ONC · BeOne Medicines Ltd.

BeOne Medicines Ltd. reported strong top-line growth in 2025, with total revenue rising 40% year-over-year to $5.34 billion, driven primarily by Ex-China sales ($3.66 billion, up 53% YoY) and sustained China revenue growth ($1.68 billion, up 19% YoY). Gross margin performance diverged sharply by region: China’s gross margin improved to 66.6% from 62.9%, reflecting operational efficiencies or favorable product mix, while Ex-China margins remained exceptionally high at 97.0%, consistent with prior-year levels and indicative of premium pricing and low-cost supply chain execution outside China. R&D investment increased 10% YoY to $2.15 billion, with notable increases in Sonrotoclax (BCL2 inhibitor, +77%) and BGB-16673 (BTK-targeted CDAC, +362%), signaling intensified late-stage development activity. Production and inventory metrics show disciplined scale-up: 6.27 million vials produced, 5.99 million sold, and 2.91 million vials held in stock as of year-end — suggesting robust demand absorption and strategic inventory positioning ahead of anticipated commercial milestones. The filing emphasizes that all U.S. GAAP figures are reconciled against PRC GAAP in Exhibit 99.1, with key differences in share-based compensation recognition, lease accounting, and royalty transfer treatment — investors must account for these methodological variances when comparing STAR Market disclosures with SEC filings.