BeOne Medicines Ltd. ONC

Healthcare SIC 2834 - Pharmaceutical Preparations NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Pharmaceutical Preparation Manufacturing derived Nasdaq

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").

Last close 377.63 2026-10-23
Market cap $42.94B 2026-06-30 share count
52-week range 253.95 - 388.66

ONC is a depositary receipt: one ONC stands for 13 shares of this company, per the cover page of its latest 10-K. The market cap and the multiples above are stated per receipt; the statements below, including EPS, are as filed and are per underlying share.

Valuation FY2025 figures against the last close

P/S8.0x
P/E152.9x
P/FCF45.6x
EV/EBITDA66.9x
Dividend yield—
Diluted EPS0.19

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.) 1.47B1.37B1.36B1.34B1.21B1.09B780.7M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -4B -2B 0 2B 4B 6B Revenue, FY2016: 1.1M Gross profit, FY2016: 1.1M Net income, FY2016: -119.2M Revenue, FY2017: 238.4M Gross profit, FY2017: 233.4M Net income, FY2017: -93.1M Revenue, FY2018: 198.2M Gross profit, FY2018: 169.5M Net income, FY2018: -673.8M Revenue, FY2019: 428.2M Gross profit, FY2019: 357M Net income, FY2019: -948.6M Revenue, FY2020: 308.9M Gross profit, FY2020: 238.2M Net income, FY2020: -1.6B Revenue, FY2021: 1.2B Gross profit, FY2021: 1B Net income, FY2021: -1.5B Revenue, FY2022: 1.4B Gross profit, FY2022: 1.1B Net income, FY2022: -2B Revenue, FY2023: 2.5B Gross profit, FY2023: 2.1B Net income, FY2023: -881.7M Revenue, FY2024: 3.8B Gross profit, FY2024: 3.2B Net income, FY2024: -644.8M Revenue, FY2025: 5.3B Gross profit, FY2025: 4.7B Net income, FY2025: 286.9M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.1M $238.4M $198.2M $428.2M $308.9M $1.18B $1.42B $2.46B $3.81B $5.34B
Gross profit $1.1M $233.4M $169.5M $357.0M $238.2M $1.01B $1.13B $2.08B $3.22B $4.67B
Net income -$119.2M -$93.1M -$673.8M -$948.6M -$1.62B -$1.46B -$2.00B -$881.7M -$644.8M $286.9M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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