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. In the quarter to June 2026, revenue grew 29.6%, EPS grew 143.7%, free cash flow grew 117.9% and total debt rose 503.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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BeOne Medicines Ltd. - Sponsored ADR (ONC) Beneish M-score
BeOne Medicines Ltd. - Sponsored ADR's Beneish M-score for fiscal 2025 is −2.73; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.73 | (0.59) |
| FY2024 | −2.15 | (0.64) |
| FY2023 | −1.51 | 1.73 |
| FY2022 | −3.24 | (4.18) |
| FY2021 | 0.94 | 4.06 |
| FY2020 | −3.12 | (1.02) |
| FY2019 | −2.11 | 0.44 |
| FY2018 | −2.55 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.91 | — | 0.84 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 0.65 | — | 0.26 | |
| Sales growth index | 1.40 | — | 1.25 | |
| Depreciation index | 1.24 | — | 0.14 | |
| SG&A index | 0.81 | — | −0.14 | |
| Total accruals to total assets | (0.10) | — | −0.48 | |
| Leverage index | 0.85 | — | −0.28 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.73 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RVMD Revolution Medicines, Inc. compare | −4.3× |
| GMAB Genmab A/S Sponsored ADR compare | −3.0× |
| RPRX Royalty Pharma PLC compare | −2.8× |
| BNTX BioNTech SE Sponsored ADR compare | −2.7× |
| ONC BeOne Medicines Ltd. - Sponsored ADR | −2.7× |
| INCY Incyte Corporation compare | −2.4× |
| ALNY Alnylam Pharmaceuticals, Inc. compare | −2.0× |
| ARGX argenex SE compare | −1.5× |
| ROIV Roivant Sciences Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI