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 Six Months Ended June 30, June 30, Note 2026 2025 2026 2025 $ $ $ $ Revenues Product revenue, net 11 1,679,794 1,302,076 3,167,123 2,410,606 Other revenue 3 25,277 13,224 51,386 21,973 Total revenues 1,705,071 1,315,300 3,218,509 2,432,579 Cost of sales - product 174,530 164,606 341,745 329,608 Gross profit 1,530,541 1,150,694 2,876,764 2,102,971 Operating expenses Research and development 612,280 524,896 1,153,504 1,006,783 Selling, general and administrative 593,214 537,913 1,148,311 997,201 Total operating expenses 1,205,494 1,062,809 2,301,815 2,003,984 Income from operations 325,047 87,885 574,949 98,987 Interest income 27,900 11,492 55,564 24,342 Interest expense ( 39,739 ) ( 7,995 ) ( 72,626 ) ( 14,997 ) Other (expense) income, net ( 749 ) 8,167 13,787 12,117 Income before income taxes 312,459 99,549 571,674 120,449 Income tax expense 8 75,452 5,229 107,310 24,859 Net income 237,007 94,320 464,364 95,590 Earnings per share Basic 12 0.16 0.07 0.32 0.07 Diluted 12 0.16 0.06 0.31 0.07 Weighted-average shares outstanding—basic 1,450,485,552 1,408,166,754 1,446,490,904 1,399,159,898 Weighted-average shares outstanding—diluted 1,505,361,900 1,463,277,401 1,505,389,182 1,454,296,475 Earnings per American Depositary Share (“ADS”) Basic 12 2.12 0.87 4.17 0.89 Diluted 12 2.05 0.84 4.01 0.85 Weighted-average ADSs outstanding—basic 111,575,812 108,320,520 111,268,531 107,627,684 Weighted-average ADSs outstanding—diluted 115,797,069 112,559,800 115,799,168 111,868,960 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 Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ Net income 237,007 94,320 464,364 95,590 Other comprehensive income, net of tax of nil: Foreign currency translation adjustments 27,881 28,547 52,351 34,988 Other adjustments 231 76 463 302 Comprehensive income 265,119 122,943 517,178 130,880 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 June 30, December 31, Note 2026 2025 $ $ (unaudited) (audited) Assets Current assets: Cash and cash equivalents 5,098,041 4,547,530 Accounts receivable, net 1,056,177 865,080 Inventories, net 9 732,603 608,227 Prepaid expenses and other current assets 9 328,984 212,752 Total current assets 7,215,805 6,233,589 Property, plant and equipment, net 6 1,643,286 1,641,678 Operating lease right-of-use assets 145,987 148,184 Intangible assets, net 7 60,956 62,704 Other non-current assets 9 109,581 102,418 Total non-current assets 1,959,810 1,954,984 Total assets 9,175,615 8,188,573 Liabilities and shareholders’ equity Current liabilities: Accounts payable 470,299 479,035 Accrued expenses and other payables 9 1,264,264 1,109,120 Tax payable 8 76,315 41,625 Operating lease liabilities, current portion 21,953 20,698 Research and development cost share liability, current portion 3 6,182 64,345 Sale of future royalty liability, current portion 4 89,278 56,714 Short-term debt 10 190,896 57,293 Total current liabilities 2,119,187 1,828,830 Non-current liabilities: Long-term debt 10 882,163 961,913 Sale of future royalty liability, non-current portion 4 817,035 850,242 Operating lease liabilities, non-current portion 48,200 52,940 Deferred tax liabilities 8 57,388 53,209 Other long-term liabilities 9 77,644 80,245 Total non-current liabilities 1,882,430 1,998,549 Total liabilities 4,001,617 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 1,469,278,815 and 1,441,075,618 shares outstanding as of June 30, 2026 and December 31, 2025, respectively 147 144 Additional paid-in capital 13,054,760 12,759,137 Accumulated other comprehensive loss 14 ( 25,370 ) ( 78,184 ) Accumulated deficit ( 7,855,539 ) ( 8,319,903 ) Total shareholders’ equity 5,173,998 4,361,194 Total liabilities and shareholders’ equity 9,175,615 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) Six Months Ended June 30, Note 2026 2025 $ $ Operating activities: Net income 464,364 95,590 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 81,659 68,418 Share-based compensation expenses 13 260,760 246,287 Acquired in-process research and development 20,518 500 Amortization of research and development cost share liability 3 ( 58,163 ) ( 45,569 ) Other items, net 14,412 15,128 Changes in operating assets and liabilities: Accounts receivable ( 192,876 ) ( 73,369 ) Inventories ( 118,988 ) 6,174 Other assets 3,893 ( 45,316 ) Accounts payable ( 4,657 ) ( 35,852 ) Accrued expenses and other payables 195,616 75,625 Other liabilities ( 2,382 ) 64 Net cash provided by operating activities 664,156 307,680 Investing activities: Purchases of property, plant and equipment ( 68,265 ) ( 100,233 ) Purchase of intangible assets — ( 20,000 ) Proceeds from sale or maturity of investments 5,872 1,800 Purchase of in-process research and development ( 20,518 ) ( 60,000 ) Other investing activities ( 11,952 ) ( 10,113 ) Net cash used in investing activities ( 94,863 ) ( 188,546 ) Financing activities: Repayment of long-term loan 10 ( 24,693 ) ( 16,799 ) Proceeds from short-term loans 10 58,204 221,521 Repayment of short-term loans 10 — ( 275,782 ) Repayment of sale of future royalties liability 4 ( 2,556 ) — Payments of withholding taxes from share-based awards — ( 24,195 ) Proceeds from option exercises and employee share purchase plan 34,923 96,503 Other financing activities ( 3,300 ) — Net cash provided by financing activities 62,578 1,248 Effect of foreign exchange rate changes, net 39,156 26,957 Net increase in cash, cash equivalents, and restricted cash 671,027 147,339 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 5,280,674 2,786,086 Supplemental cash flow information: Cash and cash equivalents 5,098,041 2,756,056 Short-term restricted cash 161,046 15,802 Long-term restricted cash 21,587 14,228 Income taxes paid 67,860 77,033 Interest expense paid 26,320 24,018 Supplemental non-cash information: Capital expenditures included in accounts payable and accrued expenses 49,147 57,923 ROU assets obtained in exchange for new operating lease liabilities 14,757 18,141 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 Exercise of options, ESPP and release of RSUs — 24,799,437 24,799,437 3 11,029 — — 11,032 Share-based compensation — — — — 137,405 — — 137,405 Other comprehensive income — — — — — 28,112 — 28,112 Net income — — — — — — 237,007 237,007 Balance at June 30, 2026 1,540,975,898 ( 71,697,083 ) 1,469,278,815 147 13,054,760 ( 25,370 ) ( 7,855,539 ) 5,173,998 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 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 June 30, 2026, the condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2026 and 2025, the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025, and the condensed consolidated statements of shareholders’ equity for the three and six months ended June 30, 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 and six months ended June 30, 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 subsequent measurement of certain long-lived assets, initial measurement and recognition of share-based compensation expenses, realizability of deferred tax assets, estimating uncertain tax positions, subsequent measurement of inventory, estimating the allowance for credit losses, measurement of right-of-use assets and lease liabilities, estimates related to the cost of accrued research and development activities, estimates related to the interest cost component of the sale of future royalty liability and the measuring at 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 been adopted In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. This update adds a new exception for contracts that are not traded on exchange that contain an underlying based on operations or activities specific to one of the parties to the contract, regardless of whether the operations or activities are within the company’s control. The ASU also clarifies that an entity should apply the guidance in Topic 606 to a contract with share-based noncash consideration (for example, shares, share options, or other equity instruments) from a customer for the transfer of goods or services. ASU 2025-07 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those fiscal years, with early adoption permitted. The Company adopted the amendments to Topic 815 on a prospective basis, effective January 1, 2026. There was no material impact to the Company’s financial position or results of operations for prior transactions. The impact in subsequent periods will be dependent upon the nature of future business development activities. New accounting standards which have not yet been adopted In December 2025, the FASB issued 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. 9 Table of Contents 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 Annual Report. There have been no material changes to the Company’s significant accounting policies as of and for the six months ended June 30, 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 June 30, 2026 and December 31, 2025: Quoted Price in Active Market for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs As of June 30, 2026 (Level 1) (Level 2) (Level 3) $ $ $ Cash equivalents Money market funds 2,231,035 — — Other non-current assets (Note 5): Convertible debt instrument — — 6,474 Other 3,293 — — Total 2,234,328 — 6,474 10 Table of Contents 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. 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 $ 81 and $ 160 for the three and six months ended June 30, 2026, respectively, and $ 75 and $ 1,211 for the three and six months ended June 30, 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 June 30, 2026 and December 31, 2025, the Company held time deposits of $ 31,281 and nil , respectively, that were classified as cash equivalents. As of June 30, 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’s carrying values approximate their fair values 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 six months ended June 30, 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 and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Other Revenue $ $ $ $ Amgen royalty revenue 18,823 9,033 37,120 14,552 Novartis broad markets revenue 4,956 3,320 10,219 6,842 Other 1,498 871 4,047 579 Other Revenue 25,277 13,224 51,386 21,973 11 Table of Contents In-Licensing Arrangements - Commercial Amgen During the three and six months ended June 30, 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. Amounts recorded related to the Company’s portion of the co-development funding on the pipeline assets for the three and six months ended June 30, 2026 and 2025 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ BeOne’s portion of the development funding 59,818 52,196 117,866 92,715 Less: Amortization of research and development cost share liability 29,518 25,757 58,163 45,569 Research and development expense 30,300 26,439 59,703 47,146 As of June 30, 2026 $ Remaining portion of development funding cap 12,527 As of June 30, 2026 and December 31, 2025, the research and development cost share liability recorded in the Company’s balance sheet was as follows: As of June 30, December 31, 2026 2025 $ $ Research and development cost share liability, current portion 6,182 64,345 Total research and development cost share liability 6,182 64,345 The total reimbursement paid under the commercial profit-sharing agreement for product sales is classified in the income statement for the three and six months ended June 30, 2026 and 2025 as follows: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ Cost of sales - product 12,660 9,533 23,913 17,027 Research and development ( 1,132 ) ( 1,597 ) ( 1,325 ) ( 2,109 ) Selling, general and administrative ( 27,083 ) ( 25,037 ) ( 53,525 ) ( 48,985 ) Total ( 15,555 ) ( 17,101 ) ( 30,937 ) ( 34,067 ) The Company purchases commercial inventory from Amgen to distribute in China. Inventory purchases amounted to $ 132,019 and $ 255,710 for the three and six months ended June 30, 2026, respectively, and $ 73,288 and $ 136,032 for the three and six months ended June 30, 2025, respectively. Net amounts payable to Amgen was $ 110,503 and $ 79,097 as of June 30, 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 and six months ended June 30, 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 Six Months Ended June 30, June 30, 2026 2025 2026 2025 Payments due to collaboration partners Classification $ $ $ $ Upfront payments Research and development expense 19,974 500 20,518 500 Development milestones incurred Research and development expense 3,313 — 3,313 — Regulatory and commercial milestone payments Intangible asset — 20,000 — 20,000 Total 23,287 20,500 23,831 20,500 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 June 30, 2026 and December 31, 2025, the royalty financing obligation recorded in the Company’s balance sheet was as follows: As of June 30, December 31, 2026 2025 $ $ Sale of future royalty liability, current portion 89,278 56,714 Sale of future royalty liability, non-current portion 817,035 850,242 Total sale of future royalty liability 906,313 906,956 13 Table of Contents The following table summarizes the royalty sale liability activity during the six months ended June 30, 2026: Royalty Sale Liability $ Balance at December 31, 2025 906,956 Debt portion of royalties recognized and settled to Royalty Pharma ( 2,556 ) Accretion of liability 1,913 Balance at June 30, 2026 906,313 The carrying value of the sale of future royalty liability approximates fair value as of June 30, 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 Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ Interest expense 24,883 — 43,379 — As of June 30, 2026, $ 24,883 of interest expense was accrued. The effective annual imputed interest rate was 11.0 % as of June 30, 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 June 30, 2026 and December 31, 2025 was as follows: As of June 30, December 31, 2026 2025 $ $ Short-term restricted cash 161,046 41,284 Long-term restricted cash 21,587 20,833 Total 182,633 62,117 14 Table of Contents Investments in Equity Securities The following table summarizes the Company’s investments in equity securities: As of June 30, December 31, 2026 2025 $ $ Equity securities with readily determinable fair values — 2 Equity securities without readily determinable fair values 36,317 33,154 Equity-method investments 1 23,265 22,387 Total 59,582 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 six months ended June 30, 2025, within unrealized losses from equity-method investments. The following table summarizes net gains and losses related to investments in equity securities recorded in other (expense) income, net for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ Equity securities with readily determinable fair values ( 2 ) ( 7 ) ( 2 ) ( 2,063 ) Equity securities without readily determinable fair values 3,134 ( 3,118 ) 3,188 ( 3,118 ) Equity-method investments ( 1,202 ) ( 1,899 ) ( 1,207 ) ( 15,274 ) The following table summarizes the portion of unrealized losses that relates to equity securities still held by the Company as of June 30, 2026: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ Net gains (losses) recognized on equity securities 3,134 ( 3,118 ) 3,188 ( 3,118 ) Less: net gains recognized on equity securities sold 3,134 — 3,134 — Net unrealized gains (losses) on equity securities held at end of period — ( 3,118 ) 54 ( 3,118 ) 15 Table of Contents 6. Property, Plant and Equipment, Net Property, plant and equipment, net are recorded at cost and consisted of the following: As of June 30, December 31, 2026 2025 $ $ Land 71,434 71,434 Building 1,205,301 1,187,836 Manufacturing equipment 289,068 273,769 Laboratory equipment 328,807 309,471 Leasehold improvement 79,529 76,568 Software, electronics and office equipment 136,248 124,136 Property, plant and equipment, at cost 2,110,387 2,043,214 Less: accumulated depreciation ( 619,773 ) ( 528,695 ) Construction in progress 152,672 127,159 Property, plant and equipment, net 1,643,286 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 June 30, 2026, the Company had construction in progress of $ 95,763 related to the Hopewell facility, the majority of which will be put into service in 2026. Depreciation expense for the three and six months ended June 30, 2026 and 2025 was as follows: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ Depreciation expense 38,906 29,854 78,291 61,468 7. Intangible Assets Intangible assets as of June 30, 2026 and December 31, 2025 are summarized as follows: As of June 30, 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 79,510 ( 19,029 ) 60,481 77,486 ( 15,291 ) 62,195 Other 8,987 ( 8,512 ) 475 8,987 ( 8,478 ) 509 Total finite-lived intangible assets 88,497 ( 27,541 ) 60,956 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. 16 Table of Contents The weighted-average life for each finite-lived intangible assets is approximately 10 years. Amortization expense was as follows: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ Amortization expense - Cost of sales - product 1,592 5,749 3,334 6,922 Amortization expense - Selling, general and administrative 17 11 34 28 Total 1,609 5,760 3,368 6,950 As of June 30, 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) 3,190 34 3,224 2027 6,382 67 6,449 2028 6,382 67 6,449 2029 6,382 67 6,449 2030 6,382 67 6,449 2031 and thereafter 31,763 173 31,936 Total 60,481 475 60,956 8. Income Taxes Income tax expense was $ 75,452 and $ 107,310 for the three and six months ended June 30, 2026, respectively, and $ 5,229 and $ 24,859 for the three and six months ended June 30, 2025, respectively. The income tax expense for the three and six months ended June 30, 2026 and 2025 was primarily attributable to the application of our expected current worldwide effective tax rate for the full year to the year-to-date actual pre-tax income, reflecting the mix of taxable income across jurisdictions as well as the impact of certain discrete items. Specifically, the provision for income taxes for the three months ended June 30, 2026 included a discrete net tax expense of approximately $ 49,276 . This figure primarily relates to the settlement of the audit of one of our China subsidiaries amounting to $ 59,034 , partially offset by certain discrete items mainly related to U.S. share-based compensation. The income tax expense for the three and six months ended June 30, 2025 included a discrete net tax benefit of $ 14,192 and $ 8,688 , respectively, primarily related to updated provision estimates for U.S. R&D credits for prior periods. 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 June 30, 2026, the Company will maintain a full valuation allowance against its net deferred tax assets. The Company may release all or a portion of the valuation allowance in the near-term; however, the release of the valuation allowance, as well as the exact timing and the amount of such release, continue to be subject to, among other things, the Company’s level of profitability, revenue growth, clinical program progression and expectations regarding future profitability. The Company’s total deferred tax asset balance subject to the valuation allowance was approximately $ 3.6 billion as of June 30, 2026. As of June 30, 2026, the Company had gross unrecognized tax benefits of $ 26,046 . 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 tax audits in various jurisdictions 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. The Company’s reserve for uncertain tax positions decreased by $ 2,449 and $ 1,789 in the three and six months ended June 30, 2026, respectively, primarily due to the settlement of the China audit, partially offset by an increase in U.S. federal and state tax attributes. 17 Table of Contents 9. Supplemental Balance Sheet Information Inventories, net consisted of the following: As of June 30, December 31, 2026 2025 $ $ Raw materials 267,266 236,190 Work in process 114,321 122,681 Finished goods 351,016 249,356 Total 732,603 608,227 Prepaid expenses and other current assets consisted of the following: As of June 30, December 31, 2026 2025 $ $ Short-term restricted cash 161,046 41,284 Prepaid research and development costs 48,221 52,594 Prepaid taxes 34,368 42,232 Prepaid general and administrative expenses 23,625 22,209 Other current assets 46,946 32,652 Other receivables 14,778 21,781 Total 328,984 212,752 Other non-current assets consisted of the following: As of June 30, December 31, 2026 2025 $ $ Long-term investments 66,056 61,678 Long-term restricted cash 21,587 20,833 Rental deposits and other 12,719 10,470 Prepayment of property and equipment 4,618 4,964 Prepaid VAT 3,773 3,504 Prepaid supply cost 828 969 Total 109,581 102,418 Accrued expenses and other payables consisted of the following: As of June 30, December 31, 2026 2025 $ $ Revenue rebates and returns related 485,870 398,533 External research and development activities related 167,026 156,525 Compensation related 247,322 305,055 Commercial activities 132,085 118,449 Individual income tax and other taxes 149,380 60,359 Accrued general and administrative expenses 42,364 36,635 Other 40,217 33,564 Total 1,264,264 1,109,120 18 Table of Contents Other long-term liabilities consisted of the following: As of June 30, December 31, 2026 2025 $ $ Deferred government grant income 28,455 28,979 Pension liability 17,762 18,170 Asset retirement obligation 3,748 3,565 Other 27,679 29,531 Total 77,644 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”). The following table presents outstanding borrowings under the Facilities Agreement: As of June 30, December 31, 2026 2025 $ $ A Loan Facility 25,349 12,298 B2 Term Loan Facility 56,000 — Less: unamortized debt issuance costs ( 10,167 ) ( 3,235 ) Total short-term debt 71,182 9,063 A Loan Facility 291,518 295,152 B2 Term Loan Facility 504,000 560,000 Less: unamortized debt issuance costs ( 6,837 ) ( 18,783 ) Total long-term debt 788,681 836,369 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 June 30, 2026. 19 Table of Contents As of June 30, 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 June 30, 2026. Other Bank Loans The following table summarizes the Company’s working capital and project loans as of June 30, 2026 and December 31, 2025: Lender Borrower Term Maturity Date Note As of June 30, 2026 December 31, 2025 $ $ China Construction Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year June 11, 2027 1 33,161 21,450 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year January 20, 2029 2 9,264 8,989 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year November 8, 2029 3 8,757 8,497 China CITIC Bank BeOne Pharmaceutical (Suzhou) Co., Ltd. 10 -year July 28, 2032 4 9,580 9,294 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 1 -year March 18, 2027 5 58,952 — Total short-term debt 119,714 48,230 China Construction Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year June 11, 2027 1 — 21,450 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year January 20, 2029 2 16,212 20,224 China Merchants Bank BeOne Guangzhou Biologics Manufacturing Co., Ltd. 9 -year November 8, 2029 3 22,386 25,970 China CITIC Bank BeOne Pharmaceutical (Suzhou) Co., Ltd. 10 -year July 28, 2032 4 54,884 57,900 Total long-term debt 93,482 125,544 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 June 30, 2026. The outstanding principal balance is payable in semi-annual installments. The Company repaid $ 11,080 (RMB 75,000 ) during the six months ended June 30, 2026. 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 3.3 % as of June 30, 2026. The outstanding principal balance is payable in quarterly installments. The Company repaid $ 4,560 (RMB 31,429 ) during the six months ended June 30, 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 June 30, 2026. The outstanding principal balance is payable in quarterly installments. The Company repaid $ 4,343 (RMB 29,710 ) during the six months ended June 30, 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 June 30, 2026. The outstanding principal balance is payable in semi-annual installments. The Company repaid $ 4,710 (RMB 32,500 ) during the six months ended June 30, 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 36 months for drawdown as revolving and/or one-time borrowings. The Company drew down $ 58,204 (RMB 400,000 ) during the six months ended June 30, 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 June 30, 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 June 30, 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 Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ Interest expense, excluding amortization of debt issuance costs 10,937 12,048 26,504 25,009 Amortization of debt issuance costs 2,643 — 5,243 — Capitalized interest expense 1,078 4,054 2,153 10,013 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 and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ Product revenue – gross 2,205,600 1,657,838 4,099,089 3,057,904 Less: rebates and sales returns ( 525,806 ) ( 355,762 ) ( 931,966 ) ( 647,298 ) Product revenue – net 1,679,794 1,302,076 3,167,123 2,410,606 The following table disaggregates net product revenue by product for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ BRUKINSA ® 1,247,640 949,840 2,342,483 1,741,504 TEVIMBRA ® 228,515 193,524 434,756 364,688 XGEVA ® 104,499 81,318 194,419 151,741 BLINCYTO ® 36,537 25,587 70,572 49,493 KYPROLIS ® 15,147 19,416 32,118 39,144 POBEVCY ® 9,633 11,242 21,760 24,987 Other 37,823 21,149 71,015 39,049 Total product revenue – net 1,679,794 1,302,076 3,167,123 2,410,606 21 Table of Contents The following table presents the roll-forward of accrued revenue rebates and returns for the six months ended June 30, 2026 and 2025: Rebates, Returns and Other Deductions Contra AR Accruals Total $ $ Balance at December 31, 2025 398,533 79,126 477,659 Accrual 449,474 482,492 931,966 Payments ( 362,137 ) ( 499,012 ) ( 861,149 ) Balance at June 30, 2026 485,870 62,606 548,476 Balance at December 31, 2024 235,600 50,699 286,299 Accrual 283,525 363,773 647,298 Payments ( 221,808 ) ( 361,633 ) ( 583,441 ) Balance at June 30, 2025 297,317 52,839 350,156 12. Earnings Per Share/ADS The following table reconciles the numerator and denominator in the computations of earnings per share/ADS: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ Numerator: Net income 237,007 94,320 464,364 95,590 Denominator: Weighted-average shares outstanding—basic 1,450,485,552 1,408,166,754 1,446,490,904 1,399,159,898 Dilutive common share equivalents 54,876,348 55,110,647 58,898,278 55,136,577 Weighted-average shares outstanding—diluted 1,505,361,900 1,463,277,401 1,505,389,182 1,454,296,475 Antidilutive common share equivalents excluded from above 830,113 1,317,291 710,393 1,496,899 Earnings per share: Basic 0.16 0.07 0.32 0.07 Diluted 0.16 0.06 0.31 0.07 Earnings per ADS: Basic 2.12 0.87 4.17 0.89 Diluted 2.05 0.84 4.01 0.85 For the three and six months ended June 30, 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 six months ended June 30, 2026, the Company granted options for 1,222,884 ordinary shares, restricted share units for 21,152,651 ordinary shares, and performance share units for 2,093,507 ordinary shares under the Company’s share option and incentive plan. As of June 30, 2026, options, restricted share units, and performance share units for ordinary shares outstanding totaled 46,769,997 , 69,650,256 , and 6,530,381 , respectively. As of June 30, 2026, share-based awards to acquire 113,721,802 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 June 30, 2026, 5,688,481 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 and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ Research and development 58,536 64,392 112,392 106,159 Selling, general and administrative 78,931 86,161 148,423 139,845 Total 137,467 150,553 260,815 246,004 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 52,351 114 52,465 Amounts reclassified from accumulated other comprehensive loss — 349 349 Net-current period other comprehensive income 52,351 463 52,814 Balance as of June 30, 2026 ( 13,901 ) ( 11,469 ) ( 25,370 ) 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 June 30, 2026 and December 31, 2025, amounts restricted were the net assets of the Company’s PRC subsidiaries, which, after intercompany eliminations, amounted to $ 2,134,091 and $ 2,012,019 , respectively. 16. Commitments and Contingencies Purchase Commitments As of June 30, 2026, the Company had non-cancellable purchase commitments amounting to $ 262,816 , of which $ 22,579 related to non-utilization fees and minimum purchase requirements for supply purchased from contract manufacturers and $ 240,237 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 $ 22,245 for the acquisition of property, plant and equipment as of June 30, 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 June 30, 2026, the Company’s remaining co-development funding commitment was $ 12,527 . Funding Commitment The Company had committed capital related to equity investments in the amount of $ 15,057 . As of June 30, 2026, the remaining capital commitment was $ 2,157 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 Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ $ $ $ U.S. - total revenue 914,205 694,427 1,696,460 1,261,638 Product revenue 898,616 685,395 1,664,229 1,248,743 Other revenue 15,589 9,032 32,231 12,895 China - total revenue 506,021 432,924 977,995 832,516 Product revenue 499,714 428,802 964,896 825,164 Other revenue 6,307 4,122 13,099 7,352 Europe - total revenue 208,755 152,384 402,751 270,938 Product revenue 208,403 152,314 399,724 269,212 Other revenue 352 70 3,027 1,726 Rest of world - total revenue 76,090 35,565 141,303 67,487 Product revenue 73,061 35,565 138,274 67,487 Other revenue 3,029 — 3,029 — Total Revenue 1,705,071 1,315,300 3,218,509 2,432,579 25 Table of Contents