BeOne Medicines AG ONC

Health CareBiotechnology & Medical ResearchSwitzerland

Last close 373.36 USD on Nov 1, 2026, +21.9% year to date

Quant rating

Quant rating A Rank 4 of 211 in Health Care

Growth A 3 of 211
Valuation C 105 of 211
Quality A 20 of 211
Revisions A 25 of 211
Momentum B 36 of 211

Wall Street consensus Buy (1.70)Average target 431.06 USD +15.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 44.6B
Enterprise value: 41.5B
52-week range: 253.96 – 388.66
3-year range: 129.52 – 388.66
Dividend yield: –
Beta (5 years): 0.64
Shares outstanding: 1,542M
Next earnings: Nov 5, 2026

About the company

BeOne Medicines AG, formerly BeiGene, Ltd., is a global oncology company engaged in discovering and developing treatments for cancer patients worldwide. With a portfolio spanning hematology and solid tumors, the Company is engaged in the development of its diverse pipeline of novel therapeutics. Its products include Brukinsa, Tevimbra and Pamiparib. Brukinsa is an orally available, small-molecule inhibitor of Bruton’s tyrosine kinase (BTK). Tevimbra is a humanized immunoglobulin G4 (IgG4) anti-programmed cell death protein 1 (PD-1) monoclonal antibody with high affinity and binding specificity against PD-1. It is designed to minimize binding to Fc-gamma (Fcy) receptors on macrophages, helping the body’s immune cells detect and fight tumors. The Company’s product pipeline in development includes Sonrotoclax, Tarlatamab, Zanidatamab, Blinatumomab, BGB-26808, BGB-R046, BG-68501, BG-C9074, BGB-43395, Xaluritamig, and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,343	3,810	2,459	1,416	1,176	–
Revenue growth	40.2%	55.0%	73.7%	20.4%	280.8%	76.8%
EPS (basic, normalized)	2.53	−6.12	−8.45	−19.43	−15.23	–
EPS growth	–	–	–	–	–	–
Gross margin	87.5%	84.4%	84.5%	79.8%	86.0%	84.4%
Net margin	5.4%	−16.9%	−35.9%	−141.5%	−123.9%	−62.6%
ROE	7.5%	−18.8%	−22.3%	−38.1%	−29.2%	−20.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	5,098
Current ratio	3.40x
Long-term debt (mil)	1,699
Net debt (mil)	−3,119
Total equity (mil)	5,174
Net debt / equity	−0.60x
Net debt / EBITDA	−5.30x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	5,343	+40.2%	7.8x	589	+202.5%	70.4x	2.53	+141.3%	147.6x
2026	6,758	+26.5%	6.1x	1,308	+122.2%	31.7x	7.97	+215.1%	46.8x
2027	7,711	+14.1%	5.4x	1,697	+29.7%	24.4x	10.73	+34.7%	34.8x
2028	8,740	+13.4%	4.7x	2,252	+32.7%	18.4x	14.21	+32.4%	26.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	6,758	+0.2%	+4.3%	+6.5%	7.97	+0.7%	+21.6%	+39.9%
2027	7,711	0.0%	+4.4%	+6.3%	10.73	+0.7%	+7.9%	+10.4%
2028	8,740	+0.1%	+4.3%	+7.5%	14.21	+3.0%	+0.2%	+9.7%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	752	929	1,002	1,128	1,117	1,315	1,412	1,498	1,513	1,705
Sales mean (mil)	676	798	980	1,044	1,135	1,239	1,360	1,469	1,343	1,605
Surprise	+11.1%	+16.4%	+2.2%	+8.1%	−1.6%	+6.2%	+3.9%	+2.0%	+12.6%	+6.2%
EPS reported	−2.41	−1.15	−1.15	−1.43	0.01	0.84	1.09	0.58	1.96	2.05
EPS mean	−2.93	−2.15	−1.02	−0.89	−0.72	0.11	0.86	1.14	0.84	1.58
Surprise	+17.7%	+46.5%	−12.9%	−60.9%	−101.4%	+696.2%	+27.5%	−49.2%	+132.4%	+29.9%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ONC BeOne Medicines AG	44.6B	−5.30x	5.4%	7.46x	46.8x	34.8x	31.7x	24.4x
2359 WuXi AppTec Co., Ltd.	65.5B	−1.24x	41.1%	5.58x	18.7x	16.1x	12.6x	10.5x
2269 WuXi Biologics (Cayman) Inc.	23.3B	–	22.5%	3.25x	25.1x	20.7x	15.2x	12.4x
ARGX argenx SE	56.7B	−4.75x	31.1%	6.63x	31.3x	24.3x	26.8x	19.5x
RVMD Revolution Medicines, Inc.	41.0B	2.47x	–	15.73x	−20.0x	−31.3x	−20.6x	−29.3x
GMAB Genmab A/S	36.5B	–	25.9%	5.88x	48.0x	32.3x	30.9x	20.0x
Mean		−2.20x	25.2%	7.42x	25.0x	16.2x	16.1x	9.6x
Median		−2.99x	25.9%	6.26x	28.2x	22.5x	21.0x	15.9x

Technical analysis

1M+0.9%
3M+12.1%
1Y+16.9%
3Y+117.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, BeOne Medicines AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,343	3,810	2,459	1,416	1,176	309
Cost of revenue	669	594	380	286	165	70.7
Gross profit	4,674	3,216	2,079	1,129	1,011	238
Selling, general & administrative expenses	2,081	1,831	1,505	1,278	990	600
Research & development	2,146	1,953	1,779	1,641	1,459	1,295
Depreciation/amortization	0.1	0.1	3.5	0.8	0.8	0.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	−363	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	447	−568	−845	−1,790	−1,439	−1,658
Net interest income (expense)	−62.2	28.7	59.3	23.8	−8.2	15.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	32.0	6.5	−40.3	−195	8.3	24.5
Net income before taxes	417	−533	−826	−1,961	−1,439	−1,618
Provision for taxes	130	112	55.9	42.8	19.2	14.2
Minority interest	–	–	–	0	0	3.6
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	287	−645	−882	−2,004	−1,458	−1,629
Extraordinary items	–	–	–	–	–	3.8
Net income	287	−645	−882	−2,004	−1,458	−1,625
EBIT, normalized	447	−568	−1,208	−1,790	−1,439	−1,658
EBITDA, normalized	589	−396	−1,120	−1,723	−1,392	−1,626
Basic EPS, normalized	2.53	−6.12	−8.45	−19.43	−15.23	–

Balance sheet in millions of USD, fiscal years

Balance sheet, BeOne Medicines AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,548	2,627	3,174	4,535	6,618	4,651
Receivables	887	709	396	199	583	107
Total inventory	608	495	416	282	243	89.3
Prepaid expenses	131	135	140	92.0	146	102
Other current assets	60.2	25.2	77.1	99.0	24.4	12.0
Total current assets	6,234	3,992	4,203	5,207	7,614	4,961
Property, plant & equipment	1,790	1,718	1,419	956	705	448
Goodwill	–	–	0	0.1	0.1	0.1
Intangibles	62.7	51.1	57.1	40.6	46.7	5.0
Long-term investments	61.7	129	89.6	91.8	101	–
Note receivable	–	–	–	–	–	–
Other long-term assets	40.7	31.6	35.7	83.8	69.0	187
Total assets	8,189	5,921	5,805	6,379	8,536	5,601
Liabilities
Accounts payable	479	405	315	295	262	232
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,096	799	660	460	553	356
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	114	852	688	329	428	335
Other current liabilities	140	159	146	384	357	152
Total current liabilities	1,829	2,215	1,810	1,469	1,600	1,075
Long-term debt	1,812	166	198	209	202	184
Minority interest	–	–	–	–	–	0
Other liabilities	186	207	260	318	601	473
Total liabilities	3,827	2,589	2,268	1,996	2,403	1,732
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	12,759	12,088	11,599	11,541	11,191	7,415
Retained earnings (accumulated deficit)	−8,320	−8,607	−7,962	−7,080	−5,077	−3,553
Treasury stock	–	–	–	–	–	–
Other equity	−78.2	−149	−99.4	−77.4	18.0	6.9
Total equity	4,361	3,332	3,537	4,383	6,133	3,869
Total liabilities & shareholders' equity	8,189	5,921	5,805	6,379	8,536	5,601

Cash flow statement in millions of USD, fiscal years

Cash flow statement, BeOne Medicines AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	287	−645	−882	−2,004	−1,413	−1,601
Depreciation, depletion & amortization	142	172	87.7	66.3	46.5	31.8
Deferred taxes	9.5	26.0	0.7	2.1	−41.1	−27.8
Non-cash items	499	464	6.4	306	228	162
Changes in working capital	191	−157	−371	132	−118	151
Cash from operations	1,128	−141	−1,157	−1,497	−1,299	−1,283
Investing activities
Capital expenditures	−267	−529	−596	−469	−315	−227
Other investing cash flows	−9.6	−19.2	656	1,546	956	−2,941
Cash from investing	−276	−548	60.0	1,077	641	−3,168
Financing activities
Financing cash flow items	−28.2	3.0	–	0	0	588
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,088	190	416	−19.0	3,637	4,615
Cash from financing	1,059	193	416	−19.0	3,637	5,203
Foreign exchange effects	60.0	−51.7	−8.1	−69.4	14.0	18.2
Net change in cash	1,971	−547	−689	−508	2,993	769
Free cash flow	861	−670	−1,754	−1,966	−1,614	−1,510

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.