BeOne Medicines (ONC) Q1 2026 earnings summary

Executive summary

• Q1 2026 global revenues rose 35% year-over-year to $1.51 billion, driven by strong commercial execution, product leadership in oncology, and robust growth in core products including BRUKINSA and TEVIMBRA.

• BRUKINSA global revenues were $1.1 billion, up 38% year-over-year, maintaining global BTK inhibitor leadership and broad label expansion.

• GAAP diluted EPS per ADS was $1.96; non-GAAP diluted EPS per ADS was $3.24, reflecting improved profitability.

• Significant pipeline progress included over 60 abstracts accepted at ASCO and EHA, new regulatory submissions, and designations for BRUKINSA, TEVIMBRA, and other pipeline assets.

• Sonrotoclax launched in China for RR CLL and RR MCL, with U.S. and EU submissions for RR MCL underway.

Financial highlights

• Q1 product revenue reached $1.5 billion, up 34–35% year-over-year, led by BRUKINSA (up 38% to $1.1 billion) and TEVIMBRA (up 20% to $206 million).

• Gross margin improved to 89% from 85% year-over-year, reflecting favorable product mix and cost efficiencies.

• Operating income surged to $250 million (GAAP) and $414 million (non-GAAP), up significantly from the prior year.

• Net income totaled $227 million (GAAP EPS $1.96); non-GAAP net income was $375 million (non-GAAP EPS $3.24).

• Free cash flow was $161 million, a $173 million improvement year-over-year.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $6.3–$6.5 billion, reflecting strong Q1 and positive demand trends.

• GAAP gross margin expected to remain in the high 80% range; operating expenses guided at $4.7–$4.9 billion.

• GAAP operating income projected at $750–$850 million; non-GAAP operating income at $1.45–$1.55 billion.

• Modest full-year contributions expected from new launches (Zanidatamab, sonrotoclax).

• Diluted ADSs outstanding expected to be approximately 118 million.