Slides
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Q2 2025 Results Conference call and webcast for investors and analysts AUGUST 6, 2025
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2 Disclosures Certain statements contained in this presentation and in the accompanying oral presentation, other than statements of fact th at are independently verifiable at the date hereof, constitute forward looking statements. Examples of such forward-looking statements include statements regarding BeOne’s research, discovery, preclinical and clinical programs and plans including proof of concept timing, trial initiations and patient enrollment; expected data readouts and approvals; the continued growth of BRUKINSA in the U.S. market and globally; the potential benefits of BeOne's drugs and drug candidates; BeOne's expectations regarding regulatory milestones, submissions and filngs, and commercialization of BeOne’s medicines; BeOne's future revenue, operating expenses, gross margins, operating income, cash flow and free cash flow; and BeOne's continued future growth in the U.S. and Europe. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including BeOne's ability to demonstrate the efficacy and safety of its drug candidates; the clinical results for its drug candidates, which may not support further d evelopment or marketing approval; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; BeOne's ability to achieve commercial success for its marketed medicines and drug candidates, if approved; BeOne's ability to obtain and maintain protection of intellectual property for its medicines and technology; BeOne's reliance on third parties to conduct drug development, manufacturing, commercialization and other services; BeOne’s limited experience in obtaining regulatory approvals and commercializing pharmaceutical products; BeOne’s ability to obtain additional funding for operations and to complete the development of its drug candidates and achieve and ma intain profitability, as well as those risks more fully discussed in the section entitled “Risk Factors” in BeOne’s most recent periodic report filed with the U.S. Securities and Exchange Commission ("SEC"), as well as discussions of potential risks, uncertainties, and other important factors in BeOne's subsequent filings with the SEC. Except where otherwise noted, all information in this presentation is as of the date of this presentation, and BeOne undertakes no duty to update such information unless required by law. This presentation and the accompanying oral presentation contain data and information obtained from third-party studies and internal company analysis of such data and information. BeOne has not independently verified the data and information obtained from these sources. Forward -looking information obtained from these sources is subject to the same qualifications noted above. This presentation is intended for the investor community only; it is not intended to promote the products referenced herein o r otherwise influence healthcare prescribing decisions. All trademarks in this presentation are the property of their respective owners. This presentation includes U.S. generally accepted accounting principles (“GAAP”) and non -GAAP financial measures. Reconciliations between these two measures are provided in the appendix to this presentation. Some of the clinical data in this presentation relating to BeOne’s investigational drug candidates is from preclinical studies or early phase, single -arm clinical trials. When such data or data from later stage trials are presented in relation to other investigational or marketed drug products, the presentatio n and discussion are not based on head-to-head trials between BeOne’s investigational drug candidates and other products unless specified in the trial protocol. BeOne is still conducting preclinical studies and clinical trials and, as additional patients are enrolled and evaluated, data on BeOne’s investigational drug candidates may change. Definitive conclusions cannot be drawn from cross-trial comparisons or anticipated data as they may be confounded by various fac tors and should be interpreted with caution.
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3 Agenda Welcome, safe harbor, and agenda1 Dan Maller Head of Investor Relations CEO business update2 John V. Oyler Co-Founder, Chairman and CEO Financial results3 Aaron Rosenberg Chief Financial Officer R&D and pipeline progress4 Lai Wang, Ph.D. Global Head of R&D Q&A5 BeOne management team
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4 4 CEO business update John V. Oyler Co-Founder, Chairman and CEO
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5 Q2 2025: Strong execution driving sustainable growth 1 Diluted Earnings per ADS is presented. Basic Earnings per ADS for Q2 2025 was $0.87 (GAAP) and $2.33 (Non -GAAP) 2 Non-GAAP Earnings per ADS is a financial measure that excludes from the corresponding GAAP measure costs related to share -based compensation, depreciation and amortization expense. Free cash flow is a financial measure of cash flow that deducts capital expenditures f rom cash flows from operations. A reconciliation of these Non -GAAP measures to the comparable GAAP measure for Q2 2025 is included in the Appendix t o this presentation Revenue • $1.3B, +42% YoY Earnings per ADS1 • GAAP: $0.84 • Non-GAAP2: $2.25 Cash Flows • Operating (GAAP): $264M • Free Cash Flow2: $220M Key data presentations • BRUKINSA Sequoia arms C + D • BTK CDAC • CDK4i and B7-H4 ADC early activity Phase 3 initiations • Sonro + CD20 Registrational filings • Sonro CN – R/R CLL and R/R MCL • Sonro global in 2H – R/R MCL BRUKINSA U.S. market leadership widens New TEVIMBRA approvals and global launches Pipeline highlightsFinancial and commercial highlights
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6 BRUKINSA is the U.S. revenue leader and fastest growing brand Source: Companies’ public filings BRUKINSA approved indications: CLL, WM, MCL, MZL and FL Acalabrutinib approved indications: CLL and MCL Ibrutinib approved indications: CLL, MCL and chronic graft versus host disease ( cGVHD) $0 $100 $200 $300 $400 $500 $600 $700 $800 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Ibrutinib Acalabrutinib U.S. cBTKI quarterly revenue ($M) Revenue Growth % y/y Approved indications $ 684 +43% 5 583 +5% 2 543 -9% 3
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7 Human PK: the only BTKi that sustainably inhibits BTK throughout the day ORR: superiority over ibrutinib that emerges at early follow-up and is sustained PFS: the only BTKi to show PFS superiority over ibrutinib in a head-to-head trial Real-world and meta-analyses: BRUKINSA’s data supported by real-world evidence and recognized by leading KOLs BRUKINSA has cemented itself as a best-in-class medicine every step of the way 1 2 3 4
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8 Time post-dose (hours) Ibrutinib PK vs. IC 50 3 0.1 1 10 100 0 6 12 18 24 Time post-dose (hours) BRUKINSA PK vs. IC 50 1 Time post-dose (hours) Acalabrutinib PK vs. IC 50 2 BRUKINSA is the only BTKi that induces complete and sustainable BTK inhibition due to its potency and superior PK 1 Health Canada Product Monograph 2 Adapted from Byrd et al., NEJM, 2015; Zhou et al., Pharmacometrics Syst. Pharmacol. (2019) 8, 489–499 3 Adapted from Advani, et al., JCO 2013.; NDA Clinical Pharmacology Review {NDA 205552, ibrutinib} The clinical significance of non-clinical data has not been established. In the absence of head-to-head data, definitive conclusions regarding comparative safety and efficacy cannot be drawn Free fraction in Plasma (nM) Free fraction in Plasma (nM) Free fraction in Plasma (nM) Ibrutinib 560mg QD Ctrough/IC50 ~1/8-fold Ctrough/IC50 ~1/13-fold 320mg QD: Ctrough/IC50 ~2-fold 160mg BID: Ctrough/IC50 ~7-fold Acala BTK IC50 =5.1nM Ibr BTK IC50=1.5 nM Zanu BTK IC50=0.5 nM 0.1 1 10 100 0 6 12 18 24 0.1 1 10 100 0 6 12 18 24 Acalabrutinib 100mg BIDBRUKINSA 160mg BID BRUKINSA 320mg QD 1
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9 Median follow-up: months Overall response rate (ORR) 76.3% 80.4% 86.2% 88.4% 64.4% 72.9% 75.7% 76.6% 15.3 24.2 29.6 42.5 zanubrutinib ibrutinib BRUKINSA’s differentiated potency and target coverage may drive higher clinical responses Tested population - first timepoint analysis is 415 patients vs. ITT (652 patients) for other timepoints 1 Two-sided p-value (superiority) 2Two-sided p-value (nominal) 3 Hillmen et al. JCO 2022 (ORR IA) 4 ALPINE CSR for ORR IA, ORR FA, PFS FA and Final Analysis 5 Brown et al. NEJM 2022 (PFS FA) 6 Brown et al. Blood 2024 (Final Analysis) The clinical significance of non-clinical data has not been established. In the absence of head-to-head data, definitive conclusions regarding comparative safety and efficacy cannot be drawn P- value1 0.0121 P- value 1 0.0264 P- value 2 0.0007 P- value 2 <0.0001 11.9% 7.5% 11.8%10.5% 2 3 654
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10 PFS in del(17p)/TP53 subset consistent with ITT patient population1 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 63 Zanubrutinib Ibrutinib # of events (%) 134 (41.0%) 160 (49.2%) HR (95% CI): 0.66 (0.52, 0.84) nominal p-value 0.0005 Months from randomization 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 63 No. subjects at risk Zanubrutinib 327 313 301 295 286 268 257 247 241 236 214 208 189 151 128 108 103 43 19 2 0 0 Ibrutinib 325 304 292 271 256 238 227 213 197 194 182 173 147 116 101 76 73 30 10 2 1 0 Progression-free survival probability BRUKINSA is the only BTKi to demonstrate PFS superiority over ibrutinib in a head-to-head trial in R/R CLL (ALPINE) PFS superiority in all-comer population1 Zanubrutinib Ibrutinib # of events (%) 36 (48.0%) 51 (68.0%) HR (95% CI): 0.48 (0.31, 0.75) nominal p-value 0.0019 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 Months from randomization 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 No. subjects at risk Zanubrutinib 75 71 68 66 64 59 55 52 51 49 44 43 39 31 25 20 19 8 5 1 0 Ibrutinib 75 70 68 59 52 48 45 42 38 36 30 29 23 13 11 6 6 4 0 0 0 Progression-free survival probability 63.7 (57.8, 68.9) 53.0 (47.0, 58.7) 59.0 (46.2, 69.7) 32.4 (21.2, 44.1)Zanubrutinib Ibrutinib Zanubrutinib Ibrutinib 1 Brown et al., Blood, 2024; COVID adjusted 3
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11 “A network meta-analysis of BTKis found zanubrutinib to be the most efficacious treatment for patients with high-risk R/R CLL1” 4 1 Shadman M, et al. Blood Adv. 2025 2 Adapted from: Real-World Treatment Utilization Patterns, Discontinuation and Healthcare Resource Utilization of First-Line Bruton Tyrosine Kinase Inhibitors in Chronic Lymphocytic Leukemia: Age-Related Disparity. Poster presentation. PF585. EHA 2025. In the absence of head-to-head data, no definitive conclusions can be drawn regarding comparative efficacy or safety. This analy sis is hypothesis-generating; definitive conclusions cannot be drawn from network meta -analyses “This real-world study demonstrated that patients with CLL treated with zanubrutinib had longer TTD, lower discontinuation rates, and less HCRU than those treated with acalabrutinib and ibrutinib across all patients and specifically in older patients ≥65 years” Presented at EHA 2025; June 12-15, 2025; Milan, Italy BRUKINSA’s differentiated data is supported by real-world evidence and recognized by leading CLL KOLs Real-world treatment utilization patterns of BTKis in First-Line CLL in patients >65 years2 Investigator-assessed PFS hazard ratio 2.5 4.3 5.3 0.0 4.0 8.0 12.0 16.0 Inpatient visits P= <0.05 Zanubrutinib Acalabrutinib Ibrutinib Annualized resource use 41.0% 43.6% 49.0% 0% 10% 20% 30% 40% 50% Discontinuation rates P= <0.05 Estimated discontinuation rate (at 360 days post-BTKi initiation)
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12 BeOne is the only company with potentially best-in-class assets across three foundational CLL MOAs BTKi BRUKINSA Sustained CLL leadership
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13 Significant near-term milestones 1H 2025 Sonro – 1st registrational filings (R/R CLL and R/R MCL) China ✓ Sonro - CELESTIAL 302 (RR MCL) and 303 (RR CLL) Ph 3 initiation ✓ BTK CDAC - CaDAnCe 302 (RR CLL) Ph 3 initiation ✓ CDK4i - early activity data ✓ B7-H4 - early activity data ✓ 2H 2025 BRUKINSA MANGROVE TN MCL Ph 3 data readout Sonro – 1st global registrational filings (R/R MCL) BTK CDAC - CaDAnCe 304 - H2H vs. pirto (R/R CLL) Ph 3 initiation 2026 BTK CDAC – Ph 2 readout R/R CLL – potentially pivotal CDK4i (2L and 1L HR+/HER2- BC) – Ph 3 initiation B7-H4 - Ph 3 initiation ✓ achieved Note: Catalyst external data presentation subject to conference calendar POC data readouts including: PRMT5i, Pan-KRASi, FGFR2b ADC, IRAK4 CDAC 10+ 4 Pivotal data readouts and filings 20+ Phase 3 trials 10+ NMEs to enter the clinic including: KAT6A/Bi; CDK2 CDAC, CD19xCD20xCD3 TsAb
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14 14 Financial results Aaron Rosenberg Chief Financial Officer
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15 Commentary • BRUKINSA +49% y/y - Strong underlying demand growth while maximizing value share - Continued new patient share leadership1 • TEVIMBRA +22% y/y - Continued China leadership - Approvals and launches in key markets • In-licensed +27% y/y - Amgen portfolio growth of 40% - Zanidatamab launch in China Q2 2025: Product revenue composition 1 Based on June 2025 SHA claims data and internal calculations Product revenue $637 $690 $828 $792 $950 $158 $163 $154 $171 $194 $125 $139 $136 $146 $159 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Brukinsa Tevimbra In-licensed / Other +41% YoY growth $921 $993 $1,118 $1,109 $1,302
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16 Product revenue mix 36 152 429 685 ROW Europe China U.S. Product revenue growth Q2 2025: Diversified revenue mix and growth across all markets 168% 87% 23% 43% ROW Europe China U.S. $ in millions (Q2 2025) Year-over-year % growth (Q2 2025)
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17 US $M (except per ADS) Q2 2025 Q2 2024 $ Change % Change Product revenue 1,302 921 381 41 Collaboration revenue 13 8 5 65 Total revenue 1,315 929 386 42 Gross margin % 87.4% 85.0% Total operating expenses 1,063 898 165 18 R&D 525 454 70 15 SG&A 538 444 94 21 Income (loss) from operations 88 (107) 195 182 Net income (loss) 94 (120) 215 178 Earnings (loss) per ADS (GAAP) – basic $0.87 $(1.15) 2.02 176 Earnings (loss) per ADS (GAAP) - diluted $0.84 $(1.15) 1.99 173 Q2 2025: Reported profit and loss (GAAP)
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18 US $M (except per ADS) Q2 2025 Q2 2024 $ Change % Change Product revenue 1,302 921 381 41 Collaboration revenue 13 8 5 65 Total revenue 1,315 929 386 42 Gross margin % 88.1% 85.4% Total operating expenses 886 746 139 19 R&D 444 383 62 16 SG&A 442 364 78 21 Adjusted income from operations1 275 48 226 467 Adjusted net income 253 23 230 985 Adjusted earnings per ADS (Non-GAAP)1 – basic $2.33 $0.22 2.11 959 Adjusted earnings per ADS (Non-GAAP)1 – diluted $2.25 $0.22 2.03 923 Q2 2025: Adjusted profit and loss (Non-GAAP) 1 Adjusted income (loss) from operations and Adjusted earnings (loss) per ADS are non -GAAP financial measures that excludes from the corresponding GAAP measure costs related to share -based compensation, depreciation and amortization expense. A reconciliation of this non-GAAP measure to the comparable GAAP measure is included in the Appendix to this presentation
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19 Updated full year 2025 financial guidance 1 Does not assume any potential new, material business development activity or unusual/non -recurring items 2 Non-GAAP Operating Expenses is a financial measure that excludes from the corresponding GAAP measure costs related to share -based compensation, depreciation and amortization expense. Free cash flow is a financial measure of cash flow that deducts capital expenditures from cash flows fr om operations. A reconciliation of these Non - GAAP measures to the comparable GAAP measure for Q2 2025 is included in the Appendix to this presentation Prior FY 2025 Guidance1 Current FY 2025 Guidance1 FY 2025 Commentary Total Revenue $4.9 - $5.3B $5.0 - $5.3B • U.S. BRUKINSA leadership expansion • Increasing global growth in EU/ROW • Assumes 6/30/2025 foreign exchange rates GAAP Operating Expenses (R&D and SG&A) $4.1 - $4.4B $4.1 - $4.4B • Disciplined investment for growth with meaningful operating leverage • Non-GAAP reconciling items follow historical approach and tracks overall expense growth2 GAAP Gross Margin % Mid-80% range Mid to high-80% range • Accelerated cost of goods efficiencies and benefits from product mix • Includes estimated impact from announced tariff policies GAAP Operating Income Positive FY 2025 Positive FY 2025 Cash Flow Metric Positive FY 2025 cash flow from operations Positive FY 2025 free cash flow • Free cash flow defined as GAAP cash flow from operations minus capital expenditures
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20 20 R&D and pipeline progress Lai Wang, Ph.D. Global Head of R&D
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21 Recap of Investor R&D Day 2025
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22 Significant recent progress across the pipeline R/R – Relapsed Refractory; CLL/SLL - Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma; MCL - Mantle Cell Lymphoma; BTC – Biliary Track Cancer; AD – Atopic Dermatitis, PN – Prurigo Nodularis; CSU – Chronic Spontaneous Urticaria * China only study Submissions and approvals BRUKINSA • Tablet formulation - U.S. approval and CHMP positive opinion Sonrotoclax BCL2i monotherapy • R/R CLL/SLL CN submission acceptance with priority review • R/R MCL CN submission acceptance with priority review TEVIMBRA – PD1 mAb • EU approvals in combination with chemotherapy for the first- line treatment of adult patients with metastatic or recurrent nasopharyngeal carcinoma and first-line extensive-stage small cell lung cancer and positive CHMP opinion for neoadjuvant/adjuvant early-stage NSCLC Zanidatamab – HER2 BsAb • 2L HER2+ BTC CN approval Tarlatamab – DLL3 x CD3 BiTE® • 3L+ SCLC CN submission acceptance with priority review • 2L SCLC CN submission acceptance Clinical progressions Hematology oncology • Key data reports at ASCO, EHA and ICML for SEQUOIA Arm D and Arm C, S+Z in TN CLL and BTK CDAC in RR CLL and RR MCL • Phase 3 for sonrotoclax vs. venetoclax in combination with CD20 antibody in R/R CLL/SLL initiated • Phase 3 for BTK CDAC vs. physician’s choice in R/R CLL/SLL initiated* • Potential pivotal phase 2 for BTK CDAC in R/R WM initiated Solid tumor • Data updates for CDK4i, B7-H4 ADC, PRMT5i, and FGFR2b ADC • Planning CDK4i phase 3 studies in 1L and 2L HR+ BC development Non-oncology • IRAK4 CDAC phase 1b study for patients with AD and PN initiated • BTK CDAC phase 1 study for patients with CSU initiated
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23 BeOne has comprehensive registrational program to address all CLL segments for treatment naïve and relapsed settings 1 China only; global filings for MCL anticipated in 2H25 2 Global filings anticipated in 2026 BR, bendamustine + rituximab; VO, venetoclax + obinutuzumab Indication Treatment Study details Phase 2 Phase 3 Approval TN CLL/SLL Continuous use Zanubrutinib monotherapy vs. BR Fixed duration Zanubrutinib + sonrotoclax vs. VO R/R CLL/SLL Continuous use Zanubrutinib vs. ibrutinib Sonrotoclax monotherapy (AA1) BGB-16673 monotherapy (AA2) BGB-16673 monotherapy vs. investigator’s choice BGB-16673 monotherapy vs. pirtobrutinib Fixed duration Sonrotoclax + anti-CD20 Sonrotoclax + BGB-16673 Approved Approved Ongoing Filed Ongoing Ongoing Start-up In planning BTKi BCL2iBTK CDAC Ongoing
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24 14-fold more potent, deeper target inhibition to eliminate the most difficult to treat tumor cells 6-fold improved selectivity for potentially better tolerability Aiming for only one clinic visit for ramp-up for most patients; ease of TLS monitoring Sonrotoclax: potentially best-in-class BCL2 inhibitor Global filings in R/R MCL in H2 2025 1 Submitted and accepted in China, global filings anticipated in 2H25 The clinical significance of preclinical data has not been established. In the absence of head -to-head data, definitive conclusions regarding comparative safety and efficacy cannot be drawn Better potency, better selectivity, and potentially more convenient to use CELESTIAL 303: (vs. VO) +anti-CD20 R/R CLL/SLL CELESTIAL 302: (vs. zanu) +zanubrutinib R/R MCL CELESTIAL 301 (vs. VO) +zanubrutinib TN CLL/SLL CELESTIAL 203 Monotherapy R/R WM CELESTIAL 202: (CN) Monotherapy R/R CLL/SLL CELESTIAL 2011 Monotherapy R/R MCL 105: dose escalation/expansion +anti-CD38, dex R/R MM 103: dose escalation/expansion +azacitidine TN, R/R AML Phase 3 Phase 3 Ph2 for AA Phase 3 Ph2 for AA Ph2 for AA Phase 1 Phase 1
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25 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 No PFS events at 320mg dose and only one progression at 160mg dose Patients (n=35) who reached week 96 and elected to stop therapy4 all in remission with a time off median of three months (range 1-12 months) 1 Cheah, EHA, 2025 2 As measured by ERIC flow cytometry panel uMRD4 is defined as less than 1 CLL cell per 10,000 leukocytes (<10 -4); MRD is best reported within a 2-week window following the week 48 assessment 3 Number of weeks at target dose, following zanubrutinib monotherapy and sonrotoclax ramp-up to target dose 4 Patients had the option to electively discontinue therapy after 96 weeks of combination DCO: 01MAR2025 160mg 51 51 51 51 51 51 51 50 50 49 49 48 48 48 47 45 43 43 42 37 27 24 24 24 23 23 22 21 19 19 16 16 13 10 9 9 9 6 1 0 320mg 86 85 83 83 82 82 80 69 64 61 61 61 58 58 55 52 51 51 50 48 47 40 40 39 38 36 26 14 13 10 7 3 1 0 0 0 0 0 0 0 Months after first dose Number at risk:Progression-free survival probability (%) 160mg 320mg TN CLL/SLL 84% 92% 94% 91% 100% 92% 12% 8% 6% 9% 8% uMRD by week 482,3 mFU: 160mg 25.0 months; 320mg 25.5 months sonro 320mg Not evaluable Missing MRD4+ uMRD4 4% Zanubrutinib + sonrotoclax (ZS) achieved deep response and impressive PFS in TN CLL/SLL1 sonro 160mg (n=51) IGHV unmut (n=31) Del17p/ TP53+ (n=8) Del17p/ TP53- (n=47) sonro 320mg (n=59) IGHV mut (n=22)
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26 ZS has best-in-class potential vs. VO, IV, and AV on efficacy, safety, and convenience 1 CELESTIAL 101 - Soumerai et al., ASH, 2024; 320mg cohort 2 CLL14 – Al-Sawaf, The Lancet, 2020 3 CLL13 - Eichorst et al., NEJM, 2023 4 GLOW - Niemann et al., Lancet, 2023, estimated PFS value for all patients 5 CAPTIVATE - Tam et al., Blood, 2022; fixed duration 6 CAPTIVATE – Allan, CCR, 2023, estimated PFS value for all patients 7 AMPLIFY - Brown et al., NEJM 2025 In the absence of head-to-head data, definitive conclusions regarding comparative safety and efficacy cannot be drawn; estimated PFS values; NR = not reported Precedent fixed duration ZS1 VO2 VO3 IV4 IV5 AV7 Population all comers unfit fit unfit all comers fit uMRD 91% 76% 87% 55% 77% 34% 36-mo PFS 100% 24 mo. PFS 82% 88% 77% 90%6 77% Grade ≥3 TEAEs 45% 80% 80% 75% NR 54% TEAE leading to death 0% 9% 4% 6.6% NR 3.4% We are optimizing ramp-up scheduling for sonrotoclax and are optimistic that for vast majority of patients (>90%), only one clinic visit is required for sonrotoclax ramp-up after zanubrutinib lead-in Not currently approved in U.S. TN CLL/SLL
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27 Degradation can overcome and prevent emergent resistance mutations and disrupt scaffolding function of BTK protein Long half-life in the clinic led to sustained BTK degradation with daily dosing BTK CDAC: potential first-in-class and best-in-class BTK degrader 1 303 is China-only study AA, accelerated approval potential Most advanced BTK degrader in the clinic with pivotal programs initiated CaDAnCe 304 (vs. pirto) Monotherapy R/R CLL/SLL CaDAnCe 302, 3031 (vs. inv choice) Monotherapy R/R CLL/SLL CaDAnCe 101 Monotherapy R/R CLL/SLL CaDAnCe 101 Monotherapy WM CaDAnCe 104 +sonrotoclax, zanu, anti-CD20 BsAbs B-cell malignancies incl. CLL, WM, NHL CaDAnCe 101 Monotherapy B-cell malignancies incl NHL Ph 2 AA Phase 3 start-up Phase 3 Phase 1/2 Global filings in CLL (CaDAnCe 101) in 2026 for AA Ph 2 AA Phase 1
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28 BGB-16673: PFS by investigator1 Pirtobrutinib: PFS by IRC2 Emerging data for R/R CLL provides confidence to conduct H2H superiority trial of BTK CDAC vs. pirtobrutinib 1 Scarfo L. et all EHA 2025 2 Sharnan J. et al ASH 2024 CaDAnCe-101 (BTK CDAC) BRUIN321 (pirtobrutinib) Median prior lines of therapies 4 3 BTKi+BCL2i exposed 82% 50% Prior BTKi discontinuation due to PD 89% 71% BGB-16673 n=66 Median PFS, mo (95% CI) 22.8 Median follow-up, mo 15.6 100 90 80 70 60 50 40 30 20 10 0 0 2163 189 12 15 24 Progression-free survival probability 66 59 37 33 31 15 13 3 1 Number at risk 27 Pirtobrutinib n=119 Median PFS, mo (95% CI) 14.0 (11.2-16.6) Median follow-up, mo 19.4 119 113 100 84 79 69 54 44 36 19 12 10 4 3 3 3 2 0 Progression-free survival probability Time since randomization (months) 10 12 14 16 22 28 342 8 0 30 3220 2618 244 6 Number at risk 100 90 80 70 60 50 40 30 20 10 027 R/R CLL Time since randomization (months)
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29 Development programs in non-CLL hematology indications dara, daratumumab; dex, dexamethasone; *filed in China, global filings anticipated in 2H25 Indication Regimen Early clinical development Registrational trial Approval TN MCL Zanubrutinib + rituximab R/R MCL Zanubrutinib monotherapy Sonrotoclax monotherapy Zanubrutinib + sonrotoclax TN WM Zanubrutinib monotherapy R/R WM Zanubrutinib monotherapy Sonrotoclax monotherapy BGB-16673 monotherapy R/R FL Zanubrutinib + obinutuzumab Zanubrutinib + obinutuzumab R/R MZL Zanubrutinib monotherapy Zanubrutinib + rituximab NHL BGB-16673 monotherapy Sonrotoclax + BGB-16673 Zanubrutinib + BGB-16673 BGB-16673 + anti-CD20 bispecifics R/R MM Sonrotoclax + dara, dex TN, R/R AML Sonrotoclax + azacitidine BTKi BCL2iBTK CDAC Ongoing Filed* Ongoing Ongoing Approved Approved Approved Approved Ongoing Ongoing Ongoing Ongoing Ongoing Ongoing In planning Ongoing Ongoing - confirmatory Approved Ongoing
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30 * Not yet in the clinic Target(i), target inhibitor; CDAC, chimeric degradation activating compound; ADC, antibody drug conjugate; BsADC, bispecific ADC; TsADC, trispecific ADC; BsAb, bispecific antibody; TsAb, trispecific antibody BeOne has global rights for CDK2i (Ensem partnership), B7-H4 ADC (DualityBio partnership), MAT2Ai (CSPC Zhongqi Pharmaceutical Technology) Our solid tumor pipeline includes diverse modalities and mechanisms across disease franchises Gastrointestinal MTA Cooperative PRMT5i MUC1 x CD16A BsAb FGFR2b ADC GPC3 x 4-1BB BsAb CEA ADC Pan-KRASi MAT2Ai Breast/Gynecologic CDK4i CDK2i BCL2i B7-H4 ADC Claudin 6 x CD3 BsAb KAT6A/Bi* CDK2 CDAC* Lung Lung EGFR CDAC CEA ADC B7-H3 ADC Pan-KRASi EGFR x MET x MET TsAb MTA Cooperative PRMT5i MAT2Ai EGFR x MET x MET ADC* Small molecule Protein degrader ADCBi/Tri-specific Cytokine therapymAb Pan-tumor HPK1i CCR8 mAb IL-15 prodrug
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31 Key late-stage catalysts in 2025 and 2026 Asset Catalyst H1 2025 H2 2025 2026 BRUKINSA MANGROVE TN MCL Ph3 PFS interim analysis Sonrotoclax CELESTIAL-TNCLL (301) Ph3 enrollment completion (+BRUKINSA)1 ✓ CELESTIAL-RRMCL (302) Ph3 initiation (+BRUKINSA) ✓ CELESTIAL-RRCLL (303) Ph3 initiation (+anti-CD20) ✓ R/R MCL Ph2 data readout and AA submission if data support2 ✓ R/R CLL Ph2 data readout and CN AA submission ✓ BTK CDAC CaDAnCe-302 R/R CLL vs. Investigator's Choice (IR/BR/VR) Ph3 initiation ✓ CaDAnCe-304 R/R CLL H2H vs. pirtobrutinib Ph3 initiation CaDAnCe-101 R/R CLL Ph2 data readout - potentially pivotal TEVIMBRA 1L ESCC U.S. approval ✓ 1L ESCC and 2L ESCC JP approval ✓ 1L SCLC EU approval ✓ 1L NPC EU approval ✓ Neo/adj NSCLC EU approval 1L GC subcutaneous formulation Ph3 initiation 1L GC JP approval Zanidatamab3 + TEVIMBRA HERIZON-GEA-01 1L HER2+ GEA Ph3 readout IMDELLTRA® (Tarlatamab)4 2L SCLC Ph3 readout ✓ 3L SCLC Ph2 readout ✓ 1 Global last subject enrolled completed with separate Japan cohort enrollment 2 CN submission in H1 2025 complete, global submission in H2 2025 planned 3 Zymeworks/Jazz collaboration, 4 Amgen collaboration ✓ achieved planned
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32 Key early-stage catalysts in 2025 and 2026 Asset Catalyst H1 2025 H2 2025 2026 CDK4i POC Data ✓ 2L HR+/HER2- mBC Ph3 initiation 1L HR+/HER2- mBC Ph3 initiation B7-H4 ADC1 POC Data ✓ Ph3 initiation Pan-KRASi POC Data EGFR CDAC POC Data CDK2i2 POC Data B7-H3 ADC POC Data CEA ADC POC Data FGFR2b ADC POC Data IRAK4 CDAC POC Data* PRMT5i POC Data PRMT5i + MAT2Ai3 combination POC Data EGFRxMETxMET TsAb POC Data 1 DualityBio collaboration 2 Ensem collaboration 3 CSPC collaboration * Tissue PD Note: Catalyst external data presentation subject to conference calendar ✓ achieved planned
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33 33 John V. Oyler Co-Founder, Chairman and CEO Xiaobin Wu, Ph.D. President and Chief Operating Officer Matt Shaulis General Manager, North America Lai Wang, Ph.D. Global Head of R&D Aaron Rosenberg Chief Financial Officer Mark Lanasa Chief Medical Officer, Solid Tumors
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34 34 Appendix
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35 US $M Three months ended June 30, 2025 Three months ended June 30, 2024 GAAP income (loss) from operations 88 (107) Plus: Share-based compensation 151 131 Plus: Depreciation expense 30 24 Plus: Amortization expense 6 1 Plus: Other 1 0 Adjusted income from operations 275 48 Reconciliation and calculation of Non-GAAP financial measures Reconciliation to adjusted income (loss) from operations
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36 US $M Three months ended June 30, 2025 Three months ended June 30, 2024 GAAP net income (loss) 94 (120) Plus: Share-based compensation 151 131 Plus: Depreciation expense 30 24 Plus: Amortization expense 6 1 Plus: Impairment of equity investments 3 — Plus: Other 1 — Plus: Discrete tax items (14) 2 Plus: Income tax effect of non-GAAP adjustments (17) (13) Adjusted net income 253 23 Reconciliation and calculation of Non-GAAP financial measures Reconciliation to adjusted net income (loss)
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37 Reconciliation and calculation of Non-GAAP financial measures Reconciliation to adjusted EPS per ADS - basic Three months ended June 30, 2025 Three months ended June 30, 2024 GAAP EPS per ADS - basic 0.87 (1.15) Plus: Share-based compensation 1.39 1.25 Plus: Depreciation expense 0.28 0.23 Plus: Amortization expense 0.05 0.01 Plus: Impairment of equity investments 0.03 — Plus: Other 0.01 — Plus: Discrete tax items (0.13) 0.01 Plus: Income tax effect of non-GAAP adjustments (0. 16) (0.13) Adjusted EPS per ADS - basic $2.33 $0.22
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38 Reconciliation and calculation of Non-GAAP financial measures Reconciliation to adjusted EPS per ADS - diluted 1 For the second quarter of 2024, GAAP diluted loss per ADS includes $0.02 loss per ADS attributable to the dilutive ADS outsta nding for purposes of this reconciliation. As the Company was in a GAAP net loss position no diluted weighted average shares outstanding were calculated for US GAAP purposes Three months ended June 30, 2025 Three months ended June 30, 2024 GAAP EPS per ADS – diluted1 0.84 (1.13) Plus: Share-based compensation 1.34 1.23 Plus: Depreciation expense 0.27 0.22 Plus: Amortization expense 0.05 0.01 Plus: Impairment of equity investments 0.03 — Plus: Other 0.01 — Plus: Discrete tax items (0.13) 0.01 Plus: Income tax effect of non-GAAP adjustments (0.16) (0.13) Adjusted EPS per ADS - diluted $2.25 $0.22
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39 Reconciliation and calculation of Non-GAAP financial measures Reconciliation to free cash flow US $M Three months ended June 30, 2025 Three months ended June 30, 2024 Net cash provided by (used in) operating activities (GAAP) 264 (96) Less: Purchases of property, plant and equipment (44) (110) Free cash flow 220 (206)
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40 BRUKINSA differentiation: list of preclinical publications Year Type Journal/meeting Lead author Title 2015 Poster AACR Ning Li BGB-3111 is a novel and highly selective Bruton’s tyrosine kinase (BTK) inhibitor 2016 Poster AACR Zhijian Sun CD40L-CD40 Signaling on B cell Lymphomas Response to BTK Inhibitors 2016 Poster AACR Nan Hu BTK inhibitor BGB-3111 synergizes with lenalidomide in MCL models 2017 Poster AACR Nan Hu BTK inhibitor BGB-3111 demonstrates anti-tumor activity in solid tumor models 2019 Poster AACR Yue Wu PK/PD Modeling of Covalent BTK Inhibitors to Characterize Required BTK Occupancy in Autoimmune Diseases 2019 Manuscript Journal of Medical Chemistry Yunhang Guo Discovery of Zanubrutinib (BGB-3111), a Novel, Potent, and Selective Covalent Inhibitor of Bruton’s Tyrosine Kinase 2019 Manuscript Molecular Cancer Therapeutics Carrie J Li Pleiotropic Action of Novel Bruton’s Tyrosine Kinase Inhibitor BGB-3111 in Mantle Cell Lymphoma 2020 Manuscript International Journal of Toxicology Cuining Zhang Nonclinical Safety Assessment of Zanubrutinib: A Novel Irreversible BTK Inhibitor 2025 Poster AACR Wenjing Zhang BTK-T474I with enhanced kinase activity confers growth advantage over BTK-L528W with kinase deficiency in Bmalignant cells 2025 Poster AACR Haitao Wang Zanubrutinib(Zanu) overcomes BTK-V416L resistance in B Cell Lymohoma Models 2025 Poster EHA Haitao Wang BTK-A428D is a cross-resistant mutation to both BTK inhibitors and dagraders 2025 Poster EHA Haitao Wang Zanubrutinib (Zanu) demonstrates robust efficacy in both TP53 wildtype and mutated B cancer cells in preclinical studies 2025 Manuscript CPT: Pharmacometrics & Systems Pharmacology Oleg Demin Jr Quantitative Systems Pharmacology Model to Predict Target Occupancy by Bruton Tyrosine Kinase Inhibitors in Patients With B-Cell Malignancies
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41 BRUKINSA differentiation: list of RWE and MAIC publications RWE = Real-world evidence MAIC = Matching-adjusted indirect comparison Year Type Journal/meeting Lead author Title 2024 Manuscript Clinical Lymphoma, Myeloma and Leukemia Bijal Shah MCL-509 Indirect Comparison of Efficacy of Zanubrutinib Versus Acalabrutinib in the Treatment of Relapsed/Refractory (R/R) Mantle Cell Lymphoma (MCL) 2025 Manuscript Therapeutic Advances in Medical Oncology Shadman M, Brown JR. Efficacy of zanubrutinib versus acalabrutinib for relapsed or refractory chronic lymphocytic leukemia (R/R CLL): a matching-adjusted indirect comparison (MAIC) 2025 Meeting Abstract EHA Talha Munir Efficacy of continuous zanubrutinib vs fixed-duration venetoclax in combination with obinutuzumab in treatment-naive chronic lymphocytic leukemia: A matching-adjusted indirect comparison 2025 Meeting Abstract EHA Talha Munir Comparative efficacy of zanubrutinib versus fixed-duration acalabrutinib plus venetoclax for first-line treatment of chronic lymphocytic leukemia: A matching-adjusted indirect comparison 2025 Meeting Poster EHA Ryan Jacobs zanubrutinib was associated with significantly greater PFS. Real-world comparative effectiveness of first-line Bruton tyrosine kinase inhibitors in patients with chronic lymphocytic leukemia 2025 Manuscript Blood Advances Shadman M, Brown JR. Comparative efficacy of Bruton tyrosine kinase inhibitors in the treatment of relapsed/refractory chronic lymphocytic leukemia: A network meta-analysis 2025 Manuscript Blood Anita Kumar Zanubrutinib, obinutuzumab, and venetoclax for first-line treatment of mantle cell lymphoma with a TP53 mutation 2025 Manuscript Journal of Managed Care & Specialty Pharmacy Asher Chanan-Khan Number needed to treat and associated cost analysis of zanubrutinib vs ibrutinib in chronic lymphocytic leukemia 2025 Manuscript Hematological Oncology Fuli Fan Comparative safety of ibrutinib versus zanubrutinib in patients with Chronic Lymphocytic Leukemia: A Prospective Cohort Study
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42 ALPINE – overall responses by IRC over time ALPINE (zanubrutinib vs ibrutinib) ORR IA ORR FA PFS FA Final Analysis Z (N=207) I (N=208) Z (N=327) I (N=325) Z (N=327) I (N=325) Z (N=327) I (N=325) Median FU 15.3 months 24.2 months 29.6 months 42.5 months ORR ( IRC ) 76.3% 64.4% 80.4% 72.9% 86.2% 75.7% 88.4% 76.6% P-value (2-sided) 0.0121 0.0264 0.0007 <.0001 CR/CRi 1.4% 1.0% 4.0% 2.5% 6.7% 5.8% 13.5% 8.6% P-value (2-sided) 0.6852* 0.3827** 0.7624** 0.0648** Hillmen et al. JCO 2022 (IA ORR) ALPINE CSR for ORR IA, ORR FA, PFS FA and Final Brown et al. NEJM 2022 (FA PFS) Brown et al. Blood 2024 (Final Analysis) * Exact Test ** Z-test with Yate’s continuity correction
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43 ASPEN – overall responses over time Tam et al. Blood 2020 (Primary Efficacy Analysis) Dimopoulos et al. JCO 2023 (Final Analysis) ASPEN (zanubrutinib vs ibrutinib) Primary Efficacy Analysis (2020) Final Analysis (2023) R/R TN Overall Overall Z (N=83) I (N=81) Z (N=19) I (N=18) Z (N=102) I (N=99) Z (N=102) I (N=99) Median FU 19.4 months 19.4 months 19.4 months 44.4 months VGPR or CR 29% 20% 26% 17% 28% 19% 36.3% 25.3% P-value (2-sided) 0.12 NR 0.09 0.07 CR 0% 0% 0% 0% 0% 0% 0% 0% VGPR 29% 20% 26% 17% 28% 19% 36.3% 25.3%
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44 Acronyms: A-G 1L 1st-line 2L 2nd-line A AA Accelerated Approval ADC Antibody Drug Conjugate AML Acute Myeloid Leukemia AML/MDS Acute Myeloid Leukemia (AML) / Myelodysplastic Syndromes (MDS) ASCO American Society of Clinical Oncology ASH American Society of Hematology AV Acalabrutinib + venetoclax AVO Acalabrutinib + venetoclax + obinutuzumab B BID Twice Daily BiTE Bi-specific T-cell engager BR Bendamustine, rituximab C CaDAnCe-101 Study: Preliminary Efficacy and Safety of the BTK Degrader BGB-16673 in R/R Indolent NHL cBTKi Covalent Bruton’s tyrosine kinase inhibitor CDAC Chimeric Degradation Activation Compound cHL Classical Hodgkins Lymphoma CI Confidence Interval CIT Chemoimmunotherapy CLL Chronic Lymphocytic Leukemia CLL/SLL Chronic Lymphocytic Leukemia/Small Lymphocytic Leukemia CN China COVID-19 Coronavirus Disease 2019 CSPC (Collaboration) CSPC Zhongqi Pharmaceutical Technology CRC Colorectal Cancer CRO Contract Research Organization CRR Complete Response Rate D DLBCL Diffuse Large B-cell Lymphoma E EGFRmut EGFR Mutation EOT End of Treatment EMEA Europe, the Middle East and Africa ES-SCLC Extensive Stage Small Cell Lung Cancer ESCC Esophageal Squamous Cell Carcinoma EU European Union F FCR Fludarabine, cyclophosphamide, rituximab FDA U.S. Food and Drug Administration FL Follicular Lymphoma FMI Foundation Medicine Inc. FULV Fulvestrant FY Full Year G GAAP Generally Accepted Accounting Principles GC Gastric Cancer GEA Gastroesophageal Adenocarcinoma GI Gastrointestinal GLP Good Laboratory Practice GYN Gynecological
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45 Acronyms: H-P H H2H Head-to-Head HEME Hematology HNSCC Head & Neck Squamous Cell Carcinoma hPBMC Human Peripheral Blood Mononuclear Cells HR Hazard Ratio HSPC Human Hematopoietic Stem/Progenitor Cell I IC50 Half Maximal Inhibitory Concentration IRA Inflation Reduction Act IRC Independent Review Committee ITT Intent To Treat J JCO Journal of Clinical Oncology JP Japan K L LatAM Latin America LC Lung Cancer LoE Loss of Exclusivity LS-SCLC Limited Stage Small Cell Lung Cancer M MAD Multiple Ascending Dose mBC Metastatic Breast Cancer MCL Mantel Cell Lymphoma mCRPC Metastatic Castration Resistant Prostate cancer mg Milligrams MM Multiple Myeloma MoA Mechanism of Action MSS-CRC Microsatellite Stable Colorectal Cancer MZL Marginal Zone Lymphoma N NDA New Drug Application NEJM New England Journal of Medicine Neo/adj Neoadjuvant/Adjuvant NME New Molecular Entity NPC Nasopharyngeal Carcinoma NPS New Patient Share NSCLC Non Small Cell Lung Cancer O OS Overall Survival P P&L Profit and Loss PBMC Peripheral Blood Mononuclear Cells PD Progressive Disease PFS Progression Free Survival Ph1 Phase 1 Ph2 Phase 2 Ph3 Phase 3 pMN Primary Membranous Nephropathy PoC Proof of Concept
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46 Acronyms: Q-Z Q Q1 First Quarter Q2 Second Quarter Q3 Third Quarter Q4 Fourth Quarter QD Once Daily R R&D Research and Development ROI Return on Investment ROW Rest of World R/R Relapsed/Refractory R/R cHL Relapsed/Refractory Classical Hodgkin lymphoma (cHL) S SAD Single Ascending Dose SCLC Small Cell Lung Cancer SD Specialty Distributor SoC Standard of Care SP Specialty Pharmacy T TA Therapy Area TCE T-cell engager TLR Toll Like Receptor TLS Tumor Lysis Syndrome TN Treatment Naïve TN CLL Treatment Naïve Chronic Lymphocytic Leukemia TN MCL Treatment Naïve Mantel Cell Lymphoma TsAb Trispecific Antibody U UBC Urinary / Bladder Cancer uIGHV Unmutated immunoglobulin heavy chain variable region uMRD Undetectable Minimal Residual Disease U.S. United States of America V VI Venetoclax + ibrutinib VO Venetoclax + obinutuzumab W WM Waldenström’s Macroglobulinemia X XmAb® XmAb® is a registered trademark of Xencor, Inc. Y Z Z Zanubrutinib ZS Zanubrutinib + sonrotoclax