By Jason Chau

Shares of BeOne Medicines surged after the drugmaker reported a sharp increase in its first-quarter earnings.

BeOne's Hong Kong-listed shares rose as much as 7.0% in early Thursday trading, while its Shanghai-listed shares rose 6.1%. Its H-shares and A-shares were last 3.2% and 3.3% higher, respectively.

The pharmaceutical major said in an exchange filing late Wednesday that its first-quarter net income, on a GAAP basis, was $227.4 million, surging from $1.3 million in the same period a year earlier. Revenue rose 35%, driven by strong sales of its flagship cancer treatments, which the company said have become market leaders in the U.S. and are expanding in Europe.

Adjusted earnings per share for the quarter was $3.24, it added.

The strong results have bolstered the company's outlook, with chief executive officer John V. Oyler saying in its filing that the earnings "reinforce BeOne's continued growth as a global oncology leader."

The drugmaker has also raised its financial guidance for the current fiscal year, supported by its continued global expansion.

"We view the results as satisfactory, and are positive to see the company lift [its fiscal 2026] guidance," said Nomura China healthcare analyst Jialin Zhang in a note.

BeOne has its roots in China but has since grown into a major multinational pharmaceutical player with major research bases and operations in the U.S., China and Europe.

The company recently signed a global licensing agreement with Chinese biotech firm Huahui Health worth up to $1.9 billion for exclusive rights to an oncology treatment, joining a growing list of global biopharma companies tapping the expanding pipeline of innovative drugs back in China.

Write to Jason Chau at jason.chau@wsj.com

(END) Dow Jones Newswires

May 07, 2026 01:59 ET (05:59 GMT)

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