BeOne Medicines Lifts Revenue Outlook — BRUKINSA Delivers $1.4 Billion In Quarterly Sales
The cancer-drug company also raised its operating-profit forecast, with production margins improving and free cash flow reaching $474 million.
BeOne Medicines, which develops and sells cancer medicines, raised its 2026 revenue outlook Thursday to $6.9 billion–$7.0 billion from $6.6 billion–$6.8 billion, according to results accompanying its SEC filing. BRUKINSA supplied $1.4 billion of the quarter’s $1.9 billion in revenue, with both figures growing 34% from a year earlier.
BRUKINSA anchors the sales expansion
BRUKINSA’s U.S. sales reached $1.0 billion, up 36% from a year earlier. Growth extended beyond that medicine: TEVIMBRA brought in $243 million, up 28%, while products licensed from Amgen generated $167 million, up 26%.
BeOne co-founder, chairman and CEO John V. Oyler described the business as delivering “continued rapid global growth” in the results statement, pointing to BRUKINSA and the addition of BEQALZI to its portfolio.
BeOne’s business spans medicines for blood cancers and solid tumors, supported by its own clinical development, manufacturing and commercial operations. The company operates in the U.S., China, Europe and other markets, with drug sales supplying its revenue.
ONC shares jumped about 5% to $407.46 in Friday trading, when the company’s market value was $44.1 billion.
More sales reach the bottom line
Quarterly net profit was $385 million, a $260 million increase from a year earlier. BeOne attributed the improvement mainly to revenue growth and a business that generated more profit relative to its costs. Diluted earnings per American depositary share reached $3.28, versus $1.09 a year earlier; adjusted earnings were $4.59, versus $2.65.
The company’s product gross margin—the share of sales remaining after production costs—rose to 88% from 86%. A larger contribution from BRUKINSA and lower production costs for BRUKINSA and TEVIMBRA helped, partly offset by a $22 million non-cash asset impairment tied to ending promotion of POBEVCY.
Research and development spending increased 26%, as programs advanced into later-stage testing and new candidates entered clinical trials. Selling and administrative spending rose 12% to support commercial growth.
Free cash flow, defined here as operating cash after purchases of property and equipment, reached $474 million for the quarter, up $119 million from a year earlier.
Higher profit targets, tax benefit ahead
BeOne now expects 2026 operating profit—profit before interest and taxes—of $1.2 billion–$1.3 billion, compared with its previous $1.0 billion–$1.1 billion range. Its adjusted operating-profit forecast increased to $1.9 billion–$2.0 billion from $1.7 billion–$1.8 billion; that measure excludes stock-based pay, depreciation and amortization.
The company also raised the lower end of its operating-spending outlook, to $4.9 billion–$5.0 billion from $4.8 billion–$5.0 billion. Its production-margin forecast remains in the upper 80% range.
BeOne expects a material fourth-quarter tax benefit from reversing allowances against future tax assets—accounting reserves that limit recognition of those assets. Management continues to assess the amount.
The anticipated tax benefit concerns net earnings; BeOne’s higher operating-profit targets measure the business before taxes.
