October 2025 Corporate Presentation Disclaimer This presentation (including any oral commentary that accompanies this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the planned completion of the transactions contemplated by the transaction ...

Financial Data and Key Metrics Changes - The company reported third quarter product sales of $7.3 billion, a 4% increase year over year and a 2% increase sequentially, driven by strength across the HIV portfolio, offset by lower oncology revenue [11][42] - Non-GAAP EPS grew 22% year over year, with a 10% increase excluding a $0.25 benefit from a non-recurring accounting item [5][43] - The company raised its full-year HIV revenue growth expectations to approximately 5%, up from 3% previously, despite a $900 million headwind from Medicare Part D redesign [5][46] Business Line Data and Key Metrics Changes - HIV sales reached $5.3 billion, representing a 4% growth year over year, primarily driven by higher demand and favorable inventory dynamics [12] - Biktarvy sales were $3.7 billion, up 6% year over year, achieving a record market share of approximately 52% in the U.S. [12][13] - Descovy sales increased to $701 million, a 20% year over year growth, with a record market share of over 45% for PrEP [14][15] - Libdelzi contributed to 12% year over year growth in the liver portfolio, exceeding $100 million in quarterly sales for the first time [7][20] Market Data and Key Metrics Changes - The PrEP market grew approximately 14% year over year, with Yes2Go achieving $39 million in third quarter sales and $54 million since its launch [15][18] - The company achieved 75% payer coverage for Yes2Go nearly three months ahead of target, setting a strong foundation for continued growth [6][18] Company Strategy and Development Direction - The company is focused on expanding its HIV portfolio and pipeline, with upcoming updates on next-generation HIV treatments expected before the end of the year [6][9] - The company plans to launch Trodelvy for first-line metastatic triple-negative breast cancer in 2026, following positive clinical trial results [8][34] - The company is actively seeking additional business development opportunities across liver disease and oncology [70][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the HIV business, citing strong product leadership and an innovative pipeline [6][9] - The company anticipates continued growth driven by strong demand for Biktarvy and Descovy, despite challenges from Medicare Part D redesign [62][64] - Management highlighted the importance of access and reimbursement logistics for Yes2Go, indicating a gradual ramp-up in sales as practices integrate new coverage [76][90] Other Important Information - The company reported a third quarter operating margin of 50%, reflecting disciplined operating expense management [43] - The company returned $1.4 billion to shareholders in the third quarter, including $435 million in share repurchases [49] Q&A Session Summary Question: Insights on Yes2Go patient demographics and demand drivers - Management noted that Yes2Go is attracting a balanced mix of patients switching from existing therapies and new patients, with expectations for continued growth as market awareness increases [52][53] Question: Clarification on Yes2Go sales figures - Management provided context on the $39 million sales figure, indicating that it reflects true demand rather than inventory stocking, with a focus on achieving 75% coverage ahead of schedule [56][57] Question: Discussion on HIV treatment growth despite Medicare Part D impact - Management confirmed that strong growth in the HIV segment is driven by both treatment and prevention, with Biktarvy and Descovy leading the way [62][64] Question: Update on inventory impact for Yes2Go and CVS pricing discussions - Management clarified that there was no significant inventory buy-in during Q3, and discussions with CVS and other payers are ongoing to secure access [66][67] Question: Appetite for additional business development in liver-focused indications - Management expressed interest in pursuing additional late-stage assets in liver disease and other strategic areas, emphasizing a disciplined approach to business development [70][72]

Financial Performance - Total product sales excluding Veklury increased by 4% year-over-year to $7.1 billion[8], driven by the strength of the HIV portfolio[8] - Total HIV product sales also increased by 4% year-over-year[8], with Biktarvy up by 6%[8] and Descovy up by 20%[8], and Yeztugo sales of $39 million[8] - Non-GAAP diluted EPS was $2.47, or $2.22 excluding non-recurring revenue[8] - Livdelzi sales grew 35% quarter-over-quarter to $105 million[61] - Veklury sales decreased by 60% year-over-year due to fewer COVID-19 related hospitalizations[60], resulting in $400 million lower sales[60] Product and Pipeline Updates - Yeztugo achieved 75% payer access in the U S [8], with a target of 90% by the end of Q226[8] - The European Commission approved Yeytuo, a twice-yearly injection for HIV prevention[8] - Trodelvy sales increased by 7% year-over-year[8], driven by higher demand[34] - Cell Therapy sales decreased by 11% year-over-year[8] due to competitive headwinds[37] - The company expects HIV business to grow approximately 5% year-over-year, revised from a prior guidance of approximately 3%[17]

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Company Overview - BeOne Medicines Ltd. is a global oncology company based in Switzerland, focused on discovering and developing innovative cancer treatments that are more accessible to patients worldwide [2] - The company has a diverse pipeline of novel therapeutics targeting both hematology and solid tumors, supported by internal capabilities and collaborations [2] - BeOne has a workforce of over 11,000 employees across six continents, emphasizing its commitment to improving access to medicines for cancer patients [2] Upcoming Events - BeOne Medicines will participate in two investor conferences: the Guggenheim Second Annual Healthcare Innovation Conference on November 10, 2025, and the Jefferies Global Healthcare Conference in London on November 17, 2025 [5] - Live webcasts of these events will be available on the company's investor relations website, with archived replays accessible afterward [1][5] Financial Information - BeOne Medicines is scheduled to announce its third quarter 2025 financial results on November 6, 2025, before the financial markets open [8] - Following the financial results release, the company will host a live webcast with management at 8:00 a.m. ET [8] Recent Developments - BeOne presented new data on its PD-1 inhibitor, TEVIMBRA, at the European Society of Medical Oncology 2025 Congress, showcasing benefits from two pivotal Phase 3 trials [9][10] - The U.S. FDA granted Breakthrough Therapy Designation for sonrotoclax, a next-generation BCL2 inhibitor, for treating adult patients with relapsed or refractory mantle cell lymphoma [11]

Core Insights - Zai Lab is conducting a 2025 Triple Meeting Investor Call to discuss its global asset portfolio and clinical data updates [1][2] - The agenda includes an overview of the global asset portfolio, detailed presentation of updated clinical data for Zoci, and future steps for the program [3] Company Overview - Zai Lab focuses on oncology and immunology as its two core areas for global development [4] - The company is highlighting its growing global innovation pipeline, particularly emphasizing Zoci as a potential first and best-in-class DLL3 targeted therapy [4]

Core Insights - Pfizer (PFE) and Bristol Myers (BMY) hold a dominant position in the oncology market, which is expected to grow due to an increase in cancer patients globally [1][2] - Oncology sales represent approximately 25% of Pfizer's total revenues, while Bristol Myers focuses on developing transformational medicines in this area [2][3] Pfizer Overview - Pfizer has a diverse oncology product portfolio targeting various cancers through small molecules, antibody-drug conjugates (ADCs), and immune-oncology biologics [4] - Key approved drugs include Ibrance, Xtandi, and Padcev, with Ibrance being a significant revenue generator [5] - The acquisition of Seagen in December 2023 enhanced Pfizer's oncology portfolio by adding four ADCs, which is expected to boost sales in 2024 and the first half of 2025 [6] - Pfizer is also advancing oncology biosimilars and has a robust pipeline with expectations of eight or more blockbuster oncology medicines by 2030 [8] Bristol Myers Overview - Bristol Myers is focused on immuno-oncology (IO) and has a strong portfolio including the blockbuster drug Opdivo, which has received new approvals to extend its reach [10][11] - Recent acquisitions, including Mirati and RayzeBio, have strengthened its oncology pipeline, with new drugs like Krazati and Augtyro [12][14] - The company is also collaborating with BioNTech for the development of bispecific antibodies across various solid tumor types [16] Financial Estimates - The Zacks Consensus Estimate for Pfizer's 2025 sales indicates a slight decline of 0.36%, while earnings per share (EPS) are expected to decrease by 1.29% [17] - In contrast, Bristol Myers' 2025 sales are projected to decrease by 1.97%, but EPS is expected to increase significantly by 455.65% due to low figures in 2024 [19] Price Performance and Valuation - Pfizer's shares have declined by 2%, while Bristol Myers has seen a larger drop of 18.7%, against a 7.9% gain in the large-cap pharma industry [21] - In terms of valuation, Pfizer trades at a forward P/E ratio of 7.88, slightly higher than Bristol Myers' 7.19 [22] - Both companies offer attractive dividend yields, with Pfizer at 6.97% and Bristol Myers at 5.66% [23] Investment Outlook - Despite Pfizer's strong portfolio, it faces challenges such as declining COVID-19 product sales and patent expirations, leading to a Zacks Rank of 4 (Sell) [24] - Bristol Myers is seen as a better investment option currently due to its growth prospects and strategic acquisitions, holding a Zacks Rank of 3 (Hold) [25][26]

Core Insights - Eli Lilly (LLY) is a market leader in the GLP-1 segment with its tirzepatide medicines Mounjaro and Zepbound, while also generating significant revenue from its oncology franchise, which accounted for over 15% of its first-half 2025 revenues, growing approximately 10% year over year [1] Oncology Sales Performance - The oncology unit's sales for Q3 2025 are estimated at $2.58 billion, reflecting over 15% year-over-year growth, primarily driven by the blockbuster breast cancer drug Verzenio, which saw increased demand and higher prices, despite currency headwinds and competitive pressures [2][9] - Sales from RET inhibitor Retevmo and lymphoma drug Jaypirca are expected to positively contribute to growth, although this may be partially offset by declining sales of older drugs like Alimta and Cyramza due to competition from immuno-oncology agents [3] New Drug Launch - Eli Lilly received FDA approval for its new breast cancer drug Inluriyo in late September, but the launch is expected to occur in the coming weeks, meaning no sales contribution from this drug in Q3 [4] Market Dynamics - Attention is shifting towards Lilly's oncology unit, which is demonstrating consistent double-digit growth, potentially reassuring investors that the company's earnings are not solely reliant on the obesity segment ahead of Q3 results on October 30 [5] Competitive Landscape - Major competitors in the oncology space include AstraZeneca, Merck, and Pfizer, with AstraZeneca's oncology sales accounting for nearly 43% of total revenues and growing 11% in the first half of 2025, driven by drugs like Tagrisso and Lynparza [6] - Merck's Keytruda accounted for over 48% of its total revenues in the first half of 2025, while Pfizer's oncology revenues grew 9% operationally, driven by drugs like Xtandi and Lorbrena [7] Valuation and Estimates - Eli Lilly's shares are currently trading at a price/earnings (P/E) ratio of 27.99, which is higher than the industry average of 15.56 but below its five-year mean of 34.54 [10] - EPS estimates for 2025 have decreased from $23.15 to $22.86, and for 2026 from $30.82 to $30.78 over the past 30 days [12]

Radiation Therapy Advancements - Radiation therapy is rapidly evolving, surpassing common perceptions [4] - The field has progressed from two-dimensional to three-dimensional and intensity-modulated radiation therapy (IMRT), enhancing precision [17] - Online adaptive radiotherapy integrates artificial intelligence to adjust treatment plans daily, accommodating tumor movement and changes [18][20] Treatment Methodology - Radiation therapy targets cancer cell DNA, causing breaks that cancer cells struggle to repair compared to healthy cells [5][6] - Three-dimensional radiotherapy involves immobilization, simulation scans, target delineation, and treatment planning by physicists [13][16] - Online adaptive therapy involves daily CT scans and plan re-optimization, allowing for personalized treatment adjustments [21][22] Clinical Impact - Online adaptive therapy has shown success in treating rare and recurrent cancers, such as adenoid cystic carcinoma, with improved accuracy and reduced side effects [23][24] - A specific case highlights a patient with recurrent adenoid cystic carcinoma in the trachea who remained disease-free for over a year and a half with no side effects after online adaptive therapy [24] Holistic Approach - Being a radiation oncologist involves combining scientific expertise with empathy and human connection [25][26] - The treatment process emphasizes active listening, patient support, and a collaborative team approach to improve patient outcomes [26][28] - Radiation therapy offers a less harsh alternative to surgery and chemotherapy, working quietly and powerfully [28][29]

Core Insights - AbbVie has developed a significant oncology franchise, expanding from blood cancer drugs to include therapies for solid tumors, totaling five oncology products [1] - The oncology segment contributed over 11% to AbbVie's revenues in the first half of 2025, with a year-over-year growth of 5% [2] - Third-quarter 2025 oncology sales are estimated at $1.71 billion, reflecting nearly 2% growth year-over-year, despite declining sales of Imbruvica due to competition [3] AbbVie's Oncology Performance - AbbVie's oncology sales are projected to reach $1.71 billion in Q3 2025, with contributions from Venclexta, Epkinly, and Elahere, while Imbruvica continues to face challenges [7] - The recent approval of Emrelis for lung cancer is expected to provide modest revenue contributions in the upcoming quarter [3][7] Competitive Landscape - Major competitors in the oncology market include AstraZeneca, Merck, and Pfizer, with AstraZeneca's oncology sales accounting for nearly 43% of its total revenues, growing 11% in the first half of 2025 [5] - Merck's Keytruda, a PD-L1 inhibitor, represented over 48% of its total revenues in the first half of 2025, highlighting its significance in the oncology space [6] - Pfizer's oncology revenues grew 9% operationally in the first half of 2025, driven by several key drugs, now making up over 25% of its total revenues [6]