BeOne Medicines (ONC) AI Stock Analysis

• Market Cap: $41.31B
• Dividend Yield: N/A
• Average Volume (3M): 256.68K
• Price to Earnings (P/E): 616.3
• Beta (1Y): 0.76
• Revenue Growth: 49.80%
• EPS Growth: N/A
• Country: US
• Employees: 11,000
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Pharmaceuticals
• EPS (TTM): 1.09
• Shares Outstanding: 109,663,280
• 10 Day Avg. Volume: 254,675
• 30 Day Avg. Volume: 256,676
• PEG Ratio: 1.09
• Price to Book (P/B): 5.84
• Price to Sales (P/S): 5.10
• P/FCF Ratio: -29.04
• Enterprise Value/Market Cap: 0.84
• Enterprise Value/Revenue: 6.94
• Enterprise Value/Gross Profit: 8.06
• Enterprise Value/Ebitda: 114.60
• 1Y Price Target: $403.76
• Price Target Upside: 26.03% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: $324.00 ▲(1.13% Upside)

BeOne Medicines' overall score is driven by strong financial performance and positive earnings call sentiment. However, technical analysis indicates bearish momentum, and the high P/E ratio suggests overvaluation, which tempers the overall outlook.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust market demand and effective commercialization strategies, supporting long-term business expansion.

FDA Breakthrough Designation

FDA breakthrough designation can accelerate development and approval processes, enhancing competitive positioning and market entry speed.

Strong Cash Position

A strong cash position provides financial stability and flexibility to invest in R&D, strategic acquisitions, and other growth initiatives.

Negative Factors

Profitability Challenges

Persistent profitability issues may hinder reinvestment capabilities and affect long-term financial health, despite revenue growth.

Competitive Market Challenges

Intensifying competition can pressure market share and pricing power, potentially impacting revenue and margin sustainability.

Study Delays

Delays in clinical studies can postpone product launches and revenue realization, affecting strategic timelines and investor confidence.

BeOne Medicines Business Overview & Revenue Model

Company Description

BeOne Medicines, formerly known as BeiGene, is a global oncology company focused on discovering, developing, and commercializing innovative cancer therapies. Founded in 2010 and headquartered in Cambridge, Massachusetts—with operations spanning over 45 countries across six continents—the company rebranded as BeOne in late 2024 and redomiciled to Basel, Switzerland in 2025. BeOne has established itself as a leader in immuno-oncology and targeted therapies, with key assets including Tevimbra (tislelizumab), a PD-1 monoclonal antibody approved for multiple cancer indications globally, and Brukinsa (zanubrutinib), a Bruton's tyrosine kinase (BTK) inhibitor that surpassed $1.3 billion in annual sales and is approved in major markets such as the U.S., Europe, and China. The company’s strategy combines internal R&D with the development of assets sourced from external partnerships, driving a robust pipeline across hematologic malignancies and solid tumors.

How the Company Makes Money

BeOne Medicines generates revenue primarily through the development and commercialization of its oncology products. Key revenue streams include sales of approved drugs, licensing agreements with larger pharmaceutical companies, and potential milestone payments linked to the development of its therapeutic candidates. The company may also engage in partnerships for research and development, which can provide additional funding and resources, contributing to its overall earnings. Additionally, BeOne Medicines may explore grants and collaborations with academic institutions to support its innovative research efforts.

BeOne Medicines Financial Statement Overview

Summary

BeOne Medicines shows strong revenue growth and cash flow improvements, with a solid gross profit margin and conservative leverage. However, profitability challenges and negative return on equity remain concerns.

Income Statement

BeOne Medicines has shown a significant improvement in revenue growth, with a 9% increase in the latest TTM period. The gross profit margin is strong at 85.48%, indicating efficient cost management. However, the net profit margin remains negative, reflecting ongoing profitability challenges. The EBIT and EBITDA margins have improved but are still negative, suggesting the company is not yet generating positive operating income.

Balance Sheet

The company's debt-to-equity ratio is relatively low at 0.27, indicating a conservative leverage position. However, the return on equity is negative, highlighting profitability issues. The equity ratio is strong, suggesting a solid capital structure, but the negative ROE indicates that the company is not effectively generating returns on shareholders' equity.

Cash Flow

BeOne Medicines has demonstrated a remarkable improvement in free cash flow, with a growth rate of 181.85% in the latest TTM period. The operating cash flow to net income ratio is positive, indicating that cash generation is improving. However, the free cash flow to net income ratio suggests that while cash flow is improving, profitability remains a concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.97B	3.81B	2.46B	1.42B	1.18B	308.87M
Gross Profit	4.29B	3.22B	2.08B	1.13B	1.01B	238.22M
EBITDA	301.34M	-396.44M	-1.12B	-1.72B	-1.39B	-1.63B
Net Income	68.55M	-644.79M	-881.71M	-2.00B	-1.46B	-1.62B
Balance Sheet
Total Assets	7.63B	5.92B	5.81B	6.38B	8.54B	5.60B
Cash, Cash Equivalents and Short-Term Investments	4.04B	2.63B	3.17B	4.53B	6.62B	4.65B
Total Debt	1.02B	1.08B	930.18M	596.67M	694.64M	561.96M
Total Liabilities	3.50B	2.59B	2.27B	2.00B	2.40B	1.73B
Stockholders Equity	4.13B	3.33B	3.54B	4.38B	6.13B	3.87B
Cash Flow
Free Cash Flow	464.60M	-669.77M	-1.75B	-1.97B	-1.61B	-1.51B
Operating Cash Flow	785.39M	-140.63M	-1.16B	-1.50B	-1.30B	-1.28B
Investing Cash Flow	-331.43M	-548.35M	60.00M	1.08B	640.66M	-3.17B
Financing Cash Flow	958.00M	193.45M	416.48M	-18.97M	3.64B	5.20B

BeOne Medicines Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 320.37
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONC, the sentiment is Positive. The current price of 320.37 is above the 20-day moving average (MA) of 314.06, below the 50-day MA of 327.09, and above the 200-day MA of 292.49, indicating a neutral trend. The MACD of -1.84 indicates Negative momentum. The RSI at 50.57 is Neutral, neither overbought nor oversold. The STOCH value of 72.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ONC.

BeOne Medicines Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DGX	79 Outperform	$19.77B	20.47	13.69%	1.80%	13.74%	14.87%
BIIB	74 Outperform	$27.29B	16.96	9.31%	―	5.00%	-1.03%
ONC	61 Neutral	$41.31B	616.33	1.84%	―	49.80%	―
TEVA	60 Neutral	$37.89B	53.09	10.77%	―	-0.25%	―
SMMT	53 Neutral	$14.02B	-15.16	-292.49%	―	―	-348.63%
BNTX	53 Neutral	$23.77B	-37.57	-2.94%	―	7.04%	-25.24%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

BeOne Medicines Corporate Events

BeOne Medicines refinances debt, terminates prior credit facility

On December 16, 2025, BeOne Medicines Ltd. used a portion of borrowings under a new multi-lender facilities agreement arranged by The Hongkong and Shanghai Banking Corporation Limited to fully repay all outstanding amounts under its prior credit facility with China Merchants Bank, dated December 9, 2024. The company simultaneously terminated all remaining commitments, guarantees and security interests associated with the China Merchants Bank facility, and incurred no penalties in doing so, effectively consolidating its debt under the new financing arrangement and potentially improving its financial flexibility.

The most recent analyst rating on (ONC) stock is a Buy with a $408.00 price target. To see the full list of analyst forecasts on BeOne Medicines stock, see the ONC Stock Forecast page.

BeOne Medicines Elevates Lai Wang to President, R&D Chief

On December 17, 2025, BeOne Medicines Ltd. appointed long-time executive Dr. Lai Wang as President, Global Head of Research and Development, building on his prior role as Global Head of R&D since April 2021 and a progression of leadership positions at the company since 2011, following earlier experience as Director of Research at Joyant Pharmaceuticals and academic training at Fudan University and the University of Texas Health Science Center at San Antonio. Effective January 1, 2026, Wang’s promotion is accompanied by an annual salary of $750,000, eligibility for a target bonus equal to 75% of base pay, and a one-time $10 million equity award in restricted share units that vest over four years, terms that align with the company’s existing compensation framework and underscore the strategic importance of his expanded role overseeing R&D, business development and alliance management, while the company confirms there are no related-party or conflict-of-interest concerns linked to his appointment.

The most recent analyst rating on (ONC) stock is a Buy with a $408.00 price target. To see the full list of analyst forecasts on BeOne Medicines stock, see the ONC Stock Forecast page.

BeOne Medicines Secures $1 Billion Financing Agreement

On November 13, 2025, BeOne Medicines Ltd. entered into a Facilities Agreement with HSBC and other financial institutions, securing senior secured financing through various loan facilities totaling approximately $1 billion. The agreement includes a U.S. dollar-denominated revolving loan and term loan facilities, as well as a Renminbi-denominated term loan facility. The funds are intended for general corporate purposes, refinancing existing debt, and other specified uses. The agreement also outlines security interests, interest rates, repayment schedules, and conditions for prepayment, along with customary covenants and events of default.

The most recent analyst rating on (ONC) stock is a Buy with a $420.00 price target. To see the full list of analyst forecasts on BeOne Medicines stock, see the ONC Stock Forecast page.