$ONC

BeOne Medicines Ltd.

CIK:0001651308|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 1,705,071	$ 1,315,300	$ 3,218,509	$ 2,432,579
Gross profit	1,530,541	1,150,694	2,876,764	2,102,971
Operating expenses
Research and development	612,280	524,896	1,153,504	1,006,783
Selling, general and administrative	593,214	537,913	1,148,311	997,201
Total operating expenses	1,205,494	1,062,809	2,301,815	2,003,984
Income from operations	325,047	87,885	574,949	98,987
Interest income	27,900	11,492	55,564	24,342
Interest expense	(39,739)	(7,995)	(72,626)	(14,997)
Other (expense) income, net	(749)	8,167	13,787	12,117
Income before income taxes	312,459	99,549	571,674	120,449
Income tax expense	75,452	5,229	107,310	24,859
Net income	$ 237,007	$ 94,320	$ 464,364	$ 95,590
Earnings per share
Basic (in dollars per share)	$ 0.16	$ 0.07	$ 0.32	$ 0.07
Diluted (in dollars per share)	$ 0.16	$ 0.06	$ 0.31	$ 0.07
Weighted-average shares outstanding—basic (in shares)	1,450,485,552	1,408,166,754	1,446,490,904	1,399,159,898
Weighted-average shares outstanding— diluted (in shares)	1,505,361,900	1,463,277,401	1,505,389,182	1,454,296,475
Earnings per American Depositary Share (“ADS”)
Basic (in dollars per share)	$ 2.12	$ 0.87	$ 4.17	$ 0.89
Diluted (in dollars per share)	$ 2.05	$ 0.84	$ 4.01	$ 0.85
Weighted-average ADSs outstanding - basic (in shares)	111,575,812	108,320,520	111,268,531	107,627,684
Weighted-average ADSs outstanding - diluted (in shares)	115,797,069	112,559,800	115,799,168	111,868,960
Product revenue, net
Revenues
Total revenues	$ 1,679,794	$ 1,302,076	$ 3,167,123	$ 2,410,606
Cost of sales - product	174,530	164,606	341,745	329,608
Other revenue
Revenues
Total revenues	$ 25,277	$ 13,224	$ 51,386	$ 21,973

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 464,364	$ 95,590
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	81,659	68,418
Share-based compensation expenses	260,760	246,287
Acquired in-process research and development	20,518	500
Amortization of research and development cost share liability	(58,163)	(45,569)
Other items, net	14,412	15,128
Changes in operating assets and liabilities:
Accounts receivable	(192,876)	(73,369)
Inventories	(118,988)	6,174
Other assets	3,893	(45,316)
Accounts payable	(4,657)	(35,852)
Accrued expenses and other payables	195,616	75,625
Other liabilities	(2,382)	64
Net cash provided by operating activities	664,156	307,680
Investing activities:
Purchases of property, plant and equipment	(68,265)	(100,233)
Purchase of intangible assets	0	(20,000)
Proceeds from sale or maturity of investments	5,872	1,800
Purchase of in-process research and development	(20,518)	(60,000)
Other investing activities	(11,952)	(10,113)
Net cash used in investing activities	(94,863)	(188,546)
Financing activities:
Repayment of long-term loan	(24,693)	(16,799)
Proceeds from short-term loans	58,204	221,521
Repayment of short-term loans	0	(275,782)
Repayment of sale of future royalties liability	(2,556)	0
Payments of withholding taxes from share-based awards	0	(24,195)
Proceeds from option exercises and employee share purchase plan	34,923	96,503
Other financing activities	(3,300)	0
Net cash provided by financing activities	62,578	1,248
Effect of foreign exchange rate changes, net	39,156	26,957
Net increase in cash, cash equivalents, and restricted cash	671,027	147,339
Cash, cash equivalents, and restricted cash at beginning of period	4,609,647	2,638,747
Cash, cash equivalents, and restricted cash at end of period	5,280,674	2,786,086
Supplemental cash flow information:
Cash and cash equivalents	5,098,041	2,756,056
Short-term restricted cash	161,046	15,802
Long-term restricted cash	21,587	14,228
Income taxes paid	67,860	77,033
Interest expense paid	26,320	24,018
Supplemental non-cash information:
Capital expenditures included in accounts payable and accrued expenses	49,147	57,923
ROU assets obtained in exchange for new operating lease liabilities	$ 14,757	$ 18,141

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 5,098,041	$ 4,547,530
Accounts receivable, net	1,056,177	865,080
Inventories, net	732,603	608,227
Prepaid expenses and other current assets	328,984	212,752
Total current assets	7,215,805	6,233,589
Property, plant and equipment, net	1,643,286	1,641,678
Operating lease right-of-use assets	145,987	148,184
Intangible assets, net	60,956	62,704
Other non-current assets	109,581	102,418
Total non-current assets	1,959,810	1,954,984
Total assets	9,175,615	8,188,573
Current liabilities:
Accounts payable	470,299	479,035
Accrued expenses and other payables	1,264,264	1,109,120
Tax payable	76,315	41,625
Operating lease liabilities, current portion	21,953	20,698
Research and development cost share liability, current portion	6,182	64,345
Sale of future royalty liability, current portion	89,278	56,714
Short-term debt	190,896	57,293
Total current liabilities	2,119,187	1,828,830
Non-current liabilities:
Long-term debt	882,163	961,913
Sale of future royalty liability, non-current portion	817,035	850,242
Operating lease liabilities, non-current portion	48,200	52,940
Deferred tax liabilities	57,388	53,209
Other long-term liabilities	77,644	80,245
Total non-current liabilities	1,882,430	1,998,549
Total liabilities	4,001,617	3,827,379
Commitments and contingencies
Shareholders’ equity:
Number Of Authorized Shares, Not Disclosed	true
Ordinary shares, $0.0001 par value per share; 1,540,975,898 and 1,540,975,898 shares issued and 1,469,278,815 and 1,441,075,618 shares outstanding as of June 30, 2026 and December 31, 2025, respectively	$ 147	144
Additional paid-in capital	13,054,760	12,759,137
Accumulated other comprehensive loss	(25,370)	(78,184)
Accumulated deficit	(7,855,539)	(8,319,903)
Total shareholders’ equity	5,173,998	4,361,194
Total liabilities and shareholders’ equity	$ 9,175,615	$ 8,188,573