-- Total global revenues of $1.5 billion and $5.3 billion for the fourth
quarter and full year, increases of 33% and 40% from the prior-year
periods
-- Global BRUKINSA (zanubrutinib) revenues of $1.1 billion and $3.9
billion for the fourth quarter and full year, increases of 38% and 49%
from the prior-year periods
-- Diluted GAAP Earnings per American Depository Share (ADS) of $0.58 and
$2.53 for the fourth quarter and full year; non-GAAP diluted Earnings per
ADS of $1.95 and $8.09 for the fourth quarter and full year
-- Full year 2026 total revenue guidance of $6.2 billion to $6.4 billion
SAN CARLOS, Calif.--(BUSINESS WIRE)--February 26, 2026--
BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced financial results and corporate updates from the fourth quarter and full year 2025.
"These strong financial results for the fourth quarter and full year 2025 underscore our continued evolution as a global oncology leader with durable competitive advantages in clinical development and manufacturing and one of the industry's deepest and most differentiated pipelines," said John V. Oyler, Co-Founder, Chairman and CEO at BeOne. "BRUKINSA has firmly established itself as the global leader in the BTK inhibitor class, distinguished by broad regulatory approvals, expanding geographic reach, strong physician adoption, and unmatched long-term efficacy and safety data in CLL. At the same time, we are securing new indications and expanded reimbursement for TEVIMBRA across key markets worldwide. With our late-stage, foundational hematology assets nearing commercialization and a robust solid tumor portfolio delivering encouraging data, we are well positioned to extend our leadership and drive the next phase of sustainable global growth."
(Amounts in thousands of U.S. dollars full year GAAP amounts audited, all other amounts unaudited)
Fourth Quarter Full Year
----------------------- -----------------------
2025 2024 % Change 2025 2024 % Change
---------- ----------- ---------- ---------- ----------- ----------
Net product
revenues $1,476,442 $1,118,035 32% $5,282,061 $3,779,546 40%
Other revenue $ 21,728 $ 9,789 122% $ 60,972 $ 30,695 99%
--------- --------- --------- ---------
Total revenue $1,498,170 $1,127,824 33% $5,343,033 $3,810,241 40%
GAAP income
(loss) from
operations $ 185,035 $ (79,425) 333% $ 447,136 $ (568,199) 179%
Adjusted
income from
operations* $ 344,476 $ 78,603 338% $1,099,962 $ 45,356 2325%
GAAP net
income
(loss) $ 66,502 $ (151,881) 144% $ 286,933 $ (644,786) 145%
Adjusted net
income
(loss)* $ 224,979 $ 16,101 1297% $ 917,601 $ (54,919) 1771%
GAAP basic
earnings
(loss) per
ADS $ 0.60 $ (1.43) 142% $ 2.63 $ (6.12) 143%
Adjusted
basic
earnings
(loss) per
ADS* $ 2.03 $ 0.15 1253% $ 8.41 $ (0.52) 1717%
GAAP diluted
earnings
(loss) per
ADS $ 0.58 $ (1.43) 141% $ 2.53 $ (6.12) 141%
Adjusted
diluted
earnings
(loss) per
ADS* $ 1.95 $ 0.15 1200% $ 8.09 $ (0.52) 1656%
Free Cash
Flow* $ 379,825 $ (17,320) 2293% $ 941,741 $ (633,294) 249%
* For an explanation of our use of non-GAAP financial measures refer to the
"Note Regarding Use of Non-GAAP Financial Measures" section later in this
press release and for a reconciliation of each non-GAAP financial measure to
the most comparable GAAP measures, see the table at the end of this press
release.
Fourth Quarter and Full Year 2025 Financial Results
Product Revenue, which represents 99% of total revenue, totaled $1.5 billion and $5.3 billion for the fourth quarter and full year of 2025, representing growth of 32% and 40%, compared to the prior-year periods.
-- BRUKINSA: Global sales totaled $1.1 billion and $3.9 billion the fourth
quarter and full year of 2025, representing growth of 38% and 49%,
compared to the prior-year periods; U.S. sales of BRUKINSA totaled $845
million and $2.8 billion in the fourth quarter and full year of 2025,
representing growth of 37% and 45%, compared to the prior-year periods.
-- TEVIMBRA (tislelizumab): Global sales totaled $182 million and $737
million, in the fourth quarter and full year of 2025, representing growth
of 18% and 19%, compared to the prior-year periods.
-- Amgen in-licensed products: Global sales totaled $112 million and $486
million for the fourth quarter and full year of 2025, representing growth
of 11% and 33%, compared to prior-year periods.
Gross Margin as a percentage of global product sales for the fourth quarter and full year of 2025 was 90.4% and 87.3%, compared to 85.6% and 84.3%, in the prior-year periods on a GAAP basis. On an adjusted basis, which does not include depreciation and amortization, gross margin as a percentage of global product sales increased to 90.7% and 87.8% for the fourth quarter and full year of 2025, compared to 87.4% and 85.5%, in the prior-year periods.
Operating Expenses
The following table summarizes operating expenses for the fourth quarter of 2025 and 2024:
GAAP Non-GAAP
---------------------- --------------------
(in thousands,
except
percentages) Q4 2025 Q4 2024 % Change Q4 2025 Q4 2024 % Change
---------- ---------- ---------- ---------- -------- ----------
Research and
development $ 615,423 $ 542,012 14% $ 544,823 $474,874 15%
Selling, general
and
administrative $ 555,290 $ 504,677 10% $ 471,468 $433,059 9%
--------- --------- --------- -------
Total operating
expenses $1,170,713 $1,046,689 12% $1,016,291 $907,933 12%
--------- --------- --------- -------
The following table summarizes operating expenses for the full year 2025 and 2024:
GAAP Non-GAAP
---------------------- ----------------------
(in thousands,
except
percentages) FY 2025 FY 2024 % Change FY 2025 FY 2024 % Change
---------- ---------- ---------- ---------- ---------- ----------
Research and
development $2,145,868 $1,953,295 10% $1,855,979 $1,668,368 11%
Selling, general
and
administrative $2,081,489 $1,831,056 14% $1,743,118 $1,549,864 12%
--------- --------- --------- ---------
Total operating
expenses $4,227,357 $3,784,351 12% $3,599,097 $3,218,232 12%
--------- --------- --------- ---------
Research and Development (R&D) Expenses increased for the fourth quarter and full year of 2025 compared to the prior-year periods on both a GAAP and adjusted basis. Upfront fees and milestone payments related to in-process R&D for in-licensed assets totaled nil and $0.7 million in the fourth quarter and full year of 2025, compared to $63 million and $114 million in the prior-year periods.
Selling, General and Administrative (SG&A) Expenses increased for the fourth quarter and full year of 2025 compared to the prior-year periods on both a GAAP and adjusted basis. SG&A expenses as a percentage of product sales were 38% and 39% for the fourth quarter and full year of 2025, compared to 45% and 48% in the prior-year periods.
Net Income/(Loss) and Basic/Diluted Earnings Per Share
GAAP net income for the fourth quarter and full year of 2025 was $67 million and $287 million, an increase of $218 million and $932 million, over the prior-year periods, primarily attributable to revenue growth and improved operating leverage. Included within GAAP net income for full year 2025 were $76 million of equity investment impairment charges, $25 million of non-recurring tax expenses and $20 million of timing related tax expenses in certain jurisdictions, which were primarily incurred in the fourth quarter.
For the fourth quarter of 2025, basic and diluted earnings per share were $0.05 and $0.04 per share and $0.60 and $0.58 per American Depositary Share (ADS), compared to basic loss of $0.11 per share and $1.43 per ADS in the prior-year period. For the full year of 2025, basic and diluted earnings per share were $0.20 and $0.19 per share and $2.63 and $2.53 per ADS, compared to basic loss of $0.47 per share and $6.12 per ADS in the prior-year period.
Free Cash Flow for the fourth quarter of 2025 was $380 million, representing an increase of $397 million over the prior-year period. For the full year of 2025, free cash flow was $942 million, representing an increase of $1.6 billion over the prior-year period.
For further details on BeOne's 2025 Financial Statements, please see BeOne's Annual Report on Form 10-K for fiscal year 2025 filed with the U.S. Securities and Exchange Commission.
Full Year 2026 Guidance
BeOne's financial guidance is summarized below:
FY 2026(1)
Total revenue $6.2 - $6.4 billion
GAAP gross margin % High-80% range
GAAP operating expenses(2)
(combined R&D and SG&A) $4.7 - $4.9 billion
GAAP operating income(2) $700 - $800 million
Non-GAAP operating income(2,3) $1.4 - $1.5 billion
(1) Assumes January 1, 2026 foreign exchange rates.
(2) Does not assume any potential new, material business development activity
or unusual/non-recurring items.
(3) Non-GAAP operating income is a financial measure that excludes from the
corresponding GAAP measure costs related to share-based compensation,
depreciation and amortization expense. Guidance assumes that Non-GAAP expenses
track overall expense growth.
BeOne's total revenue guidance for full year 2026 of $6.2 billion to $6.4 billion includes expectations for strong revenue growth driven by BRUKINSA's U.S. leadership position and continued global expansion in both Europe and other important rest of world markets. Gross margin percentage is expected to be in the high-80% range and includes the impact of product mix and a full year of 2026 productivity improvements. Guidance for combined operating expenses on a GAAP basis includes expectations of investment to support growth in both commercial and research at a pace that continues to deliver meaningful operating leverage.
The Company is providing the following additional guidance on items impacting net income and earnings per ADS:
-- Other income (expense): estimated range of $25 million to $50 million
in expense, includes interest amortization from Royalty Pharma
arrangement.
-- Income tax outlook: earnings may provide sufficient positive evidence
to reverse certain valuation allowances in 2026, resulting in a material
tax benefit when recognized; the timing and magnitude of a potential
reversal is uncertain; prior to reversal, income tax expense should trend
with earnings per historical relationship.
-- Diluted ADS outstanding: the Company expects diluted ADSs outstanding
of approximately 118 million.
Fourth Quarter Business Highlights
Core Marketed Products
BRUKINSA (zanubrutinib)
-- Presented 6-year landmark results from the Phase 3 SEQUOIA trial and
long-term results from the Phase 3 ALPINE trial at the American Society
of Hematology $(ASH)$ Annual Meeting, confirming sustained benefit for the
treatment of adult patients with treatment-naïve (TN) and relapsed
or refractory (R/R) chronic lymphocytic leukemia (CLL)/small lymphocytic
lymphoma (SLL), respectively.
Sonrotoclax (BCL2 inhibitor)
-- Received first global approvals in China for the treatment of adult
patients with:
-- R/R mantle cell lymphoma (MCL) who have received at least two
systemic therapies, including a Bruton tyrosine kinase (BTK)
inhibitor;
-- and R/R CLL/SLL who have previously received at least one
systemic therapy, including a BTK inhibitor.
-- Granted U.S. Food and Drug Administration (FDA) priority review for the
treatment of adult patients with R/R MCL.
-- Submitted Marketing Authorization Application in the European Union for
the treatment of adult patients with R/R MCL.
-- Enrolled first subject in Phase 3 trial in combination with BRUKINSA as
a fixed-duration regimen versus acalabrutinib plus venetoclax for the
treatment of adult patients with TN CLL.
TEVIMBRA (tislelizumab)
-- Presented full results in partnership with Jazz Pharmaceuticals and
Zymeworks from the HERIZON-GEA-01 trial in combination with ZIIHERA
(zanidatamab) and chemotherapy, demonstrating statistically significant
and clinically meaningful improvement in overall survival versus
trastuzumab plus chemotherapy for the first-line treatment of adult
patients with HER2-positive gastroesophageal adenocarcinoma (GEA).
Select Clinical-Stage Programs
Hematology
-- BGB-16673 (BTK chimeric degradation activation compound (CDAC)):
Presented results at ASH from the Phase 1 CaDAnCe-101 trial for the
treatment of adult patients with R/R CLL.
Breast and Gynecologic Cancers
-- BG-75202 (KAT6A/B inhibitor): Initiated first in human study. -- BG-75908 (CDK2 CDAC): Initiated first in human study.
Lung Cancer
-- BG-C0902 (EGFRxMETxMET antibody-drug conjugate): Initiated first in
human study.
Gastrointestinal Cancers
-- BGB-B2033 (GPC3x41BB bispecific antibody): Granted FDA Fast Track Designation for the treatment of adult patients with hepatocellular carcinoma who experience disease progression on or after post-systemic therapy.
Anticipated R&D Milestones
Programs Milestones Timing
--------------------------- ----------------------------------- ----------
BRUKINSA -- Phase 3 MANGROVE trial interim 1H 2026
analysis in combination with
rituximab versus bendustamine
plus rituximab for the
treatment of adult patients
with first-line MCL.
TEVIMBRA -- Supplemental Biologics License 1H 2026
Application submissions in U.S.
and China for the treatment of
adult patients with first-line
HER2-positive GEA in
combination with zanidatamab.
-- Japan regulatory action for the 2H 2026
treatment of adult patients
with first-line gastric
cancer.
Hematology -- Sonrotoclax (BCL2 inhibitor):
FDA regulatory action on New 1H 2026
Drug Application as
monotherapy treatment of
adult patients with R/R MCL.
Phase 3 trial initiation for 2H 2026
the treatment of adult
patients with R/R multiple
myeloma t(11;14).
-- BGB-16673 (BTK CDAC):
Phase 2 potential accelerated 2H 2026
approval submission (if data
support) for the treatment of
adult patients with R/R CLL.
Breast/Gynecologic Cancers -- BGB-43395 (CDK4 inhibitor): 1H 2026
Phase 3 trial initiation for
the treatment of adult
patients with first-line
HR-positive, HER2-negative
metastatic breast cancer.
Gastrointestinal Cancers -- BGB-B2033 (GPC3x41BB bispecific 2H 2026
antibody):
Potentially registrational
Phase 2 trial initiation.
Inflammation and Immunology -- BGB-45035 (IRAK4 CDAC):
Phase 1/2 trial data readout 2H 2026
for the treatment of adult
patients with rheumatoid
arthritis.
-- BGB-16673 (BTK CDAC):
Phase 1b trial data readout 1H 2026
for the treatment of adult
patients with moderate to
severe chronic spontaneous
urticaria.
BeOne's Earnings Results Webcast
The Company's earnings conference call for the fourth quarter and full year 2025 will be broadcast via webcast at 8:00 a.m. ET on Thursday, February 26, 2026, and will be accessible through the Investors section of BeOne's website at www.beonemedicines.com. Supplemental information in the form of a slide presentation, transcript of prepared remarks, and a replay of the webcast will also be available.
About BeOne
BeOne Medicines is a global oncology company that is discovering and developing innovative treatments for cancer patients worldwide. With a portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations. The Company has a growing global team spanning six continents who are driven by scientific excellence and exceptional speed to reach more patients than ever before.
To learn more about BeOne, please visit www.beonemedicines.com and follow us on LinkedIn, X, Facebook and Instagram.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding: potential commercialization of BeOne's late-stage hematology assets; BeOne's next phase of global growth; BeOne's future revenue, gross margin percentage, operating expenses, operating income, other income or expense, income tax and diluted ADS outstanding; BeOne's expectations regarding continued global expansion and investment to support growth; upcoming R&D milestones to be achieved by BeOne; the timing of clinical developments and data readouts; and BeOne's plans, commitments, aspirations and goals under the caption "About BeOne." Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including BeOne's ability to demonstrate the efficacy and safety of its drug candidates; the clinical results for its drug candidates, which may not support further development or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; BeOne's ability to achieve commercial success for its marketed medicines and drug candidates, if approved; BeOne's ability to obtain and maintain protection of intellectual property for its medicines and technology; BeOne's reliance on third parties to conduct drug development, manufacturing, commercialization, and other services; BeOne's limited experience in obtaining regulatory approvals and commercializing pharmaceutical products; BeOne's ability to obtain additional funding for operations and to complete the development of its drug candidates and achieve and maintain profitability; and those risks more fully discussed in the section entitled "Risk Factors" in BeOne's most recent periodic report filed with the U.S. Securities and Exchange Commission ("SEC"), as well as discussions of potential risks, uncertainties, and other important factors in BeOne's subsequent filings with the SEC. All information in this press release is as of the date of this press release, and BeOne undertakes no duty to update such information unless required by law. BeOne's financial guidance is based on estimates and assumptions that are subject to significant uncertainties.
Condensed Consolidated Statements of Operations (U.S. GAAP)
(Amounts in thousands of U.S. dollars, except for shares, American Depositary Shares
(ADSs), per share and per ADS data)
Fourth Quarter Full Year
-------------------------------- ----------------------------------
2025 2024 2025 2024
--------------- --------------- --------------- -----------------
(unaudited) (audited)
Revenue
Product revenue,
net $ 1,476,442 $ 1,118,035 $ 5,282,061 $ 3,779,546
Other revenue 21,728 9,789 60,972 30,695
------------- ------------- ------------- -------------
Total
revenues 1,498,170 1,127,824 5,343,033 3,810,241
Cost of sales --
products 142,422 160,560 668,540 594,089
------------- ------------- ------------- -------------
Gross profit 1,355,748 967,264 4,674,493 3,216,152
Operating expenses
Research and
development 615,423 542,012 2,145,868 1,953,295
Selling, general
and
administrative 555,290 504,677 2,081,489 1,831,056
------------- ------------- ------------- -------------
Total
operating
expenses 1,170,713 1,046,689 4,227,357 3,784,351
------------- ------------- ------------- -------------
Income (loss) from
operations 185,035 (79,425) 447,136 (568,199)
Interest income 26,770 14,707 70,505 69,641
Interest expense (26,873) (6,899) (58,234) (21,805)
Other expense,
net (35,691) (13,734) (42,553) (12,638)
------------- ------------- ------------- -------------
Income (loss) before
income taxes 149,241 (85,351) 416,854 (533,001)
Income tax expense 82,739 66,530 129,921 111,785
------------- ------------- ------------- -------------
Net income (loss) 66,502 (151,881) 286,933 (644,786)
============= ============= ============= =============
Earnings (loss) per
share
Basic $ 0.05 $ (0.11) $ 0.20 $ (0.47)
============= ============= ============= =============
Diluted $ 0.04 $ (0.11) $ 0.19 $ (0.47)
============= ============= ============= =============
Weighted-average
shares
outstanding--basic 1,439,485,461 1,381,378,234 1,417,803,727 1,368,746,793
============= ============= ============= =============
Weighted-average
shares
outstanding--diluted 1,499,900,248 1,381,378,234 1,474,829,908 1,368,746,793
============= ============= ============= =============
Earnings (loss) per
American Depositary
Share ("ADS")
Basic $ 0.60 $ (1.43) $ 2.63 $ (6.12)
============= ============= ============= =============
Diluted $ 0.58 $ (1.43) $ 2.53 $ (6.12)
============= ============= ============= =============
Weighted-average ADSs
outstanding--basic 110,729,651 106,259,864 109,061,825 105,288,215
============= ============= ============= =============
Weighted-average ADSs
outstanding--diluted 115,376,942 106,259,864 113,448,454 105,288,215
============= ============= ============= =============
Select Condensed Consolidated Balance Sheet Data (U.S. GAAP)
(Amounts in thousands of U.S. Dollars)
As of December 31,
----------------------
2025 2024
---------- ----------
(audited)
Assets:
Cash, cash equivalents and restricted cash $4,609,647 $2,638,747
Accounts receivable, net 865,080 676,278
Inventories, net 608,227 494,986
Property, plant and equipment, net 1,641,678 1,578,423
Total assets $8,188,573 $5,920,910
Liabilities and equity:
Accounts payable $ 479,035 $ 404,997
Accrued expenses and other payables 1,109,120 803,713
Royalty financing liability 906,956 --
R&D cost share liability 64,345 165,440
Debt 1,019,206 1,018,013
Total liabilities 3,827,379 2,588,688
Total equity $4,361,194 $3,332,222
Select Condensed Consolidated Statements of Cash Flows (U.S. GAAP)
(Amounts in thousands of U.S. Dollars)
Fourth Quarter Full Year
------------------------ --------------------------
2025 2024 2025 2024
----------- ----------- ----------- -------------
(unaudited) (audited)
Cash, cash
equivalents
and
restricted
cash at
beginning of
period $4,110,542 $2,713,428 $2,638,747 $3,185,984
Net cash
provided by
(used in)
operating
activities 417,347 75,160 1,127,580 (140,631)
Net cash used
in investing
activities (38,335) (93,605) (276,155) (548,350)
Net cash
provided by
(used in)
financing
activities 96,931 (4,523) 1,059,451 193,449
Net effect of
foreign
exchange
rate
changes 23,162 (51,713) 60,024 (51,705)
--------- --------- --------- ---------
Net increase
(decrease)
in cash,
cash
equivalents
and
restricted
cash 499,105 (74,681) 1,970,900 (547,237)
--------- --------- --------- ---------
Cash, cash
equivalents
and
restricted
cash at end
of period $4,609,647 $2,638,747 $4,609,647 $2,638,747
========= ========= ========= =========
Note Regarding Use of Non-GAAP Financial Measures
BeOne provides certain non-GAAP financial measures, including Adjusted Operating Expenses, Adjusted Operating Loss, Adjusted Net Income, Adjusted Earnings Per Share, Free Cash Flow and certain other non-GAAP income statement line items, each of which include adjustments to GAAP figures. These non-GAAP financial measures are intended to provide additional information on BeOne's operating performance. Adjustments to BeOne's GAAP figures exclude, as applicable, non-cash items such as share-based compensation, depreciation and amortization. Certain other special items or substantive events may also be included in the non-GAAP adjustments periodically when their magnitude is significant within the periods incurred. Non-GAAP adjustments are tax effected to the extent there is U.S. GAAP current tax expense. The Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects. BeOne maintains an established non-GAAP policy that guides the determination of what costs will be excluded in non-GAAP financial measures and the related protocols, controls and approval with respect to the use of such measures. BeOne believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of BeOne's operating performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of BeOne's historical and expected financial results and trends and to facilitate comparisons between periods and with respect to projected information. In addition, these non-GAAP financial measures are among the indicators BeOne's management uses for planning and forecasting purposes and measuring BeOne's performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The non-GAAP financial measures used by BeOne may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Amounts in thousands of U.S. Dollars)
(unaudited)
Fourth Quarter Full Year
------------------------ --------------------------
2025 2024 2025 2024
----------- ----------- ----------- -------------
Reconciliation
of GAAP to
adjusted cost of
sales -
products:
GAAP cost of
sales --
products $ 142,422 $ 160,560 $ 668,540 $ 594,089
Less:
Depreciation 3,474 18,089 13,669 42,707
Less:
Amortization of
intangibles 1,545 1,183 10,004 4,729
Less: Other -- -- 893 --
--------- --------- --------- ---------
Adjusted cost of
sales --
products $ 137,403 $ 141,288 $ 643,974 $ 546,653
========= ========= ========= =========
Reconciliation
of GAAP to
adjusted
research and
development:
GAAP research and
development $ 615,423 $ 542,012 $2,145,868 $1,953,295
Less: Share-based
compensation
expenses 52,442 44,992 217,440 186,113
Less:
Depreciation 18,158 22,146 72,449 98,814
--------- --------- --------- ---------
Adjusted research
and development $ 544,823 $ 474,874 $1,855,979 $1,668,368
========= ========= ========= =========
Reconciliation
of GAAP to
adjusted
selling, general
and
administrative:
GAAP selling,
general and
administrative $ 555,290 $ 504,677 $2,081,489 $1,831,056
Less: Share-based
compensation
expenses 71,015 62,790 292,807 255,680
Less:
Depreciation 12,785 8,811 45,497 25,417
Less:
Amortization of
intangibles 22 17 67 95
--------- --------- --------- ---------
Adjusted selling,
general and
administrative $ 471,468 $ 433,059 $1,743,118 $1,549,864
========= ========= ========= =========
Reconciliation
of GAAP to
adjusted
operating
expenses
GAAP operating
expenses $1,170,713 $1,046,689 $4,227,357 $3,784,351
Less: Share-based
compensation
expenses 123,457 107,782 510,247 441,793
Less:
Depreciation 30,943 30,957 117,946 124,231
Less:
Amortization of
intangibles 22 17 67 95
--------- --------- --------- ---------
Adjusted
operating
expenses $1,016,291 $ 907,933 $3,599,097 $3,218,232
========= ========= ========= =========
Reconciliation
of GAAP to
adjusted income
(loss) from
operations:
GAAP income
(loss) from
operations $ 185,035 $ (79,425) $ 447,136 $ (568,199)
Plus: Share-based
compensation
expenses 123,457 107,782 510,247 441,793
Plus:
Depreciation 34,417 49,046 131,615 166,938
Plus:
Amortization of
intangibles 1,567 1,200 10,071 4,824
Plus: Other -- -- 893 --
--------- --------- --------- ---------
Adjusted income
(loss) from
operations $ 344,476 $ 78,603 $1,099,962 $ 45,356
========= ========= ========= =========
Reconciliation
of GAAP to
adjusted net
income (loss):
GAAP net income
(loss) $ 66,502 $ (151,881) $ 286,933 $ (644,786)
Plus: Share-based
compensation
expenses 123,457 107,782 510,247 441,793
Plus:
Depreciation 34,417 49,046 131,615 166,938
Plus:
Amortization of
intangibles 1,567 1,200 10,071 4,824
Plus: Other -- -- 893 --
Plus: Impairment
of equity
investments 41,410 6,838 75,626 6,838
Plus: Discrete
tax items 34,441 15,232 24,778 18,597
Plus: Income tax
effect of
non-GAAP
adjustments (76,815) (12,116) (122,562) (49,123)
--------- --------- --------- ---------
Adjusted net
income (loss) $ 224,979 $ 16,101 $ 917,601 $ (54,919)
========= ========= ========= =========
Reconciliation
of GAAP to
adjusted EPS -
basic
GAAP earnings
(loss) per share
- basic $ 0.05 $ (0.11) $ 0.20 $ (0.47)
Plus: Share-based
compensation
expenses 0.09 0.08 0.36 0.32
Plus:
Depreciation 0.02 0.04 0.09 0.12
Plus:
Amortization of
intangibles 0.00 0.00 0.01 0.00
Plus: Other 0.00 0.00 0.00 0.00
Plus: Impairment
of equity
investments 0.03 0.00 0.05 0.00
Plus: Discrete
tax items 0.02 0.01 0.02 0.01
Plus: Income tax
effect of
non-GAAP
adjustments (0.05) (0.01) (0.09) (0.04)
--------- --------- --------- ---------
Adjusted earnings
(loss) per share
- basic $ 0.16 $ 0.01 $ 0.65 $ (0.04)
========= ========= ========= =========
Reconciliation
of GAAP to
adjusted EPS -
diluted
GAAP earnings
(loss) per share
- diluted $ 0.04 $ (0.11) $ 0.19 $ (0.47)
Plus: Share-based
compensation
expenses 0.08 0.08 0.35 0.32
Plus:
Depreciation 0.02 0.03 0.09 0.12
Plus:
Amortization of
intangibles 0.00 0.00 0.01 0.00
Plus: Other 0.00 0.00 0.00 0.00
Plus: Impairment
of equity
investments 0.03 0.00 0.05 0.00
Plus: Discrete
tax items 0.02 0.01 0.02 0.01
Plus: Income tax
effect of
non-GAAP
adjustments (0.05) (0.01) (0.08) (0.04)
--------- --------- --------- ---------
Adjusted earnings
(loss) per share
- diluted $ 0.15 $ 0.01 $ 0.62 $ (0.04)
========= ========= ========= =========
Reconciliation
of GAAP to
adjusted
earnings (loss)
per ADS - basic
GAAP earnings
(loss) per ADS -
basic $ 0.60 $ (1.43) $ 2.63 $ (6.12)
Plus: Share-based
compensation
expenses 1.11 1.01 4.68 4.20
Plus:
Depreciation 0.31 0.46 1.21 1.59
Plus:
Amortization of
intangibles 0.01 0.01 0.09 0.05
Plus: Other 0.00 0.00 0.01 0.00
Plus: Impairment
of equity
investments 0.37 0.06 0.69 0.06
Plus: Discrete
tax items 0.31 0.14 0.23 0.18
Plus: Income tax
effect of
non-GAAP
adjustments (0.69) (0.11) (1.12) (0.47)
--------- --------- --------- ---------
Adjusted earnings
(loss) per ADS -
basic $ 2.03 $ 0.15 $ 8.41 $ (0.52)
========= ========= ========= =========
Reconciliation
of GAAP to
adjusted
earnings (loss)
per ADS -
diluted
GAAP earnings
(loss) per ADS -
diluted(1) $ 0.58 $ (1.39) $ 2.53 $ (6.12)
Plus: Share-based
compensation
expenses 1.07 0.98 4.50 4.20
Plus:
Depreciation 0.30 0.45 1.16 1.59
Plus:
Amortization of
intangibles 0.01 0.01 0.09 0.05
Plus: Other 0.00 0.00 0.01 0.00
Plus: Impairment
of equity
investments 0.36 0.06 0.67 0.06
Plus: Discrete
tax items 0.30 0.14 0.22 0.18
Plus: Income tax
effect of
non-GAAP
adjustments (0.67) (0.11) (1.08) (0.47)
--------- --------- --------- ---------
Adjusted earnings
(loss) per ADS -
diluted $ 1.95 $ 0.15 $ 8.09 $ (0.52)
========= ========= ========= =========
1. Tax effect of Non-GAAP adjustments is based on the statutory tax rate in
the relevant tax jurisdiction. Please note that the Company currently records
a valuation allowance on its net deferred tax assets, so there is no net
impact recorded for deferred tax effects.
2. For the fourth quarter of 2024, GAAP diluted loss per ADS includes $0.04
loss per ADS attributable to the dilutive ADS outstanding for purposes of this
reconciliation. As the Company was in a GAAP net loss position no diluted
weighted average shares outstanding were calculated for US GAAP purposes.
Fourth Quarter Full Year
-------------------- -------------------------
2025 2024 2025 2024
--------- --------- ----------- ------------
Free Cash
Flow
(Non-GAAP)
Net cash
provided by
(used in)
operating
activities
(GAAP) $417,347 $ 75,160 $1,127,580 $(140,631)
Less:
Purchases
of
property,
plant and
equipment (37,522) (92,480) (185,839) (492,663)
------- ------- --------- --------
Free Cash
Flow
(Non-GAAP) $379,825 $(17,320) $ 941,741 $(633,294)
======= ======= ========= ========
Reconciliation of GAAP Operating Income Guidance
to Non-GAAP
Operating Income Guidance for Full Year 2026
(Unaudited)
GAAP Operating Income 700,000 -- 800,000
Plus: Adjustments to arrive at Non-GAAP(1) 700,000 -- 700,000
---------
Non-GAAP Operating Income 1,400,000 -- 1,500,000
========= =========
1. The non-GAAP adjustments are based on best available information at this
time related to non-cash items similar to those reported in our actual
Non-GAAP results.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260226660598/en/
CONTACT: Investor Contact
Liza Heapes
+1 857-302-5663
ir@beonemed.com
Media Contact
Kyle Blankenship
+1 667-351-5176
media@beonemed.com
(END) Dow Jones Newswires
February 26, 2026 06:00 ET (11:00 GMT)