Business Wire India

WPU Goa University brought together eminent academicians, industry leaders, sustainability experts, and alumni for a high-level CXO and Alumni Meet in Goa. The gathering focused on the evolving role of leadership, sustainability-driven business models, and the importance of transdisciplinary education in preparing future-ready professionals. The event witnessed the presence of distinguished global thought leaders and senior representatives from academia and industry.

The meet was attended by distinguished global thought leaders and academic visionaries including Prof. Walter Leal Filho, Vice Chancellor (Designate), WPU Goa; Prof. Dr. Wolfgang C. Amann, Academic Director and Professor of Strategy and Leadership at HEC Paris, Doha; Dr. Anastasia Kiritsi, Sustainability Expert and Adjunct Professor at the International School of Management and Berlin School of Business and Innovation; and Dr. Aditi Karad, Executive Director, MIT-WPU among others.

Delivering his address, Prof. Walter Leal Filho, Vice Chancellor (Designate), WPU Goa, outlined the university’s vision for the state and its sustainability-led roadmap. He stated, “The university looks at Goa as a living laboratory for solving the most complex problems of the Goan society and economy. By collaborating with the Government of Goa, engaging with various stakeholders across tourism, industry, business, and sustainability, and working closely with local communities, we envisage education linked with societal impact. By looking at solutions locally in Goa, which can be scalable afterwards, we can create synergy between the university’s operations and the benefit of the economy of Goa.”

He emphasized that sustainability and business go hand in hand and underscored the importance of preparing graduates who can create long-term value while addressing environmental and societal challenges. The university aims to embed sustainability across disciplines, encourage innovation, and contribute to Goa’s economic and ecological resilience.

Addressing leadership challenges in a rapidly changing global environment, Prof. Dr. Wolfgang C. Amann, Academic Director and Professor of Strategy and Leadership at HEC Paris, said, “Transdisciplinary is the future. In the past, we were educated in silos, that will not be the future anymore. Leadership today must start with real-world problems, bring different disciplines together, and focus on implementation. It is about creating impact and winning hearts, not just minds.”

Reflecting on the broader global context, Dr. Anastasia Kiritsi, Sustainability Expert and Adjunct Professor at the International School of Management and Berlin School of Business and Innovation, observed, “We all experience this poly crisis world… multiple crises together and much more frequently in this shortened time frame.” She emphasized resilience, clarity of vision and responsible leadership as critical capabilities for navigating complex global challenges.

Speaking about the establishment of WPU Goa, Dr. Aditi Karad, Executive Director, MIT-WPU, underlined the institution’s value-based foundation and the 43-plus-year legacy of the MIT education group. “We would like to take this legacy forward with the establishment of WPU Goa in the state of Goa,” she said.

Addressing the persistent disconnect between academia and corporate expectations, she stated, “When it comes to the discussion between the corporate and academia, there is still a lot of gap. So, how to fill this gap?” Emphasizing collaboration as the way forward, she added, “Ultimately, that industry-academic collaboration will be required… the kind of research, problem solving, what we are talking about, it will be together with the academia.”

The meeting concluded with a shared commitment to building WPU Goa as a transdisciplinary institution that bridges academia and industry, promotes sustainability-driven innovation, and contributes meaningfully to the state’s development and global academic engagement.

Business Wire India

Infidigit solidified its status as a leader in digital growth by securing five prestigious awards at the BW Marketing World Next-Gen DigiContent Awards. These accolades recognise the agency’s expertise in search and content strategies that drive real business results.

The victories covered several key sectors including Personal Care, Fashion and Accessories, and Performance Marketing, highlighting Infidigit’s ability to deliver scalable and sustainable impact across industries.

In the Industrial Category (Personal Care), Infidigit was recognised with a Gold award for its work with Avataar Skincare, a brand that provides Dermat-designed skin, hair & weight-loss treatments at home. For Avataar, a focused search-led strategy drove 47.5x organic revenue growth and a significant increase in leads, supported by strong non-brand visibility gains.

Under Fashion & Accessories (Industrial Category), Infidigit secured two wins for its SEO campaigns with Indriya and Max Fashion. For Indriya (SEO), the campaign earned a Gold award, delivering 248% growth in clicks and 477% growth in impressions, alongside strong Top 10 keyword rankings.

In the Digital Categories, Infidigit’s integrated performance and content approach further stood out. Under Performance Marketing, Indriya got a silver award for its campaign, which recorded a 421% increase in organic search impressions and a 92% rise in qualified clicks, reinforcing brand authority across high-intent queries.

Commenting on the content-led growth journey, Kavish Barapatre, AVP – Digital & Social Marketing, Indriya, said: “Infidigit’s content-first strategy has been instrumental in securing multiple awards and establishing a strong search presence for Indriya since launch. We value the commendable efforts of the Infidigit team, whose strategic expertise has been a primary catalyst for this exceptional growth.”

In the Best Blogs & Website Content category, Infidigit’s work with Mochi Shoes was awarded a silver award. The campaign delivered 23.5% growth in organic clicks and 78.5% growth in impressions, demonstrating how a cohesive content ecosystem can drive sustained visibility and engagement.

Reflecting on the impact of the content-led strategy, Rohit Shiva, Head – D2C E-commerce, Mochi Shoes, added: “Mochi Shoes has secured multiple industry awards following a strategic framework that resulted in substantial growth across search and AI visibility. We value the commendable efforts of the Infidigit team, whose expertise in high-performance content continues to drive exceptional results.”

Commenting on the recognition, Kaushal Thakkar, Founder & CEO, Infidigit, said: “These recognitions validate our belief that digital growth must be engineered for performance, not just visibility. Across industries, our focus remains on building scalable frameworks that deliver measurable, sustainable outcomes.”

The five wins at BW Marketing World underscore Infidigit’s continued leadership in building search-led and content-driven growth engines in an increasingly AI-influenced digital ecosystem.

Business Wire India

Amazfit, a leading global smart wearable brand owned by Zepp Health, today announced the Amazfit Active 3 Premium, a compact, 4-button smartwatch designed as an entry point into structured running and hybrid training. Made for athletes building consistency across different forms of training, the Active 3 Premium supports road running and hybrid routines that combine endurance, strength, and studio-based workouts. Its compact design makes it easy to train across environments, from neighborhood runs to studio floors, offering a capable, approachable experience without feeling overbuilt or intimidating.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260226378156/en/

 

 

Unlike high-performance racing watches that can feel overwhelming, the Active 3 Premium focuses on delivering structured training programs, accurate route navigation, and comprehensive health insights in a refined, durable design that fits seamlessly into everyday life.

 

“The Active 3 Premium has everything I need to stay on top of my training, but it doesn’t feel intimidating or overbuilt for someone starting their journey,” said Gabby Thomas, 5-time Olympic medalist and Amazfit ambassador. “I believe performance starts with consistency, and this watch makes it easy to stay connected to your body, your workouts, and your recovery without overthinking it.”

 

Train Smarter, Run Stronger

 

Active 3 Premium features built-in running workouts and Zepp Coachscience-backed adaptive running plans created to guide users through structured effort, helping them avoid burnout while building the consistency needed for their first race. Advanced Running Metrics like posture monitoring, threshold insights, ground contact balance tracking, and rhythm analysis give users deeper visibility into their running form, helping fine-tune performance and reduce injury risk over time.

 

Own the Route with Advanced GPS Mapping

 

Supported by a six-satellite positioning system and offline maps, the Active 3 Premium allows for phone-free running with turn-by-turn navigation, automatic rerouting and point-to-point route planning. With 4GB of internal storage, users can keep their favorite podcasts and maps directly on their wrist, ensuring they stay on track without distractions.

 

Premium Craftsmanship Built for Everyday Performance

 

Crafted with a 45mm stainless-steel frame and four tactile control buttons, the watch is as durable as it is sleek and comfortable. The 1.32-inch AMOLED display is protected by scratch-resistant Sapphire Glass and features 3,000 nits peak brightness, ensuring that training data is crystal clear even in direct sunlight.

 

Run Farther and Charge Less

 

Built to go the distance, the Active 3 Premium provides up to 12 days of battery under typical use and up to 7 days under heavy activity, supporting long workouts, recovery days, and everyday wear without the interruption of frequent charging.

 

24/7 Health Monitoring and Smart Connectivity

 

Powered by Amazfit’s BioTracker™ technology, the Active 3 Premium provides continuous monitoring of heart rate, blood oxygen, stress levels, sleep quality, and recovery insights, helping users better understand their body and readiness. With a built-in microphone and speaker, users can take Bluetooth calls from the wrist, and with the Zepp Flow™ voice assistant, it’s easy to control features with voice commands for all-day connection.

 

A Robust Ecosystem of Third-Party Training Integrations

 

To support athletes at every level, Amazfit Active 3 Premium integrates with leading third-party training platforms including TrainingPeaks, Strava, Runna, and Intervals.icu. Through seamless syncing with the Zepp App, users can connect their preferred coaching, planning, and performance-tracking tools, ensuring workouts, training data, and activity insights flow easily between platforms

 

Availability

 

The Amazfit Active 3 Premium will be available for purchase in Apex Silver, Atlas Blue, and Aero White starting February 26, 2026, for $169.99 on Amazfit.com and Amazon.

 

About Amazfit

 

Amazfit, a global smart wearable and fitness leader is part of Zepp Health (NYSE: ZEPP), a health technology company with its principal office based in Gorinchem, the Netherlands. Zepp Health operates as a distributed organization, with team members and offices across the Americas, Europe, Asia, and other global markets.

 

Amazfit builds smart wearables designed around movement — training with intention, recovery with balance, and evolution over time. Built for the way people train today, Amazfit blends endurance, strength, and recovery into a single, coherent rhythm to support sustainable progress over time.

 

Behind Amazfit is Zepp, which builds the intelligence that supports its training experience. For more information, visit www.amazfit.com.

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226378156/en/

 

Business Wire India

Kairos Pharma, Ltd. (NYSE American: KAPA), a clinical-stage biopharmaceutical company focused on innovative cancer therapeutics, today announces the signing of a term sheet for a strategic asset acquisition with Celyn Therapeutics, Inc., a privately held biotechnology company backed by OrbiMed and Torrey Pines Investment. Under the proposed terms of the agreement, Kairos Pharma will acquire worldwide rights to two highly differentiated, clinical-stage oncology assets targeting non-small cell lung cancer (NSCLC): CL-273, a pre-IND, reversible, wild-type-sparing pan-EGFR inhibitor, and CL-741, a Phase 1-ready, orally available type IIb c-MET kinase inhibitor.

 

John Yu, M.D., Kairos Pharma Chief Executive Officer, commented: “We anticipate this acquisition will significantly expand our oncology pipeline with late-preclinical and Phase 1-ready assets in a multi-billion dollar market with substantial unmet medical needs. With this acquisition, if completed, we will strengthen our armamentarium to reverse oncology drug resistance – by implementing therapeutics that specifically target resistance mutations that arise from targeting the EGFR receptor. Importantly, our established clinical consortia on the West Coast, anchored at Cedars-Sinai Medical Center in Los Angeles, provides us with the clinical infrastructure and expertise to rapidly initiate and execute Phase 1 and Phase 2 studies for both compounds.”

 

 

Kairos Pharma believes the scientific rationale for combining a pan-EGFR inhibitor with a c-MET inhibitor in non-small cell lung cancer as demonstrated with these two assets is compelling and well-validated clinically. MET amplification represents one of the most important resistance mechanisms in EGFR-mutant NSCLC, and the ability to address both pathways with highly selective, brain-penetrant molecules represents a significant therapeutic advance. The Company anticipates that CL-273’s wild-type-sparing profile and broad coverage of EGFR mutations, combined with CL-741’s potent and selective c-MET inhibition, upon acquisition, will position it to develop best-in-class monotherapies as well as a differentiated combination regimen. Mechanistically, dual inhibition of EGFR and MET pathways can overcome compensatory signaling that drives resistance, deepens tumor responses, and extends progression-free survival in this difficult-to-treat patient population.

 

 

Kinase inhibitors for cancer treatment were estimated to be valued at $60.7B in 2025. Of these, EGFR inhibitors represented 32.5% of the market in 2025 (Future Market Insights).

 

 

CL-273, developed using a proprietary AI-driven drug discovery platform, targets the EGFR mutated lung cancer treatment, a market valued at $16.2B in 2026 (Future Market Insights). EGFR mutations are present in approximately 10-15% of NSCLC cases in Western populations and up to 50% in Asian populations (CoherentMI), creating a substantial addressable patient population for targeted therapies.

 

 

CL-741 addresses the cMet inhibitor market which is experiencing rapid growth, valued at more than $2B and projected to reach over $10B by 2030 with a CAGR in excess of 17% (Biospace). The c-MET metastatic NSCLC market represents a high-value niche with significant unmet medical needs, with c-MET amplification being a critical resistance mechanism for EGFR-targeted therapies. C-MET alterations, including MET exon 14 skipping mutations and MET amplification, is a driver of multiple cancer types inclusive of gastric, liver, and renal cancer.

 

 

“Our proprietary AI-driven drug design platform has enabled the discovery of a highly efficacious, wild-type-sparing, pan-mutant EGFR inhibitor. This molecule offers a 4-to-5-fold broader safety margin than current competitive inhibitors,” stated Nikolay Savchuk, Ph.D., CEO of Celyn Therapeutics. “By partnering with Kairos Pharma and leveraging their clinical consortia at Cedars-Sinai Medical Center, we are positioned to rapidly advance CL-273 and CL-741. This collaboration combines Kairos’s operational expertise with our innovative pipeline to create an optimal pathway for patients fighting EGFR-mutant and c-MET-driven lung cancers.”

 

 

Clinical studies have demonstrated that combination treatment with EGFR and MET inhibitors for EGFR-mutant, MET-amplified NSCLC patients is able to achieve progression-free survival of approximately 7 months, representing a significant advance over single-agent therapy (SAVANNAH trial).

 

 

CL-273 is an investigational, reversible, wild-type-sparing pan-EGFR small-molecule inhibitor specifically engineered for EGFR-mutant non-small cell lung cancer (NSCLC). Preclinical data demonstrate that CL-273 maintains broad-spectrum activity against classical EGFR mutations including Exon 19 and 21 deletions and Exon 20 insertions, atypical mutations, and resistance-associated variants that bypass currently approved tyrosine kinase inhibitors (TKIs).

 

 

A defining feature of CL-273 is its exceptional selectivity index. By sparing wild-type EGFR, studies to date have shown CL-273 offers a 4–5 fold wider therapeutic window, suggesting significantly improved safety and tolerability over existing therapies. Designed for high brain and lung permeability to address metastatic disease, CL-273 possesses favorable ADME properties and has successfully completed GLP toxicology studies. The program is currently pre-IND, with first-in-human clinical trials projected to commence in 2026.

 

 

CL-741 is an orally available, small-molecule, type IIb c-MET kinase inhibitor designed to be highly selective for c-MET with broad coverage of activating and acquired resistance mutations in solid tumors. The compound was discovered as a drug-like lead with potent activity across multiple c-MET resistance mutants and is being developed for c-MET-driven advanced solid tumors, with a primary focus on non-small cell lung cancers harboring MET exon 14 skipping alterations and MET amplification.

 

 

The acquisition of both CL-273 and CL-741, if the acquisition is successfully completed, are anticipated to enable Kairos Pharma to pursue a differentiated dual-target strategy addressing both primary EGFR mutations and MET-mediated resistance mechanisms. MET amplification is one of the most common mechanisms of acquired resistance to EGFR TKIs.

 

 

Developing CL-273 and CL-741 together provides a rational combination therapy approach for EGFR-mutant NSCLC patients who either harbor baseline MET amplification/overexpression or acquire MET-driven resistance on EGFR-TKI therapy. Combined EGFR and MET inhibition has already demonstrated meaningful clinical response rates and survival benefit with other agents in this setting. Pairing CL-273 with CL-741 could deepen and prolong responses, reduce outgrowth of MET-mediated escape clones, and potentially expand the addressable population of MET-dependent, EGFR-mutant tumors.

 

 

About Kairos Pharma, Ltd.

 

 

Based in Los Angeles, California, Kairos Pharma Ltd. (NYSE American: KAPA) is at the forefront of oncology therapeutics, utilizing structural biology to overcome drug resistance and immune suppression in cancer. Kairos Pharma’s lead candidate, ENV-105, is an antibody that targets CD105—a protein identified as a key driver of resistance and disease relapse in response to standard therapy. ENV-105 aims to reverse drug resistance by targeting CD105 and restore the effectiveness of standard therapies across multiple cancer types. Currently, ENV-105 is in a Phase 2 clinical trial for castrate-resistant prostate cancer and a Phase 1 trial for non-small cell lung cancer aimed at addressing significant unmet medical needs. As of the date of this press release, ENV-105 has not been approved as safe or effective by the United States Food and Drug Administration or any other comparable foreign regulator. For more information, visit kairospharma.com.

 

 

About Celyn Therapeutics, Inc.

 

 

Celyn Therapeutics, Inc. is a privately held biotechnology company formed to develop proprietary small-molecule drugs targeting cancer, including EGFR-pathway inhibitors and c-MET-pathway inhibitors among other targets and related novel compounds. Celyn was created with backing from OrbiMed and Torrey Pines Investment and maintains its principal offices in Dover, Delaware.

 

 

Forward-Looking Statements

 

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the expected timing and completion of the acquisition transaction, the anticipated benefits of the acquisition, development timelines for CL-273 and CL-741, market opportunity and revenue projections, clinical development plans, and the potential therapeutic benefits of the acquired assets. These statements are based on KAPA’s current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks include the possibility that the transaction may not close, that KAPA may not obtain necessary shareholder or regulatory approvals, that development of CL-273 and CL-741 may not proceed as planned, that clinical trials may not demonstrate safety or efficacy, that regulatory approvals may not be obtained, and that competitive and market conditions may change. Additional risks are described in KAPA’s filings with the Securities and Exchange Commission. KAPA does not undertake any obligation to update any forward-looking statements.

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226083857/en/

 

Business Wire India

LotusFlare, a provider of a cloud-native, AI-driven digital commerce and monetization platform for communications service providers (CSPs), today announced that Palau National Communications Corporation (PNCC) has selected it to provide a comprehensive commerce and monetization platform, including a full-stack digital business support system (dBSS) as part of PNCC’s broader 4G/5G Standalone (SA) network modernization programme.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260226869218/en/

 

 

 

The LotusFlare solution will support PNCC subscribers across mobile, fixed broadband, and digital TV services, while enabling unique multi-tenant capabilities aligned with PNCC’s long-term digital and regional strategy.

 

PNCC has embarked on a comprehensive technology modernization program focused on increasing speed-to-market, enhancing customer experience, and long-term operational efficiency. After a competitive tender process, PNCC selected LotusFlare for its highly skilled team, cloud-native technology, Internet DNA, and proven experience supporting leading communications service providers globally.

 

 

As the national telecommunications operator of the Republic of Palau, PNCC is undertaking a full network transformation to deploy a 4G/5G SA mobile network based on open architecture principles, alongside cloud-native core, OSS, BSS, and digital platforms. The program is designed to improve service agility, enhance network resilience, and support the long-term digital development of Palau.

 

 

“PNCC is proving that geographic isolation is no longer a barrier to world-class digital experiences. By utilizing LotusFlare DNO™ Cloud, PNCC is moving beyond legacy limitations to a modern, multi-tenant platform that can serve as a digital blueprint for the entire Pacific region,” said Sam Gadodia, CEO of LotusFlare. “LotusFlare’s expertise and innovative approach will help PNCC deliver valuable business outcomes and enhance the customer experience for the people of Palau.”

 

 

Simon Fraser, CEO of PNCC, commented: “Partnering with LotusFlare enables PNCC to deploy a cloud-native digital platform at the core of our new 4G/5G SA network. A modern, API-driven dBSS is fundamental to ensuring agility and enabling the rapid introduction of new digital services for our customers. Geographic isolation or scale should never define digital ambition – the people of Palau deserve world-class connectivity, and this transformation ensures they receive it.“

 

 

About PNCC

 

 

Palau National Communications Corporation (PNCC) is the national telecommunications provider of the Republic of Palau, delivering mobile, fixed, broadband, and international connectivity services nationwide.

 

 

About LotusFlare

 

 

Based in Silicon Valley, LotusFlare simplifies technology and customer experience to deliver valuable outcomes for enterprises. The company’s flagship product, DNO™ Cloud, is an AI-driven, cloud-native commerce and monetization platform that serves as a digital Business Support System (BSS) for communications service providers. LotusFlare also owns and operates Nomad eSIM, a global connectivity service providing travelers with convenient, reliable, and affordable data plans in over 200 destinations.

 

 

LotusFlare is a trusted partner to leading global enterprises, including Deutsche Telekom, T-Mobile US, A1, Globe Telecom, Liberty Latin America, Singtel, MTN, and TELUS. Learn more at lotusflare.com.

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226869218/en/

 

Business Wire India

• Total global revenues of $1.5 billion and $5.3 billion for the fourth quarter and full year, increases of 33% and 40% from the prior-year periods
• Global BRUKINSA (zanubrutinib) revenues of $1.1 billion and $3.9 billion for the fourth quarter and full year, increases of 38% and 49% from the prior-year periods
• Diluted GAAP Earnings per American Depository Share (ADS) of $0.58 and $2.53 for the fourth quarter and full year; non-GAAP diluted Earnings per ADS of $1.95 and $8.09 for the fourth quarter and full year
• Full year 2026 total revenue guidance of $6.2 billion to $6.4 billion

 

BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced financial results and corporate updates from the fourth quarter and full year 2025.

 

“These strong financial results for the fourth quarter and full year 2025 underscore our continued evolution as a global oncology leader with durable competitive advantages in clinical development and manufacturing and one of the industry’s deepest and most differentiated pipelines,” said John V. Oyler, Co-Founder, Chairman and CEO at BeOne. “BRUKINSA has firmly established itself as the global leader in the BTK inhibitor class, distinguished by broad regulatory approvals, expanding geographic reach, strong physician adoption, and unmatched long-term efficacy and safety data in CLL. At the same time, we are securing new indications and expanded reimbursement for TEVIMBRA across key markets worldwide. With our late-stage, foundational hematology assets nearing commercialization and a robust solid tumor portfolio delivering encouraging data, we are well positioned to extend our leadership and drive the next phase of sustainable global growth.”

 

(Amounts in thousands of U.S. dollars full year GAAP amounts audited, all other amounts unaudited)

 

		Fourth Quarter										Full Year
		2025			2024				% Change			2025			2024				% Change
Net product revenues		$	1,476,442		$	1,118,035			32	%		$	5,282,061		$	3,779,546			40	%
Other revenue		$	21,728		$	9,789			122	%		$	60,972		$	30,695			99	%
Total revenue		$	1,498,170		$	1,127,824			33	%		$	5,343,033		$	3,810,241			40	%
GAAP income (loss) from operations		$	185,035		$	(79,425	)		333	%		$	447,136		$	(568,199	)		179	%
Adjusted income from operations*		$	344,476		$	78,603			338	%		$	1,099,962		$	45,356			2325	%
GAAP net income (loss)		$	66,502		$	(151,881	)		144	%		$	286,933		$	(644,786	)		145	%
Adjusted net income (loss)*		$	224,979		$	16,101			1297	%		$	917,601		$	(54,919	)		1771	%
GAAP basic earnings (loss) per ADS		$	0.60		$	(1.43	)		142	%		$	2.63		$	(6.12	)		143	%
Adjusted basic earnings (loss) per ADS*		$	2.03		$	0.15			1253	%		$	8.41		$	(0.52	)		1717	%
GAAP diluted earnings (loss) per ADS		$	0.58		$	(1.43	)		141	%		$	2.53		$	(6.12	)		141	%
Adjusted diluted earnings (loss) per ADS*		$	1.95		$	0.15			1200	%		$	8.09		$	(0.52	)		1656	%
Free Cash Flow*		$	379,825		$	(17,320	)		2293	%		$	941,741		$	(633,294	)		249	%

 

*  For an explanation of our use of non-GAAP financial measures refer to the “Note Regarding Use of Non-GAAP Financial Measures” section later in this press release and for a reconciliation of each non-GAAP financial measure to the most comparable GAAP measures, see the table at the end of this press release.

 

Fourth Quarter and Full Year 2025 Financial Results

 

Product Revenue, which represents 99% of total revenue, totaled $1.5 billion and $5.3 billion for the fourth quarter and full year of 2025, representing growth of 32% and 40%, compared to the prior-year periods.

 

• BRUKINSA: Global sales totaled $1.1 billion and $3.9 billion the fourth quarter and full year of 2025, representing growth of 38% and 49%, compared to the prior-year periods; U.S. sales of BRUKINSA totaled $845 million and $2.8 billion in the fourth quarter and full year of 2025, representing growth of 37% and 45%, compared to the prior-year periods.
• TEVIMBRA (tislelizumab): Global sales totaled $182 million and $737 million, in the fourth quarter and full year of 2025, representing growth of 18% and 19%, compared to the prior-year periods.
• Amgen in-licensed products: Global sales totaled $112 million and $486 million for the fourth quarter and full year of 2025, representing growth of 11% and 33%, compared to prior-year periods.

 

Gross Margin as a percentage of global product sales for the fourth quarter and full year of 2025 was 90.4% and 87.3%, compared to 85.6% and 84.3%, in the prior-year periods on a GAAP basis. On an adjusted basis, which does not include depreciation and amortization, gross margin as a percentage of global product sales increased to 90.7% and 87.8% for the fourth quarter and full year of 2025, compared to 87.4% and 85.5%, in the prior-year periods.

 

Operating Expenses

 

The following table summarizes operating expenses for the fourth quarter of 2025 and 2024:

 

		GAAP									Non-GAAP
(in thousands, except percentages)		Q4 2025			Q4 2024			% Change			Q4 2025			Q4 2024			% Change
Research and development		$	615,423		$	542,012		14	%		$	544,823		$	474,874		15	%
Selling, general and administrative		$	555,290		$	504,677		10	%		$	471,468		$	433,059		9	%
Total operating expenses		$	1,170,713		$	1,046,689		12	%		$	1,016,291		$	907,933		12	%

 

The following table summarizes operating expenses for the full year 2025 and 2024:

		GAAP									Non-GAAP
(in thousands, except percentages)		FY 2025			FY 2024			% Change			FY 2025			FY 2024			% Change
Research and development		$	2,145,868		$	1,953,295		10	%		$	1,855,979		$	1,668,368		11	%
Selling, general and administrative		$	2,081,489		$	1,831,056		14	%		$	1,743,118		$	1,549,864		12	%
Total operating expenses		$	4,227,357		$	3,784,351		12	%		$	3,599,097		$	3,218,232		12	%

 

Research and Development (R&D) Expenses increased for the fourth quarter and full year of 2025 compared to the prior-year periods on both a GAAP and adjusted basis. Upfront fees and milestone payments related to in-process R&D for in-licensed assets totaled nil and $0.7 million in the fourth quarter and full year of 2025, compared to $63 million and $114 million in the prior-year periods.

 

Selling, General and Administrative (SG&A) Expenses increased for the fourth quarter and full year of 2025 compared to the prior-year periods on both a GAAP and adjusted basis. SG&A expenses as a percentage of product sales were 38% and 39% for the fourth quarter and full year of 2025, compared to 45% and 48% in the prior-year periods.

 

Net Income/(Loss) and Basic/Diluted Earnings Per Share

 

GAAP net income for the fourth quarter and full year of 2025 was $67 million and $287 million, an increase of $218 million and $932 million, over the prior-year periods, primarily attributable to revenue growth and improved operating leverage. Included within GAAP net income for full year 2025 were $76 million of equity investment impairment charges, $25 million of non-recurring tax expenses and $20 million of timing related tax expenses in certain jurisdictions, which were primarily incurred in the fourth quarter.

 

For the fourth quarter of 2025, basic and diluted earnings per share were $0.05 and $0.04 per share and $0.60 and $0.58 per American Depositary Share (ADS), compared to basic loss of $0.11 per share and $1.43 per ADS in the prior-year period. For the full year of 2025, basic and diluted earnings per share were $0.20 and $0.19 per share and $2.63 and $2.53 per ADS, compared to basic loss of $0.47 per share and $6.12 per ADS in the prior-year period.

 

Free Cash Flow for the fourth quarter of 2025 was $380 million, representing an increase of $397 million over the prior-year period. For the full year of 2025, free cash flow was $942 million, representing an increase of $1.6 billion over the prior-year period.

 

For further details on BeOne’s 2025 Financial Statements, please see BeOne’s Annual Report on Form 10-K for fiscal year 2025 filed with the U.S. Securities and Exchange Commission.

 

Full Year 2026 Guidance

 

BeOne’s financial guidance is summarized below:

 

	FY 20261
Total revenue	$6.2 – $6.4 billion
GAAP gross margin %	High-80% range
GAAP operating expenses2   (combined R&D and SG&A)	$4.7 – $4.9 billion
GAAP operating income2	$700 – $800 million
Non-GAAP operating income2,3	$1.4 – $1.5 billion

 

1 Assumes January 1, 2026 foreign exchange rates.

2 Does not assume any potential new, material business development activity or unusual/non-recurring items.

3 Non-GAAP operating income is a financial measure that excludes from the corresponding GAAP measure costs related to share-based compensation, depreciation and amortization expense. Guidance assumes that Non-GAAP expenses track overall expense growth.

BeOne’s total revenue guidance for full year 2026 of $6.2 billion to $6.4 billion includes expectations for strong revenue growth driven by BRUKINSA’s U.S. leadership position and continued global expansion in both Europe and other important rest of world markets. Gross margin percentage is expected to be in the high-80% range and includes the impact of product mix and a full year of 2026 productivity improvements. Guidance for combined operating expenses on a GAAP basis includes expectations of investment to support growth in both commercial and research at a pace that continues to deliver meaningful operating leverage.

 

The Company is providing the following additional guidance on items impacting net income and earnings per ADS:

 

• Other income (expense): estimated range of $25 million to $50 million in expense, includes interest amortization from Royalty Pharma arrangement.
• Income tax outlook: earnings may provide sufficient positive evidence to reverse certain valuation allowances in 2026, resulting in a material tax benefit when recognized; the timing and magnitude of a potential reversal is uncertain; prior to reversal, income tax expense should trend with earnings per historical relationship.
• Diluted ADS outstanding: the Company expects diluted ADSs outstanding of approximately 118 million.

 

Fourth Quarter Business Highlights

 

Core Marketed Products

 

BRUKINSA(zanubrutinib)

 

• Presented 6-year landmark results from the Phase 3 SEQUOIA trial and long-term results from the Phase 3 ALPINE trial at the American Society of Hematology (ASH) Annual Meeting, confirming sustained benefit for the treatment of adult patients with treatment-naïve (TN) and relapsed or refractory (R/R) chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL), respectively.

 

Sonrotoclax (BCL2 inhibitor)

 

• Received first global approvals in China for the treatment of adult patients with:
  • R/R mantle cell lymphoma (MCL) who have received at least two systemic therapies, including a Bruton tyrosine kinase (BTK) inhibitor;
  • and R/R CLL/SLL who have previously received at least one systemic therapy, including a BTK inhibitor.
• Granted U.S. Food and Drug Administration (FDA) priority review for the treatment of adult patients with R/R MCL.
• Submitted Marketing Authorization Application in the European Union for the treatment of adult patients with R/R MCL.
• Enrolled first subject in Phase 3 trial in combination with BRUKINSA as a fixed-duration regimen versus acalabrutinib plus venetoclax for the treatment of adult patients with TN CLL.

 

TEVIMBRA(tislelizumab)

 

• Presented full results in partnership with Jazz Pharmaceuticals and Zymeworks from the HERIZON-GEA-01 trial in combination with ZIIHERA (zanidatamab) and chemotherapy, demonstrating statistically significant and clinically meaningful improvement in overall survival versus trastuzumab plus chemotherapy for the first-line treatment of adult patients with HER2-positive gastroesophageal adenocarcinoma (GEA).

 

Select Clinical-Stage Programs

 

Hematology

 

• BGB-16673 (BTK chimeric degradation activation compound (CDAC)): Presented results at ASH from the Phase 1 CaDAnCe-101 trial for the treatment of adult patients with R/R CLL.

 

Breast and Gynecologic Cancers

 

• BG-75202 (KAT6A/B inhibitor): Initiated first in human study.
• BG-75908 (CDK2 CDAC): Initiated first in human study.

 

Lung Cancer

 

• BG-C0902 (EGFRxMETxMET antibody-drug conjugate): Initiated first in human study.

 

Gastrointestinal Cancers

 

• BGB-B2033 (GPC3x41BB bispecific antibody): Granted FDA Fast Track Designation for the treatment of adult patients with hepatocellular carcinoma who experience disease progression on or after post-systemic therapy.

 

Anticipated R&D Milestones

 

Programs	Milestones			Timing
BRUKINSA	•	Phase 3 MANGROVE trial interim analysis in combination with rituximab versus bendustamine plus rituximab for the treatment of adult patients with first-line MCL.		1H 2026
TEVIMBRA	•	Supplemental Biologics License Application submissions in U.S. and China for the treatment of adult patients with first-line HER2-positive GEA in combination with zanidatamab.		1H 2026
	•	Japan regulatory action for the treatment of adult patients with first-line gastric cancer.		2H 2026
Hematology	•	Sonrotoclax (BCL2 inhibitor):
		◦	FDA regulatory action on New Drug Application as monotherapy treatment of adult patients with R/R MCL.	1H 2026
		◦	Phase 3 trial initiation for the treatment of adult patients with R/R multiple myeloma t(11;14).	2H 2026
	•	BGB-16673 (BTK CDAC):
		◦	Phase 2 potential accelerated approval submission (if data support) for the treatment of adult patients with R/R CLL.	2H 2026
Breast/Gynecologic Cancers	•	BGB-43395 (CDK4 inhibitor):		1H 2026
		◦	Phase 3 trial initiation for the treatment of adult patients with first-line HR-positive, HER2-negative metastatic breast cancer.
Gastrointestinal Cancers	•	BGB-B2033 (GPC3x41BB bispecific antibody):		2H 2026
		◦	Potentially registrational Phase 2 trial initiation.
Inflammation and Immunology	•	BGB-45035 (IRAK4 CDAC):
		◦	Phase 1/2 trial data readout for the treatment of adult patients with rheumatoid arthritis.	2H 2026
	•	BGB-16673 (BTK CDAC):
		◦	Phase 1b trial data readout for the treatment of adult patients with moderate to severe chronic spontaneous urticaria.	1H 2026

 

BeOne’s Earnings Results Webcast

 

The Company’s earnings conference call for the fourth quarter and full year 2025 will be broadcast via webcast at 8:00 a.m. ET on Thursday, February 26, 2026, and will be accessible through the Investors section of BeOne’s website at www.beonemedicines.com. Supplemental information in the form of a slide presentation, transcript of prepared remarks, and a replay of the webcast will also be available.

 

About BeOne

 

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. The Company has a growing global team spanning six continents who are driven by scientific excellence and exceptional speed to reach more patients than ever before.

 

To learn more about BeOne, please visit www.beonemedicines.com and follow us on LinkedIn, X, Facebook and Instagram.

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding: potential commercialization of BeOne’s late-stage hematology assets; BeOne’s next phase of global growth; BeOne’s future revenue, gross margin percentage, operating expenses, operating income, other income or expense, income tax and diluted ADS outstanding; BeOne’s expectations regarding continued global expansion and investment to support growth; upcoming R&D milestones to be achieved by BeOne; the timing of clinical developments and data readouts; and BeOne’s plans, commitments, aspirations and goals under the caption “About BeOne.” 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 development 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 maintain profitability; and 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. All information in this press release is as of the date of this press release, and BeOne undertakes no duty to update such information unless required by law. BeOne’s financial guidance is based on estimates and assumptions that are subject to significant uncertainties.

 

Condensed Consolidated Statements of Operations (U.S. GAAP)
(Amounts in thousands of U.S. dollars, except for shares, American Depositary Shares (ADSs), per share and per ADS data)
	Fourth Quarter								Full Year
	2025				2024				2025				2024
	(unaudited)								(audited)
Revenue
Product revenue, net	$	1,476,442			$	1,118,035			$	5,282,061			$	3,779,546
Other revenue		21,728				9,789				60,972				30,695
Total revenues		1,498,170				1,127,824				5,343,033				3,810,241
Cost of sales – products		142,422				160,560				668,540				594,089
Gross profit		1,355,748				967,264				4,674,493				3,216,152
Operating expenses
Research and development		615,423				542,012				2,145,868				1,953,295
Selling, general and administrative		555,290				504,677				2,081,489				1,831,056
Total operating expenses		1,170,713				1,046,689				4,227,357				3,784,351
Income (loss) from operations		185,035				(79,425	)			447,136				(568,199	)
Interest income		26,770				14,707				70,505				69,641
Interest expense		(26,873	)			(6,899	)			(58,234	)			(21,805	)
Other expense, net		(35,691	)			(13,734	)			(42,553	)			(12,638	)
Income (loss) before income taxes		149,241				(85,351	)			416,854				(533,001	)
Income tax expense		82,739				66,530				129,921				111,785
Net income (loss)		66,502				(151,881	)			286,933				(644,786	)
Earnings (loss) per share
Basic	$	0.05			$	(0.11	)		$	0.20			$	(0.47	)
Diluted	$	0.04			$	(0.11	)		$	0.19			$	(0.47	)
Weighted-average shares outstanding—basic		1,439,485,461				1,381,378,234				1,417,803,727				1,368,746,793
Weighted-average shares outstanding—diluted		1,499,900,248				1,381,378,234				1,474,829,908				1,368,746,793
Earnings (loss) per American Depositary Share (“ADS”)
Basic	$	0.60			$	(1.43	)		$	2.63			$	(6.12	)
Diluted	$	0.58			$	(1.43	)		$	2.53			$	(6.12	)
Weighted-average ADSs outstanding—basic		110,729,651				106,259,864				109,061,825				105,288,215
Weighted-average ADSs outstanding—diluted		115,376,942				106,259,864				113,448,454				105,288,215

 

Select Condensed Consolidated Balance Sheet Data (U.S. GAAP)
(Amounts in thousands of U.S. Dollars)
	As of December 31,
	2025			2024
	(audited)
Assets:
Cash, cash equivalents and restricted cash	$	4,609,647		$	2,638,747
Accounts receivable, net		865,080			676,278
Inventories, net		608,227			494,986
Property, plant and equipment, net		1,641,678			1,578,423
Total assets	$	8,188,573		$	5,920,910
Liabilities and equity:
Accounts payable	$	479,035		$	404,997
Accrued expenses and other payables		1,109,120			803,713
Royalty financing liability		906,956			—
R&D cost share liability		64,345			165,440
Debt		1,019,206			1,018,013
Total liabilities		3,827,379			2,588,688
Total equity	$	4,361,194		$	3,332,222

Select Condensed Consolidated Statements of Cash Flows (U.S. GAAP)
(Amounts in thousands of U.S. Dollars)
		Fourth Quarter								Full Year
		2025				2024				2025				2024
		(unaudited)								(audited)
Cash, cash equivalents and restricted cash at beginning of period		$	4,110,542			$	2,713,428			$	2,638,747			$	3,185,984
Net cash provided by (used in) operating activities			417,347				75,160				1,127,580				(140,631	)
Net cash used in investing activities			(38,335	)			(93,605	)			(276,155	)			(548,350	)
Net cash provided by (used in) financing activities			96,931				(4,523	)			1,059,451				193,449
Net effect of foreign exchange rate changes			23,162				(51,713	)			60,024				(51,705	)
Net increase (decrease) in cash, cash equivalents and restricted cash			499,105				(74,681	)			1,970,900				(547,237	)
Cash, cash equivalents and restricted cash at end of period		$	4,609,647			$	2,638,747			$	4,609,647			$	2,638,747

 

Note Regarding Use of Non-GAAP Financial Measures

BeOne provides certain non-GAAP financial measures, including Adjusted Operating Expenses, Adjusted Operating Loss, Adjusted Net Income, Adjusted Earnings Per Share, Free Cash Flow and certain other non-GAAP income statement line items, each of which include adjustments to GAAP figures. These non-GAAP financial measures are intended to provide additional information on BeOne’s operating performance. Adjustments to BeOne’s 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 U.S. GAAP current tax expense. The Company currently records a valuation allowance on its net deferred tax assets, so there is no net impact recorded for deferred tax effects. BeOne maintains an established non-GAAP policy that guides the determination of what costs will be excluded in non-GAAP financial measures and the related protocols, controls and approval with respect to the use of such measures. BeOne believes that these non-GAAP financial measures, when considered together with the GAAP figures, can enhance an overall understanding of BeOne’s operating performance. The non-GAAP financial measures are included with the intent of providing investors with a more complete understanding of BeOne’s 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 BeOne’s performance. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. 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.

 

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Amounts in thousands of U.S. Dollars)
(unaudited)
		Fourth Quarter								Full Year
		2025				2024				2025				2024
Reconciliation of GAAP to adjusted cost of sales – products:
GAAP cost of sales – products		$	142,422			$	160,560			$	668,540			$	594,089
Less: Depreciation			3,474				18,089				13,669				42,707
Less: Amortization of intangibles			1,545				1,183				10,004				4,729
Less: Other			—				—				893				—
Adjusted cost of sales – products		$	137,403			$	141,288			$	643,974			$	546,653
Reconciliation of GAAP to adjusted research and development:
GAAP research and development		$	615,423			$	542,012			$	2,145,868			$	1,953,295
Less: Share-based compensation expenses			52,442				44,992				217,440				186,113
Less: Depreciation			18,158				22,146				72,449				98,814
Adjusted research and development		$	544,823			$	474,874			$	1,855,979			$	1,668,368
Reconciliation of GAAP to adjusted selling, general and administrative:
GAAP selling, general and administrative		$	555,290			$	504,677			$	2,081,489			$	1,831,056
Less: Share-based compensation expenses			71,015				62,790				292,807				255,680
Less: Depreciation			12,785				8,811				45,497				25,417
Less: Amortization of intangibles			22				17				67				95
Adjusted selling, general and administrative		$	471,468			$	433,059			$	1,743,118			$	1,549,864
Reconciliation of GAAP to adjusted operating expenses
GAAP operating expenses		$	1,170,713			$	1,046,689			$	4,227,357			$	3,784,351
Less: Share-based compensation expenses			123,457				107,782				510,247				441,793
Less: Depreciation			30,943				30,957				117,946				124,231
Less: Amortization of intangibles			22				17				67				95
Adjusted operating expenses		$	1,016,291			$	907,933			$	3,599,097			$	3,218,232
Reconciliation of GAAP to adjusted income (loss) from operations:
GAAP income (loss) from operations		$	185,035			$	(79,425	)		$	447,136			$	(568,199	)
Plus: Share-based compensation expenses			123,457				107,782				510,247				441,793
Plus: Depreciation			34,417				49,046				131,615				166,938
Plus: Amortization of intangibles			1,567				1,200				10,071				4,824
Plus: Other			—				—				893				—
Adjusted income (loss) from operations		$	344,476			$	78,603			$	1,099,962			$	45,356
Reconciliation of GAAP to adjusted net income (loss):
GAAP net income (loss)		$	66,502			$	(151,881	)		$	286,933			$	(644,786	)
Plus: Share-based compensation expenses			123,457				107,782				510,247				441,793
Plus: Depreciation			34,417				49,046				131,615				166,938
Plus: Amortization of intangibles			1,567				1,200				10,071				4,824
Plus: Other			—				—				893				—
Plus: Impairment of equity investments			41,410				6,838				75,626				6,838
Plus: Discrete tax items			34,441				15,232				24,778				18,597
Plus: Income tax effect of non-GAAP adjustments			(76,815	)			(12,116	)			(122,562	)			(49,123	)
Adjusted net income (loss)		$	224,979			$	16,101			$	917,601			$	(54,919	)
Reconciliation of GAAP to adjusted EPS – basic
GAAP earnings (loss) per share – basic		$	0.05			$	(0.11	)		$	0.20			$	(0.47	)
Plus: Share-based compensation expenses			0.09				0.08				0.36				0.32
Plus: Depreciation			0.02				0.04				0.09				0.12
Plus: Amortization of intangibles			0.00				0.00				0.01				0.00
Plus: Other			0.00				0.00				0.00				0.00
Plus: Impairment of equity investments			0.03				0.00				0.05				0.00
Plus: Discrete tax items			0.02				0.01				0.02				0.01
Plus: Income tax effect of non-GAAP adjustments			(0.05	)			(0.01	)			(0.09	)			(0.04	)
Adjusted earnings (loss) per share – basic		$	0.16			$	0.01			$	0.65			$	(0.04	)
Reconciliation of GAAP to adjusted EPS – diluted
GAAP earnings (loss) per share – diluted		$	0.04			$	(0.11	)		$	0.19			$	(0.47	)
Plus: Share-based compensation expenses			0.08				0.08				0.35				0.32
Plus: Depreciation			0.02				0.03				0.09				0.12
Plus: Amortization of intangibles			0.00				0.00				0.01				0.00
Plus: Other			0.00				0.00				0.00				0.00
Plus: Impairment of equity investments			0.03				0.00				0.05				0.00
Plus: Discrete tax items			0.02				0.01				0.02				0.01
Plus: Income tax effect of non-GAAP adjustments			(0.05	)			(0.01	)			(0.08	)			(0.04	)
Adjusted earnings (loss) per share – diluted		$	0.15			$	0.01			$	0.62			$	(0.04	)
Reconciliation of GAAP to adjusted earnings (loss) per ADS – basic
GAAP earnings (loss) per ADS – basic		$	0.60			$	(1.43	)		$	2.63			$	(6.12	)
Plus: Share-based compensation expenses			1.11				1.01				4.68				4.20
Plus: Depreciation			0.31				0.46				1.21				1.59
Plus: Amortization of intangibles			0.01				0.01				0.09				0.05
Plus: Other			0.00				0.00				0.01				0.00
Plus: Impairment of equity investments			0.37				0.06				0.69				0.06
Plus: Discrete tax items			0.31				0.14				0.23				0.18
Plus: Income tax effect of non-GAAP adjustments			(0.69	)			(0.11	)			(1.12	)			(0.47	)
Adjusted earnings (loss) per ADS – basic		$	2.03			$	0.15			$	8.41			$	(0.52	)
Reconciliation of GAAP to adjusted earnings (loss) per ADS – diluted
GAAP earnings (loss) per ADS – diluted1		$	0.58			$	(1.39	)		$	2.53			$	(6.12	)
Plus: Share-based compensation expenses			1.07				0.98				4.50				4.20
Plus: Depreciation			0.30				0.45				1.16				1.59
Plus: Amortization of intangibles			0.01				0.01				0.09				0.05
Plus: Other			0.00				0.00				0.01				0.00
Plus: Impairment of equity investments			0.36				0.06				0.67				0.06
Plus: Discrete tax items			0.30				0.14				0.22				0.18
Plus: Income tax effect of non-GAAP adjustments			(0.67	)			(0.11	)			(1.08	)			(0.47	)
Adjusted earnings (loss) per ADS – diluted		$	1.95			$	0.15			$	8.09			$	(0.52	)

 

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.

2. For the fourth quarter of 2024, GAAP diluted loss per ADS includes $0.04 loss per ADS attributable to the dilutive ADS outstanding 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.

		Fourth Quarter								Full Year
		2025				2024				2025				2024
Free Cash Flow (Non-GAAP)
Net cash provided by (used in) operating activities (GAAP)		$	417,347			$	75,160			$	1,127,580			$	(140,631	)
Less: Purchases of property, plant and equipment			(37,522	)			(92,480	)			(185,839	)			(492,663	)
Free Cash Flow (Non-GAAP)		$	379,825			$	(17,320	)		$	941,741			$	(633,294	)

Reconciliation of GAAP Operating Income Guidance to Non-GAAP
Operating Income Guidance for Full Year 2026
	(Unaudited)
GAAP Operating Income	700,000		—		800,000
Plus: Adjustments to arrive at Non-GAAP1	700,000		—		700,000
Non-GAAP Operating Income	1,400,000		—		1,500,000

1. The non-GAAP adjustments are based on best available information at this time related to non-cash items similar to those reported in our actual Non-GAAP results.

 

 

 

 

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