BeOne Medicines Ltd, a listed global oncology biotech, reported a first-quarter revenue of $1.5 billion for 2026, up 35 percent year-on-year, driven by continued growth of its blood cancer drug, Brukinsa, and expansion into overseas markets.

The US-listed Chinese biotech, also listed in Hong Kong and Shanghai, said Brukinsa generated $1.1 billion in global sales during the quarter, rising 38 percent year-on-year, including $761 million in the United States, its largest market. Total product revenue rose 34 percent to $1.5 billion.

Net income on a GAAP basis reached $227 million, compared with near break-even a year earlier, while diluted earnings per American depositary share (ADS) were $1.96. On a non-GAAP basis, diluted ADS earnings were $3.24.

The results underscore the growing presence of medicines discovered in China in developed pharmaceutical markets, particularly the United States and Europe, as companies have sought to commercialize home-grown innovations and compete with established global players.

John Oyler, the company's co-founder, chairman and CEO, said demand for Brukinsa and progress in the company's oncology pipeline continued to support growth.

"Our first-quarter performance reflects continued global growth for Brukinsa and progress across our hematologic malignancy and solid tumor pipelines," Oyler said in a statement.

BeOne's growth has been anchored by Brukinsa, a Bruton's tyrosine kinase (BTK) inhibitor used to treat blood cancers including chronic lymphocytic leukaemia (CLL). The drug has gained market share globally following head-to-head data showing improved efficacy versus ibrutinib, positioning it as a leading therapy in its class.

Sales of Tevimbra, an immunotherapy, reached $206 million during the quarter, up 20 percent year-on-year, while revenue from licensed products from Amgen Inc totaled $142 million, rising 25 percent.

Gross margin improved to 89 percent from 85 percent a year earlier, supported by a higher contribution from Brukinsa and improved manufacturing efficiency.

Research and development spending increased as the company advanced clinical programs, while selling, general and administrative expenses rose as BeOne expanded its commercial operations. However, SG&A expenses fell to 37 percent of product revenue from 41 percent a year earlier, reflecting operating leverage.

The company said free cash flow for the quarter was $161 million, compared with negative levels a year earlier.?

BeOne maintained its full-year revenue forecast of $6.3 billion to $6.5 billion, citing expectations for continued Brukinsa growth in the United States and further expansion in Europe and other key markets.

The company is also advancing a pipeline spanning blood cancers and solid tumors, with more than 20 study abstracts selected for presentation at the upcoming American Society of Clinical Oncology Annual Meeting.

Among recent developments, Brukinsa received orphan drug designation in Japan for relapsed or refractory marginal zone lymphoma, while several regulatory filings and clinical trials across oncology indications are ongoing in the United States, China and other markets.

Separately, BeOne said it had entered an exclusive option agreement with Huahui Health for global rights to a trispecific antibody targeting PD-1, VEGF-A and CTLA-4.