BeOne Medicines Ltd.
- Open
- 286.00
- Day high
- 290.69
- Day low
- 283.32
- Prev close
- 284.97
- Volume
- 125K
- Mkt cap
- $32.2B
- P/E (TTM)
- 5.8
- EPS (TTM)
- $49.88
- P/B
- 6.8
- P/S
- 5.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$7.5M over the last 3 months (0 open-market buys, 38 sales)
- 🏛Institutions mixed (13F)
BeOne Medicines Ltd. (ONC) is a Healthcare company listed on NASDAQ. The stock is up 16% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 38 sales (SEC Form 4).
BeOne Medicines Ltd. (ONC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ONC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.73 | $1.96 | +168.5% | $1.5B | +2.5% |
| Feb 26, 2026 | $1.60 | $0.59 | -63.4% | $1.5B | +5.2% |
| Nov 6, 2025 | $0.72 | $1.09 | +51.4% | $1.4B | -2.7% |
| Aug 6, 2025 | $0.48 | $0.84 | +75.0% | $1.3B | -8.8% |
| May 7, 2025 | $-0.71 | $1.22 | +271.8% | $1.1B | -10.4% |
| Feb 27, 2025 | $-0.88 | $-1.43 | -62.5% | $1.1B | +8.5% |
| Mar 30, 2024 | — | $-2.41 | — | $752M | — |
| Dec 30, 2023 | — | $-25.53 | — | $634M | — |
| Sep 29, 2023 | — | $2.01 | — | $781M | — |
| Mar 31, 2023 | — | $-3.34 | — | $448M | — |
| Jun 29, 2019 | — | $-1.43 | — | $243M | — |
| Mar 30, 2019 | — | $-2.81 | — | $78M | — |
ONC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 25, 2026 | OYLER JOHNdirector, officer: Chief Executive Officer | Sell | 1,290 | $274.12 |
| Jun 25, 2026 | Wu Xiaobinofficer: President and COO | Sell | 1,292 | $276.26 |
| Jun 25, 2026 | OYLER JOHNdirector, officer: Chief Executive Officer | Sell | 1,800 | $273.30 |
| Jun 25, 2026 | Wang Laiofficer: President, Global Head of R&D | Sell | 1,068 | $276.74 |
| Jun 25, 2026 | OYLER JOHNdirector, officer: Chief Executive Officer | Sell | 320 | $275.10 |
| Jun 18, 2026 | Lee Chan Henryofficer: SVP, General Counsel | Sell | 590 | $265.98 |
| Jun 18, 2026 | Wang Laiofficer: President, Global Head of R&D | Sell | 1,169 | $265.39 |
| Jun 18, 2026 | Wu Xiaobinofficer: President and COO | Sell | 1,357 | $266.76 |
| Jun 18, 2026 | OYLER JOHNdirector, officer: Chief Executive Officer | Sell | 1,650 | $264.87 |
| Jun 18, 2026 | OYLER JOHNdirector, officer: Chief Executive Officer | Sell | 1,710 | $265.99 |
| Jun 18, 2026 | OYLER JOHNdirector, officer: Chief Executive Officer | Sell | 333 | $266.69 |
| Jun 15, 2026 | Wu Xiaobinofficer: President and COO | Sell | 626 | $261.20 |
| Jun 15, 2026 | Wu Xiaobinofficer: President and COO | Grant | 229,775 | $20.81 |
| Jun 15, 2026 | Lee Chan Henryofficer: SVP, General Counsel | Grant | 45,071 | — |
| Jun 15, 2026 | Lee Chan Henryofficer: SVP, General Counsel | Sell | 428 | $257.63 |
Source: ONC SEC Form 4 filings, latest Jun 25, 2026. For informational purposes only — not investment advice.
See the full ONC insider & 13F page →BeOne Medicines Ltd. company profile
Overview
BeiGene, Ltd. (NASDAQ:ONC) is a global biotechnology company founded in 2010 and headquartered in Camana Bay, Cayman Islands. The company has established itself as a leading oncology-focused pharmaceutical enterprise, specializing in the discovery, development, and commercialization of innovative cancer treatments. BeiGene went public in 2016 and has since grown into a significant player in the global oncology market, with operations spanning the United States, China, Europe, and other international markets. The company recently announced plans to redomicile to Switzerland and rebrand as BeOne Medicines, reflecting its evolution from a primarily China-focused biotech to a truly global pharmaceutical company.
Business
BeiGene operates in the highly specialized field of oncology pharmaceuticals, focusing on developing and commercializing treatments for various types of cancer. The pharmaceutical industry, particularly oncology, involves extensive research and development of complex molecular compounds that can target specific cancer pathways, requiring significant investment in clinical trials and regulatory approval processes that can span many years. The company's business is built around three main commercial products and an extensive pipeline of experimental drugs. BRUKINSA is BeiGene's flagship product, a small molecule inhibitor of Bruton's Tyrosine Kinase (BTK), which is a protein that plays a crucial role in the survival and proliferation of certain blood cancer cells. By blocking BTK, BRUKINSA helps treat various blood cancers including chronic lymphocytic leukemia and mantle cell lymphoma. This drug represents approximately 70% of the company's total revenue. TEVIMBRA is an anti-PD-1 antibody immunotherapy, which works by blocking the PD-1 protein that cancer cells use to hide from the immune system. By inhibiting this protein, TEVIMBRA helps the patient's immune system recognize and attack cancer cells more effectively. This treatment is used for various solid tumors and blood cancers, contributing roughly 15% of total revenue. The company also markets Amgen in-licensed products, which are cancer treatments developed by Amgen that BeiGene has licensing rights to distribute in certain markets, particularly in China and other Asian markets. These products account for approximately 10% of revenue. Beyond these commercial products, BeiGene maintains an extensive pipeline of experimental drugs in various stages of clinical development, including treatments for lung cancer, breast cancer, and gastrointestinal cancers. The company's research focuses on multiple therapeutic approaches including small molecule inhibitors, antibody therapies, and newer technologies like protein degraders and bispecific antibodies.
Revenue model
BeiGene generates revenue primarily through direct product sales of its approved cancer medications to healthcare providers, hospitals, and pharmacies worldwide. The company's customers include oncologists, hematologists, and cancer treatment centers who prescribe these medications to patients with specific types of cancer. The business model relies heavily on patent-protected pharmaceutical products that command premium pricing due to their specialized nature and the limited treatment options available for many cancer types. BRUKINSA, for example, can cost tens of thousands of dollars per patient per year, which is typical for specialized cancer treatments. The company benefits from insurance coverage and government healthcare programs that reimburse these high-cost medications. Several factors significantly impact BeiGene's profitability and margins. Positive margin drivers include the company's strong intellectual property position, which provides pricing power and market exclusivity for its products. The global expansion of its commercial products, particularly BRUKINSA's approval in multiple countries, creates new revenue streams without proportional increases in development costs. Additionally, the company's manufacturing capabilities, including a recently completed $800 million facility in the United States, provide better cost control and supply chain security. Negative margin pressures come from the substantial ongoing investment required for research and development, which typically represents 40-50% of revenue for companies at BeiGene's stage. Regulatory compliance costs across multiple international markets add significant overhead. The company also faces competitive pressure from other pharmaceutical companies developing similar treatments, and potential pricing pressures from government healthcare programs and insurance providers seeking to control drug costs. Currency fluctuations affect the company significantly since it operates across multiple countries with different currencies, and any delays in clinical trials or regulatory approvals can substantially impact projected revenues while fixed costs continue.
Competitive moat
BeiGene possesses a moderate but growing competitive moat built primarily around its intellectual property portfolio and specialized expertise in oncology drug development. The company's strongest defensive position lies in its BTK inhibitor franchise, where BRUKINSA has demonstrated superior efficacy and safety profiles compared to some competitors in head-to-head clinical trials. This clinical differentiation, combined with patent protection, provides meaningful barriers to direct competition. The company's research and development capabilities represent another moat element, particularly its expertise in developing targeted cancer therapies and its ability to conduct global clinical trials efficiently. BeiGene has built significant relationships with regulatory agencies worldwide and has demonstrated the ability to navigate complex approval processes across multiple markets simultaneously. However, the moat faces several challenges. The pharmaceutical industry is characterized by intense competition from both established players like Roche, Bristol Myers Squibb, and AbbVie, as well as emerging biotech companies developing next-generation treatments. Patent cliffs pose a long-term threat, as competitors can develop biosimilar or improved versions of treatments once patents expire. Additionally, the company operates in a rapidly evolving scientific landscape where breakthrough discoveries can quickly render existing treatments obsolete. The company's moat is also geographic in nature - while it has strong market positions in China and growing presence in the United States and Europe, it faces different competitive dynamics in each market. In China, BeiGene benefits from local market knowledge and regulatory relationships, while in Western markets it competes against more established pharmaceutical giants with deeper resources and longer-standing physician relationships. Overall, BeiGene's moat is developing but not yet deeply entrenched, requiring continued innovation and successful execution of its pipeline development to maintain competitive advantages.
Risks & safety
BeiGene presents a moderate margin of safety with strong liquidity but ongoing profitability challenges that require careful monitoring. Liquidity and Solvency: • Cash and short-term investments: $2.5 billion as of Q1 2025 • Current ratio: 1.96, indicating adequate short-term liquidity • Debt-to-equity ratio: 0.28, representing conservative leverage • Free cash flow: -$72 million in Q1 2025, though improving from previous periods • Operating cash flow turned positive in recent quarters Valuation Metrics: • Price-to-book ratio: 8.3, indicating premium valuation • EV/EBITDA: 12.7 based on recent positive EBITDA • Revenue growth: 49% year-over-year in Q1 2025 • Company achieved first GAAP profitable quarter in Q1 2025 Other Considerations: The company's substantial cash position provides significant runway for continued operations and R&D investment, though the historical cash burn rate of several hundred million annually requires monitoring. The recent achievement of GAAP profitability and positive operating cash flow represents a meaningful inflection point. However, the business remains sensitive to clinical trial outcomes and regulatory approvals, which could significantly impact future cash flows and valuation.
Recent development
Over the past few years, BeiGene has undergone significant strategic transformation from a China-focused biotech company to a global pharmaceutical enterprise. The company has aggressively expanded its international presence, establishing commercial operations in over 80 markets worldwide and building substantial manufacturing capabilities, including the completion of an $800 million manufacturing facility in the United States. A major strategic pivot has been the company's focus on achieving financial sustainability and profitability. After years of heavy investment and losses, BeiGene achieved its first GAAP profitable quarter in Q1 2025 and has committed to maintaining GAAP operating income breakeven going forward. This represents a fundamental shift from a growth-at-all-costs mentality to balanced growth with profitability. The company has significantly strengthened its product portfolio through both internal development and strategic partnerships. BRUKINSA has become the market leader in BTK inhibitor new patient starts, while the pipeline has expanded dramatically with 19 new molecules entering clinical trials. Key pipeline developments include advancing a BTK degrader program, developing a CDK4 inhibitor for breast cancer, and multiple bispecific antibody programs. Corporate restructuring has been another major development, with the company recently changing its ticker symbol to ONC and announcing plans to redomicile from the Cayman Islands to Switzerland while rebranding as BeOne Medicines. This move reflects the company's evolution into a truly global entity and may provide operational and tax advantages. The company has also made significant investments in manufacturing and supply chain resilience, including the Hopewell, New Jersey facility, to ensure reliable product supply and reduce dependence on third-party manufacturers. Additionally, BeiGene has accelerated its clinical development capabilities, demonstrating the ability to rapidly enroll and execute large global clinical trials across multiple therapeutic areas.
ONC company profile · for informational purposes only — not investment advice.
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