BeOne Medicines Ltd. reported sharp top-line expansion and a return to profitability for the year ended 31 December 2025.

Revenue and Profitability • Total revenue climbed 40.2% year-on-year to US$5.34 billion, driven by a 39.8% surge in product sales to US$5.28 billion. • Net income reached US$286.93 million, versus a net loss of US$644.79 million in 2024. • Basic earnings per share came in at US$0.20, compared with a US$0.47 loss per share a year earlier.

Growth Drivers • BRUKINSA contributed US$3.93 billion, up 48.6%, accounting for around 74% of total product revenue. • TEVIMBRA generated US$737.30 million, a rise of 18.8%. • In-licensed oncology products from Amgen (XGEVA, BLINCYTO, KYPROLIS) collectively added US$485.18 million, up 33.2%.

Margins and Expenses • Gross profit increased 45.3% to US$4.67 billion, lifting gross margin to 87.3% from 84.3%. • Research and development spending grew 9.9% to US$2.15 billion, reflecting pipeline advancement. • Selling, general and administrative costs rose 13.7% to US$2.08 billion on continued global commercial expansion.

Cash Flow and Liquidity • Operating cash flow swung to an inflow of US$1.13 billion from an outflow of US$140.63 million in 2024. • Free cash flow was positive at US$941.74 million. • Cash and cash equivalents stood at US$4.61 billion, up 74.7%, while total debt was largely unchanged at US$1.02 billion, resulting in a gearing ratio of 23.4%.

Balance-Sheet Highlights • Total assets reached US$8.19 billion; shareholders’ equity rose to US$4.36 billion. • The sale of future royalties on Amgen’s IMDELLTRA yielded US$911 million in upfront and option proceeds, recognised as a US$906.96 million liability. • A new multi-currency credit facility secured in November 2025 refinanced short-term borrowings with US$560 million in USD term loans, US$140 million in USD revolving credit, and RMB2.15 billion in term loans.

Corporate Actions • The company redomiciled from the Cayman Islands to Switzerland on 27 May 2025 and adopted the English name “BeOne Medicines Ltd.” • The English stock short name on the Hong Kong Exchange changed to “BEONE MEDICINES” on 22 October 2025.

Dividend • No dividend was proposed for the 2025 financial year.

Outlook Management highlighted strong liquidity to fund ongoing R&D, global commercial expansion, and manufacturing investments, with unutilised STAR Market offering proceeds of RMB0.42 billion earmarked for clinical development and working capital.