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 March 31, Note 2026 2025 $ $ Revenues Product revenue, net 11 1,487,329 1,108,530 Other revenue 3 26,109 8,749 Total revenues 1,513,438 1,117,279 Cost of sales - product 167,215 165,002 Gross profit 1,346,223 952,277 Operating expenses Research and development 541,224 481,887 Selling, general and administrative 555,097 459,288 Total operating expenses 1,096,321 941,175 Income from operations 249,902 11,102 Interest income 27,664 12,850 Interest expense ( 32,887 ) ( 7,002 ) Other income, net 14,536 3,950 Income before income taxes 259,215 20,900 Income tax expense 8 31,858 19,630 Net income 227,357 1,270 Earnings per share Basic 12 0.16 0.00 Diluted 12 0.15 0.00 Weighted-average shares outstanding—basic 1,442,451,870 1,390,052,966 Weighted-average shares outstanding—diluted 1,505,027,338 1,445,253,219 Earnings per American Depositary Share (“ADS”) Basic 12 2.05 0.01 Diluted 12 1.96 0.01 Weighted-average ADSs outstanding—basic 110,957,836 106,927,151 Weighted-average ADSs outstanding—diluted 115,771,334 111,173,325 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 (Amounts in thousands of U.S. Dollars (“$”)) (Unaudited) Three Months Ended March 31, 2026 2025 $ $ Net income 227,357 1,270 Other comprehensive income, net of tax of nil: Foreign currency translation adjustments 24,470 6,441 Other adjustments 232 226 Comprehensive income 252,059 7,937 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 March 31, December 31, Note 2026 2025 $ $ (unaudited) (audited) Assets Current assets: Cash and cash equivalents 4,791,676 4,547,530 Accounts receivable, net 938,019 865,080 Inventories, net 9 681,590 608,227 Prepaid expenses and other current assets 9 189,995 212,752 Total current assets 6,601,280 6,233,589 Property, plant and equipment, net 6 1,640,918 1,641,678 Operating lease right-of-use assets 145,497 148,184 Intangible assets, net 7 61,681 62,704 Other non-current assets 9 104,243 102,418 Total non-current assets 1,952,339 1,954,984 Total assets 8,553,619 8,188,573 Liabilities and shareholders’ equity Current liabilities: Accounts payable 423,546 479,035 Accrued expenses and other payables 9 1,079,283 1,109,120 Tax payable 8 63,522 41,625 Operating lease liabilities, current portion 20,584 20,698 Research and development cost share liability, current portion 3 35,700 64,345 Sale of future royalty liability, current portion 4 72,735 56,714 Short-term debt 10 116,140 57,293 Total current liabilities 1,811,510 1,828,830 Non-current liabilities: Long-term debt 10 962,515 961,913 Sale of future royalty liability, non-current portion 4 831,664 850,242 Operating lease liabilities, non-current portion 49,670 52,940 Deferred tax liabilities 8 55,866 53,209 Other long-term liabilities 9 81,952 80,245 Total non-current liabilities 1,981,667 1,998,549 Total liabilities 3,793,177 3,827,379 Commitments and contingencies 16 Shareholders’ equity: Ordinary shares, $ 0.0001 par value per share; 1,540,975,898 and 1,540,975,898 shares issued and 1,444,479,378 and 1,441,075,618 shares outstanding as of March 31, 2026 and December 31, 2025, respectively 144 144 Additional paid-in capital 12,906,326 12,759,137 Accumulated other comprehensive loss 14 ( 53,482 ) ( 78,184 ) Accumulated deficit ( 8,092,546 ) ( 8,319,903 ) Total shareholders’ equity 4,760,442 4,361,194 Total liabilities and shareholders’ equity 8,553,619 8,188,573 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) Three Months Ended March 31, Note 2026 2025 $ $ Operating activities: Net income 227,357 1,270 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 41,144 32,804 Share-based compensation expenses 13 123,355 95,478 Amortization of research and development cost share liability 3 ( 28,645 ) ( 19,812 ) Non-cash interest expense 21,096 — Other items, net 6,172 12,369 Changes in operating assets and liabilities: Accounts receivable ( 75,300 ) ( 31,866 ) Inventories ( 71,838 ) 3,987 Other assets 15,270 29,737 Accounts payable ( 42,187 ) ( 31,568 ) Accrued expenses and other payables ( 16,819 ) ( 52,360 ) Other liabilities 1,731 4,043 Net cash provided by operating activities 201,336 44,082 Investing activities: Purchases of property, plant and equipment ( 40,789 ) ( 56,407 ) Proceeds from sale or maturity of investments 27 1,800 Purchase of in-process research and development — ( 60,000 ) Other investing activities ( 4,748 ) ( 7,334 ) Net cash used in investing activities ( 45,510 ) ( 121,941 ) Financing activities: Repayment of long-term loan 10 ( 7,641 ) ( 4,215 ) Proceeds from short-term loans 10 58,204 80,000 Repayment of short-term loans 10 — ( 172,921 ) Repayment of sale of future royalties liability 4 ( 2,557 ) — Proceeds from option exercises and employee share purchase plan 23,875 63,359 Other financing activities ( 3,249 ) — Net cash provided by (used in) financing activities 68,632 ( 33,777 ) Effect of foreign exchange rate changes, net 19,320 3,480 Net increase (decrease) in cash, cash equivalents, and restricted cash 243,778 ( 108,156 ) Cash, cash equivalents, and restricted cash at beginning of period 4,609,647 2,638,747 Cash, cash equivalents, and restricted cash at end of period 4,853,425 2,530,591 Supplemental cash flow information: Cash and cash equivalents 4,791,676 2,516,411 Short-term restricted cash 40,839 11,333 Long-term restricted cash 20,910 2,847 Income taxes (refunded)/paid ( 2,737 ) 9,321 Interest expense paid 12,834 6,247 Supplemental non-cash information: Capital expenditures included in accounts payable and accrued expenses 43,249 60,010 ROU assets obtained in exchange for new operating lease liabilities 9,261 15,659 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, 2025 1,540,975,898 ( 99,900,280 ) 1,441,075,618 144 12,759,137 ( 78,184 ) ( 8,319,903 ) 4,361,194 Exercise of options, ESPP and release of RSUs — 3,403,760 3,403,760 — 23,834 — — 23,834 Share-based compensation — — — — 123,355 — — 123,355 Other comprehensive income — — — — — 24,702 — 24,702 Net income — — — — — — 227,357 227,357 Balance at March 31, 2026 1,540,975,898 ( 96,496,520 ) 1,444,479,378 144 12,906,326 ( 53,482 ) ( 8,092,546 ) 4,760,442 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 1. Upon effectiveness of the Continuation, 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 Continuation 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. 7 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 discovering and developing innovative treatments that are more accessible to cancer patients worldwide. Effective May 27, 2025, the Company changed its jurisdiction of incorporation from the Cayman Islands to Switzerland through a transaction known as a continuation under Section 206 of the Companies Act (as amended) of the Cayman Islands and Article 161 of the Swiss Federal Act on Private International Law (such transaction, the “Continuation”), The Continuation 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 Continuation, ordinary shares held by the Company or one of its controlled subsidiaries immediately prior to the effective date of the Continuation 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 following the Continuation. Since its inception in 2010, the Company has become a fully integrated global organization with over 12,000 employees worldwide. Basis of presentation and consolidation The accompanying condensed consolidated balance sheet as of March 31, 2026, the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2026 and 2025, the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025, and the condensed consolidated statements of shareholders’ equity for the three months ended March 31, 2026 and 2025, 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, 2025 (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 months ended March 31, 2026 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. 8 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, 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 research and development accruals, 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 December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (ASU 2025-10), which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-10 on its consolidated financial statements and related disclosures. In September 2025, the FASB issued 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. 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. 9 Table of Contents There have been no material changes to the Company’s significant accounting policies as of and for the three months ended March 31, 2026, as compared to the significant accounting policies described in the Annual Report. 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 March 31, 2026 and December 31, 2025: Quoted Price in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of March 31, 2026 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents Money market funds 2,264,810 — — Other non-current assets (Note 5): Equity securities with readily determinable fair values — 2 — Convertible debt instrument — — 5,998 Other 2,337 — — Total 2,267,147 2 5,998 Quoted Price in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of December 31, 2025 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents Money market funds 2,384,656 — — Other non-current assets (Note 5): Equity securities with readily determinable fair values — 2 — Convertible debt instrument — — 6,135 Other 1,271 — — Total 2,385,927 2 6,135 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. 10 Table of Contents 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 income, net. The Company recorded net gains on fair value adjustment of $ 79 and $ 1,136 for the three months ended March 31, 2026 and 2025, respectively. 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. As of March 31, 2026 and December 31, 2025, the Company held time deposits of $ 39,296 and nil , respectively, that were classified as cash equivalents. As of March 31, 2026 and December 31, 2025, 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 months ended March 31, 2026 and 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. The following table summarizes total other revenue recognized for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 Other Revenue $ $ Amgen royalty revenue 18,297 5,519 Novartis broad markets revenue 5,263 3,522 Other 2,549 ( 292 ) Other Revenue 26,109 8,749 In-Licensing Arrangements - Commercial Amgen During the three months ended March 31, 2026 and 2025, 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. The Company is still in the commercialization period for XGEVA ® , KYPROLIS ® and BLINCYTO ® in China. 11 Table of Contents Amounts recorded related to the Company’s portion of the co-development funding on the pipeline assets for the three months ended March 31, 2026 and 2025 were as follows: Three Months Ended March 31, 2026 2025 $ $ BeOne’s portion of the development funding 58,048 40,519 Less: Amortization of research and development cost share liability 28,645 19,812 Research and development expense 29,403 20,707 As of March 31, 2026 $ Remaining portion of development funding cap 72,346 As of March 31, 2026 and December 31, 2025, the research and development cost share liability recorded in the Company’s balance sheet was as follows: As of March 31, December 31, 2026 2025 $ $ Research and development cost share liability, current portion 35,700 64,345 Total research and development cost share liability 35,700 64,345 The total reimbursement paid under the commercial profit-sharing agreement for product sales is classified in the income statement for the three months ended March 31, 2026 and 2025 as follows: Three Months Ended March 31, 2026 2025 $ $ Cost of sales - product 11,253 7,494 Research and development ( 193 ) ( 512 ) Selling, general and administrative ( 26,442 ) ( 23,948 ) Total ( 15,382 ) ( 16,966 ) The Company purchases commercial inventory from Amgen to distribute in China. Inventory purchases amounted to $ 123,691 and $ 62,744 during the three months ended March 31, 2026 and 2025, respectively. Net amounts payable to Amgen was $ 135,273 and $ 79,097 as of March 31, 2026 and December 31, 2025, 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. 12 Table of Contents Upfront and milestone payments incurred under these arrangements for the three months ended March 31, 2026 and 2025 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 March 31, 2026 2025 Payments due to collaboration partners Classification $ $ Upfront payments Research and development expense 544 — Total 544 — 4. Sale of Future IMDELLTRA ® Royalties On August 25, 2025, the Company entered into an agreement (the “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 upon closing of the Royalty Agreement. Subsequently, the Company exercised its option to sell additional royalties to Royalty Pharma and received $ 26,000 in the fourth quarter of 2025. 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. 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 and, subsequently, the option proceeds of $ 26,000 , as liabilities and is amortizing them 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 March 31, 2026 and December 31, 2025, the royalty financing obligation recorded in the Company’s balance sheet was as follows: As of March 31, December 31, 2026 2025 $ $ Sale of future royalty liability, current portion 72,735 56,714 Sale of future royalty liability, non-current portion 831,664 850,242 Total sale of future royalty liability 904,399 906,956 13 Table of Contents The following table summarizes the royalty sale liability activity during the three months ended March 31, 2026: Royalty Sale Liability $ Balance at December 31, 2025 906,956 Debt portion of royalties recognized and settled to Royalty Pharma ( 2,557 ) Balance at March 31, 2026 904,399 The carrying value of the sale of future royalty liability approximates fair value as of March 31, 2026 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. Interest expense related to this arrangement was as follows: Three Months Ended March 31, 2026 2025 $ $ Interest expense 18,496 — As of March 31, 2026, $ 18,496 of interest expense was accrued. The effective annual imputed interest rate was 8.2 % as of March 31, 2026. 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 March 31, 2026 and December 31, 2025 was as follows: As of March 31, December 31, 2026 2025 $ $ Short-term restricted cash 40,839 41,284 Long-term restricted cash 20,910 20,833 Total 61,749 62,117 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 March 31, 2026, the Company had cash remaining related to the STAR Offering proceeds of $ 6,735 . 14 Table of Contents Investments in Equity Securities The following table summarizes the Company’s investments in equity securities: As of March 31, December 31, 2026 2025 $ $ Equity securities with readily determinable fair values 2 2 Equity securities without readily determinable fair values 37,232 33,154 Equity-method investments 1 22,753 22,387 Total 59,987 55,543 1 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 three months ended March 31, 2025, within unrealized losses from equity-method investments. The following table summarizes unrealized gains and losses related to investments in equity securities recorded in other income, net for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 $ $ Equity securities with readily determinable fair values — ( 2,056 ) Equity securities without readily determinable fair values 54 — Equity-method investments ( 5 ) ( 13,375 ) 6. Property, Plant and Equipment, Net Property, plant and equipment, net are recorded at cost and consisted of the following: As of March 31, December 31, 2026 2025 $ $ Land 71,434 71,434 Building 1,196,791 1,187,836 Manufacturing equipment 283,416 273,769 Laboratory equipment 318,589 309,471 Leasehold improvement 77,178 76,568 Software, electronics and office equipment 129,824 124,136 Property, plant and equipment, at cost 2,077,232 2,043,214 Less: accumulated depreciation ( 573,760 ) ( 528,695 ) Construction in progress 137,446 127,159 Property, plant and equipment, net 1,640,918 1,641,678 The Company has made a significant investment in its recently opened manufacturing and clinical R&D facility in Hopewell, New Jersey. As of March 31, 2026, the Company had construction in progress of $ 89,148 related to the Hopewell facility, the majority of which will be put into service in 2026. 15 Table of Contents Depreciation expense for the three months ended March 31, 2026 and 2025 was as follows: Three Months Ended March 31, 2026 2025 $ $ Depreciation expense 39,385 31,614 7. Intangible Assets Intangible assets as of March 31, 2026 and December 31, 2025 are summarized as follows: As of March 31, 2026 December 31, 2025 Gross Gross carrying Accumulated Intangible carrying Accumulated Intangible amount amortization assets, net amount amortization assets, net $ $ $ $ $ $ Finite-lived intangible assets: Developed products 78,396 ( 17,207 ) 61,189 77,486 ( 15,291 ) 62,195 Other 8,987 ( 8,495 ) 492 8,987 ( 8,478 ) 509 Total finite-lived intangible assets 87,383 ( 25,702 ) 61,681 86,473 ( 23,769 ) 62,704 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 10 years. Amortization expense was as follows: Three Months Ended March 31, 2026 2025 $ $ Amortization expense - Cost of sales - product 1,742 1,173 Amortization expense - Selling, general and administrative 17 17 Total 1,759 1,190 As of March 31, 2026, 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 $ $ $ 2026 (remainder of year) 5,995 50 6,045 2027 7,994 67 8,061 2028 7,994 67 8,061 2029 7,994 67 8,061 2030 7,994 67 8,061 2031 and thereafter 23,218 174 23,392 Total 61,189 492 61,681 16 Table of Contents 8. Income Taxes Income tax expense was $ 31,858 and $ 19,630 for the three months ended March 31, 2026 and 2025, respectively. The income tax expense for the three months ended March 31, 2026 and 2025 was primarily attributable to current U.S. tax expense determined after other special tax deductions and research and development 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 March 31, 2026, the Company will maintain a full valuation allowance against its net deferred tax assets. As of March 31, 2026, the Company had gross unrecognized tax benefits of $ 28,495 . Due to the uncertain and complex application of income tax regulations by certain tax authorities outside of the U.S., it is possible that the ultimate resolution of ongoing audits may result in liabilities that could be materially different from current estimates. The ongoing audit resolutions, including Italy, China and Spain, for the tax years 2020 through 2024, could impact future tax expenses if tax authorities in their administration of tax laws during open audits may lead us to change our assessment of whether or not it is more likely than not that certain tax benefit positions will be sustained. Accordingly, potential future settlements could be material, principally in China. The Company’s reserve for uncertain tax positions increased by $ 660 in the three months ended March 31, 2026, primarily due to U.S. federal and state tax credits and incentives . 9. Supplemental Balance Sheet Information Inventories, net consisted of the following: As of March 31, December 31, 2026 2025 $ $ Raw materials 274,228 236,190 Work in process 109,209 122,681 Finished goods 298,153 249,356 Total 681,590 608,227 Prepaid expenses and other current assets consisted of the following: As of March 31, December 31, 2026 2025 $ $ Short-term restricted cash 40,839 41,284 Prepaid research and development costs 36,126 52,594 Prepaid taxes 34,475 42,232 Prepaid general and administrative expenses 22,984 22,209 Other current assets 45,226 32,652 Other receivables 10,345 21,781 Total 189,995 212,752 17 Table of Contents Other non-current assets consisted of the following: As of March 31, December 31, 2026 2025 $ $ Long-term investments 65,985 61,678 Long-term restricted cash 20,910 20,833 Rental deposits and other 10,578 10,470 Prepayment of property and equipment 2,289 4,964 Prepaid VAT 3,584 3,504 Prepaid supply cost 897 969 Total 104,243 102,418 Accrued expenses and other payables consisted of the following: As of March 31, December 31, 2026 2025 $ $ Revenue rebates and returns related 440,437 398,533 External research and development activities related 199,380 156,525 Compensation related 156,930 305,055 Commercial activities 123,249 118,449 Individual income tax and other taxes 80,910 60,359 Accrued general and administrative expenses 34,121 36,635 Other 44,256 33,564 Total 1,079,283 1,109,120 Other long-term liabilities consisted of the following: As of March 31, December 31, 2026 2025 $ $ Deferred government grant income 28,724 28,979 Pension liability 18,263 18,170 Asset retirement obligation 3,614 3,565 Other 31,351 29,531 Total 81,952 80,245 10. Debt Facilities Agreement In November 2025, BeOne Medicines Ltd. entered into the Facilities Agreement (the “Facilities Agreement”), by and among certain subsidiaries of the Company, as guarantors, the Hongkong and Shanghai Banking Corporation Limited (“HSBC”), as global coordinator, original mandated lead arranger and bookrunner, agent and security agent, and certain financial institutions listed in the Facilities Agreement, as lenders. The Facilities Agreement provides for a $ 140,000 U.S. dollar-denominated, 2-year B1 revolving credit facility (the “B1 Revolving Loan Facility”), a $ 560,000 U.S. dollar-denominated, 2-year , B2 term loan facility (the “B2 Term Loan Facility” and, together with the B1 Revolving Loan Facility, the “B Loan Facilities”), and a RMB 2,150,000 Renminbi-denominated, 3-year , A term loan facility (the “A Loan Facility”) (collectively, the “Loan Facilities”). 18 Table of Contents The following table presents outstanding borrowings under the Facilities Agreement: As of March 31, December 31, 2026 2025 $ $ A Loan Facility 12,467 12,298 Less: unamortized debt issuance costs ( 3,211 ) ( 3,235 ) Total short-term debt 9,256 9,063 A Loan Facility 299,218 295,152 B2 Term Loan Facility 560,000 560,000 Less: unamortized debt issuance costs ( 16,298 ) ( 18,783 ) Total long-term debt 842,920 836,369 The A Loan Facility requires repayment of 4 % of the aggregate amount outstanding every six months beginning on November 24, 2026, with all remaining principal outstanding due on November 24, 2028. The B2 Term Loan Facility requires repayment of 10 % of the aggregate amount outstanding every three months beginning on June 15, 2027, with all remaining principal outstanding due on December 15, 2027, unless the final repayment date is extended. The Company may voluntarily prepay borrowings, in whole or in part, under the Facilities Agreement without premium or penalty. The Facilities Agreement also contains certain customary mandatory prepayment provisions in the event that the Company undergoes a change of control and in relation to disposal and insurance proceeds. The A Loan Facility is subject to an interest rate equal to the Reference Rate (RMB) (as defined in the Facilities Agreement) plus a margin of 0.65 % per annum. The B Loan Facilities are subject to an interest rate equal to the Reference Rate (USD) (as defined in the Facilities Agreement) plus a margin of 2.40 % per annum. In addition to paying interest on the outstanding principal, the Company is also required to pay a commitment fee of 0.85 % on the undrawn and uncancelled amounts under the Loan Facilities. Excluding commitment fees, the interest rate for the A Loan Facility and B2 Term Loan Facility was 3.7 % and 6.1 %, respectively, as of March 31, 2026. As of March 31, 2026, the B1 Revolving Loan Facility was available for borrowing. Subject to certain limitations, the Loan Facilities are secured on a first priority basis granted in favor of HSBC (as security agent on behalf of the secured parties) by: (a) a security interest in the equity interests of a member of the Company and its subsidiaries and (b) security interests in, and mortgage on, the Company’s manufacturing and clinical R&D facility in New Jersey. The Company is required to satisfy certain financial and non-financial covenants under the Facilities Agreement. The Company was compliant with the required covenants as of March 31, 2026. 19 Table of Contents Other Bank Loans The following table summarizes the Company’s working capital and project loans as of March 31, 2026 and December 31, 2025: Lender Borrower Term Maturity Date Note As of March 31, 2026 December 31, 2025 $ $ China Construction Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year June 11, 2027 1 21,746 21,450 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year January 20, 2029 2 9,112 8,989 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year November 8, 2029 3 8,614 8,497 China CITIC Bank BeOne Pharmaceutical (Suzhou) Co., Ltd. 10 -year July 28, 2032 4 9,423 9,294 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 1 -year March 18, 2027 5 57,989 — Total short-term debt 106,884 48,230 China Construction Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year June 11, 2027 1 21,746 21,450 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year January 20, 2029 2 18,225 20,224 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year November 8, 2029 3 24,174 25,970 China CITIC Bank BeOne Pharmaceutical (Suzhou) Co., Ltd. 10 -year July 28, 2032 4 55,450 57,900 Total long-term debt 119,595 125,544 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 March 31, 2026. The outstanding principal balance is payable in semi-annual installments. 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 March 31, 2026. The outstanding principal balance is payable in quarterly installments. The Company repaid $ 2,262 (RMB 15,715 ) during the three months ended March 31, 2026. 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 March 31, 2026. The outstanding principal balance is payable in quarterly installments. The Company repaid $ 2,155 (RMB 14,855 ) during the three months ended March 31, 2026. 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 rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest rate was 3.3 % as of March 31, 2026. The outstanding principal balance is payable in semi-annual installments. The Company repaid $ 3,224 (RMB 22,400 ) during the three months ended March 31, 2026. The loan is secured by BeOne Pharmaceutical (Suzhou) Co., Ltd.’s property ownership certificate of the small molecule manufacturing campus in Suzhou, China. 5 In March 2026, the Company entered into a credit facility agreement with China Merchants Bank for an aggregate facility of RMB 950,000 , denominated in RMB, available for a period of 30 months for drawdown as revolving and/or one-time borrowings. The Company drew down $ 58,204 (RMB 400,000 ) during the three months ended March 31, 2026. The borrowing bears floating interest rates benchmarking RMB loan interest rates of financial institutions in the PRC. The loan interest was 2.6 % as of March 31, 2026. The Company has numerous financial and non-financial covenants on its debt obligations with the lenders above. Some of these covenants include default and/or cross-default provisions that could require acceleration of repayment of loans in the event of default. As of March 31, 2026, the Company was in compliance with all covenants of its material debt agreements. 20 Table of Contents Interest Expense Interest expense related to bank loans was as follows: Three Months Ended March 31, 2026 2025 $ $ Interest expense, excluding amortization of debt issuance costs 15,567 12,961 Amortization of debt issuance costs 2,600 — Capitalized interest expense 1,075 5,959 11. 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 months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 $ $ Product revenue – gross 1,893,489 1,400,066 Less: rebates and sales returns ( 406,160 ) ( 291,536 ) Product revenue – net 1,487,329 1,108,530 The following table disaggregates net product revenue by product for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 $ $ BRUKINSA ® 1,094,843 791,664 TEVIMBRA ® 206,241 171,164 XGEVA ® 89,920 70,423 BLINCYTO ® 34,035 23,906 KYPROLIS ® 16,971 19,728 POBEVCY ® 12,127 13,745 Other 33,192 17,900 Total product revenue – net 1,487,329 1,108,530 21 Table of Contents The following table presents the roll-forward of accrued revenue rebates and returns for the three months ended March 31, 2026 and 2025: Rebates, Returns and Other Deductions Contra AR Accruals Total $ $ Balance at December 31, 2025 398,533 79,126 477,659 Accrual 198,270 207,890 406,160 Payments ( 156,366 ) ( 225,344 ) ( 381,710 ) Balance at March 31, 2026 440,437 61,672 502,109 Balance at December 31, 2024 235,600 50,699 286,299 Accrual 130,027 161,509 291,536 Payments ( 105,683 ) ( 177,050 ) ( 282,733 ) Balance at March 31, 2025 259,944 35,158 295,102 12. Earnings Per Share/ADS The following table reconciles the numerator and denominator in the computations of earnings per share/ADS: Three Months Ended March 31, 2026 2025 $ $ Numerator: Net income 227,357 1,270 Denominator: Weighted-average shares outstanding—basic 1,442,451,870 1,390,052,966 Dilutive common share equivalents 62,575,468 55,200,253 Weighted-average shares outstanding—diluted 1,505,027,338 1,445,253,219 Antidilutive common share equivalents excluded from above 511,433 1,408,376 Earnings per share: Basic 0.16 0.00 Diluted 0.15 0.00 Earnings per ADS: Basic 2.05 0.01 Diluted 1.96 0.01 For the three months ended March 31, 2026 and 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, performance stock units and ESPP shares. The dilutive effect of outstanding stock options, restricted stock units, performance stock units and ESPP shares is reflected in diluted net earnings per share using the treasury stock method. Each ADS represents 13 ordinary shares. Basic and diluted earnings per ADS was derived from the basic and diluted earnings per share, respectively. 22 Table of Contents 13. Share-Based Compensation Expense Share Option, Restricted Share Units and Performance Share Units During the three months ended March 31, 2026, the Company granted restricted share units for 778,817 ordinary shares under the Company’s share option and incentive plan. As of March 31, 2026, options, restricted share units, and performance share units for ordinary shares outstanding totaled 47,017,959 , 74,129,393 , and 4,551,157 , respectively. As of March 31, 2026, share-based awards to acquire 61,363,925 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 March 31, 2026, 2,438,481 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 February 28, 2026 741,299 $ 316.99 $ 24.38 $ 269.44 $ 20.73 $ 15,364 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 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 months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 $ $ Research and development 53,856 41,767 Selling, general and administrative 69,492 53,684 Total 123,348 95,451 14. Accumulated Other Comprehensive Loss The movement of accumulated other comprehensive loss was as follows: Foreign Currency Translation Other Adjustments Adjustments Total $ $ $ Balance as of December 31, 2025 ( 66,252 ) ( 11,932 ) ( 78,184 ) Other comprehensive income before reclassifications 24,470 58 24,528 Amounts reclassified from accumulated other comprehensive loss — 174 174 Net-current period other comprehensive income 24,470 232 24,702 Balance as of March 31, 2026 ( 41,782 ) ( 11,700 ) ( 53,482 ) 23 Table of Contents 15. 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 March 31, 2026 and December 31, 2025, amounts restricted were the net assets of the Company’s PRC subsidiaries, which, after intercompany eliminations, amounted to $ 2,149,922 and $ 2,012,019 , respectively. 16. Commitments and Contingencies Purchase Commitments As of March 31, 2026, the Company had non-cancellable purchase commitments amounting to $ 186,437 , of which $ 22,579 related to non-utilization fees and minimum purchase requirements for supply purchased from contract manufacturers and $ 163,858 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 $ 22,925 for the acquisition of property, plant and equipment as of March 31, 2026, related to various facilities across the globe. 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 March 31, 2026, the Company’s remaining co-development funding commitment was $ 72,346 . Funding Commitment The Company had committed capital related to equity investments in the amount of $ 15,056 . As of March 31, 2026, the remaining capital commitment was $ 4,406 and is expected to be paid from time to time over the investment period. 17. 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. Significant segment expenses reviewed by the CODM on a regular basis included within net income 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 include interest income, interest expense, other income, net and income tax expense. The Company’s long-lived assets are primarily located in the U.S. and China. 24 Table of Contents 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 March 31, 2026 2025 $ $ U.S. - total revenue 782,255 567,211 Product revenue 765,613 563,348 Other revenue 16,642 3,863 China - total revenue 471,974 399,592 Product revenue 465,182 396,362 Other revenue 6,792 3,230 Europe - total revenue 193,996 118,554 Product revenue 191,321 116,898 Other revenue 2,675 1,656 Rest of world - total revenue 65,213 31,922 Product revenue 65,213 31,922 Total Revenue 1,513,438 1,117,279 25 Table of Contents