BeOne Medicines (ONC) AI Stock Analysis

• Market Cap: $39.43B
• Dividend Yield: N/A
• Average Volume (3M): 234.50K
• Price to Earnings (P/E): 609.8
• Beta (1Y): 0.82
• Revenue Growth: 49.80%
• EPS Growth: N/A
• Country: US
• Employees: 11,000
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Pharmaceuticals
• EPS (TTM): 0.60
• Shares Outstanding: 109,663,280
• 10 Day Avg. Volume: 245,210
• 30 Day Avg. Volume: 234,505
• PEG Ratio: -0.18
• Price to Book (P/B): 7.60
• Price to Sales (P/S): 6.20
• P/FCF Ratio: 35.18
• Enterprise Value/Market Cap: 0.92
• Enterprise Value/Revenue: 6.79
• Enterprise Value/Gross Profit: 7.76
• Enterprise Value/Ebitda: 48.50
• 1Y Price Target: $410.50
• Price Target Upside: 29.50% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 6.47
• Revenue Forecast (FY): $6.37B

• Rating: 70 Outperform
• Price Target: $387.00 ▲(22.09% Upside)
• Action: Upgraded Date: 02/26/26
• Date: Action: Upgraded 02/26/26

The score is driven primarily by the 2025 profitability and free-cash-flow turnaround plus a strong earnings-call outlook (record product revenue and updated guidance). Technicals are supportive with an overall uptrend and neutral momentum. The biggest offset is valuation, with an extremely high P/E and no dividend yield provided.

Positive Factors

Free cash flow turnaround

A sustained swing to positive operating cash flow and nearly $1B FCF in 2025 materially improves self-funding for trials, commercialization and strategic initiatives. Durable FCF reduces reliance on external financing and supports reinvestment and optionality over the next 2–6 months and beyond.

Strong cash and contained leverage

A >$4B cash balance combined with moderate debt relative to equity provides a durable financial runway to absorb R&D variability, fund launches, and pursue M&A or partnerships. This balance-sheet strength lowers short-term refinancing risk and supports strategic flexibility.

Market-leading core product (BRUKINSA)

A flagship therapy generating >$1B quarterly revenue with broad approvals indicates durable commercial adoption, pricing power and physician trust. This product-level scale underpins revenue stability, funds pipeline programs, and gives the company a structural competitive advantage in BTK therapy markets.

Negative Factors

Prior multi-year losses and cash burn

Although 2025 shows profitability, the company’s prior multi-year losses mean the turnaround is unproven across cycles. Sustaining margins and FCF depends on continued product growth and execution; any clinical setbacks or pricing pressure could quickly reintroduce cash burn and stress financial durability.

Competitive and execution risks in trials

Shifting priorities and delayed readouts reflect real execution and competitive risks that can lengthen timelines and increase cost. In oncology, missed or delayed pivotal data and faster competitor approvals can materially compress market opportunity and slow long-term revenue conversion for pipeline assets.

High serious adverse event rates in Phase 3 data

Efficacy gains may be offset by a heavy safety/tolerability burden; high Grade ≥3 AE rates and elevated discontinuations can constrain real-world uptake, reimbursement decisions and label scope. Over time this can limit commercial penetration and pricing power despite positive survival signals.

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

2025 shows a clear inflection: revenue grew to $5.34B (+7.4% YoY) with a swing to positive operating profit ($447M), net income ($287M), and strong free cash flow ($942M). Balance sheet leverage looks moderate (debt ~$1.09B vs. equity ~$4.36B). The main constraint is the multi-year history (2020–2024) of sizable losses and cash burn, so durability of the turnaround remains the key risk.

Income Statement

The income statement shows a sharp profitability inflection in 2025, with revenue rising to $5.34B (+7.4% YoY) and a swing to positive operating profit ($447M) and net income ($287M) after multiple years of sizable losses (2020–2024). Revenue scaled rapidly from 2020–2024, but the company’s track record is still volatile given the depth and persistence of prior losses and negative profit margins in 2024 and earlier.

Balance Sheet

Leverage remains moderate and well-contained relative to equity: total debt was ~$1.09B vs. equity of ~$4.36B in 2025, following similarly conservative debt-to-equity levels in 2020–2024. Equity increased meaningfully from 2024 to 2025, supporting balance-sheet resilience. The main weakness is that returns on equity were negative in prior years (reflecting losses), so the balance sheet quality depends on sustaining the newly achieved profitability.

Cash Flow

Cash flow improved dramatically in 2025, with operating cash flow of $1.13B and free cash flow of $942M, versus negative operating and free cash flow in 2024 and earlier. This swing suggests improving underlying cash generation and operating discipline. However, the historical pattern includes several years of significant cash burn, so durability of free cash flow remains a key watch item.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.34B	3.81B	2.46B	1.42B	1.18B
Gross Profit	4.67B	3.22B	2.08B	1.13B	1.01B
EBITDA	616.77M	-396.44M	-1.12B	-1.72B	-1.39B
Net Income	286.93M	-644.79M	-881.71M	-2.00B	-1.46B
Balance Sheet
Total Assets	8.19B	5.92B	5.81B	6.38B	8.54B
Cash, Cash Equivalents and Short-Term Investments	4.55B	2.63B	3.17B	4.53B	6.62B
Total Debt	1.09B	1.08B	930.18M	596.67M	694.64M
Total Liabilities	3.83B	2.59B	2.27B	2.00B	2.40B
Stockholders Equity	4.36B	3.33B	3.54B	4.38B	6.13B
Cash Flow
Free Cash Flow	941.74M	-669.77M	-1.75B	-1.97B	-1.61B
Operating Cash Flow	1.13B	-140.63M	-1.16B	-1.50B	-1.30B
Investing Cash Flow	-276.15M	-548.35M	60.00M	1.08B	640.66M
Financing Cash Flow	1.06B	193.45M	416.48M	-18.97M	3.64B

BeOne Medicines Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 316.99
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONC, the sentiment is Negative. The current price of 316.99 is below the 20-day moving average (MA) of 349.62, below the 50-day MA of 335.49, and above the 200-day MA of 309.82, indicating a neutral trend. The MACD of 0.47 indicates Positive momentum. The RSI at 35.43 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ONC.

BeOne Medicines Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ONC	70 Outperform	$39.43B	609.83	1.84%	―	49.80%	―
DGX	70 Neutral	$23.28B	24.22	14.17%	1.80%	13.74%	14.87%
BIIB	64 Neutral	$28.15B	21.78	7.39%	―	5.00%	-1.03%
TEVA	63 Neutral	$39.41B	27.82	21.37%	―	-0.25%	―
SMMT	54 Neutral	$12.86B	-11.48	-206.10%	―	―	-348.63%
BNTX	53 Neutral	$26.51B	-41.92	-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.