ONC

MKT CAP:$32B

BeOne Medicines Ltd.

Market Cap

$32B

Healthcare·Medical - Pharmaceuticals·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$300.80-$10.22 (-3.29%)

Apr 24, 2026

Company Details

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 span...

CEO

John V. Oyler

IPO Date

Feb 2, 2016

Website

beonemedicines.com

Key Metrics TTM

Revenue

$5.0B

+49.9% YoY

Net Income

$69M

EPS (Diluted)

$12.94

Free Cash Flow

$465M

Revenue / Share

$43.42

Gross Margin

86.2%

Operating Margin

3.7%

Net Margin

1.4%

FCF Margin

9.3%

P/S

6.5x

P/E

468.1x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$5.3B+40.2%EPS $32.89

Q3 2025

Nov 6, 2025

$1.4B+41.0%EPS $13.52

Q2 2025

Aug 6, 2025

$1.3B+41.6%EPS $0.84

Q1 2025

Mar 31, 2025

$1.1B+48.6%EPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$606M	$573M	$70M
Q2 21	$150M	$114M	-$475M
Q4 21	$214M	$165M	-$572M
Q1 22	$307M	$241M	-$443M
Q4 22	$380M	$307M	-$469M
Q1 23	$448M	$366M	-$371M
Q2 23	$595M	$499M	-$319M
Q3 23	$781M	$685M	-$134M
Q4 23	$634M	$529M	-$384M
Q1 24	$752M	$627M	-$261M
Q2 24	$929M	$791M	-$107M
Q3 24	$1.0B	$831M	-$120M
Q4 24	$1.1B	$967M	-$79M
Q1 25	$1.1B	$952M	$11M
Q2 25	$1.3B	$1.2B	$88M
Q3 25	$1.4B	$1.2B	$163M

Valuation

Quarter	P/S	P/E
Q1 21	34.3x	—
Q2 21	34.7x	—
Q4 21	25.8x	—
Q1 22	15.8x	—
Q4 22	24.4x	—
Q1 23	16.5x	—
Q2 23	10.9x	—
Q3 23	8.4x	—
Q4 23	7.3x	—
Q1 24	6.0x	—
Q2 24	4.9x	—
Q3 24	7.2x	—
Q4 24	5.1x	—
Q1 25	7.1x	—
Q2 25	5.8x	—
Q3 25	7.4x	535.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$125M	$74M
Q2 21	-$420M	-$459M
Q4 21	-$508M	-$666M
Q1 22	-$237M	-$357M
Q4 22	-$318M	-$488M
Q1 23	-$564M	-$689M
Q2 23	-$294M	-$415M
Q3 23	-$78M	-$260M
Q4 23	-$222M	-$389M
Q1 24	-$309M	-$502M
Q2 24	-$96M	-$206M
Q3 24	$188M	$55M
Q4 24	$75M	-$17M
Q1 25	$44M	-$72M
Q2 25	$264M	$200M
Q3 25	$403M	$354M

Capital Expenditures

Quarter	CapEx
Q1 21	$51M
Q2 21	$39M
Q4 21	$158M
Q1 22	$120M
Q4 22	$170M
Q1 23	$126M
Q2 23	$121M
Q3 23	$182M
Q4 23	$167M
Q1 24	$193M
Q2 24	$110M
Q3 24	$134M
Q4 24	$92M
Q1 25	$116M
Q2 25	$64M
Q3 25	$48M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+1063.8%	+25.8%
Q2 21	+128.5%	+47.2%
Q4 21	+134.9%	+47.9%
Q1 22	+206.3%	+28.2%
Q4 22	-37.3%	+58.4%
Q1 23	+198.5%	+31.1%
Q2 23	+178.2%	+16.3%
Q3 23	+154.8%	+22.1%
Q4 23	+66.9%	+20.0%
Q1 24	+67.9%	+23.7%
Q2 24	+56.1%	+13.4%
Q3 24	+28.2%	+22.6%
Q4 24	+77.8%	+18.6%
Q1 25	+48.6%	+9.2%
Q2 25	+41.6%	+18.4%
Q3 25	+41.0%	+11.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$46M	7.6%
Q2 21	$65M	43.2%
Q4 21	$63M	29.4%
Q1 22	$66M	21.4%
Q4 22	$78M	20.6%
Q1 23	$75M	16.8%
Q2 23	$103M	17.4%
Q3 23	$96M	12.3%
Q4 23	$93M	14.6%
Q1 24	$89M	11.8%
Q2 24	$131M	14.1%
Q3 24	$115M	11.5%
Q4 24	$108M	9.5%
Q1 25	$95M	8.5%
Q2 25	$151M	11.5%
Q3 25	$141M	10.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 21	$321M	$182M
Q2 21	$356M	$232M
Q4 21	$430M	$307M
Q1 22	$390M	$295M
Q4 22	$446M	$329M
Q1 23	$409M	$328M
Q2 23	$423M	$395M
Q3 23	$453M	$366M
Q4 23	$494M	$417M
Q1 24	$461M	$427M
Q2 24	$454M	$444M
Q3 24	$496M	$455M
Q4 24	$542M	$505M
Q1 25	$482M	$459M
Q2 25	$525M	$538M
Q3 25	$524M	$529M

Revenue by Geography

Quarter	All Other Countries Except China And United States Of America	China	Europe	United States
Q1 25	$32M	$400M	$119M	$567M
Q2 25	$36M	$433M	$152M	$694M
Q3 25	$51M	$440M	$167M	$755M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$4.3B	$1.9B	$6.2B
Q2 22	$4.5B	$1.2B	$5.7B
Q3 22	$4.2B	$872M	$5.1B
Q4 22	$3.9B	$665M	$4.5B
Q1 23	$3.5B	$294M	$3.8B
Q2 23	$3.4B	$106M	$3.5B
Q3 23	$3.1B	$107M	$3.2B
Q4 23	$3.2B	$3M	$3.2B
Q1 24	$2.8B	$0	$2.8B
Q2 24	$2.6B	$0	$2.6B
Q3 24	$2.7B	$0	$2.7B
Q4 24	$2.6B	$0	$2.6B
Q1 25	$2.5B	$0	$2.5B
Q2 25	$2.8B	$0	$2.8B
Q3 25	$4.0B	$0	$4.0B
Q4 25	$4.5B	$0	$4.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	97M	+6.5%	+25.1%
Q2 21	92M	-5.0%	+18.2%
Q4 21	95M	+3.5%	+7.5%
Q1 22	102M	+7.8%	+12.8%
Q4 22	104M	+1.3%	+7.3%
Q1 23	104M	+0.4%	+13.4%
Q2 23	105M	+0.4%	+10.1%
Q3 23	107M	+2.2%	+4.4%
Q4 23	104M	-2.7%	+0.3%
Q1 24	104M	+0.2%	+0.1%
Q2 24	105M	+0.4%	+0.1%
Q3 24	105M	0.0%	-2.1%
Q4 24	106M	+1.5%	+2.1%
Q1 25	111M	+4.6%	+6.6%
Q2 25	113M	+1.5%	+7.8%
Q3 25	115M	+1.5%	+9.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$114.3K	5K
Q2 21	$28.3K	5K
Q4 21	$26.1K	8K
Q1 22	$37.4K	8K
Q4 22	$41.3K	9K
Q1 23	$48.7K	9K
Q2 23	$64.7K	9K
Q3 23	$84.9K	9K
Q4 23	$59.8K	11K
Q1 24	$70.9K	11K
Q2 24	$87.7K	11K
Q3 24	$94.5K	11K
Q4 24	$102.5K	11K
Q1 25	$101.6K	11K
Q2 25	$119.6K	11K
Q3 25	$128.4K	11K

Revenue / Employee