BeOne Medicines Ltd. 10-Q

Item 1. Financial Statements BEONE MEDICINES LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, Note 2025 2024 2025 2024 $ $ $ $ Revenues Product revenue, net 12 1,395,013 993,447 3,805,619 2,661,511 Other revenue 3 17,271 8,152 39,244 20,906 Total revenues 1,412,284 1,001,599 3,844,863 2,682,417 Cost of sales - product 196,510 170,462 526,118 433,529 Gross profit 1,215,774 831,137 3,318,745 2,248,888 Operating expenses Research and development 523,662 496,179 1,530,445 1,411,283 Selling, general and administrative 528,998 455,223 1,526,199 1,326,379 Total operating expenses 1,052,660 951,402 3,056,644 2,737,662 Income (loss) from operations 163,114 ( 120,265 ) 262,101 ( 488,774 ) Interest income, net 3,029 10,643 12,374 40,028 Other (expense) income, net ( 18,979 ) 11,318 ( 6,862 ) 1,096 Income (loss) before income taxes 147,164 ( 98,304 ) 267,613 ( 447,650 ) Income tax expense 9 22,323 23,046 47,182 45,255 Net income (loss) 124,841 ( 121,350 ) 220,431 ( 492,905 ) Earnings (loss) per share Basic 13 0.09 ( 0.09 ) 0.16 ( 0.36 ) Diluted 13 0.08 ( 0.09 ) 0.15 ( 0.36 ) Weighted-average shares outstanding—basic 1,432,801,699 1,376,751,873 1,410,497,062 1,361,216,763 Weighted-average shares outstanding—diluted 1,488,750,354 1,376,751,873 1,465,535,004 1,361,216,763 Earnings (loss) per American Depositary Share (“ADS”) Basic 13 1.13 ( 1.15 ) 2.03 ( 4.71 ) Diluted 13 1.09 ( 1.15 ) 1.96 ( 4.71 ) Weighted-average ADSs outstanding—basic 110,215,515 105,903,990 108,499,774 104,708,982 Weighted-average ADSs outstanding—diluted 114,519,258 105,903,990 112,733,462 104,708,982 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents BEONE MEDICINES LTD. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Amounts in thousands of U.S. Dollars (“$”)) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 $ $ $ $ Net income (loss) 124,841 ( 121,350 ) 220,431 ( 492,905 ) Other comprehensive income (loss), net of tax of nil: Foreign currency translation adjustments 12,058 56,747 47,046 15,348 Other adjustments 383 202 685 573 Comprehensive income (loss) 137,282 ( 64,401 ) 268,162 ( 476,984 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents BEONE MEDICINES LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of U.S. Dollars (“$”), except for number of shares and per share data) As of September 30, December 31, Note 2025 2024 $ $ (unaudited) (audited) Assets Current assets: Cash and cash equivalents 4,036,868 2,627,410 Accounts receivable, net 863,281 676,278 Inventories, net 6 531,687 494,986 Prepaid expenses and other current assets 10 232,641 192,919 Total current assets 5,664,477 3,991,593 Property, plant and equipment, net 7 1,628,114 1,578,423 Operating lease right-of-use assets 140,217 139,309 Intangible assets, net 8 63,581 51,095 Other non-current assets 10 136,197 160,490 Total non-current assets 1,968,109 1,929,317 Total assets 7,632,586 5,920,910 Liabilities and shareholders’ equity Current liabilities: Accounts payable 383,676 404,997 Accrued expenses and other payables 10 1,001,661 803,713 Tax payable 9 11,219 25,930 Operating lease liabilities, current portion 15,732 17,576 Research and development cost share liability, current portion 3 90,596 111,154 Sale of future royalty liability, current portion 4 52,245 — Short-term debt 11 813,296 851,529 Total current liabilities 2,368,425 2,214,899 Non-current liabilities: Long-term debt 11 139,571 166,484 Sale of future royalty liability, non-current portion 4 832,755 — Operating lease liabilities, non-current portion 51,387 44,277 Deferred tax liabilities 9 47,066 42,007 Research and development cost share liability, non-current portion 3 — 54,286 Other long-term liabilities 10 64,056 66,735 Total non-current liabilities 1,134,835 373,789 Total liabilities 3,503,260 2,588,688 Commitments and contingencies 17 Shareholders’ equity: Ordinary shares, $ 0.0001 par value per share; 1,540,975,898 and 1,387,367,704 shares issued and 1,438,083,590 and 1,387,367,704 shares outstanding as of September 30, 2025 and December 31, 2024, respectively 144 138 Additional paid-in capital 12,616,844 12,087,908 Accumulated other comprehensive loss 15 ( 101,257 ) ( 148,988 ) Accumulated deficit ( 8,386,405 ) ( 8,606,836 ) Total shareholders’ equity 4,129,326 3,332,222 Total liabilities and shareholders’ equity 7,632,586 5,920,910 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of Contents BEONE MEDICINES LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands of U.S. Dollars (“$”)) (Unaudited) Nine Months Ended September 30, Note 2025 2024 $ $ Operating activities: Net income (loss) 220,431 ( 492,905 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization expense 105,702 121,516 Share-based compensation expenses 14 387,096 334,001 Acquired in-process research and development 691 — Amortization of research and development cost share liability 3 ( 74,844 ) ( 51,614 ) Impairment of equity investments 34,216 — Other items, net 9,595 11,516 Changes in operating assets and liabilities: Accounts receivable ( 167,294 ) ( 203,744 ) Inventories ( 22,662 ) ( 12,112 ) Other assets 55,247 9,505 Accounts payable ( 7,381 ) 13,536 Accrued expenses and other payables 165,886 54,638 Other liabilities 3,550 ( 128 ) Net cash provided by (used in) operating activities 710,233 ( 215,791 ) Investing activities: Purchases of property, plant and equipment ( 148,317 ) ( 400,183 ) Purchase of intangible asset ( 20,000 ) ( 4,674 ) Proceeds from sale or maturity of investments 1,800 2,655 Purchase of in-process research and development ( 60,691 ) ( 31,800 ) Other investing activities ( 10,612 ) ( 20,743 ) Net cash used in investing activities ( 237,820 ) ( 454,745 ) Financing activities: Proceeds from sale of future royalties 4 885,000 — Proceeds from long-term loan 11 — 9,053 Repayment of long-term loan 11 ( 21,062 ) ( 17,581 ) Proceeds from short-term loans 11 221,521 324,412 Repayment of short-term loans 11 ( 275,782 ) ( 157,490 ) Payments of withholding taxes from share-based awards ( 24,195 ) — Proceeds from option exercises and employee share purchase plan 177,038 36,578 Other financing activities — 3,000 Net cash provided by financing activities 962,520 197,972 Effect of foreign exchange rate changes, net 36,862 8 Net increase (decrease) in cash, cash equivalents, and restricted cash 1,471,795 ( 472,556 ) Cash, cash equivalents, and restricted cash at beginning of period 2,638,747 3,185,984 Cash, cash equivalents, and restricted cash at end of period 4,110,542 2,713,428 Supplemental cash flow information: Cash and cash equivalents 4,036,868 2,701,933 Short-term restricted cash 52,987 9,284 Long-term restricted cash 20,687 2,211 Income taxes paid 79,962 54,778 Interest expense paid 36,148 38,162 Supplemental non-cash information: Capital expenditures included in accounts payable and accrued expenses 52,057 75,317 ROU assets obtained in exchange for new operating lease liabilities 19,127 29,421 Increase in equity investment from deconsolidation of a subsidiary — 40,798 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Table of Contents BEONE MEDICINES LTD. CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Amounts in thousands of U.S. Dollars (“$”), except for number of shares) (Unaudited) Ordinary Shares Issued Effect of Redomiciliation 1 Total Outstanding Shares Ordinary Shares Issued Additional Paid-In Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Shares $ $ $ $ $ Balance at December 31, 2024 1,387,367,704 — 1,387,367,704 138 12,087,908 ( 148,988 ) ( 8,606,836 ) 3,332,222 Issuance of shares reserved for share option exercises 402,532 — 402,532 — — — — — Exercise of options, ESPP and release of RSUs 15,511,587 — 15,511,587 2 63,874 — — 63,876 Share-based compensation — — — — 95,478 — — 95,478 Other comprehensive income — — — — — 6,667 — 6,667 Net income — — — — — — 1,270 1,270 Balance at March 31, 2025 1,403,281,823 — 1,403,281,823 140 12,247,260 ( 142,321 ) ( 8,605,566 ) 3,499,513 Issuance of shares reserved for share option exercises 1 109,306,902 ( 112,772,594 ) ( 3,465,692 ) — — — — — Exercise of options, ESPP and release of RSUs 28,387,173 — 28,387,173 3 32,730 — — 32,733 Share-based compensation — — — — 150,809 — 150,809 Withholding taxes from share-based awards — — — — ( 35,523 ) — — ( 35,523 ) Other comprehensive income — — — — — 28,623 — 28,623 Net income — — — — — — 94,320 94,320 Balance at June 30, 2025 1,540,975,898 ( 112,772,594 ) 1,428,203,304 143 12,395,276 ( 113,698 ) ( 8,511,246 ) 3,770,475 Exercise of options, ESPP and release of RSUs — 9,880,286 9,880,286 1 80,759 — — 80,760 Share-based compensation — — — — 140,809 — — 140,809 Other comprehensive income — — — — — 12,441 — 12,441 Net income — — — — — — 124,841 124,841 Balance at September 30, 2025 1,540,975,898 ( 102,892,308 ) 1,438,083,590 144 12,616,844 ( 101,257 ) ( 8,386,405 ) 4,129,326 Balance at December 31, 2023 1,359,513,224 — 1,359,513,224 135 11,598,688 ( 99,446 ) ( 7,962,050 ) 3,537,327 Use of shares reserved for share option exercises ( 3,634,952 ) — ( 3,634,952 ) — — — — — Exercise of options, ESPP and release of RSUs 3,646,097 — 3,646,097 1 15,662 — — 15,663 Share-based compensation — — — — 88,667 — — 88,667 Deconsolidation of a subsidiary — — — 2,052 — — 2,052 Other comprehensive loss — — — — — ( 32,198 ) — ( 32,198 ) Net loss — — — — — — ( 251,150 ) ( 251,150 ) Balance at March 31, 2024 1,359,524,369 — 1,359,524,369 136 11,705,069 ( 131,644 ) ( 8,213,200 ) 3,360,361 Issuance of shares reserved for share option exercises 2,418,936 — 2,418,936 — — — — — Exercise of options, ESPP and release of RSUs 17,158,596 — 17,158,596 1 4,491 — — 4,492 Share-based compensation — — — — 130,637 — — 130,637 Other comprehensive loss — — — — — ( 8,830 ) — ( 8,830 ) Net loss — — — — — — ( 120,405 ) ( 120,405 ) Balance at June 30, 2024 1,379,101,901 — 1,379,101,901 137 11,840,197 ( 140,474 ) ( 8,333,605 ) 3,366,255 Issuance of shares reserved for share option exercises 1,944,995 — 1,944,995 — — — — — Exercise of options, ESPP and release of RSUs 4,987,424 — 4,987,424 1 19,521 — — 19,522 Share-based compensation — — — — 114,697 — — 114,697 Other comprehensive income — — — — — 56,949 — 56,949 Net loss — — — — — — ( 121,350 ) ( 121,350 ) Balance at September 30, 2024 1,386,034,320 — 1,386,034,320 138 11,974,415 ( 83,525 ) ( 8,454,955 ) 3,436,073 7 Table of Contents 1. Upon effectiveness of the redomiciliation to Switzerland, ordinary shares (including in the form of ADS) held by the Company or one of its controlled subsidiaries immediately prior to the effective date of the redomiciliation became part of the Company’s issued but not outstanding share capital and are considered ordinary shares of the Company, or “treasury shares” under Swiss law. The Company expects to use these treasury shares in the future to satisfy obligations to deliver shares in connection with awards granted under the Company’s equity incentive plans and agreements. The accompanying notes are an integral part of these condensed consolidated financial statements. 8 Table of Contents BEONE MEDICINES LTD. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Amounts in thousands of U.S. Dollar (“$”) and Renminbi (“RMB”), except for number of shares and per share data) (Unaudited) 1. Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies Description of business Formerly known as BeiGene, Ltd., BeOne Medicines Ltd. (the “Company” or “BeOne”) is a global oncology company that is discovering and developing innovative treatments that are more affordable and accessible to cancer patients worldwide. The Company redomiciled from the Cayman Islands to Switzerland during the second quarter of 2025. The redomiciliation to Switzerland did not change the accounting basis under U.S. generally accepted accounting principles (“GAAP”) of any of the Company’s consolidated assets, liabilities, equity, or any previous results of operations or cash flows. In connection with the redomiciliation, ordinary shares held by the Company or one of its controlled subsidiaries immediately prior to the effective date of the redomiciliation became part of the Company’s issued share capital and are considered ordinary shares of the Company, or “treasury shares” under Swiss law. See the Company’s final prospectus filed with the U.S. Securities and Exchange Commission pursuant to Rule 424(b)(3) on March 10, 2025 for a full description of the changes related to the Company’s ordinary shares resulting from the redomiciliation to Switzerland. Since its inception in 2010, the Company has become a fully integrated global organization with nearly 12,000 employees worldwide. Basis of presentation and consolidation The accompanying condensed consolidated balance sheet as of September 30, 2025, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2025 and 2024, the condensed consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024, and the condensed consolidated statements of shareholders’ equity for the three and nine months ended September 30, 2025 and 2024, and the related footnote disclosures are unaudited. The accompanying unaudited interim condensed consolidated financial statements were prepared in accordance with U.S. GAAP, including guidance with respect to interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. These financial statements should be read in conjunction with the consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “Annual Report”). The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all normal recurring adjustments, necessary to present a fair statement of the results for the interim periods presented. Results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results expected for the full fiscal year or for any future annual or interim period. The unaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. 9 Table of Contents Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, estimating the useful lives of long-lived assets, estimating variable consideration in product sales and collaboration revenue arrangements, identifying separate performance obligations and the standalone selling price of each performance obligation in the Company’s revenue arrangements, assessing the impairment of long-lived assets, valuation and recognition of share-based compensation expenses, realizability of deferred tax assets, estimating uncertain tax positions, valuation of inventory, estimating the allowance for credit losses, determining defined benefit pension plan obligations, measurement of right-of-use assets and lease liabilities, estimates related to the sale of future royalty liability and the fair value of financial instruments. Management bases the estimates on historical experience, known trends and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts of revenues and expenses. Actual results could differ from these estimates. Recent accounting pronouncements New accounting standards which have not yet been adopted In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update removes all references to prescriptive and sequential software development stages throughout Subtopic 350-40. The update requires an entity to start capitalizing software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The update further specifies that the disclosures in Subtopic 360-10 are required for all capitalized internal-use software costs. This update is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The guidance can be applied using a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition approach. The Company is currently evaluating the impact on its financial statements of adopting this guidance. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update requires that at each interim and annual reporting period public entities disclose (1) the amounts of purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions; (2) certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (3) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) the total amount of selling expenses and, in annual reporting periods, the definition of selling expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This update clarifies that ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact on its financial statements of adopting this guidance. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires that public entities on an annual basis, (1) in the rate reconciliation, disclose specific categories and provide additional information for reconciling items that meet a quantitative threshold; (2) about income taxes paid, disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and by individual jurisdiction in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received); and (3) disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) disaggregated by federal, state, and foreign. This update is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. This guidance should be applied on a prospective basis. Retrospective application is permitted. The Company does not expect that the adoption of ASU 2023-09 will have a significant impact on the Company’s consolidated financial statements as the standard does not change the recognition or measurement of current and deferred income taxes and is currently evaluating the impact on the income tax disclosures. 10 Table of Contents Significant accounting policies For a more complete discussion of the Company’s significant accounting policies and other information, the unaudited interim condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report. There have been no material changes to the Company’s significant accounting policies as of and for the nine months ended September 30, 2025, as compared to the significant accounting policies described in the Annual Report, other than the accounting for the sale of future royalty liability disclosed in Note 4. 2. Fair Value Measurements The Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. The Company considers an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and considers an inactive market to be one in which there are infrequent or few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. The following tables present the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis using the above input categories as of September 30, 2025 and December 31, 2024: Quoted Price in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of September 30, 2025 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents Money market funds 2,131,235 — — Other non-current assets (Note 5): Equity securities with readily determinable fair values 334 — — Convertible debt instrument — — 5,810 Other 585 — — Total 2,132,154 — 5,810 11 Table of Contents Quoted Price in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of December 31, 2024 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents Money market funds 950,704 — — Prepaid expenses and other current assets: Convertible debt instrument — — 618 Other non-current assets (Note 5): Equity securities with readily determinable fair values 2,113 168 — Convertible debt instrument — — 4,616 Total 952,817 168 5,234 The Company’s cash equivalents are highly liquid investments with original maturities of 3 months or less. The Company determines the fair value of cash equivalents using a market approach based on quoted prices in active markets. The Company’s equity securities carried at fair value consist of holdings in common stock and warrants to purchase additional shares of common stock of Leap Therapeutics, Inc. (“Leap”), a publicly-traded biotechnology company. The common stock investment is measured and carried at fair value and classified as a Level 1 investment. The warrants to purchase additional shares of common stock are measured using the Black-Scholes option-pricing valuation model and classified as a Level 2 investment. Refer to Note 5, Restricted Cash and Investments for details of the determination of the carrying amount of private equity investments without readily determinable fair values and equity method investments. The Company holds convertible notes issued by private biotech companies. The Company elected the fair value option method of accounting for the convertible notes. Accordingly, the convertible notes are remeasured at fair value on a recurring basis using Level 3 inputs, with any changes in the fair value option recorded in other (expense) income, net. The Company recorded net losses on fair value adjustment of $ 3,093 and $ 1,882 for the three and nine months ended September 30, 2025, respectively, and $ 1,802 and $ 1,664 for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025 and December 31, 2024, the fair values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and short-term debt approximated their carrying values due to their short-term nature. Long-term debt approximate their fair value due to the fact that the related interest rates approximate the rates currently offered by financial institutions for similar debt instrument of comparable maturities. 3. Collaborative, Licensing and Other Arrangements The Company enters into collaborative arrangements for the research and development, manufacture and/or commercialization of drug products and drug candidates. To date, these collaborative arrangements have included out-licenses of and options to out-license internally developed products and drug candidates to other parties, in-licenses of products and drug candidates from other parties, and profit- and cost-sharing arrangements. These arrangements may include non-refundable upfront payments, contingent obligations for potential development, regulatory and commercial performance milestone payments, cost-sharing and reimbursement arrangements, royalty payments, and profit sharing. For detailed descriptions of each arrangement, see the Company’s Annual Report. For the three and nine months ended September 30, 2025, the Company’s other revenue consisted primarily of royalty revenue from IMDELLTRA ® sales outside of China under the Amgen collaboration agreement and revenue generated under the Novartis broad markets agreement. For the three and nine months ended September 30, 2024, other revenue consisted primarily of revenue generated under the Novartis broad markets agreement. See Note 4 for further discussions of the accounting for the sale of future royalties associated with IMDELLTRA ® to Royalty Pharma in the third quarter of 2025. The Company will continue to recognize royalty revenue when such royalties are required to be paid by Amgen. 12 Table of Contents The following table summarizes total other revenue recognized for the three and nine months ended September 30, 2025 and 2024: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Other Revenue $ $ $ $ Amgen royalty revenue 12,169 2,454 26,721 3,290 Novartis broad markets revenue 4,115 5,168 10,957 13,669 Other 987 530 1,566 3,947 Other Revenue 17,271 8,152 39,244 20,906 In-Licensing Arrangements - Commercial Amgen During the three and nine months ended September 30, 2025 and 2024, the Company recorded the following amounts related to its collaboration arrangement with Amgen. For a detailed description of the arrangement and related rights and obligations, see the Company’s Annual Report for the year ended December 31, 2024 filed on February 27, 2025. The Company is still in the commercialization period for XGEVA ® , KYPROLIS ® and BLINCYTO ® in China. Amounts recorded related to the Company’s portion of the co-development funding on the pipeline assets for the three and nine months ended September 30, 2025 and 2024 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 $ $ $ $ BeOne’s portion of the development funding 59,325 33,590 152,040 104,595 Less: Amortization of research and development cost share liability 29,275 16,575 74,844 51,614 Research and development expense 30,050 17,015 77,196 52,981 As of September 30, 2025 $ Remaining portion of development funding cap 183,592 As of September 30, 2025 and December 31, 2024, the research and development cost share liability recorded in the Company’s balance sheet was as follows: As of September 30, December 31, 2025 2024 $ $ Research and development cost share liability, current portion 90,596 111,154 Research and development cost share liability, non-current portion — 54,286 Total research and development cost share liability 90,596 165,440 13 Table of Contents The total reimbursement paid under the commercial profit-sharing agreement for product sales is classified in the income statement for the three and nine months ended September 30, 2025 and 2024 as follows: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 $ $ $ $ Cost of sales - product 9,962 10,278 26,989 28,437 Research and development ( 371 ) ( 269 ) ( 2,480 ) ( 1,413 ) Selling, general and administrative ( 24,546 ) ( 21,641 ) ( 73,531 ) ( 60,894 ) Total ( 14,955 ) ( 11,632 ) ( 49,022 ) ( 33,870 ) The Company purchases commercial inventory from Amgen to distribute in China. Inventory purchases amounted to $ 84,243 and $ 220,275 during the three and nine months ended September 30, 2025, respectively, and $ 43,061 and $ 152,940 during the three and nine months ended September 30, 2024, respectively. Net amounts payable to Amgen was $ 116,413 and $ 116,563 as of September 30, 2025 and December 31, 2024, respectively. In-Licensing Arrangements - Development The Company has in-licensed the rights to develop, manufacture and, if approved, commercialize multiple development stage drug candidates globally or in specific territories. These arrangements typically include non-refundable upfront payments, contingent obligations for potential development, regulatory and commercial performance milestone payments, cost-sharing arrangements, royalty payments, and profit sharing. Upfront and milestone payments incurred under these arrangements for the three and nine months ended September 30, 2025 and 2024 are set forth below. All upfront and development milestones were expensed to research and development expense. All regulatory and commercial milestones were capitalized as intangible assets and are being amortized over the remainder of the respective product patent or term of the commercialization agreements. Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Payments due to collaboration partners Classification $ $ $ $ Upfront payments Research and development expense 191 — 691 27 Development milestones incurred Research and development expense — 5,000 — 51,500 Regulatory and commercial milestone payments Intangible asset — — 20,000 — Total 191 5,000 20,691 51,527 4. Sale of Future IMDELLTRA ® Royalties On August 25, 2025, the Company entered into an agreement ("Royalty Agreement") to sell its royalty rights on the worldwide sales, excluding China, of Amgen’s IMDELLTRA ® (tarlatamab-dlle) for up to $ 950,000 to Royalty Pharma Investments 2023 ICAV (“Royalty Pharma”). Under the terms of the Royalty Agreement, the Company received a non-refundable upfront payment of $ 885,000 , with the option to sell remaining royalties within one year for up to $ 65,000 . The Company will share in a portion of the royalty on annual sales above $ 1.5 billion, and will maintain royalty and all other rights to other assets under the terms of its collaboration agreement with Amgen. 14 Table of Contents The Company evaluated the arrangement and determined that the proceeds from the sale of future IMDELLTRA ® royalties, as well as the option to sell remaining royalties when and if exercised, should be treated as a financing liability according to ASC 470, Debt due to the Company’s continuing involvement with the Amgen collaboration. At the transaction date, the Company recognized the upfront proceeds received from Royalty Pharma of $ 885,000 as a liability and is amortizing it using the effective interest method over the life of the arrangement. The Company imputes interest expense associated with the liability using the effective interest rate method. The effective interest rate is the rate that equates the present value of the estimate of remaining royalty revenues payable to Royalty Pharma with the carrying amount of the liability. The interest rate on the sale of future royalty liability may vary during the term of the agreement depending on a number of factors, including the royalty revenues forecast. The Company evaluates the interest rate quarterly based on its expectations of future royalty revenues, historical experience and current market conditions using the prospective method. A significant increase or decrease in future royalty revenues will materially impact the timing of royalty sale liability amortization, interest expense and the time period for repayment. The Company will assess the expected payments to Royalty Pharma quarterly, and, to the extent the amount or timing of such payments is materially different than its initial estimates, the Company will prospectively adjust the amortization of the liability and the related interest expense. The repayment of this obligation to Royalty Pharma will be made upon the receipt of royalties from Amgen throughout the royalty period. The repayment does not follow a fixed repayment schedule and will be recognized over the life of the royalty stream, which is expected to occur through at least 2041. The Royalty Agreement also contains customary representations, warranties, covenants, and indemnification provisions. As of September 30, 2025, the royalty financing obligation recorded in the Company’s balance sheet was as follows: As of September 30, 2025 $ Sale of future royalty liability, current portion 52,245 Sale of future royalty liability, non-current portion 832,755 Total sale of future royalty liability 885,000 The carrying value of the sale of future royalty liability approximates fair value as of September 30, 2025 and is based on the Company’s current estimates of future royalties expected to be paid to Royalty Pharma over the life of the royalty stream, which are considered Level 3 inputs. The Company accrued $ 5,580 in interest expense related to this arrangement for the three and nine months ended September 30, 2025, respectively. The effective annual imputed interest rate was 6.4 % as of September 30, 2025. The Company accrued $ 11,303 in royalty revenue for the three months ended September 30, 2025, which will be paid to Royalty Pharma in the fourth quarter of 2025. As of September 30, 2025, no payments have been made to Royalty Pharma. 5. Restricted Cash and Investments Restricted Cash The Company’s restricted cash primarily consists of RMB-denominated cash deposits held in designated bank accounts as collateral for letters of credit and cash used to settle employee benefit obligations and related taxes. The Company classifies restricted cash as current or non-current based on the term of the restriction. Restricted cash as of September 30, 2025 and December 31, 2024 was as follows: As of September 30, December 31, 2025 2024 $ $ Short-term restricted cash 52,987 9,312 Long-term restricted cash 20,687 2,025 Total 73,674 11,337 In addition to the restricted cash balances above, the Company is required by the PRC securities law to use the proceeds from its offering on the STAR Market of the Shanghai Stock Exchange (the “STAR Offering”) in strict compliance with the planned uses as disclosed in the PRC offering prospectus as well as those disclosed in the Company’s proceeds management policy approved by the board of directors. As of September 30, 2025, the Company had cash remaining related to the STAR Offering proceeds of $ 248,992 . 15 Table of Contents Investments in Equity Securities The following table summarizes the Company’s investments in equity securities: As of September 30, December 31, 2025 2024 $ $ Equity securities with readily determinable fair values 1 Fair value of Leap common stock 334 2,113 Fair value of Leap warrants — 168 Equity securities without readily determinable fair values Pi Health, Inc. 2 40,798 40,798 Other 3 34,057 48,157 Equity-method investments 4 20,273 33,081 Total 95,462 124,317 1 Represents common stock and warrants to purchase additional shares of common stock of Leap. The Company measures the investment in the common stock and warrants at fair value, with changes in fair value recorded to other (expense) income, net. 2 In the first quarter of 2024, the Company divested the net assets comprising substantially all of its Pi Health business with a carrying value of $ 38,063 . The consideration received for the divestiture consisted of preferred stock in a newly formed entity, Pi Health, Inc., with a fair value of $ 40,798 and cash consideration of $ 1,000 . The transaction resulted in a pre-tax gain of $ 3,735 recorded within other (expense) income, net during the nine months ended September 30, 2024. The Company accounts for its investment as a private equity security without a readily determinable fair value, and the divestiture was not treated as a discontinued operation in the Statement of Operations and therefore the historical results of operations of the Pi Health business will remain in the Company’s continuing operations. 3 In the three and nine months ended September 30, 2025, the Company recognized an impairment loss of $ 15,552 within other (expense) income, net, resulting from a decline in the enterprise value related to a business acquisition of one of its investees. 4 In the first quarter of 2025, in connection with the wind-down of the operations and related financial obligations of one of the Company’s equity-method investments, the investment’s fair value was assessed to be zero . The Company recognized an other-than-temporary impairment loss of $ 12,376 during the nine months ended September 30, 2025, within unrealized losses from equity-method investments. The following table summarizes unrealized losses related to investments in equity securities recorded in other (expense) income, net for the three and nine months ended September 30, 2025 and 2024: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 $ $ $ $ Equity securities with readily determinable fair values 116 494 ( 1,947 ) ( 1,539 ) Equity securities without readily determinable fair values ( 13,754 ) — ( 16,872 ) ( 797 ) Equity-method investments ( 576 ) ( 2,936 ) ( 15,850 ) ( 7,809 ) 16 Table of Contents 6. Inventories, Net The Company’s inventories, net consisted of the following: As of September 30, December 31, 2025 2024 $ $ Raw materials 178,639 170,584 Work in process 100,808 60,118 Finished goods 252,240 264,284 Total inventories, net 531,687 494,986 7. Property, Plant and Equipment, Net Property, plant and equipment, net are recorded at cost and consisted of the following: As of September 30, December 31, 2025 2024 $ $ Land 71,434 65,485 Building 1,167,466 607,857 Manufacturing equipment 266,778 244,255 Laboratory equipment 290,122 240,885 Leasehold improvement 73,745 64,680 Software, electronics and office equipment 114,950 100,348 Property, plant and equipment, at cost 1,984,495 1,323,510 Less: accumulated depreciation ( 485,499 ) ( 399,105 ) Construction in progress 129,118 654,018 Property, plant and equipment, net 1,628,114 1,578,423 The Company has made a significant investment in its recently opened manufacturing and clinical R&D facility in Hopewell, New Jersey. In the nine months ended September 30, 2025, $ 460,383 of assets were placed into service. As of September 30, 2025, the Company had construction in progress of $ 92,890 related to the Hopewell facility, the majority of which will be put into service in 2026. Depreciation expense was $ 35,730 and $ 97,198 for the three and nine months ended September 30, 2025, respectively, and $ 70,028 and $ 117,892 for the three and nine months ended September 30, 2024, respectively. Included within depreciation expense for the three and nine months ended September 30, 2024 was $ 41,808 of accelerated depreciation expense resulting from shifting production to more efficient, larger scale equipment for TEVIMBRA. 8. Intangible Assets Intangible assets as of September 30, 2025 and December 31, 2024 are summarized as follows: As of September 30, 2025 December 31, 2024 Gross Gross carrying Accumulated Intangible carrying Accumulated Intangible amount amortization assets, net amount amortization assets, net $ $ $ $ $ $ Finite-lived intangible assets: Developed products 76,602 ( 13,553 ) 63,049 62,889 ( 12,370 ) 50,519 Other 8,987 ( 8,455 ) 532 8,987 ( 8,411 ) 576 Total finite-lived intangible assets 85,589 ( 22,008 ) 63,581 71,876 ( 20,781 ) 51,095 17 Table of Contents Developed products represent post-approval milestone payments under license and commercialization agreements. The Company is amortizing the developed products over the remainder of the respective product patent or the term of the commercialization agreements. Amortization expense for developed products is included in cost of sales - product in the accompanying consolidated statements of operations. Amortization expense for other intangible assets is included in selling, general and administrative expense in the accompanying consolidated statements of operations. The weighted-average life for each finite-lived intangible assets is approximately 11 years. Amortization expense was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 $ $ $ $ Amortization expense - Cost of sales - product 1,537 1,186 8,459 3,546 Amortization expense - Selling, general and administrative 17 78 45 78 Total 1,554 1,264 8,504 3,624 As of September 30, 2025, estimated amortization expense for each of the five succeeding years and thereafter was as follows: Year Ending December 31, Cost of Sales - Product Selling, General and Administrative Total $ $ $ 2025 (remainder of year) 2,068 22 2,090 2026 8,272 67 8,339 2027 8,272 67 8,339 2028 8,272 67 8,339 2029 8,272 67 8,339 2030 and thereafter 27,893 242 28,135 Total 63,049 532 63,581 9. Income Taxes Income tax expense was $ 22,323 and $ 47,182 for the three and nine months ended September 30, 2025 and $ 23,046 and $ 45,255 for the three and nine months ended September 30, 2024, respectively. The income tax expense for the three and nine months ended September 30, 2025 was primarily attributable to current Switzerland tax expense based on year to date earnings and current China tax expense due to certain non-deductible expenses, offset with a net U.S. tax benefit mainly driven by changes to the Company’s estimate of U.S. R&D credits to be taken for prior periods reflected as discrete items through Q3 2025. The income tax expense for the three and nine months ended September 30, 2024 was primarily attributable to current U.S. tax expense determined after other special tax deductions and research and development tax credits, current Switzerland tax expense based on year to date earnings, and current China tax expense due to certain non-deductible expenses. On a quarterly basis, the Company evaluates the realizability of deferred tax assets by jurisdiction and assesses the need for a valuation allowance. In assessing the realizability of deferred tax assets, the Company considers historical profitability, evaluation of scheduled reversals of deferred tax liabilities, projected future taxable income and tax-planning strategies. Valuation allowances have been provided on deferred tax assets where, based on all available evidence, it was considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. After consideration of all positive and negative evidence, as of September 30, 2025, the Company will maintain a full valuation allowance against its net deferred tax assets. As of September 30, 2025, the Company had gross unrecognized tax benefits of $ 22,003 . The Company does not anticipate that the amount of existing unrecognized tax benefits will significantly change within the next 12 months. The Company’s reserve for uncertain tax positions increased by $ 515 and $ 4,764 in the three and nine months ended September 30, 2025, primarily due to U.S. federal and state tax credits and incentives. 18 Table of Contents 10. Supplemental Balance Sheet Information Prepaid expenses and other current assets consist of the following: As of September 30, December 31, 2025 2024 $ $ Prepaid research and development costs 70,025 64,277 Other receivables 39,098 32,828 Prepaid taxes 26,658 23,792 Prepaid general and administrative expenses 15,619 21,253 Short-term restricted cash 52,987 9,312 Prepaid manufacturing cost 2,675 19,333 Other current assets 25,579 22,124 Total 232,641 192,919 Other non-current assets consist of the following: As of September 30, December 31, 2025 2024 $ $ Long-term investments 100,652 128,933 Long-term restricted cash 20,687 2,025 Rental deposits and other 7,978 8,481 Prepayment of property and equipment 2,556 5,927 Prepaid VAT 3,290 2,875 Prepaid supply cost 1,034 12,249 Total 136,197 160,490 Accrued expenses and other payables consist of the following: As of September 30, December 31, 2025 2024 $ $ Revenue rebates and returns related 382,777 235,600 Compensation related 234,298 248,348 Commercial activities 124,520 77,530 External research and development activities related 125,087 154,269 Individual income tax and other taxes 79,791 34,904 Accrued general and administrative expenses 33,806 31,106 Other 21,382 21,956 Total 1,001,661 803,713 19 Table of Contents Other long-term liabilities consist of the following: As of September 30, December 31, 2025 2024 $ $ Deferred government grant income 29,100 30,324 Pension liability 17,044 16,405 Asset retirement obligation 3,595 3,794 Other 14,317 16,212 Total 64,056 66,735 20 Table of Contents 11. Debt The following table summarizes the Company’s short-term and long-term debt obligations as of September 30, 2025 and December 31, 2024: Lender Borrower Term Maturity Date Note As of September 30, 2025 December 31, 2024 $ $ China Construction Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year June 11, 2027 1 18,963 16,440 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year January 20, 2029 2 8,830 8,611 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year November 8, 2029 3 8,347 8,148 China CITIC Bank BeOne Pharmaceutical (Suzhou) Co., Ltd. 10 -year July 28, 2032 4 9,131 1,384 China Merchants Bank BeOne Medicines Ltd. 1 -year January 21, 2026 5 380,000 380,000 China Minsheng Bank BeOne Medicines Ltd. 1 -year December 16, 2025 6 150,000 150,000 China Industrial Bank BeOne Medicines USA, Inc. 364 -day June 28, 2026 7 94,817 — China Industrial Bank BeOne Medicines Ltd. 364 -day March 27, 2025 8 — 92,475 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 1 -year June 5, 2025 9 — 54,800 HSBC Bank BeOne Medicines Ltd. 1 -year June 17, 2026 10 47,760 46,580 Shanghai Pudong Development Bank BeOne Medicines Ltd. 1 -year November 24, 2025 11 95,448 93,091 Total short-term debt 813,296 851,529 China Construction Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year June 11, 2027 1 31,606 41,100 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year January 20, 2029 2 22,074 27,987 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year November 8, 2029 3 27,597 33,020 China CITIC Bank BeOne Pharmaceutical (Suzhou) Co., Ltd. 10 -year July 28, 2032 4 58,294 64,377 Total long-term debt 139,571 166,484 1 The credit facility offers a borrowing capacity of RMB 580,000 , denominated in RMB, and bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.8 % as of September 30, 2025. The outstanding principal balance is payable in semi-annual installments. The Company repaid $ 8,358 (RMB 60,000 ) during the nine months ended September 30, 2025. The loan is secured by BeOne Guangzhou Biologics Manufacturing Co., Ltd.’s property ownership certificate and fixed assets. 2 The credit facility offers a borrowing capacity of RMB 350,000 , denominated in RMB, and bears floating interest rates benchmarking against prevailing interest rates of financial institutions in the PRC. The loan interest rate was 3.4 % as of September 30, 2025. The outstanding principal balance is payable in quarterly installments. The Company repaid $ 6,512 (RMB 47,143 ) during the nine months ended September 30, 2025. The loan is secured by Guangzhou Factory’s south district land use right and certain fixed assets. 3 The credit facility offers a borrowing capacity of RMB 378,000 , denominated in RMB, and bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.2 % as of September 30, 2025. The outstanding principal balance is payable in quarterly installments. The Company repaid $ 6,192 (RMB 44,620 ) during the nine months ended September 30, 2025. The loan is secured by fixed assets placed into service in the third phase of the Guangzhou manufacturing facility’s buildout. 4 The credit facility offers a borrowing capacity of RMB 480,000 , denominated in RMB, and bears floating interest rate benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.3 % as of September 30, 2025. The outstanding principal balance is payable in semi-annual installments. The loan is secured by BeOne Pharmaceutical (Suzhou) Co., Ltd.’s property ownership certificate of the small molecule manufacturing campus in Suzhou, China. 5 The working capital loan facility offers a borrowing capacity of up to $ 380,000 , denominated in USD, and bears floating interest rates benchmarking the secured overnight financing rate. The loan interest rate was 6.2 % as of September 30, 2025. $ 300,000 of the borrowings matures on December 17, 2025, and $ 80,000 matures on January 21, 2026. 6 The working capital loan facility offers a borrowing capacity of up to $ 150,000 , denominated in USD. The loan interest rate was 6.8 % as of September 30, 2025. 21 Table of Contents 7 The working capital loan facility offers a borrowing capacity of up to RMB 675,000 , denominated in RMB. The loan interest rate was 3.0 % as of September 30, 2025. 8 The working capital loan facility offered a borrowing capacity of up to RMB 675,000 , denominated in RMB. The Company repaid the principal during the nine months ended September 30, 2025. 9 The working capital loan facility offers a borrowing capacity of up to of RMB 400,000 , denominated in RMB. The Company repaid the principal during the nine months ended September 30, 2025. 10 The working capital loan facility offers a borrowing capacity of up to RMB 340,000 , denominated in RMB, and bears floating interest rates benchmarking Hong Kong interbank market rate for RMB. The loan interest rate was 3.6 % as of September 30, 2025. 11 The working capital loan facility offers a borrowing capacity of up to RMB 700,000 , denominated in RMB. The loan interest rate was 2.9 % as of September 30, 2025. The Company has numerous financial and non-financial covenants on its debt obligations with various banks and other lenders. Some of these covenants include default and/or cross-default provisions that could require acceleration of repayment of loans in the event of default. However, the Company’s debt is primarily short-term in nature. Any acceleration would be a matter of months but may impact the Company’s ability to refinance debt obligations if an event of default occurs. As of September 30, 2025, the Company was in compliance with all covenants of its material debt agreements. Interest Expense Interest expense recognized for the three and nine months ended September 30, 2025 was $ 12,650 and $ 37,659 , respectively, among which, $ 1,886 and $ 11,899 was capitalized, respectively. Interest expense recognized for the three and nine months ended September 30, 2024 was $ 14,312 and $ 39,949 , respectively, among which, $ 8,176 and $ 25,697 was capitalized, respectively. Interest paid for the nine months ended September 30, 2025 and 2024, net of amounts capitalized, amounted to $ 24,249 and $ 12,466 , respectively. 12. Product Revenue The Company’s product revenue is primarily derived from the sale of its internally developed products BRUKINSA ® and TEVIMBRA ® in the U.S., China, EU, and other regions; XGEVA ® , BLINCYTO ® and KYPROLIS ® in China under a license from Amgen; and POBEVCY ® in China under a license from Bio-Thera. The table below presents the Company’s net product revenue for the three and nine months ended September 30, 2025 and 2024. Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 $ $ $ $ Product revenue – gross 1,770,689 1,245,589 4,828,593 3,357,208 Less: Rebates and sales returns ( 375,676 ) ( 252,142 ) ( 1,022,974 ) ( 695,697 ) Product revenue – net 1,395,013 993,447 3,805,619 2,661,511 The following table disaggregates net product revenue by product for the three and nine months ended September 30, 2025 and 2024: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 $ $ $ $ BRUKINSA ® 1,040,691 690,278 2,782,195 1,816,192 TEVIMBRA ® 190,623 163,351 555,311 467,038 XGEVA ® 84,243 63,445 235,984 161,880 BLINCYTO ® 30,476 20,215 79,969 53,712 KYPROLIS ® 18,369 17,972 57,513 48,019 POBEVCY ® 10,499 12,193 35,486 40,398 Other 20,112 25,993 59,161 74,272 Total product revenue – net 1,395,013 993,447 3,805,619 2,661,511 22 Table of Contents The following table presents the roll-forward of accrued revenue rebates and returns for the nine months ended September 30, 2025 and 2024: Rebates, Returns and Other Deductions Contra AR Accruals Total $ $ Balance at December 31, 2024 235,600 50,699 286,299 Accrual 457,909 565,065 1,022,974 Payments ( 310,732 ) ( 564,676 ) ( 875,408 ) Balance at September 30, 2025 382,777 51,088 433,865 Balance at December 31, 2023 139,936 30,435 170,371 Accrual 340,845 354,852 695,697 Payments ( 267,034 ) ( 350,055 ) ( 617,089 ) Balance at September 30, 2024 213,747 35,232 248,979 13. Earnings (Loss) Per Share/ADS The following table reconciles the numerator and denominator in the computations of earnings (loss) per share/ADS: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 $ $ $ $ Numerator: Net income (loss) 124,841 ( 121,350 ) 220,431 ( 492,905 ) Denominator: Weighted-average shares outstanding—basic 1,432,801,699 1,376,751,873 1,410,497,062 1,361,216,763 Dilutive common share equivalents 55,948,655 — 55,037,942 — Weighted-average shares outstanding—diluted 1,488,750,354 1,376,751,873 1,465,535,004 1,361,216,763 Antidilutive common share equivalents excluded from above 1,665,727 — 1,415,410 — Earnings (loss) per share: Basic 0.09 ( 0.09 ) 0.16 ( 0.36 ) Diluted 0.08 ( 0.09 ) 0.15 ( 0.36 ) Earnings (loss) per ADS: Basic 1.13 ( 1.15 ) 2.03 ( 4.71 ) Diluted 1.09 ( 1.15 ) 1.96 ( 4.71 ) For the three and nine months ended September 30, 2025, diluted earnings per share was computed using the weighted-average number of ordinary shares and the effect of potentially dilutive shares outstanding during the periods. Potentially dilutive shares consist of stock options, restricted stock units and ESPP shares. The dilutive effect of outstanding stock options, restricted stock units and ESPP shares is reflected in diluted net earnings per share using the treasury stock method. For the three and nine months ended September 30, 2024, the Company was in a net loss position and the effects of all share options, restricted share units and ESPP shares were excluded from the calculation of diluted loss per share, as their effect would have been anti-dilutive. Each ADS represents 13 ordinary shares. Basic and diluted earnings (loss) per ADS was derived from the basic and diluted earnings (loss) per share, respectively. 23 Table of Contents 14. Share-Based Compensation Expense Share Option, Restricted Share Units and Performance Share Units During the nine months ended September 30, 2025, the Company granted options for 2,527,499 ordinary shares, restricted share units for 27,902,628 ordinary shares, and performance share units for 1,876,056 ordinary shares under the Company’s share option and incentive plan. As of September 30, 2025, options, restricted share units, and performance share units for ordinary shares outstanding totaled 50,032,205 , 78,985,556 , and 3,934,632 , respectively. As of September 30, 2025, share-based awards to acquire 59,929,336 ordinary shares were available for future grant under the Company’s share option and incentive plan. Employee Share Purchase Plan The Company’s employee share purchase plan (the “ESPP”) allows eligible employees to purchase the Company’s ordinary shares (including in the form of ADSs) at the end of each offering period, which will generally be six months , at a 15 % discount to the market price of the Company’s ADSs at the beginning or the end of each offering period, whichever is lower, using funds deducted from their payroll during the offering period. Eligible employees are able to authorize payroll deductions of up to 10 % of their eligible earnings, subject to applicable limitations. As of September 30, 2025, 3,179,780 ordinary shares were available for future issuance under the ESPP. The following table summarizes the shares issued under the ESPP: Number of Ordinary Shares Issued Market Price 1 Purchase Price 2 Issuance Date ADS Ordinary ADS Ordinary Proceeds August 31, 2025 818,506 $ 245.53 $ 18.89 $ 208.70 $ 16.05 $ 13,140 February 28, 2025 955,396 $ 188.26 $ 14.48 $ 160.02 $ 12.31 $ 11,760 August 31, 2024 1,035,996 $ 165.02 $ 12.69 $ 140.27 $ 10.78 $ 11,178 February 29, 2024 1,021,397 $ 165.65 $ 12.74 $ 140.80 $ 10.83 $ 11,063 1 The market price is the lower of the closing price on the Nasdaq Stock Market on the issuance date or the offering date, in accordance with the terms of the ESPP. 2 The purchase price is the price which was discounted from the applicable market price, in accordance with the terms of the ESPP. Share-Based Compensation Expense The following table summarizes total share-based compensation expense recognized for the three and nine months ended September 30, 2025 and 2024: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 $ $ $ $ Research and development 58,839 47,670 164,998 141,121 Selling, general and administrative 81,947 66,933 221,792 192,890 Total 140,786 114,603 386,790 334,011 24 Table of Contents 15. Accumulated Other Comprehensive Loss The movement of accumulated other comprehensive loss was as follows: Foreign Currency Pension Translation Liability Adjustments Adjustments Total $ $ $ Balance as of December 31, 2024 ( 135,552 ) ( 13,436 ) ( 148,988 ) Other comprehensive income before reclassifications 47,046 — 47,046 Amounts reclassified from accumulated other comprehensive loss — 685 685 Net-current period other comprehensive income 47,046 685 47,731 Balance as of September 30, 2025 ( 88,506 ) ( 12,751 ) ( 101,257 ) 16. Restricted Net Assets The Company’s ability to pay dividends may depend on the Company receiving distributions of funds from its PRC subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of the subsidiary’s retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the condensed consolidated financial statements prepared in accordance with GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries. In accordance with the company law of the PRC, a domestic enterprise is required to provide statutory reserves of at least 10 % of its annual after-tax profit until such reserve has reached 50 % of its respective registered capital based on the enterprise’s PRC statutory accounts. A domestic enterprise is also required to provide discretionary surplus reserve, at the discretion of the board of directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The Company’s PRC subsidiaries were established as domestic enterprises and therefore are subject to the above-mentioned restrictions on distributable profits. As a result of these PRC laws and regulations, including the requirement to make annual appropriations of at least 10 % of after-tax income and set aside as general reserve fund prior to payment of dividends, the Company’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. Foreign exchange and other regulations in the PRC may further restrict the Company’s PRC subsidiaries from transferring funds to the Company in the form of dividends, loans and advances. As of September 30, 2025 and December 31, 2024, amounts restricted were the net assets of the Company’s PRC subsidiaries, which, after intercompany eliminations, amounted to $ 1,915,887 and $ 1,709,961 , respectively. 17. Commitments and Contingencies Purchase Commitments As of September 30, 2025, the Company had non-cancellable purchase commitments amounting to $ 175,115 , of which $ 24,921 related to non-utilization fees and minimum purchase requirements for supply purchased from contract manufacturers and $ 150,194 related to binding purchase obligations of inventory from Amgen. The Company does not have any minimum purchase requirements for inventory from Amgen. Capital Commitments The Company had capital commitments amounting to $ 52,061 for the acquisition of property, plant and equipment as of September 30, 2025, related to various facilities across the globe, including the manufacturing and clinical R&D facility in Hopewell, New Jersey. Co-Development Funding Commitment Under the Amgen Collaboration Agreement, the Company is responsible for co-funding global development costs for the Amgen oncology pipeline assets up to a total cap of $ 1.25 billion. The Company is funding its portion of the co-development costs by contributing cash and/or development services. As of September 30, 2025, the Company’s remaining co-development funding commitment was $ 183,592 . 25 Table of Contents Funding Commitment The Company had committed capital related to equity investments in the amount of $ 15,891 . As of September 30, 2025, the remaining capital commitment was $ 5,991 and is expected to be paid from time to time over the investment period. 18. Segment and Geographic Information The Company operates in one segment: pharmaceutical products. Its chief operating decision maker is the Chief Executive Officer, who makes operating decisions, assesses performance and allocates resources on a consolidated basis. The primary measure of segment profitability for the Company’s operating segment is considered to be consolidated net income (loss). Significant segment expenses reviewed by the CODM on a regular basis included within net income (loss) include cost of product sales, research and development expenses and selling, general and administrative expenses which are separately presented on the Company’s consolidated statements of operations. Other segment items within net income (loss) include interest income, net, other (expense) income, net and income tax expense. The Company’s long-lived assets are primarily located in the U.S. and China. Net product revenues by geographic area are based upon the location of the customer, and other revenue is recorded in the jurisdiction in which the related income is expected to be sourced from. Total revenues by geographic area are presented as follows: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 $ $ $ $ U.S. - total revenue 754,856 505,462 2,016,494 1,338,348 Product revenue 742,687 503,745 1,991,430 1,334,566 Other revenue 12,169 1,717 25,064 3,782 China - total revenue 439,885 375,993 1,272,401 1,048,439 Product revenue 434,783 370,295 1,259,947 1,033,069 Other revenue 5,102 5,698 12,454 15,370 Europe - total revenue 166,576 98,265 437,514 247,514 Product revenue 166,576 97,528 435,788 245,760 Other revenue — 737 1,726 1,754 Rest of world - total revenue 50,967 21,879 118,454 48,116 Product revenue 50,967 21,879 118,454 48,116 Total Revenue 1,412,284 1,001,599 3,844,863 2,682,417 26 Table of Contents