BeOne Medicines (ONC)
NASDAQ:ONC
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BeOne Medicines
(NASDAQ:ONC)
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Rating:62Neutral
Price Target:
$301.00
▼(-2.90% Downside)
Action:ReiteratedDate:03/31/26
The score is driven by a strong 2025 financial turnaround (profitability and free cash flow) and constructive 2026 guidance, partially offset by weak technical momentum (below key moving averages with negative MACD) and a high P/E that leaves limited room for execution misses.
Positive Factors
Profitability & free cash flow turnaround
The 2025 swing to GAAP profitability and near‑$1B free cash flow materially improves financial durability. Sustained FCF supports reinvestment, reduces financing dependence, and provides a buffer against R&D or commercial setbacks, improving long‑term operational flexibility.
Negative Factors
Historic multi‑year losses
Prior extended losses and cash burn indicate that the recent profit inflection may be fragile. Durable improvement depends on sustaining revenue growth and margins; any prolonged competitive pressure or reimbursement change could revert cash flow and profitability trends.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & free cash flow turnaround
The 2025 swing to GAAP profitability and near‑$1B free cash flow materially improves financial durability. Sustained FCF supports reinvestment, reduces financing dependence, and provides a buffer against R&D or commercial setbacks, improving long‑term operational flexibility.
Read all positive factors
BeOne Medicines (ONC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$35.43B
Dividend YieldN/A
Average Volume (3M)226.42K
Price to Earnings (P/E)115.5
Beta (1Y)0.91
Revenue Growth49.80%
EPS GrowthN/A
CountryUS
Employees11,000
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)0.60
Shares Outstanding109,720,300
10 Day Avg. Volume177,348
30 Day Avg. Volume226,419
Financial Highlights & Ratios
PEG Ratio-0.18
Price to Book (P/B)7.60
Price to Sales (P/S)6.20
P/FCF Ratio35.18
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue6.68
Enterprise Value/Gross Profit7.64
Enterprise Value/Ebitda47.73
Forecast
1Y Price Target
$389.64Price Target Upside25.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)6.08
Revenue Forecast (FY)$6.40B
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 ov...
How the Company Makes Money
BeOne Medicines primarily makes money by commercializing approved oncology drugs and recognizing revenue from the sale of those products to distributors, hospitals, pharmacies, and other healthcare channels (depending on the market). Additional re...
BeOne Medicines Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive commercial and R&D narrative: robust revenue and margin expansion, GAAP profitability, substantial free cash flow, BRUKINSA’s clear commercial leadership backed by best‑in‑class long‑term data, multiple regulatory wins and rapid pipeline advancement. Notable risks discussed include safety/efficacy concerns with some fixed‑duration competitor regimens, competitive dynamics that require longer follow‑up, one‑time accounting/tax items and elevated operating investment for 2026. On balance the financial strength, clinical momentum and strategic pipeline depth outweigh the operational and competitive uncertainties noted.Positive Updates
Strong Quarterly and Full‑Year Revenue Growth
Q4 product revenue of $1.5B, up 32% year‑over‑year; Q4 BRUKINSA revenue $1.1B, up 38% YoY. Full‑year 2025 BRUKINSA global revenues of $3.9B, up 49% YoY.
Negative Updates
Concerns with Current Fixed‑Duration Regimens
Data cited (AMPLIFY, CLL17) show underwhelming efficacy and safety for some venetoclax‑based fixed regimens: AMPLIFY reported uMRD of ~34% in a young/fit population; AV PFS at 3 years approximated BRUKINSA's 6‑year PFS; CLL17 VO arm showed rising severe infections off treatment and a nominal 67% increased risk of death versus ibrutinib.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Quarterly and Full‑Year Revenue Growth
Q4 product revenue of $1.5B, up 32% year‑over‑year; Q4 BRUKINSA revenue $1.1B, up 38% YoY. Full‑year 2025 BRUKINSA global revenues of $3.9B, up 49% YoY.
Read all positive updates
Company Guidance
BeOne guided 2026 revenues of $6.2–$6.4 billion, expecting continued global BRUKINSA leadership, stable U.S. net pricing and modest initial contributions from sonrotoclax and zanidatamab, with GAAP gross margin forecast in the high‑80% range; GAAP operating expenses are projected at $4.7–$4.9 billion, implying GAAP operating income of $700–$800 million and non‑GAAP operating income of $1.4–$1.5 billion, other income/expense expected to be a $25–$50 million expense (including interest on the Royalty Pharma arrangement), and management asked analysts to model similar Q1 2026 shipping‑week seasonality to Q1 2025 while noting a possible, but timing‑uncertain, partial reversal of valuation allowance that could generate a material tax benefit when recognized.BeOne Medicines Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| 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 | 2.00B | 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
Neutral
310.00
Price Trends
316.02
Negative
322.64
Negative
316.94
Negative
Market Momentum
0.79
Negative
54.90
Neutral
67.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONC, the sentiment is Neutral. The current price of 310 is above the 20-day moving average (MA) of 293.95, below the 50-day MA of 316.02, and below the 200-day MA of 316.94, indicating a neutral trend. The MACD of 0.79 indicates Negative momentum. The RSI at 54.90 is Neutral, neither overbought nor oversold. The STOCH value of 67.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ONC.
BeOne Medicines Risk Analysis
BeOne Medicines disclosed 93 risk factors in its most recent earnings report. BeOne Medicines reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BeOne Medicines Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Neutral | $21.19B | 19.42 | 13.88% | 1.80% | 13.74% | 14.87% | |
64 Neutral | $25.88B | 19.96 | 7.28% | ― | 5.00% | -1.03% | |
62 Neutral | $35.43B | 115.48 | 7.31% | ― | 49.80% | ― | |
61 Neutral | $36.16B | 25.43 | 20.09% | ― | -0.25% | ― | |
54 Neutral | $15.53B | -12.11 | -296.82% | ― | ― | -348.63% | |
54 Neutral | $24.30B | -17.95 | -6.03% | ― | 7.04% | -25.24% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.