BeOne Medicines Ltd.

Previous wording

Key highlights for the first quarter of 2026 are as follows:

Current wording

Key highlights for the second quarter of 2026 are as follows:

Previous wording

•First quarter 2026 total global revenues increased 35% to $1.5 billion versus first quarter 2025

Current wording

•Second quarter 2026 total global revenues increased 30% to $1.7 billion versus second quarter 2025

Previous wording

•Global BRUKINSA® (zanubrutinib) revenues increased 38% to $1.1 billion versus first quarter 2025

Current wording

•Global BRUKINSA® (zanubrutinib) revenues increased 31% to $1.2 billion versus second quarter 2025

Previous wording

•Diluted GAAP Earnings per American Depositary Share (“ADS”) of $1.96, non-GAAP diluted Earnings per ADS of $3.24

Current wording

•Diluted GAAP Earnings per American Depositary Share (“ADS”) of $2.05, non-GAAP diluted Earnings per ADS of $3.84.

Previous wording

The following table summarizes our results of operations for the three months ended March 31, 2026 and 2025:

Current wording

The following table summarizes our results of operations for the three and six months ended June 30, 2026 and 2025:

Previous wording

Total revenue increased to $1,513.4 million for the three months ended March 31, 2026, from $1,117.3 million for the three months ended March 31, 2025, due to increased sales of BRUKINSA, TEVIMBRA, as well as increased sales of in-licensed products from Amgen.

Current wording

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.

Previous wording

Net product revenue increased 34.2% to $1,487.3 million for the three months ended March 31, 2026, compared to $1,108.5 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 first quarter of 2026 were positively impacted by growth from in-licensed products from Amgen and TEVIMBRA.

Current wording

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.

Previous wording

Global sales of BRUKINSA totaled $1,094.8 million in the first quarter, representing a 38.3% increase compared to the prior-year period; U.S. sales of BRUKINSA totaled $761.1 million in the first quarter, compared to $563.2 million in the prior-year period, representing growth of 35.1%, driven primarily by robust demand growth 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 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 $182.4 million in the first quarter, compared to $115.9 million in the prior-year period, representing growth of 57.4%, driven by continued gains in market share across all major markets, including Germany, Italy, Spain, France and the UK. Foreign exchange contributed approximately 11% of the European growth given the Euro strengthening on a year-over-year basis. BRUKINSA sales in China totaled $94.0 million, representing growth of 15.9%. BRUKINSA rest of world revenue totaled $57.3 million in the first quarter, representing growth of 82.3% compared to the prior-year period.

Current wording

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.

Previous wording

Sales of TEVIMBRA totaled $206.2 million in the first quarter, compared to $171.2 million in the prior-year period, representing a 20.5% increase.

Current wording

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.

Previous wording

Revenue for Amgen products in China totaled $142.2 million in the first quarter, compared to $114.1 million in the prior-year period, representing a 24.6% increase, driven primarily by increased XGEVA® sales volume.

Current wording

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.

Previous wording

Other revenue totaled $26.1 million and $8.7 million for the three months ended March 31, 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.

Current wording

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.

Previous wording

Gross margin as a percentage of product sales increased to 88.8% for the three months ended March 31, 2026, from 85.1% 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 89.2%, from 85.5% in the comparable period of the prior year.

Current wording

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.

Previous wording

Research and development expense increased by $59.3 million, or 12.3%, to $541.2 million for the three months ended March 31, 2026 from $481.9 million for the three months ended March 31, 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 March 31, 2026 and 2025, respectively:

Current wording

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:

Previous wording

Our co-funding obligation for the development of the pipeline assets under the Amgen collaboration for the three months ended March 31, 2026 totaled $58.0 million, of which $29.4 million was recorded as R&D expense. The remaining $28.6 million was recorded as a reduction for the R&D cost share liability.

Current wording

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.

Previous wording

External research and development expenses decreased slightly in the first quarter of 2026 compared to the same period in 2025. This was primarily driven by the timing of comparator drug purchases, lower spend for maturing BRUKINSA studies, and the wind-down of the ociperlimab program. These decreases were partially offset by increased investment in the continued advancement of several programs across the pipeline, including BTK CDAC, CDK4, and PRMT5, higher Amgen co-development expenses, and higher development upfront and milestone fees.

Current wording

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.

Previous wording

Internal research and development expense increased by $62.6 million, or 21.5%, to $353.7 million for the three months ended March 31, 2026, from $291.1 million for the three months ended March 31, 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.

Current wording

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.

Previous wording

Selling, general and administrative expense increased by $95.8 million, or 20.9%, to $555.1 million for the three months ended March 31, 2026, from $459.3 million for the three months ended March 31, 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 37.3% in the first quarter of 2026 compared to 41.4% in the prior-year period.

Current wording

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.

Previous wording

Interest income increased by $14.8 million, or 115.3%, to $27.7 million for the three months ended March 31, 2026, from $12.9 million for three months ended March 31, 2025. The increase in interest income was primarily attributable to a higher cash and cash equivalents balance.

Current wording

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.

Previous wording

Interest expense increased by $25.9 million, or 369.7%, to $32.9 million for the three months ended March 31, 2026, from $7.0 million for three months ended March 31, 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.

Current wording

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.

Previous wording

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, income tax expense should trend with earnings per historical relationship.

Current wording

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.

Previous wording

As of March 31, 2026, the Company had gross unrecognized tax benefits of $28.5 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 audit resolutions, including Italy, China and Spain, for the tax years 2020 through 2024, 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. Accordingly, potential future settlements could be material, principally in China. The Company’s reserve for uncertain tax positions increased by $0.7 million in the three months ended March 31, 2026, primarily due to U.S. federal and state tax credits and incentives.

Current wording

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.

Previous wording

GAAP net income improved for the first quarter of 2026, as compared to the prior-year period, primarily attributable to revenue growth and improved operating leverage.

Current wording

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.

Previous wording

For the first quarter of 2026, basic and diluted earnings per share was $0.16 and $0.15 per share and $2.05 and $1.96 per American Depositary Share (“ADS”), respectively, compared to $0.00 per share and $0.01 per ADS in the prior-year period.

Current wording

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.

Previous wording

Other income, net was $14.5 million for the three months ended March 31, 2026, primarily due to government subsidy income. For the three months ended March 31, 2025, other income, net was $4.0 million, primarily due to foreign exchange gains and government subsidy income, partially offset by unrealized losses on our equity investments.

Current wording

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.

Previous wording

As of March 31, 2026, we had $312 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.

Current wording

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.

Previous wording

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 three months ended March 31, 2026, we paid to Royalty Pharma an aggregate of $17 million, of which $14 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 $18 million of interest expense was accrued as of March 31, 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 March 31, 2026.

Current wording

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.

Previous wording

The following table provides information regarding our cash and cash equivalents, cash flows and unused borrowing capacity available for the three months ended March 31, 2026 and 2025:

Current wording

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:

Previous wording

Cash provided by operating activities improved $157.3 million in the three months ended March 31, 2026, versus the prior year period due to our significantly improved gross margins in the current year period, 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.

Current wording

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.

Previous wording

Investing activities used $45.5 million of cash in the three months ended March 31, 2026, compared to $121.9 million in the prior year period due primarily to a decrease in capital expenditures and acquired in-process research and development and regulatory milestone payments.

Current wording

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.

Previous wording

Financing activities provided $68.6 million of cash in the three months ended March 31, 2026, compared to $33.8 million used 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.

Current wording

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.

Previous wording

We expect to repay approximately $119.4 million of outstanding bank loans in the next 12 months.

Current wording

We expect to repay approximately $201.1 million of outstanding bank loans in the next 12 months.

Previous wording

In the three months ended March 31, 2026, we incurred realized losses on cash of $3.4 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.

Current wording

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.

Previous wording

As of March 31, 2026, non-cancellable purchase commitments amounted to $186.4 million, of which $22.5 million related to non-utilization fees and minimum purchase requirements for supply purchased from contract manufacturers and $163.9 million related to binding purchase order obligations of inventory from Amgen. We do not have any minimum purchase requirements for inventory from Amgen.

Current wording

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.

Previous wording

Total debt obligations coming due in the next twelve months are $119.4 million. Total long-term debt obligations are $978.8 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 March 31, 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.

Current wording

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.

Previous wording

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 March 31, 2026, our remaining co-development funding commitment was $72.3 million.

Current wording

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.

Previous wording

Funding commitments represent our committed capital related to equity investments. As of March 31, 2026, our remaining capital commitment was $4.4 million and is expected to be paid from time to time over the investment period.

Current wording

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.

Previous wording

We had capital commitments amounting to $22.9 million for the acquisition of property, plant and equipment as of March 31, 2026, related to various facilities across the globe.

Current wording

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.

Previous wording

There have been no material changes to our critical accounting policies as of and for the three months ended March 31, 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.

Current wording

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.

Previous wording

For new accounting policies adopted during the three months ended March 31, 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.

Current wording

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.