BeOne Medicines Ltd. (ONC) is listed on NASDAQ and operates in the Medical - Pharmaceuticals industry (Healthcare sector).
BeOne Medicines, formerly known as BeiGene, is a global oncology company focused on discovering, developing, and commercializing innovative cancer therapies. Founded in 2010 and headquartered in Cambridge, Massachusetts—with operations spanning over 45 countries across six continents—the company rebranded as BeOne in late 2024 and redomiciled to Basel, Switzerland in 2025. BeOne has established itself as a leader in immuno-oncology and targeted therapies, with key assets including Tevimbra (tislelizumab), a PD-1 monoclonal antibody approved for multiple cancer indications globally, and Brukinsa (zanubrutinib), a Bruton's tyrosine kinase (BTK) inhibitor that surpassed $1.3 billion in annual sales and is approved in major markets such as the U.S., Europe, and China. The company’s strategy combines internal R&D with the development of assets sourced from external partnerships, driving a robust pipeline across hematologic malignancies and solid tumors.
| Rating | Analysts |
|---|---|
| Strong Buy | 0 |
| Buy | 13 |
| Hold | 1 |
| Sell | 0 |
| Strong Sell | 0 |
Over the past three fiscal years, the company has demonstrated a significant turnaround in its financial performance. Revenue consistently increased at a remarkable CAGR of 47.4%, growing from $2.46 billion in 2023 to $5.34 billion in 2025. This revenue growth was accompanied by a substantial improvement in profitability. The operating margin improved by 57.5 percentage points, moving from a negative 49.1% in 2023 to a positive 8.4% in 2025, while the net margin increased by 41.2 percentage points, reaching 5.4% in 2025. This profitability turnaround is further reflected in the earnings per share, which rose from a loss of $8.45 to a gain of $32.89 over the same period. Cash generation also saw a positive inflection, with operating cash flow turning from a negative $1.16 billion in 2023 to a positive $1.13 billion in 2025, and free cash flow improving from a negative $1.75 billion to a positive $941.7 million. The company's free cash flow margin expanded by 89 percentage points, indicating a robust cash conversion. Despite these improvements, the share count increased by 8.7%, which partially diluted per-share gains. The company's liquidity position remains strong, with a current ratio of 3.41 and a quick ratio of 3.08, while the interest coverage ratio stands at a healthy 8.16x, reflecting its ability to meet interest obligations comfortably. Overall, the company has effectively leveraged its revenue growth to enhance profitability and cash generation, although the increase in share count has moderated per-share value creation.