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Friday 6 November 2026
Export ONC’s income statement to Excel — free account
BeOne Medicines Ltd. - Sponsored ADR
BeOne Medicines Ltd. - Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $5.3 billion, up 40.2% from fiscal 2024.
- Revenue
- +33.8%
- EPS
- +143.7%
- Free cash flow
- +33.6%
- Total debt
- +491.3%
Quarter to September 2026, against a year earlier
406.00
18.75
+4.84%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1 | 238 | 198 | 428 | 309 | 1,176 | 1,416 | 2,459 | 3,810 | 5,343 | 6,606 | +157.6% | 6,762 | 7,770 | 8,788 | +18.0% | |
| Gross margin, % | 100.00 | 97.91 | 85.52 | 83.38 | 77.12 | 85.98 | 79.77 | 84.55 | 84.41 | 87.49 | 89.39 | (12.5) pt | ||||||
| EBT | (119) | (91) | (690) | (944) | (1,618) | (1,439) | (1,961) | (826) | (533) | 417 | 1,131 | n/m | ||||||
| EBT margin, % | (11,136.73) | (38.20) | (348.01) | (220.35) | (523.90) | (122.30) | (138.50) | (33.59) | (13.99) | 7.80 | 17.12 | +11,144.5 pt | ||||||
| Net income | (119) | (93) | (674) | (951) | (1,601) | (1,458) | (2,004) | (882) | (645) | 287 | 916 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.03 | 5.71 | 3.58 | 7.13 | 3.70 | 12.68 | 13.73 | 23.55 | 36.19 | 48.99 | 0.00 | +124.0% | |||||
| Earnings | (3.84) | (2.23) | (12.15) | (15.80) | (19.13) | (15.23) | (19.43) | (8.45) | (6.12) | 2.63 | 5.90 | n/m | ||||||
| Cash flow | (2.88) | 0.31 | (9.88) | (12.49) | (15.38) | (14.00) | (14.51) | (11.09) | (1.34) | 10.34 | 0.00 | n/m | ||||||
| Capex | (0.76) | (1.41) | (1.97) | (1.49) | (1.41) | (3.30) | (3.16) | (5.57) | (4.72) | (1.89) | 0.00 | +10.7% | ||||||
| Free cash flow | (3.64) | (1.10) | (11.85) | (13.99) | (16.78) | (17.30) | (17.67) | (16.66) | (6.06) | 8.45 | 0.00 | n/m | ||||||
| Book value | 11.37 | 16.38 | 31.63 | 16.29 | 46.35 | 66.09 | 42.50 | 33.89 | 31.65 | 39.99 | 0.00 | +15.0% | ||||||
| Shares, m | 31 | 42 | 55 | 60 | 83 | 93 | 103 | 104 | 105 | 109 | 110 | +15.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 116.40 | 65.91 | 11.6 | |||||
| P/S | 167.75 | 17.64 | 39.23 | 23.25 | 69.83 | 21.37 | 16.51 | 7.51 | 5.10 | 6.20 | 6.57 | 37.4 | ||||||
| P/B | 2.73 | 6.16 | 4.43 | 10.17 | 5.57 | 4.10 | 5.33 | 5.22 | 5.84 | 7.60 | 7.45 | 5.7 | ||||||
| EV/Sales | 106.69 | 14.82 | 31.17 | 21.54 | 56.50 | 16.30 | 13.68 | 6.44 | 4.54 | 5.59 | 5.87 | 27.7 | ||||||
| EV/FCF | (5.43) | (76.98) | (9.40) | (10.97) | (12.45) | (11.94) | (10.38) | (8.92) | (27.14) | 32.41 | 27.12 | (14.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (90) | 13 | (548) | (750) | (1,283) | (1,299) | (1,497) | (1,157) | (141) | 1,128 | 1,590 | n/m | |||||
| Capex | (23) | (59) | (109) | (90) | (118) | (306) | (325) | (581) | (497) | (206) | (141) | +27.3% | ||||||
| Free cash flow | (113) | (46) | (657) | (840) | (1,401) | (1,605) | (1,822) | (1,739) | (638) | 922 | 1,449 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 339 | 764 | 1,697 | 862 | 3,885 | 6,014 | 3,739 | 2,393 | 1,777 | 4,405 | 5,697 | +33.0% | |||||
| Net debt | (351) | (673) | (1,598) | (732) | (4,118) | (5,967) | (3,997) | (2,974) | (2,461) | (3,586) | (4,956) | +29.5% | ||||||
| Shareholders’ equity | 353 | 684 | 1,754 | 978 | 3,869 | 6,133 | 4,383 | 3,537 | 3,332 | 4,361 | 5,820 | +32.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (45.63) | (12.82) | (40.88) | (49.13) | (44.28) | (20.63) | (26.87) | (14.47) | (11.00) | 4.07 | 10.46 | +49.7 pt | |||||
| ROIC | (3,627.29) | (538.37) | (282.66) | (243.08) | 0.00 | (541.89) | (289.43) | (134.04) | (40.76) | 36.03 | 85.21 | +3,663.3 pt | ||||||
| ROE | (94.94) | (17.95) | (55.28) | (69.45) | (65.88) | (29.15) | (38.11) | (22.26) | (18.77) | 7.46 | 18.40 | +102.4 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 322 | 900 | 2,070 | 3,500 | 5,300 | 8,200 | 9,200 | 10,600 | 11,000 | 12,000 | — | +49.5% | |||||
| Revenue/emp, $m | 0.00 | 0.26 | 0.10 | 0.12 | 0.06 | 0.14 | 0.15 | 0.23 | 0.35 | 0.45 | — | +72.3% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Product revenue, net | 5,282 | 98.86% |
|---|---|---|
| Other Revenue | 61 | 1.14% |
| Gross margin | 87.49% | |
| Operating margin | 8.37% | |
| Pre-tax margin | 7.80% |
BeOne Medicines Ltd. - Sponsored ADR vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ARGX argenex SE | $56.3B | 29.8× | 30.1× | +52.13% (above 0%: growing) | +43.85% (above 0%: growing) | +537.51% (above 0%: growing) | 90.58% | 27.70% | Compare |
| ONC BeOne Medicines Ltd. - Sponsored ADR | $40.4B | 65.9× | 48.8× | +33.81% (above 0%: growing) | +143.68% (above 0%: growing) | +33.59% (above 0%: growing) | 88.52% | 22.15% | |
| RPRX Royalty Pharma PLC | $39.0B | 44.8× | 27.3× | +13.26% (above 0%: growing) | −51.52% (below 0%: shrinking) | +364.63% (above 0%: growing) | 100.00% | 59.53% | Compare |
| RVMD Revolution Medicines, Inc. | $38.1B | — (loss-making) | — (loss-making) | +1,188.71% (above 0%: growing) | n/m | −99.06% (below 0%: shrinking) | 100.00% | (188.88%) | Compare |
| GMAB Genmab A/S Sponsored ADR | $31.5B | 41.7× | 47.3× | +24.86% (above 0%: growing) | −9.26% (below 0%: shrinking) | −7.69% (below 0%: shrinking) | 92.73% | 32.47% | Compare |
| ROIV Roivant Sciences Ltd. | $26.5B | — (loss-making) | — (loss-making) | −33.55% (below 0%: shrinking) | n/m | −29.99% (below 0%: shrinking) | 80.31% | (25,380.93%) | Compare |
| INCY Incyte Corporation | $24.1B | 56.3× | 55.6× | +14.00% (above 0%: growing) | n/m | −232.97% (below 0%: shrinking) | 93.02% | (45.49%) | Compare |
| INSM Insmed, Inc. | $23.9B | — (loss-making) | — (loss-making) | +268.43% (above 0%: growing) | n/m | +81.06% (above 0%: growing) | 85.09% | (17.04%) | Compare |
| BNTX BioNTech SE Sponsored ADR | $21.6B | — (loss-making) | — (loss-making) | −16.42% (below 0%: shrinking) | n/m | −123.82% (below 0%: shrinking) | 91.99% | 9.70% | Compare |
| Median of peers | $29.0B | 43.3× | 38.7× | +19.43% | −9.26% | −18.84% | 92.36% | (3.67%) |
From the latest earnings call
- CFO Aaron Rosenberg said U.S. BRUKINSA sales benefited by approximately $50 million from order timing, including an extra shipping day in the quarter.
- Rosenberg said BeOne plans to keep investing in its pipeline and expects operating-margin expansion to moderate compared with 2025 and 2026.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
2.37%
Held by the ten largest
1.91%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BAKER BROS. ADVISORS LP | 8.80m | 0.60% | +2.51k |
| Capital Group | 7.06m | 0.48% | +678.64k |
| PRIMECAP Management | 5.01m | 0.34% | +32.75k |
| Fidelity (FMR) | 2.48m | 0.17% | −1.22m |
| Citadel Advisors | 1.43m | 0.10% | +393.22k |
| Temasek Holdings (Private) Ltd | 845.73k | 0.06% | −16.91k |
| T. Rowe Price | 758.75k | 0.05% | +218.98k |
| BlackRock | 694.62k | 0.05% | +37.12k |
| Millennium Management | 543.32k | 0.04% | +338.48k |
| Morgan Stanley | 497.44k | 0.03% | +32.97k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 28 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 17.94m | 60.67m | 118.00 |
| 2024 | 20.84m | 14.97m | 71.00 |
| 2023 | 18.93m | 11.43m | 70.00 |
| 2022 | 18.05m | 11.22m | 85.00 |
| 2021 | 16.75m | 22.88m | 105.00 |
Ownership
Directors and executive officers, together
6.19%
Amgen Inc.
15.98%
Entities affiliated with Baker Bros. Advisors LP
8.02%
Dr. Felix J. Baker
8.02%
Entities affiliated with Capital International Investors
5.65%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
BeOne Medicines Ltd. - Sponsored ADR (ONC) Latest News
5 Nov
24 Oct
15 Oct
4 Sep
31 Aug
25 Aug
14 Aug
5 Aug
30 Jun
ONC metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
BeOne Medicines discovers, develops and sells medicines for cancer. Founded in 2010, it is a Swiss-incorporated holding company whose operations are conducted mainly through subsidiaries in the United States, China, the United Kingdom and Australia. John Oyler is its co-founder, chairman and chief executive. The company had 12,000 employees in FY2025.
Its blood cancer business is led by BRUKINSA, an oral medicine that blocks a protein called BTK. It is approved for several B-cell cancers, including chronic lymphocytic leukemia and mantle cell lymphoma. The company also sells TEVIMBRA, an antibody designed to act on the PD-1 immune checkpoint, for certain solid tumors. Its approved uses vary by country and include some lung, esophageal and gastric cancers.