BeOne Medicines Ltd. Earnings Per Share Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| $ | $ | $ | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income (loss) | 286,933 | (644,786) | (881,708) | ||||||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average shares outstanding—basic | 1,417,803,727 | 1,368,746,793 | 1,357,034,547 | ||||||||||||||
| Dilutive common shares equivalents | 57,026,181 | — | — | ||||||||||||||
| Weighted-average shares outstanding—diluted | 1,474,829,908 | 1,368,746,793 | 1,357,034,547 | ||||||||||||||
| Antidilutive common share equivalents excluded from above | 1,089,967 | — | — | ||||||||||||||
| Earnings (loss) per share: | |||||||||||||||||
| Basic | 0.20 | (0.47) | (0.65) | ||||||||||||||
| Diluted | 0.19 | (0.47) | (0.65) | ||||||||||||||
| Earnings (loss) per ADS: | |||||||||||||||||
| Basic | 2.63 | (6.12) | (8.45) | ||||||||||||||
| Diluted | 2.53 | (6.12) | (8.45) | ||||||||||||||
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.