BeOne Medicines Ltd. ONC
We are a leading global oncology company discovering and developing innovative treatments that are more accessible to cancer patients worldwide. In 2025, we generated total global revenue of approximately $5.3 billion, increasing revenue by approximately 40.2% from the prior year, while achieving net income of $286.9 million, net cash provided by operating activities of $1.1 billion and positive free cash flow of $941.7 million.
We are serial innovators in hematology and have built a differentiated, wholly-owned, and foundational franchise. We are the only company with potentially best-in-class assets across three foundational chronic lymphocytic leukemia ("CLL") mechanisms of action ("MoAs"). This includes BRUKINSA®, a proven best-in-class Bruton's tyrosine kinase ("BTK") inhibitor, sonrotoclax, a next-generation and potentially best-in-class B-cell lymphoma 2 ("BCL2") inhibitor that received its first global regulatory approval in December 2025, and our potentially first-in-class and best-in-class BTK chimeric degradation activation compound ("BTK-CDAC").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.34B | $3.81B | $2.46B | $1.42B | $1.18B | $308.9M | $428.2M | $198.2M | $238.4M | $1.1M |
| Cost of revenue | — | — | — | $286.5M | $164.9M | $70.7M | $71.2M | $28.7M | $5.0M | $0 |
| Gross profit | $4.67B | $3.22B | $2.08B | $1.13B | $1.01B | $238.2M | $357.0M | $169.5M | $233.4M | $1.1M |
| R&D | $2.15B | $1.95B | $1.78B | $1.64B | $1.46B | $1.29B | $927.3M | $679.0M | $269.0M | $98.0M |
| SG&A | $2.08B | $1.83B | $1.51B | $1.28B | $990.1M | $600.2M | $388.2M | $195.4M | $62.6M | $20.1M |
| Total operating expenses | $4.23B | $3.78B | $3.29B | $2.92B | $2.45B | $1.97B | $1.39B | $904.0M | $336.8M | $118.1M |
| Operating income | $447.1M | -$568.2M | -$1.21B | -$1.79B | -$1.44B | -$1.66B | -$959.9M | -$705.8M | -$98.5M | -$117.1M |
| Interest expense | $58.2M | $21.8M | $4.4M | $52.5M | $15.8M | $2.0M | $9.1M | $13.9M | $4.1M | $383.0K |
| Pre-tax income | $416.9M | -$533.0M | -$825.8M | -$1.96B | -$1.44B | -$1.62B | -$943.6M | -$689.8M | -$91.1M | -$119.2M |
| Income tax | $129.9M | $111.8M | $55.9M | $42.8M | $19.2M | $10.4M | $7.0M | $15.8M | $2.2M | $54.0K |
| Net income | $286.9M | -$644.8M | -$881.7M | -$2.00B | -$1.46B | -$1.62B | -$948.6M | -$673.8M | -$93.1M | -$119.2M |
| EPS, basic | 0.20 | -0.47 | -0.65 | -1.49 | -1.21 | -1.50 | -1.22 | — | — | — |
| EPS, diluted | 0.19 | -0.47 | -0.65 | -1.49 | -1.21 | -1.50 | -1.22 | -0.93 | -0.17 | -0.30 |
| Shares, diluted (wtd. avg.) | $1.47B | $1.37B | $1.36B | $1.34B | $1.21B | $1.09B | $780.7M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.55B | $2.63B | $3.17B | $3.88B | $4.38B | $1.39B | $620.8M | $740.7M | $239.6M | $87.5M |
| Short-term investments | — | — | $2.6M | $665.3M | $2.24B | $3.27B | $364.7M | $1.07B | $597.9M | $280.7M |
| Receivables | $865.1M | $676.3M | $358.0M | $173.2M | $483.1M | $60.4M | $70.9M | $41.1M | $29.4M | — |
| Inventory | $608.2M | $495.0M | $416.1M | $282.3M | $242.6M | $89.3M | $28.6M | $16.2M | $10.9M | — |
| Total current assets | $6.23B | $3.99B | $4.20B | $5.21B | $7.61B | $4.96B | $1.17B | $1.94B | $913.5M | $374.4M |
| Property, plant and equipment | $1.64B | $1.58B | $1.32B | $845.9M | $587.6M | $357.7M | $242.4M | $157.1M | $62.6M | $26.0M |
| Goodwill | — | — | — | $109.0K | $109.0K | $109.0K | $109.0K | $109.0K | $109.0K | — |
| Other intangibles | $62.7M | $51.1M | $57.1M | $40.6M | $46.7M | $5.0M | $5.8M | $7.2M | $7.2M | — |
| Total assets | $8.19B | $5.92B | $5.81B | $6.38B | $8.54B | $5.60B | $1.61B | $2.25B | $1.05B | $405.8M |
| Accounts payable | $479.0M | $405.0M | $315.1M | $294.8M | $262.4M | $232.0M | $122.5M | $113.3M | $69.8M | $12.0M |
| Short-term debt | $57.3M | $851.5M | $688.4M | $329.0M | $427.6M | $335.0M | $0 | $8.7M | $9.2M | — |
| Total current liabilities | $1.83B | $2.21B | $1.81B | $1.47B | $1.60B | $1.08B | $310.3M | $246.5M | $150.0M | $35.1M |
| Long-term debt | $961.9M | $166.5M | $197.6M | $209.1M | $202.1M | $183.6M | $83.3M | $40.8M | $9.2M | $17.3M |
| Total liabilities | $3.83B | $2.59B | $2.27B | $2.00B | $2.40B | $1.73B | $633.9M | $496.0M | $362.2M | $52.9M |
| Retained earnings | -$8.32B | -$8.61B | -$7.96B | -$7.08B | -$5.08B | -$3.55B | -$1.96B | -$1.01B | -$330.5M | -$237.4M |
| Total equity | $4.36B | $3.33B | $3.54B | $4.38B | $6.13B | $3.80B | $940.5M | $1.75B | $684.2M | $352.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.13B | -$140.6M | -$1.16B | -$1.50B | -$1.30B | -$1.28B | -$750.3M | -$547.7M | $12.8M | -$89.5M |
| Depreciation and amortisation | $141.7M | $171.8M | $87.7M | $66.3M | $46.5M | $31.8M | $18.6M | $10.4M | $4.8M | $1.9M |
| Stock-based compensation | $510.9M | $441.6M | $367.6M | $303.2M | $240.7M | $183.5M | $134.2M | $87.1M | $42.9M | $10.6M |
| Capital expenditure | $185.8M | $492.7M | $561.9M | $325.4M | $262.9M | $117.5M | $89.6M | $70.3M | $46.4M | $23.5M |
| Investing cash flow | -$276.2M | -$548.4M | $60.0M | $1.08B | $640.7M | -$3.17B | $554.2M | -$637.6M | -$356.3M | -$221.8M |
| Financing cash flow | $1.06B | $193.4M | $416.5M | -$19.0M | $3.64B | $5.20B | $85.7M | $1.69B | $490.4M | $380.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-049655.
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