2 2026 Q2 2025 GAAP income tax expense 75 5 Plus: Discrete tax expense (50) 14 Plus: Income tax effect of non-GAAP adjustments 20 17 Adjusted income tax expense 46 37 35 Figures
Slide 36: Reconciliation and calculation of non-GAAP financial measures
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted net income $ in millions Q2 2026 Q2 2025 GAAP net income 237 94 Plus: Share-based compensation 137 151 Plus: Depreciation expense 39 30 Plus: Amortization expense 2 6 Plus: Other - 1 Plus: Impairment of equity i
Slide 37: Reconciliation and calculation of non-GAAP financial measures
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted EPS per ADS - basic Q2 2026 Q2 2025 GAAP EPS per ADS - basic 2.12 0.87 Plus: Share-based compensation 1.23 1.39 Plus: Depreciation expense 0.35 0.28 Plus: Amortization expense 0.01 0.05 Plus: Other - 0.01 Plus:
Slide 38: Reconciliation and calculation of non-GAAP financial measures
Reconciliation and calculation of non-GAAP financial measures Reconciliation to adjusted EPS per ADS - diluted Q2 2026 Q2 2025 GAAP EPS per ADS – diluted1 2.05 0.84 Plus: Share-based compensation 1.19 1.34 Plus: Depreciation expense 0.34 0.27 Plus: Amortization expense 0.01 0.05 Plus: Other - 0.01 P
Slide 39: Reconciliation and calculation of non-GAAP financial measures
Reconciliation and calculation of non-GAAP financial measures Reconciliation to free cash flow $ in millions Q2 2026 Q2 2025 Net cash provided by operating activities (GAAP) 463 264 Less: Purchases of property, plant and equipment (27) (44) Free cash flow 435 220 39 Figures may not sum due to roundi
Slide 40: Reconciliation and calculation of non-GAAP financial measures
Reconciliation and calculation of non-GAAP financial measures Reconciliation to non-GAAP operating income guidance for full year 2026 $ in millions GAAP Operating Income 1,000 - 1,100 Plus: Adjustments to arrive at Non-GAAP1 700 - 700 Non-GAAP Operating Income 1,700 1,800 40 Figures may not sum due
Slide 41: Acronyms: A-I
Acronyms: A-I 1H First half D 1L 1st-line DOR Duration of response 2H Second half E 2L 2nd-line EC Endometrial cancer A EHA European Hematology Association AA Accelerated approval EPS Earnings per share ADC Antibody drug conjugate EGFR Epidermal growth factor receptor ADS American depositary share E
Slide 42: 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 L Q4 Fourth quarter M R mAB Monoclonal antibody R&D Research and Development MAIC Matching adjusted indirect comparison RA Rheumatoid arthritis MCL Mantle cell lymphoma ROW Rest of world