The raised FY guidance and accelerating profitability (GAAP operating income guidance up $250M at midpoint) signal strong momentum. Watch for upcoming regulatory catalysts: BRUKINSA first-line MCL submissions in 2H 2026 and TEVIMBRA FDA action for HER2+ GEA in 2H 2026. The stock's 86% win rate at T+20 on prior reports suggests continued positive drift.
Price Chart
Executive Summary
BeOne Medicines reported Q2 2026 revenue of $1.71B (+30% YoY) and GAAP diluted EPS of $2.05/ADS, with raised FY2026 revenue guidance to $6.6B-$6.8B and GAAP operating income guidance to $1.0B-$1.1B. The quarter was driven by BRUKINSA global sales of $1.2B (+31% YoY) and FDA accelerated approval for BEQALZI (sonrotoclax) in RR MCL. The raised guidance and strong operational leverage signal accelerating profitability, making this a clear positive catalyst for the stock.
Key Financial Metrics
Key Facts
- Total Q2 2026 revenue of $1.71B, up 30% YoY from $1.32B
- BRUKINSA global sales of $1.2B, up 31% YoY; U.S. sales $893M (+31%)
- GAAP diluted EPS per ADS of $2.05 vs $0.84 in prior-year period
- Adjusted diluted EPS per ADS of $3.84 vs $2.25 in prior-year period
- GAAP net income of $237M, up 151% YoY from $94M
- Free cash flow of $435M, up 98% YoY from $220M
- Raised FY2026 total revenue guidance to $6.6B-$6.8B from prior $6.3B-$6.5B
- Raised GAAP operating income guidance to $1.0B-$1.1B from $750M-$850M
- BEQALZI (sonrotoclax) received FDA accelerated approval for RR MCL
- Gross margin improved to 90% from 87% in prior-year period
- SGA expenses as % of product sales improved to 35% from 41%
Financial Impact
Revenue beat of ~$85M vs $1.62B consensus; GAAP EPS of $2.05/ADS vs consensus $1.63/ADS; FY guidance raised by $300M at midpoint
Risk Factors
- R&D and SG&A expenses continue to grow (17% and 10% YoY respectively), pressuring margins if revenue growth slows
- Income tax expense surged to $75M from $5M in prior year, potentially reducing net income growth rate
- Diluted ADS count expected at ~118M, up from ~116M in Q2 2026, modest dilution
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-052877 |
| Document: bgne-20260805.htm | 0001628280-26-052877 |
| Document: 0001628280-26-052877-index-headers.html | 0001628280-26-052877 |
| Document: 0001628280-26-052877-index.html | 0001628280-26-052877 |
| Document: 0001628280-26-052877.txt | 0001628280-26-052877 |
| 8-K Data (Synthetic) | 0001628280-26-052877 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 21d ago | Insider Cluster | $346.51 $350.84 | ▲ +1.25% | ▲ +1.47% | $358.07 (+3.34%) |
Sep 3, 2026 29d ago | Insider Cluster | $362.68 $346.51 | ▼ −4.46% | ▼ −3.31% | $358.07 (−1.27%) |
Aug 26, 2026 5w ago | 8-K | $375.80 $361.78 | ▼ −3.73% | ▼ −3.61% | $358.07 (−4.72%) |
Aug 14, 2026 7w ago | Insider Cluster | $347.48 $374.47 | ▲ +7.77% | ▲ +9.14% | $358.07 (+3.05%) |
Aug 12, 2026 7w ago | Insider Cluster | $356.01 $369.16 | ▲ +3.69% | ▲ +5.66% | $358.07 (+0.58%) |
Aug 10, 2026 7w ago | 144 | $359.27 $369.15 | ▼ −2.75% | ▼ −3.15% | $358.07 (+0.33%) |
Aug 5, 2026 8w ago | Insider Cluster | $329.80 $356.01 | ▲ +7.95% | ▲ +6.73% | $358.07 (+8.57%) |
Aug 5, 2026 8w ago | 8-K | $327.53 $359.05 | ▲ +9.62% | ▲ +9.27% | $358.07 (+9.32%) |
Jul 24, 2026 10w ago | Insider Cluster | $325.90 $322.08 | ▼ −1.17% | ▼ −1.55% | $358.07 (+9.87%) |
Jul 17, 2026 11w ago | Insider Cluster | $312.02 $326.77 | ▼ −4.73% | ▼ −5.41% | $358.07 (−14.76%) |
US Market Status
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