BeOne Medicines Ltd. (ONC)

Price$377.63Cached quoteAs of 2026-10-25 11:47 UTC

AI: Overvalued

Price checkThe shares look expensive despite rapid growth and a strong cash cushion.

The market values BeOne's equity at about $42.4 billion. June net cash was roughly $4.0 billion, leaving an enterprise value, meaning equity value plus debt minus cash, near $38.4 billion. Against about $6.1 billion of trailing twelve-month revenue and roughly $1.3 billion of free cash flow, cash left after operations and capital spending, that is about 6.3 times revenue and 29 times free cash flow. Yahoo also reports roughly 67 times trailing earnings, requiring substantial further growth.

Big pictureBeOne has crossed into durable profitability while its main cancer medicine keeps growing quickly.

Revenue rose from $3.81 billion in 2024 to $5.34 billion in 2025, while operating results swung from a $568 million loss to $447 million of profit. Operating cash flow improved from negative $141 million to positive $1.13 billion. The first half of 2026 extended that progress, producing $3.22 billion of revenue, $575 million of operating profit and $664 million of operating cash flow. Cancer-treatment demand is relatively non-cyclical, but BRUKINSA supplied about 70% of second-quarter revenue, creating meaningful product concentration.

Business strengthThe balance sheet is unusually strong, though shareholders continue to absorb meaningful dilution.

At June 2026, BeOne held about $5.10 billion of cash against $1.14 billion of debt, and current assets of $7.22 billion comfortably exceeded current liabilities of $2.12 billion. That gives management room to fund research and manufacturing without depending on near-term borrowing. The trade-off is dilution: ordinary shares outstanding increased about 2.9% from June 2025, while stock-based compensation totaled roughly $261 million in the first half. BeOne pays no dividend and reports no share repurchases, instead directing capital toward growth.

What could change the storyFaster profit growth could justify the premium, while slower BRUKINSA growth would expose it.

The bull case strengthened when management raised 2026 revenue guidance to $6.6-$6.8 billion and operating-profit guidance to $1.0-$1.1 billion, alongside favorable late-stage BRUKINSA data and a new drug approval. The bear case is valuation: today's multiples assume strong growth and widening margins continue for years. A sustained revenue growth rate near 25%-30% with operating margins above 15% would make the price easier to defend. BRUKINSA growth falling toward the teens, or free cash flow failing to rise materially, would make the premium harder to justify.

AI: News

Guidance raisedStrong second-quarter growth and higher full-year guidance increased expectations for BeOne's emerging profitability.

On August 5, BeOne reported second-quarter revenue of $1.7 billion, up 30% from a year earlier, while BRUKINSA revenue rose 31% to $1.2 billion. The company raised 2026 revenue guidance to $6.6-$6.8 billion and operating-profit guidance to $1.0-$1.1 billion. Those figures matter because the valuation depends heavily on profits catching up with revenue growth. The shares rose about 1.4% that session and continued higher afterward, although price timing alone cannot establish that earnings caused the moves.

Manufacturing expansionBeOne committed another $300 million to U.S. manufacturing, increasing capacity but requiring more capital.

On July 23, BeOne announced a $300 million expansion of its Hopewell, New Jersey campus, taking total investment there above $1 billion. The project adds roughly 145,000 square feet, including small-molecule manufacturing capacity, and is expected to be fully operational in 2029. The investment can reduce dependence on outside manufacturing and support a pipeline exceeding 35 clinical and commercial-stage assets. Its near-term cost, however, means some of today's strong cash generation will be reinvested rather than returned to shareholders.

BRUKINSA trial succeedsA successful late-stage BRUKINSA study could expand the company's largest product into another frontline setting.

On June 30, BeOne said its Phase 3 MANGROVE trial met its main goal in previously untreated mantle cell lymphoma. BRUKINSA plus rituximab reduced the risk of disease progression or death by 43% versus bendamustine plus rituximab. Management plans regulatory submissions in the second half of 2026. Because BRUKINSA already supplies most company revenue, an additional frontline use could extend growth and product life. Full efficacy and safety results were still pending presentation, so the commercial size remains uncertain.

Sonrotoclax approvedA second internally developed blood-cancer medicine reached the U.S. market, reducing reliance on one franchise.

On May 13, the U.S. Food and Drug Administration granted accelerated approval to sonrotoclax, marketed as BEQALZI, for certain previously treated mantle cell lymphoma patients. In the supporting 103-patient study, 52% responded, with a median response duration of 15.8 months. The approval matters strategically because BeOne's current economics are dominated by BRUKINSA. A successful sonrotoclax launch could diversify revenue, although accelerated approval generally requires additional evidence and this initial patient population is narrower than BRUKINSA's established markets.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$5.34B	$3.81B	$2.46B	$1.42B	$1.18B	$308.9M	$428.2M	$198.2M	$238.4M	$1.1M	$8.8M	$13.0M
Gross profit	$4.67B	$3.22B	$2.08B	$1.13B	$1.01B	$238.2M	$357.0M	$169.5M	$233.4M	$1.1M	—	—
Gross margin	87.49%	84.41%	84.55%	79.77%	85.98%	77.12%	83.38%	85.52%	97.91%	100.00%	—	—
Research & development	$2.15B	$1.95B	$1.78B	$1.64B	$1.46B	$1.29B	$927.3M	$679.0M	$269.0M	$98.0M	$58.3M	$21.9M
Operating expenses	$4.23B	$3.78B	$3.29B	$2.92B	$2.45B	$1.90B	$1.32B	$875.3M	$331.9M	$118.1M	$65.6M	$28.8M
Operating income	$447.1M	−$568.2M	−$1.21B	−$1.79B	−$1.44B	−$1.66B	−$959.9M	−$705.8M	−$98.5M	−$117.1M	−$56.7M	−$15.8M
Operating margin	8.37%	−14.91%	−49.12%	−126.40%	−122.31%	−536.69%	−224.16%	−356.05%	−41.30%	−10,940.19%	−643.66%	−120.88%
EBITDA	$588.8M	−$396.4M	−$1.12B	−$1.72B	−$1.39B	−$1.63B	−$941.3M	−$695.4M	−$93.7M	−$115.2M	−$55.2M	−$14.2M
EBITDA margin	11.02%	−10.40%	−45.55%	−121.71%	−118.36%	−526.39%	−219.81%	−350.81%	−39.31%	−10,761.78%	−626.13%	−108.94%
Net income	$286.9M	−$644.8M	−$881.7M	−$2.00B	−$1.46B	−$1.62B	−$948.6M	−$673.8M	−$93.1M	−$119.2M	−$57.1M	−$18.3M
Net profit margin	5.37%	−16.92%	−35.86%	−141.52%	−123.93%	−526.10%	−221.53%	−339.91%	−39.06%	−11,141.78%	−647.71%	−140.22%
Basic EPSper basic share	$0.20	-$0.47	-$0.65	-$1.49	-$1.21	-$1.50	-$1.22	-$0.93	-$0.17	-$0.30	-$0.52	-$0.18
Diluted EPSper diluted share	$0.19	-$0.47	-$0.65	-$1.49	-$1.21	-$1.50	-$1.22	-$0.93	-$0.17	-$0.30	-$0.52	-$0.18

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of ONC
Holder	Shares held
BAKER BROS. ADVISORS LP	8.8M
PRIMECAP MANAGEMENT CO/CA/	5.01M
Capital International Investors	4.21M
FMR LLC	2.48M
Capital World Investors	2.25M
CITADEL ADVISORS LLC	1.43M
Temasek Holdings (Private) Ltd	845.73K
PRICE T ROWE ASSOCIATES INC /MD/	758.75K
BlackRock, Inc.	694.62K
MILLENNIUM MANAGEMENT LLC	543.32K
MORGAN STANLEY	497.44K
Siren, L.L.C.	465K
BANK OF AMERICA CORP /DE/	439.34K
Baird Financial Group, Inc.	368.98K
Man Group plc	307.46K
Capital International, Inc./CA/	305.48K
Candriam S.C.A.	289.74K
TWO SIGMA INVESTMENTS, LP	286.55K
UBS Group AG	258.59K
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	249.76K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Oct 21, 2026 · Quarterly data

Insider buys & sells

Oct 1, 2024–Sep 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)443$4.57B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Sep 28, 2026Form 4 · 10b5-1	Wang XiaodongDirector,Other	SellAmerican Depositary Shares	738	$367.23	$271.0K	0
Sep 28, 2026Form 4 · 10b5-1	Wang XiaodongDirector,Other	SellAmerican Depositary Shares	14.5K	$366.58	$5.32M	738
Sep 28, 2026Form 4 · 10b5-1	Wang XiaodongDirector,Other	SellAmerican Depositary Shares	2.0K	$365.85	$748.9K	15.3K
Sep 28, 2026Form 4 · 10b5-1	Wang XiaodongDirector,Other	SellAmerican Depositary Shares	3.4K	$364.07	$1.24M	17.3K
Sep 28, 2026Form 4 · 10b5-1	Wang XiaodongDirector,Other	SellAmerican Depositary Shares	3.5K	$363.10	$1.27M	20.7K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat9 days ago
BeOne’s initial clinical results support planned late-stage studies
BeOne Medicines ($ONC) disclosed new dose-optimization findings for BGB-B2033 in heavily pretreated liver cancer. At the proposed Phase 3 dose, the bispecific antibody produced confirmed responses in 36% of patients, with an estimated 74.1% ...
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BeOne Medicines Ltd. (ONC)

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BeOne’s initial clinical results support planned late-stage studies