BeOne Medicines Ltd

ONC

Healthcare|Biotechnology|Switzerland

$298.70

-4.13 (-1.36%)

Tangible Book

$42.27

Graham Number

$97.57

Financials

Financial Snapshot

Market Cap

$33.40B

Enterprise Value

$3.64B

Revenue (TTM)

$5.74B

Net Income (TTM)

$513.0M

Cash & Equivalents

—

Net Cash/Share

$8.98

Free Cash Flow (TTM)

$1.09B

Operating CF (TTM)

$1.28B

Debt/Equity

0.24

Cash Runway & Burn Rate

Company is cash-flow positive.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$368.2M	$837.5M	$1.78B	$982.7M	$4.65B	$6.62B	$4.53B	$3.17B	$2.63B	$4.55B	$4.79B
Operating Cash Flow	$-89.5M	$12.8M	$-547.7M	$-750.3M	$-1.28B	$-1.30B	$-1.50B	$-1.16B	$-140.6M	$1.13B	$1.28B
Free Cash Flow	$-113.0M	$-46.0M	$-688.6M	$-908.9M	$-1.51B	$-1.61B	$-1.97B	$-1.75B	$-669.8M	$861.0M	$1.09B
Capital Expenditure	$-23.5M	$-58.7M	$-140.8M	$-158.6M	$-227.0M	$-314.9M	$-469.1M	$-596.3M	$-529.1M	$-266.5M	$-190.9M
Financing Cash Flow	$380.9M	$490.4M	$1.69B	$85.7M	$5.20B	$3.64B	$-19.0M	$416.5M	$193.4M	$1.06B	$1.16B

R&D Spending

R&D (TTM)

$2.21B

R&D Intensity

38.4%

R&D Growth YoY

+2.8%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$1.1M	$238.4M	$198.2M	$428.2M	$308.9M	$1.18B	$1.42B	$2.46B	$3.81B	$5.34B	$5.74B
R&D Expense	$98.0M	$269.0M	$679.0M	$927.3M	$1.29B	$1.46B	$1.64B	$1.78B	$1.95B	$2.15B	$2.21B
R&D % of Revenue	9162.0%	112.8%	342.6%	216.6%	419.2%	124.1%	115.9%	72.3%	51.3%	40.2%	38.4%
SG&A	$20.1M	$62.6M	$195.4M	$388.2M	$600.2M	$990.1M	$1.28B	$1.51B	$1.83B	$2.08B	$2.18B

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$1.1M	$238.4M	$198.2M	$428.2M	$308.9M	$1.18B	$1.42B	$2.46B	$3.81B	$5.34B	$5.74B
Cost of Goods Sold	$0.00	$5.0M	$28.7M	$71.2M	$70.7M	$164.9M	$286.5M	$379.9M	$594.1M	$668.5M	$670.8M
Gross Profit	$1.1M	$233.4M	$169.5M	$357.0M	$238.2M	$1.01B	$1.13B	$2.08B	$3.22B	$4.67B	$5.07B
R&D	$98.0M	$269.0M	$679.0M	$927.3M	$1.29B	$1.46B	$1.64B	$1.78B	$1.95B	$2.15B	$2.21B
SG&A	$20.1M	$62.6M	$195.4M	$388.2M	$600.2M	$990.1M	$1.28B	$1.51B	$1.83B	$2.08B	$2.18B
Operating Income	$-117.1M	$-98.5M	$-705.8M	$-959.9M	$-1.66B	$-1.44B	$-1.79B	$-1.21B	$-568.2M	$447.1M	$685.9M
Interest Expense	$0.00	$-4.1M	$0.00	$0.00	$0.00	$-15.8M	$0.00	$-4.4M	$-21.8M	$-58.2M	$-91.1M
Pretax Income	$-119.2M	$-91.1M	$-689.8M	$-943.6M	$-1.62B	$-1.44B	$-1.96B	$-825.8M	$-533.0M	$416.9M	$655.2M
Net Income	$-119.2M	$-93.1M	$-673.8M	$-948.6M	$-1.62B	$-1.46B	$-2.00B	$-881.7M	$-644.8M	$286.9M	$513.0M
EPS (Diluted)	-3.90	-2.21	-12.09	-15.86	-19.50	-15.73	-19.37	-8.45	-6.11	2.47	4.29
EBITDA	$-115.2M	$-93.7M	$-695.4M	$-941.3M	$-1.63B	$-1.39B	$-1.72B	$-733.8M	$-339.4M	$616.8M	$906.1M
Shares Out. (M)	31.05	41.78	55.44	60.05	83.47	92.78	103.13	104.39	105.29	113.45	115.77

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$87.5M	$239.6M	$712.9M	$618.0M	$1.38B	$4.38B	$3.87B	$3.17B	$2.63B	$4.55B	$4.79B
Marketable Securities	$280.7M	$597.9M	$1.07B	$364.7M	$3.27B	$2.24B	$665.3M	$0.00	$0.00	$0.00	$0.00
Total Current Assets	$374.4M	$913.5M	$1.94B	$1.17B	$4.96B	$7.61B	$5.21B	$4.20B	$3.99B	$6.23B	$6.60B
Total Assets	$405.8M	$1.05B	$2.25B	$1.61B	$5.60B	$8.54B	$6.38B	$5.81B	$5.92B	$8.19B	$8.55B
Total Current Liabilities	$35.1M	$150.0M	$246.5M	$310.3M	$1.08B	$1.60B	$1.47B	$1.81B	$2.21B	$1.83B	$1.81B
Long-Term Debt	$17.3M	$155.5M	$189.7M	$240.7M	$183.6M	$202.1M	$209.1M	$197.6M	$166.5M	$961.9M	$962.5M
Total Liabilities	$52.9M	$362.2M	$496.0M	$633.9M	$1.73B	$2.40B	$2.00B	$2.27B	$2.59B	$3.83B	$3.79B
Stockholders' Equity	$352.9M	$669.8M	$1.74B	$962.2M	$3.87B	$6.13B	$4.38B	$3.54B	$3.33B	$4.36B	$4.76B
Retained Earnings	$-237.4M	$-330.5M	$-1.01B	$-1.96B	$-3.55B	$-5.08B	$-7.08B	$-7.96B	$-8.61B	$-8.32B	$-8.09B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$-89.5M	$12.8M	$-547.7M	$-750.3M	$-1.28B	$-1.30B	$-1.50B	$-1.16B	$-140.6M	$1.13B	$1.28B
Capital Expenditure	$-23.5M	$-58.7M	$-140.8M	$-158.6M	$-227.0M	$-314.9M	$-469.1M	$-596.3M	$-529.1M	$-266.5M	$-190.9M
Free Cash Flow	$-113.0M	$-46.0M	$-688.6M	$-908.9M	$-1.51B	$-1.61B	$-1.97B	$-1.75B	$-669.8M	$861.0M	$1.09B
Investing Cash Flow	$-221.8M	$-356.3M	$-637.6M	$554.2M	$-3.17B	$640.7M	$1.08B	$60.0M	$-548.4M	$-276.2M	$-199.7M
Financing Cash Flow	$380.9M	$490.4M	$1.69B	$85.7M	$5.20B	$3.64B	$-19.0M	$416.5M	$193.4M	$1.06B	$1.16B
Issuance of Stock	$368.9M	$339.1M	$1.63B	$0.00	$4.23B	$3.44B	$0.00	$0.00	$0.00	$0.00	$0.00
Repurchase of Stock	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Issuance of Debt	$12.0M	$135.2M	$42.3M	$67.5M	$433.9M	$423.3M	$351.1M	$684.0M	$877.3M	$1.08B	$1.06B
Payments of Debt	$0.00	$-2.5M	$-8.7M	$-32.8M	$-144.3M	$-321.8M	$-417.1M	$-323.3M	$-732.2M	$-1.08B	$-911.0M
Stock Based Comp.	$10.6M	$42.9M	$87.1M	$134.2M	$183.5M	$240.7M	$303.2M	$367.6M	$441.6M	$510.9M	$538.7M
Net Change in Cash	$69.6M	$152.1M	$501.1M	$-119.9M	$769.2M	$2.99B	$-507.9M	$-689.1M	$-547.2M	$1.97B	$2.32B

Dilution Tracker

Shares outstanding grew 24.8% over 5 years — significant dilution

Shares Outstanding

116M

5-Year Share Growth

+24.8%

Stock Issuance (TTM)

$0.00

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	31.05	41.78	55.44	60.05	83.47	92.78	103.13	104.39	105.29	113.45	115.77
YoY Change %	—	34.6%	32.7%	8.3%	39.0%	11.2%	11.2%	1.2%	0.9%	7.8%	2.0%
Stock Issuance	$368.9M	$339.1M	$1.63B	$0.00	$4.23B	$3.44B	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Repurchase	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Based Comp.	$10.6M	$42.9M	$87.1M	$134.2M	$183.5M	$240.7M	$303.2M	$367.6M	$441.6M	$510.9M	$538.7M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	97.9%	85.5%	83.4%	77.1%	86.0%	79.8%	84.5%	84.4%	87.5%	88.3%
Operating Margin %	-10940.2%	-41.3%	-356.1%	-224.2%	-536.7%	-122.3%	-126.4%	-49.1%	-14.9%	8.4%	11.9%
Net Margin %	-11141.8%	-39.1%	-339.9%	-221.5%	-526.1%	-123.9%	-141.5%	-35.9%	-16.9%	5.4%	8.9%
EBITDA Margin %	-10761.8%	-39.3%	-350.8%	-219.8%	-526.4%	-118.4%	-121.7%	-29.8%	-8.9%	11.5%	15.8%
FCF Margin %	-10562.1%	-19.3%	-347.4%	-212.3%	-489.0%	-137.2%	-138.8%	-71.3%	-17.6%	16.1%	19.1%
ROE %	-55.8%	-18.2%	-55.9%	-70.2%	-67.3%	-29.2%	-38.1%	-22.3%	-18.8%	7.5%	12.5%
ROA %	-45.6%	-12.8%	-40.9%	-49.1%	-45.1%	-20.6%	-26.9%	-14.5%	-11.0%	4.1%	7.0%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)69.63

Historical61.65 / 135.47 / 938.00

Industry Med.27.51

P/S5.97

Historical4.90 / 19.90 / 8621.67

Industry Med.9.49

P/B6.97

Historical2.31 / 5.86 / 13.38

Industry Med.2.93

EV/EBITDA32.84

Historical-666.84 / -11.60 / 225.34

Industry Med.13.02

EV/Revenue5.19

Historical4.26 / 16.94 / 9675.52

Industry Med.8.59

P/FCF31.32

Historical27.73 / 47.75 / 231.10

Industry Med.27.13

Intrinsic Value Models

Tangible Book

$42.27

Net Current Assets

$25.260

Graham Number

$97.57

Median P/S Value

$1066.62

Net-Net Working Capital

$18.38

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	123.00	69.63
PS Ratio	892.94	17.13	39.23	23.25	69.84	21.37	16.02	7.66	5.10	6.45	5.97
PB Ratio	3.41	6.64	4.81	10.62	6.12	4.54	5.23	5.31	5.90	7.72	6.97
EV/EBITDA	-7.41	-40.47	-9.76	-10.12	-12.04	-15.73	-11.03	-22.56	-53.41	49.00	32.84
EV/Revenue	797.94	15.91	34.25	22.25	63.39	18.61	13.42	6.73	4.76	5.66	5.19

Analyst Estimates & Quality

Altman Z-Score

5.59

Safe

Piotroski F-Score

Strong

Beneish M-Score

-2.73

Unlikely Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$6,443M	$7,339M	$8,296M
Net Income	$728M	$1,099M	$1,582M
EPS	6.53	9.16	13.35
Book Value per Share	36.34	46.00	62.02
Operating Cash Flow per Share	7.63	10.67	12.99
Operating CF	$883.15M	$1,235.14M	$1,503.33M

Dividends

Revenue Segments

By Business

Segment	2025
BRUKINSA	$3.93B
BLINCYTO	$104.2M
KYPROLIS	$75.0M
Other	$83.7M
Other revenue	$61.0M
POBEVCY	$47.4M
TEVIMBRA	$737.3M
XGEVA	$306.0M

By Geography

Segment	2025
United States (U.S.)	$2.88B
China	$1.68B
Europe	$611.4M
Rest of World	$171.8M