BeOne Medicines (ONC) Q2 2026 earnings summary

Executive summary

• Q2 2026 global revenues rose 30% year-over-year to $1.7 billion, driven by strong BRUKINSA and TEVIMBRA sales, robust new patient starts, and growth across all major geographies.

• GAAP EPS was $2.05, up 144% year-over-year; net income reached $237 million, up 151%, with non-GAAP EPS at $3.84.

• Full-year 2026 guidance for revenue and GAAP operating income was raised, reflecting continued business momentum and global expansion.

• Significant pipeline progress included FDA approval of BEQALZI for mantle cell lymphoma, positive Phase 3 MANGROVE results for BRUKINSA, and multiple pivotal trial updates.

• Announced $300 million expansion of the U.S. manufacturing site to support future growth.

Financial highlights

• Q2 2026 total revenue was $1.7 billion, up 30% year-over-year, with product revenue led by BRUKINSA (+31%), TEVIMBRA (+18%), and Amgen in-licensed products (+25%).

• Gross margin improved to 90%, reflecting a higher mix of BRUKINSA sales and productivity gains.

• GAAP net income was $237 million; adjusted net income was $444 million; adjusted EPS was $3.84.

• Free cash flow for Q2 2026 was $435 million, nearly doubling year-over-year.

• Operating expenses totaled $1.2 billion, up 13% year-over-year; R&D expenses rose 16.6% to $612.3 million.

Outlook and guidance

• FY 2026 revenue guidance raised to $6.6–$6.8 billion; GAAP operating income guidance increased to $1.0–$1.1 billion, non-GAAP to $1.7–$1.8 billion.

• Gross margin expected to remain in the high 80% range for the year.

• Operating expenses projected at $4.8–$5.0 billion for the year.

• Income tax outlook includes potential reversal of valuation allowances, which could result in a material tax benefit.

• Management expects operating cash flows and existing cash to fund operations and planned investments for at least the next 12 months.