BeOne Medicines AGONC
NasdaqGS•Healthcare•Biotechnology
BeOne Medicines AG, an oncology company, engages in discovering and developing various treatments for cancer patients in the United States, China, Europe, and internationally. The company's commercial stage products include BRUKINSA, a small molecule inhibitor of Bruton's Tyrosine Kinase (BTK) for the treatment of various blood cancers; TEVIMBRA, an anti-PD-1 antibody immunotherapy for the treatment of various solid tumor and blood cancers; SYLVANT for the treatment of adult patients with multicentric castleman disease; BAITUOWEI for patients with BC in premenopausal and perimenopausal women, and cancer; and PARTRUVIX for the treatment of various solid tumors. Its clinical stage products comprise Sonrotoclax BGB-11417, a small molecule Bcl-2 inhibitor; BGB-16673, a BTK targeting chimeric degradation activation compound active against wild type and mutant BTK; BG-60366, an EGFR-targeted CDAC; BG-89894 (SYH2039), a MAT2A Inhibitor; BGB-58067, an MTA-Cooperative PRMT5 Inhibitor; BG-T187 and BG-C0902, an anti-EGFRxMET trispecific antibody; BGB-26808, a HPK-1 Inhibitor; BGB-C354, an anti-B7H3 ADC; Zanidatamab, a bispecific HER2-targeted antibody; BG-C137, an anti-FGFR2b ADC; BGB-53038, a Pan-KRAS Inhibitor; BGB-B2033, an anti-GPC3x4-1BB bispecific antibody; BGB-B3227, an anti-MUC1xCD16A bispecific antibody; BG-C477, an anti-CEAADC; BGB-43395, a CDK4 Inhibitor; BG-68501, a CDK2 Inhibitor; BG-C9074, an anti-B7H4 ADC; BGB-21447, a Bcl-2 Inhibitor; and BGB-45035, an IRAK4-targeted CDAC. It also has various preclinical programs. The company has agreements Amgen, BMS, Bio-Thera, EUSA Pharma, Luye Pharmaceutical, and Novartis. The company was formerly known as BeiGene, Ltd. and changed its name to BeOne Medicines AG in May 2025. BeOne Medicines AG was founded in 2010 and is based in Basel, Switzerland.
BeOne Medicines Ltd. (ONC) reported trailing twelve months revenue of $5.74B as of March 2026, a 37.4% increase year-over-year. Quarterly revenue reached $1.51B, reflecting continued top-line momentum.
BeOne Medicines Ltd. generated $513.02M in TTM net income, with quarterly EBITDA of $291.05M. The operating margin expanded from 1.0% to 16.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (16.5%) and net margin (15.0%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 0.1% a year ago, signaling stronger bottom-line efficiency.
ONC trades at a P/E of 798.7x (a premium multiple) and a P/S of 71.4x. The price-to-book ratio of 86.1x indicates a significant premium over book value.
The company generated $160.55M in free cash flow over the trailing twelve months, a 1402.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $8.55B in total assets with $962.51M in long-term debt against $4.76B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 2.2%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~85.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Debt-to-equity has risen 304.7% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 6.0% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation