BeOne Raises 2026 Revenue Outlook After Faster Growth

The Tip Desk · November 11, 2026 · 4 min read

Third-quarter revenue reached $1.9 billion, up 34% from a year earlier, and the company lifted full-year sales guidance to $6.9 billion to $7.0 billion.

BeOne Medicines Ltd. (ONC), a global oncology company, reported third-quarter total revenue of $1.9 billion, up 34% from the year-earlier period, after $1.7 billion and 30% year-over-year growth in the second quarter.

The company raised full-year 2026 total revenue guidance to $6.9 billion to $7.0 billion from $6.6 billion to $6.8 billion. It also lifted GAAP operating income guidance to $1.2 billion to $1.3 billion from $1.0 billion to $1.1 billion, and non-GAAP operating income guidance to $1.9 billion to $2.0 billion from $1.7 billion to $1.8 billion. Combined GAAP operating expenses for the year are now expected at $4.9 billion to $5.0 billion. The company said the revenue range reflects performance through the third quarter and its expectations for the remainder of the year.

BRUKINSA (zanubrutinib) global sales were $1.4 billion, up 34% from the prior year, after $1.2 billion and 31% year-over-year growth in the second quarter. U.S. BRUKINSA sales were $1.0 billion, up 36% from the prior year. TEVIMBRA (tislelizumab) global sales were $243 million, up 28% from the prior year, after 18% year-over-year growth in the second quarter. Amgen in-licensed products generated $167 million, up 26% from the prior year.

GAAP net income was $385 million, up 208% from the prior year. Diluted GAAP earnings were $3.28 a share on an ADS basis, up 201% from the prior year. Non-GAAP diluted earnings were $4.59 an ADS, up 73% from the prior year. GAAP income from operations was $419 million, up 157% from the prior year; adjusted income from operations was $612 million, up 79%. The company attributed the net-income increase primarily to revenue growth and improved operating leverage. Free cash flow was $474 million, up 34% from the prior year.

GAAP gross margin as a percentage of global product sales was 88%, compared with 90% in the second quarter. The company said the year-over-year increase reflected a higher mix of BRUKINSA and productivity gains on BRUKINSA and TEVIMBRA, offset by a $22 million non-cash intangible asset impairment tied to the decision to discontinue promotion of POBEVCY. Adjusted gross margin, which excludes depreciation, amortization and the impairment, was 90%, from 86% a year earlier.

GAAP research and development expense was $661 million, up 26% from the prior year; adjusted R&D was $586 million, up 31%. The company said R&D rose on both bases because of advancing early clinical programs into late stage and preclinical programs into the clinic. GAAP selling, general and administrative expense was $593 million, up 12%; adjusted SG&A was $504 million, up 16%, which the company tied to investment to support commercial growth.

Cash, cash equivalents and restricted cash were $5.9 billion at September 30, 2026.

BRUKINSA received FDA Priority Review designation for the Phase 3 MANGROVE filing, and the company completed MANGROVE regulatory submissions in the EU and China. TEVIMBRA received Japan regulatory approval for first-line nasopharyngeal cancer. BeOne also received FDA approval for a TEVIMBRA-based regimen in first-line HER2-positive gastroesophageal adenocarcinoma. Anticipated milestones include a Japan BRUKINSA submission for first-line mantle cell lymphoma in the fourth quarter of 2026 and China regulatory actions for TEVIMBRA- and ZIIHERA-containing HER2-positive gastroesophageal adenocarcinoma regimens in the first half of 2027.

The company announced a multi-part collaboration with Revolution Medicines covering combination studies with select BeOne clinical-stage assets and exclusive development and commercialization rights in select Asian markets to Revolution Medicines’ four clinical RAS(ON) inhibitors. It also announced a voluntary agreement with the U.S. government to expand access to cancer medicines while strengthening its U.S. manufacturing footprint.

The company said earnings may provide sufficient positive evidence to reverse certain valuation allowances in 2026, resulting in a material tax benefit when recognized, and that it expects the reversal in the fourth quarter of 2026. Diluted ADSs outstanding are expected at approximately 118 million.