Cautionary Note Regarding Forward-Looking Statements You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our condensed consolidated financial statements (unaudited) and related notes included in the section of this Quarterly Report on Form 10-Q (this “Quarterly Report”), titled “Part I – Item 1 – Financial Statements.” This Quarterly Report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are based on management’s current expectations and projections about future events and trends that may affect the business, financial condition, and operating results. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. Forward-looking statements often include words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, among other things, statements about: our ability to successfully commercialize our approved medicines and to obtain approvals in additional indications and territories for our medicines; the timing, progress and results of our research and development (“R&D”) programs, preclinical studies and clinical trials of our drug candidates, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available; our ability to successfully develop and commercialize our in-licensed medicines and drug candidates and any other medicines and drug candidates we may in-license; our ability to further develop sales and marketing capabilities and launch and commercialize new medicines, if approved; our ability to maintain and expand regulatory approvals for our medicines and drug candidates, if approved; the pricing and reimbursement of our medicines and drug candidates, if approved; our ability to advance our drug candidates into, and successfully complete, clinical trials and obtain regulatory approvals; our reliance on the success of our clinical stage drug candidates; our plans, expected milestones and the timing or likelihood of regulatory filings and approvals; the implementation of our business model, strategic plans for our business, medicines, drug candidates and technology; the scope of protection we (or our licensors) are able to establish and maintain for intellectual property rights covering our medicines, drug candidates and technology; our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property rights and proprietary technology of third parties; costs associated with enforcing or defending against intellectual property infringement, misappropriation or violation, product liability and other claims; the regulatory environment and regulatory developments in the United States (“U.S.”), China, the United Kingdom (“UK”), Switzerland, the European Union (“EU”) and other jurisdictions in which we operate; the accuracy of our estimates regarding expenses, revenues, including collaboration revenue, capital requirements and our need for additional financing; the potential benefits of strategic collaboration and licensing agreements and our ability to enter into and maintain strategic arrangements; our construction and operation of independent production facilities for small molecule medicines and large molecule biologics, as well as clinical R&D facilities, to support the global demand for both commercial and clinical supply; our reliance on third parties to conduct drug development, manufacturing and other services; our ability to manufacture and supply, or have manufactured and supplied, drug candidates for clinical development and medicines for commercial sale; the rate and degree of market access and acceptance of our medicines and drug candidates, if approved; developments relating to our competitors and our industry, including competing therapies; the size of the potential markets for our medicines and drug candidates and our ability to serve those markets; our ability to effectively manage our growth; our ability to attract and retain qualified employees and key personnel; our ability to comply with the covenants and other requirements under our facilities agreements and to borrow available amounts under such agreements; the impact of macroeconomic conditions, including uncertainties associated with geopolitical conflicts, tariff and trade policies, and inflation and capital market disruptions; statements regarding future revenue, key milestones, expenses, capital expenditures, capital requirements and share performance; the future trading price of our American Depositary Shares (“ADSs”) listed on Nasdaq, our ordinary shares listed on HKEx, and our ordinary shares issued to permitted investors in China and listed and traded on the STAR in Renminbi (“RMB Shares”), as well as the impact of securities analysts’ reports on these prices; and the effects of the redomiciliation to Switzerland, including its tax treatment and our name change in 2025. These statements involve risks and uncertainties, including those that are described in “Part II—Item 1A—Risk Factors” of this Quarterly Report, that may cause actual future events or results to differ materially from those expected. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We do not assume any obligation to update any forward-looking statements whether as a result of new information or otherwise, except as required by law. This Quarterly Report includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe these industry publications and third-party research, surveys and studies are reliable, you are cautioned not to give undue weight to this information. 26 Table of Contents Effective May 27, 2025, we changed our jurisdiction of incorporation from the Cayman Islands to Switzerland through a transaction known as a continuation under Section 206 of the Companies Act (as amended) of the Cayman Islands and Article 161 of the Swiss Federal Act on Private International Law (the “Continuation”) and changed our legal English name from BeiGene, Ltd. to BeOne Medicines Ltd. This Quarterly Report includes the results of BeiGene, Ltd. prior to the Continuation and BeOne Medicines Ltd. following the Continuation. Unless the context requires otherwise, in this Quarterly Report, the terms “BeOne,” the “Company,” “we,” “us” and “our” refer to (i) BeOne Medicines Ltd., a Switzerland holding company with operations conducted by its subsidiaries, and its subsidiaries, on a consolidated basis, following the Continuation and (ii) BeiGene, Ltd., a Cayman Islands holding company with operations conducted by its subsidiaries, and its subsidiaries, on a consolidated basis, prior to the Continuation. Non-GAAP Financial Measures We provide certain financial measures that are not defined under accounting principles generally accepted in the United States of America (“GAAP”), commonly referred to as non-GAAP financial measures, including Adjusted Operating Expenses, Adjusted Income (Loss) from Operations, Adjusted Net Income (Loss), Adjusted Earnings Per Share, Free Cash Flow and certain other non-GAAP measures, each of which include adjustments to GAAP figures. These non-GAAP measures are intended to provide additional information on our operating performance. Adjustments to our GAAP figures exclude, as applicable, non-cash items such as share-based compensation, depreciation and amortization. Certain other special items or substantive events may also be included in the non-GAAP adjustments periodically when their magnitude is significant within the periods incurred. Non-GAAP adjustments are tax effected to the extent there is US GAAP current tax effect. The Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects in our tax expense. We maintain an established non-GAAP policy that guides the determination of what items may be excluded in non-GAAP financial measures. We believe that these non-GAAP measures, when considered together with the GAAP figures, can enhance an overall understanding of our operating performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of our historical and expected financial results and trends and to facilitate comparisons between periods and with respect to projected information. In addition, these non-GAAP financial measures are among the indicators BeOne’s management uses for planning and forecasting purposes and measuring our performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, GAAP financial measures. The non-GAAP financial measures used by BeOne may be calculated differently from, and therefore may not be comparable to, non-GAAP financial measures used by other companies. Overview BeOne Medicines is a global oncology company that is discovering and developing innovative treatments for cancer patients worldwide. With a portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations. Key highlights for the second quarter of 2026 are as follows: •Second quarter 2026 total global revenues increased 30% to $1.7 billion versus second quarter 2025 •Global BRUKINSA® (zanubrutinib) revenues increased 31% to $1.2 billion versus second quarter 2025 •Diluted GAAP Earnings per American Depositary Share (“ADS”) of $2.05, non-GAAP diluted Earnings per ADS of $3.84. Recent Developments Recent Business Developments On July 23, 2026, we announced a $300 million expansion of our flagship clinical and commercial-stage manufacturing and research and development center at the Princeton West Innovation Campus in Hopewell, New Jersey, to add small molecule manufacturing capabilities. On June 30, 2026, we announced positive topline results from the Phase 3 MANGROVE study (BGB-3111-306) evaluating foundational Bruton’s tyrosine kinase (“BTK”) inhibitor BRUKINSA® plus rituximab versus bendamustine plus rituximab in adult patients with previously untreated mantle cell lymphoma (“MCL”). On May 13, 2026, we announced that the U.S. Food and Drug Administration (“FDA”) granted accelerated approval to BEQALZI™ (sonrotoclax), a foundational, next-generation BCL2 inhibitor, for the treatment of adult patients with relapsed or refractory (R/R) MCL, after at least two lines of systemic therapy, including a BTK inhibitor. 27 Table of Contents Results of Operations The following table summarizes our results of operations for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, Change June 30, Change 2026 2025 $ % 2026 2025 $ % (dollars in thousands) Revenues Product revenue, net $ 1,679,794 $ 1,302,076 $ 377,718 29.0 % $ 3,167,123 $ 2,410,606 $ 756,517 31.4 % Other revenue 25,277 13,224 12,053 91.1 % 51,386 21,973 29,413 133.9 % Total revenues 1,705,071 1,315,300 389,771 29.6 % 3,218,509 2,432,579 785,930 32.3 % Cost of sales - product 174,530 164,606 9,924 6.0 % 341,745 329,608 12,137 3.7 % Gross profit 1,530,541 1,150,694 379,847 33.0 % 2,876,764 2,102,971 773,793 36.8 % Operating expenses Research and development 612,280 524,896 87,384 16.6 % 1,153,504 1,006,783 146,721 14.6 % Selling, general and administrative 593,214 537,913 55,301 10.3 % 1,148,311 997,201 151,110 15.2 % Total operating expenses 1,205,494 1,062,809 142,685 13.4 % 2,301,815 2,003,984 297,831 14.9 % Income from operations 325,047 87,885 237,162 269.9 % 574,949 98,987 475,962 480.8 % Interest income 27,900 11,492 16,408 142.8 % 55,564 24,342 31,222 128.3 % Interest expense (39,739) (7,995) (31,744) 397.0 % (72,626) (14,997) (57,629) 384.3 % Other (expense) income, net (749) 8,167 (8,916) (109.2) % 13,787 12,117 1,670 13.8 % Income before income taxes 312,459 99,549 212,910 213.9 % 571,674 120,449 451,225 374.6 % Income tax expense 75,452 5,229 70,223 1,343.0 % 107,310 24,859 82,451 331.7 % Net income $ 237,007 $ 94,320 $ 142,687 151.3 % $ 464,364 $ 95,590 $ 368,774 385.8 % Comparison of the Three Months Ended June 30, 2026 and 2025 Revenue Total revenue increased to $1,705.1 million for the three months ended June 30, 2026, from $1,315.3 million for the three months ended June 30, 2025, due to increased sales of BRUKINSA, TEVIMBRA, as well as increased sales of in-licensed products from Amgen. Net product revenue consisted of the following: Three Months Ended June 30, Changes 2026 2025 $ % (dollars in thousands) BRUKINSA® $ 1,247,640 $ 949,840 $ 297,800 31.4 % TEVIMBRA® 228,515 193,524 34,991 18.1 % XGEVA® 104,499 81,318 23,181 28.5 % BLINCYTO® 36,537 25,587 10,950 42.8 % KYPROLIS® 15,147 19,416 (4,269) (22.0) % POBEVCY® 9,633 11,242 (1,609) (14.3) % Other 37,823 21,149 16,674 78.8 % Total product revenue $ 1,679,794 $ 1,302,076 $ 377,718 29.0 % Net product revenue increased 29.0% to $1,679.8 million for the three months ended June 30, 2026, compared to $1,302.1 million in the prior-year period, primarily due to increased sales of BRUKINSA globally, driven by significant growth in the U.S. and Europe. In addition, product revenues in the second quarter of 2026 were positively impacted by growth from in-licensed products from Amgen and TEVIMBRA. 28 Table of Contents Global sales of BRUKINSA totaled $1,247.6 million in the second quarter, representing a 31.4% increase compared to the prior-year period; U.S. sales of BRUKINSA totaled $892.5 million in the second quarter, compared to $683.7 million in the prior-year period, representing growth of 30.5%, driven primarily by robust demand growth. BRUKINSA continues to maintain its leading new patient share across the BTKi class due to its differentiated, best-in-class clinical profile. BRUKINSA sales in the EU totaled $195.6 million in the second quarter, compared to $150.5 million in the prior-year period, representing growth of 30.0%, driven by continued gains in market share across all major markets, including Germany, Italy, Spain, France and the UK. BRUKINSA sales in China totaled $97.2 million, representing growth of 16.7%. Foreign exchange contributed approximately 7% of the China growth given the Renminbi strengthening on a year-over-year basis. BRUKINSA rest of world revenue totaled $62.4 million in the second quarter, representing growth of 92.1% compared to the prior-year period. Sales of TEVIMBRA totaled $228.5 million in the second quarter, compared to $193.5 million in the prior-year period, representing an 18.1% increase. Revenue for Amgen products in China totaled $157.3 million in the second quarter, compared to $126.3 million in the prior-year period, representing a 24.5% increase, driven primarily by increased XGEVA® sales volume. Other revenue totaled $25.3 million and $13.2 million for the three months ended June 30, 2026 and 2025, respectively, primarily related to royalty revenue under the Amgen collaboration and revenue generated under the Novartis broad markets marketing and promotion agreement. Gross Margin Gross margin as a percentage of product sales increased to 89.6% for the three months ended June 30, 2026, from 87.4% in the comparable period of the prior year. The gross margin percentage increased due to a proportionally higher sales mix of global BRUKINSA compared to other products in our portfolio. Gross margin also benefited from production productivity improvements resulting in lower costs for both BRUKINSA and TEVIMBRA. On an adjusted basis, which does not include depreciation and amortization, gross margin as a percentage of product sales increased to 90.0%, from 88.1% in the comparable period of the prior year. Research and Development Expense Research and development expense increased by $87.4 million, or 16.6%, to $612.3 million for the three months ended June 30, 2026 from $524.9 million for the three months ended June 30, 2025. The following table summarizes the external cost of development programs, upfront license and development milestone fees, and internal research and development expense for the three months ended June 30, 2026 and 2025, respectively: Three Months Ended June 30, Changes 2026 2025 $ % (dollars in thousands) External research and development expense: Cost of development programs $ 194,035 $ 182,567 $ 11,468 6.3 % Upfront license and development milestone fees 23,287 500 22,787 4,557.4 % Amgen co-development expense1 30,300 26,439 3,861 14.6 % Total external research and development expenses 247,622 209,506 38,116 18.2 % Internal research and development expenses 364,658 315,390 49,268 15.6 % Total research and development expenses $ 612,280 $ 524,896 $ 87,384 16.6 % Adjusted research and development expenses2 $ 533,950 $ 444,057 $ 89,893 20.2 % 1. Our co-funding obligation for the development of the pipeline assets under the Amgen collaboration for the three months ended June 30, 2026 totaled $59.8 million, of which $30.3 million was recorded as R&D expense. The remaining $29.5 million was recorded as a reduction for the R&D cost share liability. 2. Adjusted research and development expense is intended to provide investors and others with information about our performance without the effect of items that, by their nature, tend to obscure core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. Refer to Non-GAAP Financial Measures and Non-GAAP Reconciliation in this MD&A for more information about, and a detailed reconciliation of, these items. 29 Table of Contents External research and development expenses increased in the second quarter of 2026 compared to the same period in 2025. This was primarily driven by increased investment in the continued advancement of several programs across the pipeline, including BTK CDAC, CDK4, PRMT5 and GPC3x4-1BB bsAb, higher Amgen co-development expenses, and higher development upfront and milestone fees. Internal research and development expense increased by $49.3 million, or 15.6%, to $364.7 million for the three months ended June 30, 2026, from $315.4 million for the three months ended June 30, 2025, as we continue to invest in capabilities to support a growing portfolio. This increase was primarily attributable to the expansion of resources within the global development organization, alongside higher spending for toxicology studies, reagents, and consumables necessary to advance our clinical and preclinical candidates. Selling, General and Administrative Expense Three Months Ended June 30, Changes 2026 2025 $ % (dollars in thousands) Selling, general and administrative expenses $ 593,214 $ 537,913 $ 55,301 10.3 % Adjusted selling, general and administrative expenses1 $ 500,674 $ 441,655 $ 59,019 13.4 % 1. Adjusted selling, general and administrative expense is intended to provide investors and others with information about our performance without the effect of items that, by their nature, tend to obscure core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. Refer to Non-GAAP Financial Measures and Non-GAAP Reconciliation in this MD&A for more information about, and a detailed reconciliation of, these items. Selling, general and administrative expense increased by $55.3 million, or 10.3%, to $593.2 million for the three months ended June 30, 2026, from $537.9 million for the three months ended June 30, 2025. The increase was primarily attributable to continued investment in global commercial expansion primarily in the U.S. and Europe. Selling, general and administrative expenses as a percentage of product sales were 35.3% in the second quarter of 2026 compared to 41.3% in the prior-year period. Interest Income Interest income increased by $16.4 million, or 142.8%, to $27.9 million for the three months ended June 30, 2026, from $11.5 million for three months ended June 30, 2025. The increase in interest income was primarily attributable to a higher cash and cash equivalents balance. Interest Expense Interest expense increased by $31.7 million, or 397.0%, to $39.7 million for the three months ended June 30, 2026, from $8.0 million for three months ended June 30, 2025. The increase in interest expense was primarily attributable to interest expense recorded under the effective interest method related to the sale of future royalty liability, higher interest rates on debt balances, and lower interest capitalized related to the completion of certain phases of our Hopewell facility. Other Expense (Income), Net Other expense, net was $0.7 million for the three months ended June 30, 2026, primarily due to foreign exchange losses. For the three months ended June 30, 2025, other income, net was $8.2 million, primarily due to foreign exchange gains and government subsidy income, partially offset by unrealized losses on our equity investments. 30 Table of Contents Income Tax Expense Three Months Ended June 30, Changes 2026 2025 $ % (dollars in thousands) GAAP income tax expense $ 75,452 $ 5,229 $ 70,223 1,343.0 % Plus: Discrete tax items* (49,839) 14,210 (64,049) (450.7) % Plus: Income tax effect of non-GAAP adjustments 20,331 17,466 2,865 16.4 % Adjusted income tax expense $ 45,944 $ 36,905 $ 9,039 24.5 % GAAP effective income tax rate 24.1 % 5.3 % Adjusted effective income tax rate 9.4 % 12.7 % *Certain US GAAP discrete tax items are not adjusted for purposes of non-GAAP adjusted results above. Income tax expense was $75.5 million for the three months ended June 30, 2026 as compared to $5.2 million for the three months ended June 30, 2025. The income tax expense for the three months ended June 30, 2026 and 2025 was primarily attributable to the application of our expected current worldwide effective tax rate for the full year to year-to-date actual pre-tax income, reflecting the mix of taxable income across jurisdictions as well as the impact of certain discrete items. Specifically, the provision for income taxes for the three months ended June 30, 2026 included a discrete net tax expense of approximately $49.3 million. This figure primarily relates to the settlement of the audit of one of our China subsidiaries amounting to $59.0 million, partially offset by certain discrete items mainly related to U.S. share-based compensation. The income taxes expense for the three months ended June 30, 2025 included a discrete net tax benefit of $14.2 million, primarily related to updated provision estimates for U.S. R&D credits for prior periods. Given the Company’s recent history of earnings, management believes that there is a reasonable possibility that, within the next twelve months, sufficient positive evidence may become available to allow management to reach a conclusion that a significant portion of the valuation allowance recorded against the deferred tax assets held will be reversed. The reversal would result in an income tax benefit for the quarterly and annual fiscal period in which the Company releases the valuation allowance. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company actually achieves. Prior to reversal, excluding any significant discrete items, income tax expense should trend with earnings per historical relationship. As of June 30, 2026, the Company had gross unrecognized tax benefits of $26.0 million. Due to the uncertain and complex application of income tax regulations by certain tax authorities outside of the U.S., it is possible that the ultimate resolution of ongoing audits may result in liabilities that could be different from current estimates. The ongoing tax audits in various jurisdictions could impact future tax expense if tax authorities in their administration of tax laws during open audits may lead us to change our assessment of whether or not it is more likely than not that certain tax benefit positions will be sustained. The Company’s reserve for uncertain tax positions decreased by $2.4 million in the three months ended June 30, 2026, primarily due to the settlement of the China audit, partially offset by an increase in U.S. federal and state tax credits and incentives. Net Income and Earnings Per Share Net income for the second quarter of 2026 improved over the prior-year period on both a GAAP and adjusted basis, primarily attributable to revenue growth and improved operating leverage. For the second quarter of 2026, basic and diluted earnings per share were both $0.16 per share and $2.12 and $2.05 per American Depositary Share (“ADS”), respectively, compared to $0.07 and $0.06 per share and $0.87 and $0.84 per ADS in the prior-year period. On an adjusted basis, basic and diluted earnings per share was $0.31 and $0.30 per share and $3.98 and $3.84 per ADS, respectively, compared to $0.18 and $0.17 per share and $2.33 and $2.25 per ADS in the prior-year period. 31 Table of Contents Comparison of the Six Months Ended June 30, 2026 and 2025 Revenue Total revenue increased to $3,218.5 million, or 32.3%, for the six months ended June 30, 2026, from $2,432.6 million for the six months ended June 30, 2025, primarily due to increased sales of our internally developed products, BRUKINSA and TEVIMBRA, as well as increased sales of in-licensed Amgen products. Net product revenues consisted of the following: Six Months Ended June 30, Changes 2026 2025 $ % (dollars in thousands) BRUKINSA® $ 2,342,483 $ 1,741,504 $ 600,979 34.5 % TEVIMBRA® 434,756 364,688 70,068 19.2 % XGEVA® 194,419 151,741 42,678 28.1 % BLINCYTO® 70,572 49,493 21,079 42.6 % KYPROLIS® 32,118 39,144 (7,026) (17.9) % POBEVCY® 21,760 24,987 (3,227) (12.9) % Other 71,015 39,049 31,966 81.9 % Total product revenue $ 3,167,123 $ 2,410,606 $ 756,517 31.4 % Net product revenue increased 31.4% to $3,167.1 million for the six months ended June 30, 2026, compared to $2,410.6 million in the prior-year period, primarily due to increased sales of BRUKINSA globally, driven by continued growth in the U.S. and Europe. In addition, product revenues in the six months ended June 30, 2026 were positively impacted by sales of TEVIMBRA and in-licensed products from Amgen, primarily XGEVA®. Global sales of BRUKINSA totaled $2,342.5 million in the six months ended June 30, 2026, representing a 34.5% increase compared to the prior-year period. U.S. sales of BRUKINSA totaled $1,653.6 million in the six months ended June 30, 2026, compared to $1,246.9 million in the prior-year period, representing growth of 32.6%, driven primarily by robust demand growth across all indications as well as favorable net pricing, of which approximately $20.0 million relates to non-recurring gross to net adjustments realized in the first quarter of 2026. BRUKINSA sales in Europe totaled $378.0 million in the six months ended June 30, 2026, representing growth of 41.9% driven by increased market share across all major European markets. BRUKINSA revenue in China totaled $191.2 million, representing growth of 16.3%. BRUKINSA rest of world revenue totaled $119.6 million in the six months ended June 30, 2026, representing growth of 87.3% compared to the prior-year period. Revenue for TEVIMBRA totaled $434.8 million in the six months ended June 30, 2026, compared to $364.7 million in the prior-year period, representing a 19.2% increase. Revenue for Amgen products in China totaled $299.5 million in the six months ended June 30, 2026, compared to $240.4 million in the prior-year period, driven primarily by increased XGEVA® sales volume. Other revenue totaled $51.4 million and $22.0 million for the six months ended June 30, 2026 and 2025, respectively, primarily related to royalty revenue under the Amgen collaboration and revenue generated under the Novartis broad markets marketing and promotion agreement. Gross Margin Gross margin on product sales increased to $2,825.4 million for the six months ended June 30, 2026, compared to $2,081.0 million in the prior-year period, primarily due to increased product revenue in the current year period. Gross margin as a percentage of product sales increased to 89.2% for the six months ended June 30, 2026, from 86.3% in the comparable period of the prior year. The gross margin percentage increased due to a proportionally higher sales mix of global BRUKINSA compared to other products in our portfolio. Gross margin also benefited from production productivity improvements for both BRUKINSA and TEVIMBRA. On an adjusted basis, which does not include depreciation and amortization, gross margin as a percentage of product sales increased to 89.6%, from 86.9% in the comparable period of the prior year. 32 Table of Contents Research and Development Expense Research and development expense increased by $146.7 million, or 14.6%, to $1,153.5 million for the six months ended June 30, 2026 from $1,006.8 million for the six months ended June 30, 2025. The following table summarizes external clinical, external non-clinical and internal research and development expense for the six months ended June 30, 2026 and 2025, respectively: Six Months Ended June 30, Changes 2026 2025 $ % (dollars in thousands) External research and development expense: Cost of development programs $ 351,592 $ 352,613 $ (1,021) (0.3) % Upfront license and development milestone fees 23,831 500 23,331 4666.2 % Amgen co-development expense1 59,703 47,146 12,557 26.6 % Total external research and development expenses 435,126 400,259 34,867 8.7 % Internal research and development expenses 718,378 606,524 111,854 18.4 % Total research and development expenses $ 1,153,504 $ 1,006,783 $ 146,721 14.6 % Adjusted research and development expenses2 $ 999,854 $ 865,252 $ 134,602 15.6 % 1. Our co-funding obligation for the development of the pipeline assets under the Amgen collaboration for the six months ended June 30, 2026 totaled $117.9 million, of which $59.7 million was recorded as R&D expense. The remaining $58.2 million was recorded as a reduction of the R&D cost share liability. 2. Adjusted research and development expense is intended to provide investors and others with information about our performance without the effect of items that, by their nature, tend to obscure core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. Refer to Non-GAAP Financial Measures and Non-GAAP Reconciliation in this MD&A for more information about, and a detailed reconciliation of, these items. The increase in external research and development expenses in the six months ended June 30, 2026 was primarily attributable to an increase in development upfront and milestone fees and Amgen co-development expenses. Internal research and development expense increased $111.9 million, or 18.4%, to $718.4 million and was primarily attributable to the expansion of our global development organization and our clinical and preclinical drug candidates, as well as our continued efforts to internalize research and clinical trial activities and control spend. Selling, General and Administrative Expense Six Months Ended June 30, Changes 2026 2025 $ % (dollars in thousands) Selling, general and administrative expenses $ 1,148,311 $ 997,201 $ 151,110 15.2 % Adjusted selling, general and administrative expenses1 $ 972,667 $ 837,166 $ 135,501 16.2 % 1. Adjusted selling, general and administrative expense is intended to provide investors and others with information about our performance without the effect of items that, by their nature, tend to obscure core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. Refer to Non-GAAP Financial Measures and Non-GAAP Reconciliation in this MD&A for more information about, and a detailed reconciliation of, these items. Selling, general and administrative expense increased by $151.1 million, or 15.2%, to $1,148.3 million, for the six months ended June 30, 2026, from $997.2 million for the six months ended June 30, 2025. The increase was primarily attributable to continued investment in global commercial expansion primarily in the U.S. and Europe. Selling, general and administrative expenses as a percentage of product sales were 36.3% for the six months ended June 30, 2026 compared to 41.4% in the prior-year period. 33 Table of Contents Interest Income Interest income increased by $31.2 million, or 128.3%, to $55.6 million for the six months ended June 30, 2026, from $24.3 million for the six months ended June 30, 2025. The increase in interest income was primarily attributable to higher cash and cash equivalents balance. Interest Expense Interest expense increased by $57.6 million, or 384.3%, to $72.6 million for the six months ended June 30, 2026, from $15.0 million for the six months ended June 30, 2025. Interest expense increased resulting from interest expense recorded under the effective interest method related to the sale of future royalty liability, higher interest rates on debt balances and lower interest capitalized related to completion of certain phases of our Hopewell facility. Other Income, Net Other income, net was $13.8 million for the six months ended June 30, 2026, primarily due to government subsidy income. For the six months ended June 30, 2025, other income, net was $12.1 million, primarily due to foreign exchange gains and government subsidy income, partially offset by unrealized losses on our equity investments. Income Tax Expense Six Months Ended June 30, Changes 2026 2025 $ % (dollars in thousands) GAAP income tax expense $ 107,310 $ 24,859 $ 82,451 331.7 % Plus: Discrete tax items* (53,374) 8,737 (62,111) (710.9) % Plus: Income tax effect of non-GAAP adjustments 40,673 28,703 11,970 41.7 % Adjusted income tax expense $ 94,609 $ 62,299 $ 32,310 51.9 % GAAP effective income tax rate 18.8 % 20.6 % Adjusted effective income tax rate 10.3 % 13.8 % *Certain US GAAP discrete tax items are not adjusted for purposes of non-GAAP adjusted results above. Income tax expense increased to $107.3 million for the six months ended June 30, 2026, from $24.9 million for the six months ended June 30, 2025. The income tax expense for the six months ended June 30, 2026 and 2025 was primarily attributable to the application of our expected current worldwide effective tax rate for the fully year to year-to-date actual pre-tax income, reflecting the mix of taxable income across jurisdictions as well as the impact of certain discrete items. Specifically, the provision for income taxes for the six months ended June 30, 2026 included a discrete net tax expense of approximately $52.8 million. This figure primarily relates to the settlement of the audit of one of our China subsidiaries amounting to $59.6 million, partially offset by certain discrete items mainly related to U.S. share-based compensation. The income tax expense for the six months ended June 30, 2025 included a discrete net tax benefit of $8.7 million, primarily related to updated provision estimates for U.S. R&D tax credits. On July 4, 2025, the reconciliation bill (H.R. 1), commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), was signed into law and includes a broad range of tax reform provisions that may affect our financial results. The OBBBA allows an elective deduction for domestic research and development expenses, a reinstatement of elective 100% first-year bonus depreciation, and a more favorable tax rate on foreign-derived deduction eligible income. While we have estimated the impact of certain elective provisions of the OBBBA, we do not expect the legislation to have a material impact on our consolidated financial statements. 34 Table of Contents Net Income and Earnings Per Share Net income for the six months ended June 30, 2026 improved over the prior-year period on both a GAAP and adjusted basis, primarily attributable to revenue growth and improved operating leverage. For the six months ended June 30, 2026, basic and diluted earnings per share was $0.32 and $0.31 per share and $4.17 and $4.01 per ADS, respectively, compared to basic and diluted earnings per share of $0.07 and $0.07 per share and $0.89 and $0.85 per ADS in the prior-year period. On an adjusted basis, basic and diluted earnings per share was $0.57 and $0.54 per share and $7.37 and $7.08 per ADS, respectively, compared to $0.28 and $0.27 per share and $3.61 and $3.48 per ADS in the prior-year period. 35 Table of Contents Non-GAAP Reconciliation Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 ( Amounts in thousands of U.S. dollars, except for per share and per ADS data) Reconciliation of GAAP to adjusted cost of sales - products: GAAP cost of sales - products $ 174,530 $ 164,606 $ 341,745 $ 329,608 Less: Depreciation 5,520 3,321 9,846 5,934 Less: Amortization of intangibles 1,592 5,749 3,334 6,922 Less: Other — 893 — 893 Adjusted cost of sales - products $ 167,418 $ 154,643 $ 328,565 $ 315,859 Reconciliation of GAAP to adjusted research and development: GAAP research and development $ 612,280 $ 524,896 $ 1,153,504 $ 1,006,783 Less: Share-based compensation expenses 58,536 64,392 112,392 106,159 Less: Depreciation 19,794 16,447 41,258 35,372 Adjusted research and development $ 533,950 $ 444,057 $ 999,854 $ 865,252 Reconciliation of GAAP to adjusted selling, general and administrative: GAAP selling, general and administrative $ 593,214 $ 537,913 $ 1,148,311 $ 997,201 Less: Share-based compensation expenses 78,931 86,161 148,423 139,845 Less: Depreciation 13,592 10,086 27,187 20,162 Less: Amortization of intangibles 17 11 34 28 Adjusted selling, general and administrative $ 500,674 $ 441,655 $ 972,667 $ 837,166 Reconciliation of GAAP to adjusted operating expenses GAAP operating expenses $ 1,205,494 $ 1,062,809 $ 2,301,815 $ 2,003,984 Less: Share-based compensation expenses 137,467 150,553 260,815 246,004 Less: Depreciation 33,386 26,533 68,445 55,534 Less: Amortization of intangibles 17 11 34 28 Adjusted operating expenses $ 1,034,624 $ 885,712 $ 1,972,521 $ 1,702,418 Reconciliation of GAAP to adjusted income from operations: GAAP income from operations $ 325,047 $ 87,885 $ 574,949 $ 98,987 Plus: Share-based compensation expenses 137,467 150,553 260,815 246,004 Plus: Depreciation 38,906 29,854 78,291 61,468 Plus: Amortization of intangibles 1,609 5,760 3,368 6,950 Plus: Other — 893 — 893 Adjusted income from operations $ 503,029 $ 274,945 $ 917,423 $ 414,302 Reconciliation of GAAP to adjusted income tax expense: GAAP income tax expense $ 75,452 $ 5,229 $ 107,310 $ 24,859 Plus: Discrete tax items (49,839) 14,210 (53,374) 8,737 Plus: Income tax effect of non-GAAP adjustments 20,331 17,466 40,673 28,703 Adjusted income tax expense $ 45,944 $ 36,905 $ 94,609 $ 62,299 36 Table of Contents Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 ( Amounts in thousands of U.S. dollars, except for per share and per ADS data) Reconciliation of GAAP to adjusted net income: GAAP net income $ 237,007 $ 94,320 $ 464,364 $ 95,590 Plus: Share-based compensation expenses 137,467 150,553 260,815 246,004 Plus: Depreciation 38,906 29,854 78,291 61,468 Plus: Amortization of intangibles 1,609 5,760 3,368 6,950 Plus: Other — 893 — 893 Plus: Impairment of equity investments — 3,118 — 15,494 Plus: Discrete tax items 49,839 (14,210) 53,374 (8,737) Plus: Income tax effect of non-GAAP adjustments (20,331) (17,466) (40,673) (28,703) Adjusted net income $ 444,497 $ 252,822 $ 819,539 $ 388,959 Reconciliation of GAAP to adjusted EPS - basic GAAP earnings per share - basic $ 0.16 $ 0.07 $ 0.32 $ 0.07 Plus: Share-based compensation expenses 0.09 0.11 0.18 0.18 Plus: Depreciation 0.03 0.02 0.05 0.04 Plus: Amortization of intangibles 0.00 0.00 0.00 0.00 Plus: Other 0.00 0.00 0.00 0.00 Plus: Impairment of equity investments 0.00 0.00 0.00 0.01 Plus: Discrete tax items 0.03 (0.01) 0.04 (0.01) Plus: Income tax effect of non-GAAP adjustments1 (0.01) (0.01) (0.03) (0.02) Adjusted earnings per share - basic $ 0.31 $ 0.18 $ 0.57 $ 0.28 Reconciliation of GAAP to adjusted EPS - diluted GAAP earnings per share - diluted $ 0.16 $ 0.06 $ 0.31 $ 0.07 Plus: Share-based compensation expenses 0.09 0.10 0.17 0.17 Plus: Depreciation 0.03 0.02 0.05 0.04 Plus: Amortization of intangibles 0.00 0.00 0.00 0.00 Plus: Other 0.00 0.00 0.00 0.00 Plus: Impairment of equity investments 0.00 0.00 0.00 0.01 Plus: Discrete tax items 0.03 (0.01) 0.04 (0.01) Plus: Income tax effect of non-GAAP adjustments1 (0.01) (0.01) (0.03) (0.02) Adjusted earnings per share - diluted $ 0.30 $ 0.17 $ 0.54 $ 0.27 Reconciliation of GAAP to adjusted earnings per ADS - basic GAAP earnings per ADS - basic $ 2.12 $ 0.87 $ 4.17 $ 0.89 Plus: Share-based compensation expenses 1.23 1.39 2.34 2.29 Plus: Depreciation 0.35 0.28 0.70 0.57 Plus: Amortization of intangibles 0.01 0.05 0.03 0.06 Plus: Other 0.00 0.01 0.00 0.01 Plus: Impairment of equity investments 0.00 0.03 0.00 0.14 Plus: Discrete tax items 0.45 (0.13) 0.48 (0.08) Plus: Income tax effect of non-GAAP adjustments1 (0.18) (0.16) (0.37) (0.27) Adjusted earnings per ADS - basic $ 3.98 $ 2.33 $ 7.37 $ 3.61 37 Table of Contents Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 ( Amounts in thousands of U.S. dollars, except for per share and per ADS data) Reconciliation of GAAP to adjusted earnings per ADS - diluted GAAP earnings per ADS - diluted $ 2.05 $ 0.84 $ 4.01 $ 0.85 Plus: Share-based compensation expenses 1.19 1.34 2.25 2.20 Plus: Depreciation 0.34 0.27 0.68 0.55 Plus: Amortization of intangibles 0.01 0.05 0.03 0.06 Plus: Other 0.00 0.01 0.00 0.01 Plus: Impairment of equity investments 0.00 0.03 0.00 0.14 Plus: Discrete tax items 0.43 (0.13) 0.46 (0.08) Plus: Income tax effect of non-GAAP adjustments1 (0.18) (0.16) (0.35) (0.26) Adjusted earnings per ADS - diluted $ 3.84 $ 2.25 $ 7.08 $ 3.48 1 Tax effect of non-GAAP adjustments is based on the statutory tax rate in the relevant tax jurisdiction. Please note that the Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects. Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Free Cash Flow (Non-GAAP): Net cash provided by operating activities (GAAP) $ 462,820 $ 263,598 $ 664,156 $ 307,680 Less: Purchases of property, plant and equipment (27,476) (43,826) (68,265) (100,233) Free Cash Flow (Non-GAAP) $ 435,344 $ 219,772 $ 595,891 $ 207,447 Liquidity and Capital Resources The following table represents our cash and debt balances as of June 30, 2026 and December 31, 2025: As of June 30, December 31, 2026 2025 (in thousands) Cash, cash equivalents and restricted cash $ 5,280,674 $ 4,609,647 Total debt $ 1,073,059 $ 1,019,206 We have generated positive cash flow from operations since the third quarter of 2024. Based on our current operating plan, we expect that our operating cash flows and existing cash and cash equivalents as of June 30, 2026 will enable us to fund our operating expenses and planned long-term investments for at least the next 12 months after the date that the financial statements included in this report are issued. In 2025, we generated proceeds from long-term debt of $855.0 million which was used to pay off all existing short-term working capital loans, and is associated with certain restrictive covenants as laid our further below with respect to certain coverage ratios and maximum investment amounts. We believe we will have sufficient cash and cash equivalents and other sources of capital to be able to repay and/or refinance those debt obligations on a consolidated basis as they become due principally in 2027 and 2028. 38 Table of Contents Facilities Agreement In November 2025, we entered into a Facilities Agreement (the “Facilities Agreement”) with a syndicate of banks. The Facilities Agreement provides for a $140 million U.S. dollar-denominated, 2-year B1 revolving credit facility (the “B1 Revolving Loan Facility”), a $560 million U.S. dollar-denominated, 2-year , B2 term loan facility (the “B2 Term Loan Facility” and, together with the B1 Revolving Loan Facility, the “B Loan Facilities”), and a RMB $2.15 billion Renminbi-denominated, or approximately $300 million, 3-year, A term loan facility (the “A Loan Facility”) (collectively, the “Loan Facilities”). Subsequently, we consummated the refinancing of our short-term (1 year tenor) working capital loans of approximately $768 million in aggregate through the proceeds from the B2 Term Loan Facility and A Loan Facility. We paid $23 million in debt issuance costs for the Facilities Agreement from available cash and cash equivalents. The refinancing extended the maturity of our working capital loans. The A Loan Facility requires repayment of 4% of the aggregate amount outstanding every six months beginning on November 24, 2026, with all remaining principal outstanding due on November 24, 2028. The B2 Term Loan Facility requires repayment of 10% of the aggregate amount outstanding every three months beginning on June 15, 2027, with all remaining principal outstanding due on December 15, 2027, unless the final repayment date is extended. As of June 30, 2026, we had $317 million A Loan Facility and $560 million B2 Term Loan Facility outstanding under our Facilities Agreement. The A Loan Facility is subject to an interest rate equal to the Reference Rate (RMB) (as defined in the Facilities Agreement) plus a margin of 0.65% per annum. The B Loan Facilities are subject to an interest rate equal to the Reference Rate (USD) (as defined in the Facilities Agreement) plus a margin of 2.40% per annum. In addition to paying interest on the outstanding principal, we are also required to pay a commitment fee of 0.85% on the undrawn and uncancelled amounts under the Loan Facilities. The Facilities Agreement contains certain affirmative and negative covenants customary for financings of this type. In addition, the Facilities Agreement contains financial covenants applicable to the Loan Facilities, including covenants requiring the maintenance of: (i) a minimum cash interest coverage ratio of not less than 5.00 to 1.00; (ii) a net leverage ratio of not greater than 2.50 to 1.00; (iii) a minimum total consolidated shareholders’ equity of the Group of not less than $2.7 billion; (iv) a minimum cash balance held outside the PRC by the Company and the Guarantors of $500.0 million; (v) a maximum financial indebtedness of the Company and its subsidiaries not to exceed $2.0 billion; and (vi) a maximum financial indebtedness of the Company’s subsidiaries that are incorporated or registered in the PRC not to exceed $500.0 million. We were compliant with the required covenants as of June 30, 2026. Sale of Future Royalties The proceeds from sale of future royalties of $911 million in 2025 increased our cash and cash equivalents through financing cash inflows. However, the repayment of this obligation to Royalty Pharma will be made upon the receipt of royalties from Amgen throughout the royalty period; therefore, it has not been included in the total debt balance above, as there is no claim on unrestricted cash. Our classification of the liability between current and non-current is based on our expectations of royalty revenue from Amgen over the next 12 months, which will be paid to Royalty Pharma in accordance with the terms of the Royalty Agreement. Cash inflows from Amgen are classified as operating cash inflows, while the corresponding payments to Royalty Pharma are allocated between interest cash outflows within operating cash flows and a portion to reduce the liability, classified as a financing cash outflow. Pursuant to the Royalty Agreement, in the six months ended June 30, 2026, we paid to Royalty Pharma an aggregate of $33 million, of which $30 million was allocated as interest expense and recognized within operating cash flows, and $3 million was recorded as reduction to the liability and recognized within financing activities. An additional $25 million of interest expense was accrued as of June 30, 2026. Any cash received from Amgen but not yet remitted to Royalty Pharma as of the balance sheet date will be reflected as restricted cash in the Consolidated Balance Sheet. There was no such restricted cash as of June 30, 2026. Table of Contents The following table provides information regarding our cash and cash equivalents, cash flows and unused borrowing capacity available for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 (dollars in thousands) Cash, cash equivalents and restricted cash at beginning of period $ 4,609,647 $ 2,638,747 Net cash provided by operating activities 664,156 307,680 Net cash used in investing activities (94,863) (188,546) Net cash provided by financing activities 62,578 1,248 Net effect of foreign exchange rate changes 39,156 26,957 Net increase in cash, cash equivalents, and restricted cash 671,027 147,339 Cash, cash equivalents and restricted cash at end of period $ 5,280,674 $ 2,786,086 Unused borrowing capacity available, at end of period $ 221,059 $ — Operating Activities Cash provided by operating activities improved $356.5 million in the six months ended June 30, 2026, versus the prior year period due to our significantly improved gross margins in the current year period, primarily offset by continued funding of our development pipeline and commercial operations, increasing working capital to support our global expansion and the timing of compensation-related payments. Investing Activities Investing activities used $94.9 million of cash in the six months ended June 30, 2026, compared to $188.5 million in the prior year period due primarily to a decrease in capital expenditures, principally related to our manufacturing and clinical R&D facility in Hopewell, New Jersey, and acquired in-process research and development and regulatory milestone payments. Financing Activities Financing activities provided $62.6 million of cash in the six months ended June 30, 2026, compared to $1.2 million in the prior year period due primarily to a net increase in debt borrowings in the current year period, offset by lower proceeds from option exercises and the employee share purchase plan. We expect to repay approximately $201.1 million of outstanding bank loans in the next 12 months. Effects of Exchange Rates on Cash In the six months ended June 30, 2026, we incurred realized losses on cash of $6.8 million, which is included in the reconciling items between net income and net cash provided by operating activities on the consolidated statements of cash flows, primarily related to the remeasurement of monetary assets and liabilities denominated in currencies other than the USD to USD. We also have substantial operations in China and Europe, where the functional currency is the RMB and Euro, respectively, and as such the net cash flows are translated to the U.S. dollar for financial reporting. This process generates translation gains and losses on non-USD cash held in those currency markets that are included in the effects of foreign exchange rate changes on the consolidated statements of cash flows, as such translation gains and losses are excluded from cash flows from operating, investing and financing activities. Future Liquidity and Material Cash Requirements Our material cash requirements in the short- and long-term consist of the following operational, capital, and manufacturing expenditures, a portion of which contain contractual or other obligations. We plan to fund our material cash requirements with cash on hand. Table of Contents Contractual and Other Obligations The following table summarizes our significant contractual obligations as of the payment due date by period as of June 30, 2026: Payments Due by Period Total Short Term Long Term (dollars in thousands) Contractual obligations Operating lease commitments $ 76,794 $ 12,710 $ 64,084 Purchase commitments 262,816 262,816 — Debt obligations 1,090,063 201,063 889,000 Interest on debt 86,816 50,886 35,930 Co-development funding commitment 12,527 12,527 — Funding commitment 2,157 2,100 57 Capital commitments 22,245 22,245 — Total $ 1,553,418 $ 564,347 $ 989,071 Operating Lease Commitments We lease office facilities in California and Massachusetts in the U.S.; Basel, Switzerland; and office or manufacturing facilities in Beijing, Shanghai, Suzhou and Guangzhou in China under non-cancelable operating leases expiring on various dates. Payments under operating leases are expensed on a straight-line basis over the respective lease terms. The aggregate future minimum payments under these non-cancelable operating leases are summarized in the table above. Purchase Commitments As of June 30, 2026, non-cancellable purchase commitments amounted to $262.8 million, of which $22.6 million related to non-utilization fees and minimum purchase requirements for supply purchased from contract manufacturers and $240.2 million related to binding purchase order obligations of inventory from Amgen. We do not have any minimum purchase requirements for inventory from Amgen. Debt Obligations and Interest Total debt obligations coming due in the next twelve months are $201.1 million. Total long-term debt obligations are $889.0 million. We have numerous financial and non-financial covenants on our debt obligations with various banks and other lenders. Some of these covenants include default and/or cross-default provisions that could require acceleration of repayment of loans in the event of default. As of June 30, 2026, we were in compliance with all covenants of our material debt agreements. See above regarding Liquidity and Capital Resources and Note 10 in the Notes to the Condensed Consolidated Financial Statements for further detail of our debt obligations. Interest on bank loans is paid quarterly until the respective loans are fully settled. For the purpose of contractual obligations calculation, current interest rates on floating rate obligations were used for the remainder contractual life of the outstanding borrowings. Royalty Sale Liability As described above, we have a contractual commitment to pay Royalty Pharma amounts received from Amgen related to Amgen’s sales of IMDELLTRA® in certain markets outside of China. While we have classified the upfront payment and the option exercise payment received from Royalty Pharma as a liability, the repayment of this obligation to Royalty Pharma will be made upon the receipt of royalties from Amgen throughout the royalty period, which is anticipated to extend at least through 2041. We have not included this liability in the table above because it does not constitute a fixed contractual obligation or a cancellable commitment from which the upfront payment and the option exercise payment could be demanded for refund. Table of Contents Co-Development Funding Commitment Under our collaboration with Amgen, we are responsible for co-funding global clinical development costs for the licensed oncology pipeline assets up to a total cap of $1.25 billion. We are funding our portion of the co-development costs by contributing cash and/or development services. As of June 30, 2026, our remaining co-development funding commitment was $12.5 million. Funding Commitments Funding commitments represent our committed capital related to equity investments. As of June 30, 2026, our remaining capital commitment was $2.2 million and is expected to be paid from time to time over the investment period. Capital Commitments We had capital commitments amounting to $22.2 million for the acquisition of property, plant and equipment as of June 30, 2026, related to various facilities across the globe. Critical Accounting Policies and Significant Judgments and Estimates Our discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of these financial statements requires us to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses. We evaluate our estimates and judgments on an ongoing basis, and our actual results may differ from these estimates. These include, but are not limited to, estimating the useful lives of long-lived assets, estimating variable consideration in product sales and collaboration revenue arrangements, estimating the incremental borrowing rate for operating lease liabilities, identifying separate accounting units and the standalone selling price of each performance obligation in the Company’s revenue arrangements, assessing the impairment of long-lived assets, valuation and recognition of share-based compensation expenses, realizability of deferred tax assets, estimates related to the sale of future royalty liability and the fair value of financial instruments. We base our estimates on historical experience, known trends and events, contractual milestones and other various factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our actual results may differ from these estimates under different assumptions or conditions. There have been no material changes to our critical accounting policies as of and for the three and six months ended June 30, 2026, as compared to those described in the section titled “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025. For new accounting policies adopted during the three and six months ended June 30, 2026, see “Part I—Item 1—Financial Statements—Notes to the Condensed Consolidated Financial Statements—1. Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies—Significant accounting policies” in this Quarterly Report on Form 10-Q.