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ONC

BeOne Medicines Ltd.

ONC

BeOne Medicines Ltd. • NASDAQ
$340.61 ▼ -0.01% (-0.03)
Market Cap $36.40 B
52w High $385.22
52w Low $170.99
Dividend Yield 0%
P/E 667.86
Volume 107.51K
Outstanding Shares 106.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.412B ▲ $1.053B ▼ $124.841M ▲ 8.84% ▲ $14.69 ▲ $163.114M ▲
Q2-2025 $1.315B ▲ $1.063B ▲ $94.32M ▲ 7.171% ▲ $0.87 ▲ $123.499M ▲
Q1-2025 $1.117B ▼ $941.175M ▼ $1.27M ▲ 0.114% ▲ $0.01 ▲ $43.906M ▲
Q4-2024 $1.128B ▲ $1.047B ▲ $-151.881M ▼ -13.467% ▼ $-1.43 ▼ $-29.179M ▲
Q3-2024 $1.002B $951.402M $-121.35M -12.116% $-1.16 $-48.973M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.037B ▲ $7.633B ▲ $3.503B ▲ $4.129B ▲
Q2-2025 $2.756B ▲ $6.298B ▲ $2.528B ▲ $3.77B ▲
Q1-2025 $2.516B ▼ $5.842B ▼ $2.342B ▼ $3.5B ▲
Q4-2024 $2.627B ▼ $5.921B ▲ $2.589B ▲ $3.332B ▼
Q3-2024 $2.702B $5.831B $2.395B $3.436B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $124.841M ▲ $402.553M ▲ $-49.274M ▲ $961.272M ▲ $1.324B ▲ $354.469M ▲
Q2-2025 $94.32M ▲ $263.598M ▲ $-66.605M ▲ $35.025M ▲ $255.495M ▲ $199.772M ▲
Q1-2025 $1.27M ▲ $44.082M ▼ $-121.941M ▼ $-33.777M ▼ $-108.156M ▼ $-72.325M ▼
Q4-2024 $-151.881M ▼ $75.16M ▼ $-93.605M ▲ $-4.523M ▼ $-74.681M ▼ $-17.32M ▼
Q3-2024 $-121.35M $188.369M $-133.882M $12.662M $95.497M $54.714M

Five-Year Company Overview

Income Statement

Income Statement Revenue is still small, but it has been climbing steadily each year, which suggests the core business is gaining commercial traction rather than stalling in the lab. The company has moved from losing money on each unit of activity to now generating a positive gross margin, which is a meaningful structural improvement. Even so, the firm remains loss‑making at the operating and net income levels. Losses were quite heavy a few years ago but have narrowed over time, indicating better cost control and growing scale, though results still bounce around from year to year. Overall, this looks like a company transitioning from a pure R&D story toward a more mature commercial model, but not yet at the point of sustainable profitability.

Balance Sheet

Balance Sheet The balance sheet shows a relatively modest but stable asset base, with a meaningful portion held in cash, which provides a cushion to support ongoing R&D and commercialization efforts. Cash levels have come down from earlier peaks, reflecting continued investment and cash burn, but they are not yet at alarmingly low levels based on the profile presented. Debt is present but not dominant, and equity remains clearly positive, which points to a company that has been funded mainly through equity and still retains a solid capital foundation. The gradual erosion of equity over time is a reminder that continued losses do eat into the financial buffer, so future funding needs and dilution risk are important considerations.

Cash Flow

Cash Flow Operating cash flow has been consistently negative, which is typical for a company heavily investing in oncology research and commercial build‑out. The good news is that the cash burn from core operations has been shrinking, suggesting better efficiency and some operating leverage from growing revenue. Free cash flow is even more negative than operating cash flow because the company continues to spend on capital projects, likely related to manufacturing and infrastructure. Capital spending is meaningful but not extreme. Overall, the pattern is of a business still very dependent on external capital over time, but gradually moving in the right direction from a cash‑generation standpoint.

Competitive Edge

Competitive Edge BeOne operates in a very competitive area—oncology—yet it appears to have carved out a credible position. Its lead product, Brukinsa, has shown stronger clinical performance and a better safety profile than an older standard in its class, which is a real commercial and medical advantage in B‑cell cancers. The company’s choice to run most clinical trials in‑house rather than relying on external contractors is unusual and forms part of its moat. This setup can improve speed, quality control, and cost efficiency, and it also supports rapid global trial execution. On top of that, BeOne has built significant manufacturing and commercial infrastructure, which is expensive but creates barriers for smaller rivals. The main competitive risks come from large global drug makers with deep pockets and strong oncology franchises, as well as from the constant risk that new treatments from others could leapfrog BeOne’s current offerings.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of BeOne’s strategy. The company works across several advanced platforms at once—next‑generation small molecules, targeted protein degraders, antibody‑drug conjugates, and sophisticated antibody therapies. This multi‑platform approach lets it attack cancer from different angles and increases the chance that at least some assets become meaningful products. The pipeline is broad and deep, with dozens of investigational drugs spread across blood cancers and solid tumors. Some late‑stage programs, such as sonrotoclax, BTK degraders, HER2‑targeted therapies, and new antibody‑drug conjugates, could significantly expand the company’s reach if clinical and regulatory outcomes are favorable. The flip side is that this kind of aggressive R&D strategy is expensive and high‑risk. Most projects will never reach the market, timelines are long, and trial setbacks can quickly change the outlook. Still, the scale and diversity of the R&D engine are clear strengths compared with smaller biotech peers.

Summary

BeOne Medicines looks like a fast‑developing oncology company that is moving from a research‑centric story toward a more balanced model with growing commercial revenue. Financially, it is still in investment mode: revenue is rising, margins are improving, but the company continues to post losses and burn cash, which slowly erodes its equity base and implies future funding needs. Strategically, the firm’s strength lies in its combination of a differentiated lead product, a wide and technologically varied pipeline, and an unusually integrated in‑house clinical and manufacturing setup. These features together form a meaningful competitive position in a tough, innovation‑driven market. Key uncertainties revolve around the usual biotech questions: the success of late‑stage trials, regulatory decisions, pricing pressure, and competition from larger pharma players. The direction of travel—better margins, growing sales, and a maturing pipeline—is positive, but the company remains exposed to scientific, regulatory, and financing risk typical of high‑growth oncology specialists.

NEWS

November 26, 2025 · 6:00 AM UTC

U.S. FDA Grants Priority Review to Sonrotoclax for the Treatment of Relapsed or Refractory Mantle Cell Lymphoma

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November 20, 2025 · 6:00 AM UTC

BeOne Medicines Showcases Leadership in B-cell Malignancies at ASH 2025

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November 17, 2025 · 6:00 AM UTC

Positive Phase 3 Results Support ZIIHERA® as HER2-Targeted Therapy-of-Choice and Combination with TEVIMBRA® and Chemotherapy as New Standard of Care in First-Line HER2-Positive Locally Advanced or Metastatic Gastroesophageal Adenocarcinoma

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November 6, 2025 · 6:00 AM UTC

BeOne Medicines Announces Third Quarter 2025 Financial Results and Business Updates

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October 28, 2025 · 6:01 AM UTC

BeOne Medicines to Present at Upcoming Investor Conferences

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