BeOne Medicines (ONC)
NASDAQ:ONC
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BeOne Medicines
(NASDAQ:ONC)
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Rating:65Neutral
Price Target:
$300.00
▼(-7.37% Downside)
Action:Downgraded
Date:06/05/26
The score is driven primarily by improving financial performance (turnaround to positive earnings and free cash flow with very strong gross profitability). It is tempered by weak technicals (price below key moving averages and negative MACD) and a demanding valuation (P/E ~92). The FDA accelerated approval is a meaningful positive corporate catalyst that partially offsets these risks.
Positive Factors
Turnaround to positive earnings & FCF
BeOne has moved from multi-year losses to positive net income and free cash flow in 2025 and trailing twelve months. This durable shift improves funding for R&D and commercialization, reduces reliance on capital raises, and materially strengthens operational resilience over the next 2–6 months.
Negative Factors
Recent multi-year cash burn history
Although profitability returned, the company’s multi-year history of operating losses through 2024 indicates prior structural spending intensity and execution risk. That legacy raises the probability of episodic cash volatility if product launch timing or R&D outcomes deviate from plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Turnaround to positive earnings & FCF
BeOne has moved from multi-year losses to positive net income and free cash flow in 2025 and trailing twelve months. This durable shift improves funding for R&D and commercialization, reduces reliance on capital raises, and materially strengthens operational resilience over the next 2–6 months.
Read all positive factors
BeOne Medicines (ONC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$31.07B
Dividend YieldN/A
Average Volume (3M)229.99K
Price to Earnings (P/E)91.1
Beta (1Y)0.77
Revenue Growth37.70%
EPS GrowthN/A
CountryUS
Employees11,000
SectorHealthcare
Sector Strength45
IndustryMedical - Pharmaceuticals
Share Statistics
EPS (TTM)49.88
Shares Outstanding109,720,300
10 Day Avg. Volume229,855
30 Day Avg. Volume229,992
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 Cap1.12
Enterprise Value/Revenue6.08
Enterprise Value/Gross Profit6.88
Enterprise Value/Ebitda38.50
Forecast
1Y Price Target
$393.49Price Target Upside21.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)6.75
Revenue Forecast (FY)$6.48B
BeOne Medicines Business Overview & Revenue Model
Company Description
BeOne Medicines Ltd. (ONC), initially founded in 2010 as BeiGene, stands as a prominent global oncology enterprise committed to identifying, advancing, and bringing to market cutting-edge cancer treatments. The company underwent a significant tran...
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:Aug 21, 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
76
Positive
Balance Sheet
68
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.74B | 5.34B | 3.81B | 2.46B | 1.42B | 1.18B |
| Gross Profit | 5.07B | 4.67B | 3.22B | 2.08B | 1.13B | 1.01B |
| EBITDA | 906.11M | 616.77M | -396.44M | -1.12B | -1.72B | -1.39B |
| Net Income | 513.02M | 286.93M | -644.79M | -881.71M | -2.00B | -1.46B |
Balance Sheet | ||||||
| Total Assets | 8.55B | 8.19B | 5.92B | 5.81B | 6.38B | 8.54B |
| Cash, Cash Equivalents and Short-Term Investments | 4.79B | 4.55B | 2.63B | 3.17B | 4.53B | 6.62B |
| Total Debt | 1.15B | 2.00B | 1.08B | 930.18M | 596.67M | 694.64M |
| Total Liabilities | 3.79B | 3.83B | 2.59B | 2.27B | 2.00B | 2.40B |
| Stockholders Equity | 4.76B | 4.36B | 3.33B | 3.54B | 4.38B | 6.13B |
Cash Flow | ||||||
| Free Cash Flow | 846.54M | 941.74M | -669.77M | -1.75B | -1.97B | -1.61B |
| Operating Cash Flow | 1.29B | 1.13B | -140.63M | -1.16B | -1.50B | -1.30B |
| Investing Cash Flow | -200.12M | -276.15M | -548.35M | 60.00M | 1.08B | 640.66M |
| Financing Cash Flow | 1.16B | 1.06B | 193.45M | 416.48M | -18.97M | 3.64B |
BeOne Medicines Technical Analysis
Negative
323.87
Price Trends
301.26
Negative
313.89
Negative
320.34
Negative
Market Momentum
-7.66
Positive
31.86
Neutral
13.02
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 323.87 is above the 20-day moving average (MA) of 296.77, above the 50-day MA of 301.26, and above the 200-day MA of 320.34, indicating a bearish trend. The MACD of -7.66 indicates Positive momentum. The RSI at 31.86 is Neutral, neither overbought nor oversold. The STOCH value of 13.02 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $28.84B | 20.95 | 7.55% | ― | 2.11% | -7.88% | |
70 Outperform | $22.17B | 21.52 | 14.11% | 1.80% | 11.03% | 14.34% | |
65 Neutral | $31.07B | 91.10 | 12.10% | ― | 37.70% | ― | |
61 Neutral | $39.61B | 24.85 | 20.79% | ― | 5.76% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $22.27B | -15.41 | -6.67% | ― | 10.01% | -71.78% | |
47 Neutral | $11.46B | -10.88 | -340.55% | ― | ― | -384.68% |
* Healthcare Sector Average
ONC
BeOne Medicines
270.10
6.32
2.40%
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BeOne Medicines Corporate Events
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
BeOne Wins FDA Nod for BEQALZI Lymphoma Therapy
Positive
May 15, 2026
On May 13, 2026, BeOne Medicines announced that the U.S. FDA granted accelerated approval to its BCL2 inhibitor BEQALZI (sonrotoclax) for adults with relapsed or refractory mantle cell lymphoma after at least two prior systemic therapies, includin...
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.