Financial Data and Key Metrics Changes - Revenue reached $1.3 billion in Q2 2025, representing a 42% year-on-year growth [5][17] - GAAP earnings per ADS grew by $2 compared to Q2 of the previous year [5] - Free cash flow generated in Q2 was $220 million, an increase of over $400 million year-on-year [5] - Gross margin improved to approximately 87% from 85% in the prior quarter [21] - Non-GAAP net income reached $253 million, reflecting an increase of $230 million compared to the previous year [23] Business Line Data and Key Metrics Changes - Brukinza global revenues were $950 million, growing 49% year-on-year, driven by strong performance across all geographies [17] - Tovembra reported a 22% increase in revenue, reflecting continued market leadership in China [19] - In-licensed products showed continued strength, growing 27% year-on-year [19] Market Data and Key Metrics Changes - The US market generated $685 million with a year-on-year growth of 43% [20] - China revenue totaled $429 million, a 23% increase [20] - Europe contributed $152 million with 87% year-on-year growth [20] - Rest of world markets grew by 168% driven by market expansions and new launches [20] Company Strategy and Development Direction - The company aims to maintain leadership in the hematology franchise and expand its solid tumor pipeline [6][15] - Plans to combine assets in multiple phase three trials to improve outcomes for CLL patients [15] - The company is focused on serial innovation in CLL and aims to build a deep pipeline across various disease areas [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term market leadership for Brukinza despite competitive pricing pressures [18] - The company anticipates stable pricing for the remainder of the year [46] - Future impacts from potential US tariffs are expected to be manageable within the context of the P&L [73] Other Important Information - The company is preparing for the initial global approval of Sonro and anticipates pivotal data for its BTK CDAC by 2026 [15] - The tablet formulation of Brukinza is expected to achieve a lower cost of goods and improve patient convenience [24] Q&A Session Summary Question: Update on Brukinza's US net pricing and inventory changes - Management anticipates stable pricing for the remainder of the year and has no significant inventory levels to comment on [46][47] Question: Reaction to Bruin CLL 314 data for PERTO versus IMBRUVICA - Management noted that the OR superiority was not formally tested and emphasized the importance of PFS data [48][49] Question: Delay in starting the second line phase three trial for CDK4 - Management stated that the delay is modest and aims to let data mature for better dose level selection [53] Question: Impact of US tariffs on gross margin - Management indicated that current guidance contemplates known tariffs and that impacts have been mitigated through supply chain strategies [73] Question: Specifics on access to Brukinza and revenue mix - Management confirmed that Brukinza continues to be listed on all Medicare Part D formularies and access is strong [99][100]

Financial Data and Key Metrics Changes - Revenue for Q2 reached $1.3 billion, representing a 42% year-on-year growth [4][16] - GAAP earnings per ADS increased by $2 compared to Q2 of the previous year [4] - Free cash flow generated in Q2 was $220 million, an increase of over $400 million compared to last year [4] Business Line Data and Key Metrics Changes - Brukinza's global revenues were $950 million, growing 49% year-on-year, driven by strong performance across all geographies [16] - Tovembra reported a 22% increase in revenue, reflecting continued market leadership in China [18] - In-licensed products grew 27% year-on-year, with the launch of zanadatumab in China [18] Market Data and Key Metrics Changes - The US market generated $685 million with a year-on-year growth of 43% [19] - China revenue totaled $429 million, a 23% increase [19] - Europe contributed $152 million with 87% year-on-year growth [19] - Rest of the world markets grew by 168% driven by market expansions and new launches [19] Company Strategy and Development Direction - The company aims to maintain leadership in the hematology franchise and expand its solid tumor pipeline [5][14] - Plans to run over 20 phase three trials and anticipate more than 10 proof of concept data readouts by 2026 [14] - Focus on serial innovation in CLL to address unmet patient needs across all lines of therapy [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term market leadership for Brukinza despite competitive pricing pressures [17] - The company is optimistic about the prospects for its pipeline and upcoming milestones [14][27] - Management noted that the current guidance reflects known factors, including potential impacts from US tariffs [72] Other Important Information - Gross margin improved to approximately 87% from 85% in the prior quarter, reflecting favorable product mix and production cost efficiencies [20] - Non-GAAP net income reached $253 million, reflecting an increase of $230 million compared to the previous year [22] Q&A Session Summary Question: Update on Brukinza's US net pricing expectations - Management anticipates stable pricing for the remainder of the year and no significant inventory changes [46] Question: Reaction to Bruin CLL 314 data - Management noted that the study did not formally test OR superiority, and emphasized the importance of PFS data [47][48] Question: CDK4 trial timeline - Management updated the timeline for the second line phase three trial to early 2026 to allow for data maturation [52] Question: Market dynamics for CELESTIAL trial - Management expressed optimism about the Xanin plus Sonro combination and its potential market impact [58] Question: Gross margin improvements - Management attributed gross margin improvements to production efficiencies and a favorable product mix [71] Question: Access to Brukinza - Management confirmed that the majority of patients have access to Brukinza, with a successful appeals process for new patients [96] Question: Revenue guidance drivers - Management indicated that the updated revenue guidance reflects confidence in execution across the portfolio [80]