Executive Summary

Q2 2025 delivered strong topline and margin expansion: total revenue rose 42% year over year to $1.315B on BRUKINSA momentum; GAAP diluted EPS per ADS was $0.84 and non-GAAP diluted EPS per ADS was $2.25, reflecting operating leverage and improved product mix .
Results beat Wall Street consensus: revenue $1.315B vs $1.240B consensus (+6.1%) and GAAP EPS per ADS $0.84 vs $0.26 consensus; 11 and 7 estimates, respectively. Significant beat driven by BRUKINSA demand, mix, and net pricing tailwinds in the U.S. and share gains in Europe *.
Guidance tightened higher on revenue and raised on gross margin: FY25 revenue now $5.0–$5.3B (from $4.9–$5.3B) and GAAP gross margin guided to mid-to-high 80% (from mid-80%), while expense guidance maintained; FCF positive for FY25 .
Pipeline catalysts: management reiterated 20+ R&D milestones over the next 18 months across hematology and solid tumors, with pivotal readouts and new trial initiations near term (sonrotoclax, BGB-16673, TEVIMBRA expansions) .

What Went Well and What Went Wrong

What Went Well

BRUKINSA execution and share gains: global BRUKINSA revenues rose 49% to $950M; U.S. sales up 43% to $684M and Europe up 85% to $150M on broadened uptake across indications and markets .
Margin and cash inflection: GAAP gross margin expanded to 87.4% (adjusted 88.1%), and non-GAAP operating income rose sharply to $274.9M; Free Cash Flow improved to $219.8M in Q2 .
Strategic milestones: multiple regulatory wins (TEVIMBRA EC approvals; BRUKINSA tablet formulations FDA/CHMP), plus redomiciliation and rebranding completed to BeOne Medicines .

Selected management quote: “Our strong second quarter performance reinforces our trajectory as a global oncology powerhouse... BRUKINSA... continues to set the standard as the best-in-class BTK inhibitor... Building on this momentum, our two additional Phase 3 hematology assets... have the potential to further expand our franchise leadership.” — John V. Oyler, Co-Founder, Chairman and CEO .

What Went Wrong

Elevated operating spend: GAAP R&D ($524.9M, +15% YoY) and SG&A ($537.9M, +21% YoY) remained high as the company invests in global commercial expansion and pipeline progression; albeit SG&A as % of product sales improved to 41% vs 48% .
Tax expense headwind: income tax expense was $5.2M vs $14.5M YoY; discrete tax items impacted adjusted net income reconciliation (-$14.2M) .
Q2 call transcript unavailable in our corpus; limits ability to evaluate Q&A tone shifts and granular guidance nuances.

Financial Results

Core Financials: Sequential Trend and Q2 vs Estimates

Metric	Q4 2024	Q1 2025	Q2 2025	Q2 2025 Consensus
Total Revenue ($USD Billions)	$1.128	$1.117	$1.315	$1.240*
GAAP EPS per ADS ($)	$(1.43)	$0.01	$0.84	$0.26*
GAAP Gross Margin % (Product)	85.6%	85.1%	87.4%	N/A

Notes: Q2 2025 revenue and EPS beat consensus; gross margin expanded sequentially and YoY driven by mix and productivity.

Year-over-Year Q2 Comparison

Metric	Q2 2024	Q2 2025
Total Revenue ($USD Billions)	$0.929	$1.315 (+42%)
Net Product Revenue ($USD Billions)	$0.921	$1.302 (+41%)
GAAP Diluted EPS per ADS ($)	$(1.15)	$0.84
GAAP Gross Margin % (Product)	85.0%	87.4%
Adjusted Diluted EPS per ADS ($)	$0.22	$2.25

Segment and Product Detail (Q2 2025)

Segment/Product	Q2 2025 ($USD Millions)	YoY Growth
BRUKINSA Global Revenue	$950	+49%
BRUKINSA U.S.	$684	+43%
BRUKINSA Europe	$150	+85%
TEVIMBRA Sales	$194	+22%
Collaboration Revenue	$13.2	+65%

KPIs and Operating Metrics

KPI	Q4 2024	Q1 2025	Q2 2025
SG&A as % of Product Sales	45%	41%	41%
Free Cash Flow ($USD Millions, Non-GAAP)	N/A	N/A	$219.8
Cash, Cash Equivalents & Restricted Cash ($USD Billions)	$2.639	$2.531	$2.786
Total Equity ($USD Billions)	$3.332	$3.500	$3.770

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Revenue	FY 2025	$4.9–$5.3B	$5.0–$5.3B	Raised (tightened high)
GAAP Operating Expenses (R&D+SG&A)	FY 2025	$4.1–$4.4B	$4.1–$4.4B	Maintained
GAAP Gross Margin %	FY 2025	Mid-80% range	Mid-to-high-80% range	Raised
GAAP Operating Income	FY 2025	Positive FY 2025	Positive FY 2025	Maintained
Cash Flow	FY 2025	Positive cash flow from operations	Positive free cash flow	Raised (FCF vs CFO)

Rationale: mix and production efficiencies drive higher gross margin; revenue outlook tightened on visibility to BRUKINSA U.S./EU demand; cost discipline preserves expense envelope .

Earnings Call Themes & Trends

Note: Q2 2025 earnings call transcript was not available in our corpus; themes below reflect press releases and 8-K disclosures.

Topic	Previous Mentions (Q4 2024)	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
Hematology franchise (BRUKINSA leadership)	U.S. new CLL starts leader; broadest BTKi label; 180k+ patients treated	BRUKINSA leader in new CLL starts; overall BTKi market share leader	U.S. market leader; tablet formulation approvals; strong U.S./EU growth	Strengthening
BCL2 inhibitor (sonrotoclax)	Planned data readouts and accelerated approval submissions (2H25)	Phase 3 TN CLL last subject; R/R MCL Phase 3 first subject	Priority reviews in China; global Phase 3 initiation R/R CLL	Advancing
BTK CDAC (BGB-16673)	Phase 2 R/R CLL (reg. enabling) ongoing; Phase 3s planned	Phase 3 initiation (R/R CLL) vs physician’s choice	EMA PRIME; multiple Phase 3 enrollments (R/R CLL, WM)	Accelerating
TEVIMBRA regulatory/label expansion	U.S./EU approvals in ESCC and gastric	U.S. approvals incl. dosing flexibility; EU approvals	EC approvals (NPC, ES-SCLC), CHMP opinions (NSCLC); FDA dosing updates	Broadening
Gross margin outlook	Mid-80% % (due to mix, efficiencies)	Mid-80% % reaffirmed	Raised to mid-to-high-80% %	Improving
Geographic expansion	EU growth (+148% Q4 YoY)	EU +73% Q1 YoY	EU +85% Q2 YoY; 75 markets BRUKINSA, 47 markets TEVIMBRA	Sustained

Management Commentary

Strategic message: “We are executing with purpose and advancing our mission to deliver transformative medicines... BRUKINSA... best-in-class BTK inhibitor... Building on this momentum, our two additional Phase 3 hematology assets... have the potential to further expand our franchise leadership... more than 20 expected R&D milestones in the next 18 months.” — John V. Oyler .
Commercial confidence: mix-driven margin gains with productivity improvements in cost of sales for BRUKINSA and TEVIMBRA .
Corporate actions: completed renaming to BeOne Medicines and redomiciliation to Switzerland .

Q&A Highlights

The Q2 2025 earnings call transcript was not available in our corpus; we searched earnings-call-transcript documents for ONC between June 1 and September 30, 2025 and found none. As a result, we cannot provide Q&A tone shifts or guidance clarifications beyond the 8-K press release disclosures [functions.ListDocuments result]. Management indicated a webcast took place at 8:00 a.m. ET on August 6, 2025, with slides and replay available on the investor site .

Estimates Context

Revenue: Actual $1.315B vs consensus $1.240B — a beat of ~$75M (~6.1%).
GAAP EPS per ADS: Actual $0.84 vs consensus $0.26 — a significant beat.
Number of estimates: revenue (11), EPS (7).
Values retrieved from S&P Global*.

Implications: The double beat, combined with margin expansion and raised gross margin guidance, suggests upward revisions to FY25 EPS and potentially revenue within the guided range as analysts reflect stronger BRUKINSA demand, EU share gains, and mix/efficiency benefits *.

Key Takeaways for Investors

BRUKINSA momentum is the engine: robust U.S. and accelerating EU demand, coupled with regulatory/formulation wins, underpin near-term growth and margin expansion .
Mix and productivity are driving margins higher: gross margin outlook raised to mid-to-high 80% for FY25; expect estimate revisions to reflect improved profitability profile .
Guidance quality improved: revenue range tightened at the high end and FCF targeted positive for FY25; expense discipline maintained despite pipeline breadth .
Pipeline catalysts in 2H25: sonrotoclax Phase 2 readout and potential accelerated filings (R/R MCL), BGB-16673 Phase 3 initiations/head-to-head, TEVIMBRA EU/US label expansions — multiple stock-moving events ahead .
Cash and equity strengthened: cash rose to $2.786B; total equity to $3.770B, providing funding for R&D and commercialization without near-term balance sheet strain .
Non-GAAP earnings leverage is material: adjusted diluted EPS per ADS of $2.25 in Q2 highlights operating leverage with share-based comp, D&A excluded; watch non-GAAP trajectory as margin tailwinds persist .
Risk watch: spending needs remain elevated; regulatory/timing risks for pivotal programs; tax/discrete items can impact reported EPS .

Additional Data Details

U.S. sales of BRUKINSA in Q2 2025 were $684M, with 43% YoY growth; EU sales were $150M, +85% YoY, driven by share gains across major markets .
TEVIMBRA Q2 sales were $194M (+22% YoY) with multiple approvals and reimbursements in EU and Japan/Australia .
Operating expenses: GAAP R&D $524.9M (+15% YoY), GAAP SG&A $537.9M (+21% YoY); non-GAAP R&D $444.1M and non-GAAP SG&A $441.7M .
Balance sheet: cash and equivalents $2.786B; total assets $6.298B; total equity $3.770B at Q2 2025 .
Cash flow: Q2 2025 CFO $263.6M and non-GAAP FCF $219.8M .

Footnote: *Values retrieved from S&P Global (analyst consensus estimates).

BeOne Medicines Ltd. (ONC)·Q2 2025 Earnings Summary