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BeOne Medicines Ltd.ONC

Sector
Healthcare
Industry
Pharmaceutical Preparations
Exchange
Nasdaq

Stock Price $ONC

Latest filings

You are here#31 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1310-Q328-K284

ONC filed 13 annual reports (10-K), 32 quarterly reports (10-Q) and 284 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Nov ’16Nov ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Jul ’21Jul ’21
  4. Material agreement8-K · Aug ’25Aug ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  12. $5.34B
YoY changeLargest recent move+280.8%in FY21Latest +40.2%

2 older moves run past ±150% (largest +22179.2%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All ONC Financial Metrics60 metrics

Income Statement17

Balance Sheet27

Cash Flow12

Per Share4

02—Overview

BeOne Medicines Ltd. Financial Overview 2021–2025

Updated Jul 10, 2026

BeOne Medicines orchestrated a structural financial inflection by converting a $1.4 billiona net loss in FY2021 into a positive net income of $286.9 million in FY2025. This profitability cements the company’s transition from a cash-dependent biotech into a self-sustaining commercial oncology operator. The primary engine of this transformation is BRUKINSA, a BTK inhibitor that captured global market share to generate $3.9 billion in sales during FY2025.

The firm's operational execution has rapidly scaled its top line, with total revenue growing from $1.18 billion in FY2021 to $5.3 billionb in FY2025. This expanding revenue base, up 40.2% year-over-year, now outpaces the company's clinical pipeline costs, even as research and development expenses climbed 9.9% to $2.1 billion in FY2025. Beyond its lead asset, the anti-PD-1 therapy TEVIMBRA provided secondary momentum with $737.3 million in annual sales, backed by a balance sheet holding $4.5 billion in liquidity at the close of FY2025.

Investors have priced in this commercial scaling and the clinical promise of next-generation assets like sonrotoclax. At the close of FY2025, the equity traded at $303.81c per share, commanding a $437.8 billion market capitalization. Because the company only recently crossed into positive earnings territory, it traded at a 1599.0x price-to-earnings multiple at the end of FY2025, reflecting steep market expectations for continued profit expansion.

Recent Developments (Q4 2025 and Q1 2026)

BeOne Medicines secured a major clinical milestone in May 2026 when the FDA granted accelerated approval to BEQALZI for relapsed or refractory mantle cell lymphoma. This first-in-class BCL2 approval compounds the firm’s operational momentum from Q1 2026, where total revenue hit $1.51 billiond, a 35.5% year-over-year increase. BRUKINSA sales climbed 38.3% to $1.09 billion during the quarter, pushing operating income up 2,151.0% to $249.9 million and turning free cash flow positive at $160.5 million.

In June 2026, the company settled a statutory tax audit in China for $63.4 millione, which will impact Q2 2026 results. Bulls argue that adding a second approved hematology asset to a rapidly expanding cash flow base justifies a premium valuation. Bears caution that trading at a 1649.1x price-to-earnings multiple as of May 6, 2026, the equity is priced for perfection and highly vulnerable to any commercial deceleration.

What to watch: initial BEQALZI launch trajectory and prescription volume; the absorption of the $63.4 million tax charge in Q2 2026 margins.

03—Filings

Recent SEC Filings

  1. 8-KBeOne Medicines Ltd. 8-K Report, Financial Results (Aug 26, 2026)BeOne Medicines Ltd. (ONC) furnished this Form 8-K to disclose that it filed its 2026 Interim Report for the six months ended June 30, 2026 with the Shanghai Stock Exchange STAR Market. The filing is primarily a regulatory disclosure under PRC rules, and it provides supplementary R&D expense data by product and project, prepared under U.S. GAAP. The Item 2.02 disclosure is furnished, not filed, and the STAR Interim Report itself is available only in Chinese on the SSE website. No headline revenue, net income, or guidance figures appear in the excerpt, so investors should treat it as a supplemental disclosure rather than a full earnings release. The most quantitatively important data is R&D spending. Total R&D expense (U.S. GAAP) for the six months ended June 30, 2026 was $1,153.5 million, up about 14.6% from $1,006.8 million a year earlier. Internal R&D rose to $718.4 million from $606.5 million, while external R&D (including collaborations) rose to $435.1 million from $400.3 million. Among key programs, BEQALZI (sonrotoclax) fell to $74.0 million from $94.0 million, and BRUKINSA fell to $42.7 million from $63.0 million, while newer programs such as BGB-43395 (CDK4), BGB-B2033, BG-C9074, BGB-58067 and BG-C477 more than tripled or grew sharply from small bases. Tacabrutideg (BTK-targeted CDAC) rose to $44.3 million from $26.9 million, signaling a shift in spending toward pipeline expansion. The filing also flags accounting differences between PRC GAAP and U.S. GAAP. These cover share-based compensation attribution, interim tax rate methodology, lease expense presentation, and, most notably, the treatment of the 2025 sale of future royalty rights. Under U.S. GAAP the upfront proceeds are a liability with an effective-interest expense, while under PRC GAAP they are deferred revenue amortized over the collaboration period. These differences mean reported profit can differ materially between the two frameworks in any given period, so investors comparing STAR and SEC figures should reconcile them carefully.
  2. 8-KBeOne Medicines Ltd. 8-K Report, Financial Results (Aug 5, 2026)BeOne Medicines (NASDAQ: ONC) reported strong second-quarter 2026 results, with total revenue of $1.705 billion, up 30% year over year, driven primarily by BRUKINSA (global sales of $1.2 billion, up 31%; U.S. sales of $893 million, up 31%). Product gross margin expanded to 90% from 87%, reflecting higher BRUKINSA mix and productivity gains. GAAP operating income rose to $325 million from $88 million, and GAAP net income reached $237 million (diluted EPS of $2.05 per ADS) versus $94 million a year earlier. Free cash flow was $435 million, up 98%, and cash, cash equivalents and restricted cash rose to $5.28 billion at June 30, 2026. Operating expenses grew 13% on a GAAP basis, but SG&A fell to 35% of product sales from 41%, indicating operating leverage. Management raised full-year 2026 guidance: total revenue to $6.6-6.8 billion (from $6.3-6.5 billion), GAAP operating income to $1.0-1.1 billion (from $750-850 million), and non-GAAP operating income to $1.7-1.8 billion (from $1.45-1.55 billion). The company also flagged a possible material income tax benefit from reversing valuation allowances in 2026, though timing and magnitude are uncertain. This tax item could meaningfully boost reported GAAP net income and EPS in a future period, so investors should separate it from operating performance. Key near-term catalysts include 2H 2026 regulatory submissions for BRUKINSA in first-line mantle cell lymphoma, FDA action on TEVIMBRA plus ZIIHERA in first-line HER2-positive gastroesophageal adenocarcinoma, and several pipeline milestones. Note that the 2Q GAAP results include a $49.8 million discrete tax benefit, and that non-GAAP figures exclude share-based compensation and depreciation. Leverage also rose: debt increased to $1.07 billion and interest expense reached $40 million in the quarter, and the Royalty Pharma arrangement continues to affect other expense. The press release figures are unaudited.
  3. 8-KBeOne Medicines Ltd. 8-K Report, Corporate Update (Jun 26, 2026)BeOne Medicines Ltd. (ONC) disclosed under Item 8.01 that it concluded a statutory tax audit in China and reached a settlement with the local tax authority. The settlement requires the company to adjust previously filed tax returns, resulting in an income tax payment of approximately RMB 446 million, including surcharges and related interest. The settlement involved no administrative penalty. The company expects to recognize the payment in its U.S. GAAP financial statements for the second quarter of fiscal 2026. The filing does not state the payment's impact on earnings, cash flow, or guidance, and it does not say whether the amount was previously reserved. Investors will likely need to review the company's second-quarter results and related disclosures to assess the effect on reported earnings and liquidity. The filing references the company's May 6, 2026 Form 10-Q, which already warned that ongoing tax audits in non-U.S. jurisdictions could produce liabilities materially different from current estimates. This settlement is a concrete example of that risk, which suggests the company's exposure to cross-border tax complexity is an ongoing theme for investors to monitor.
  4. 8-KBeOne Medicines Ltd. 8-K Report, Executive Changes (Jun 11, 2026)BeOne Medicines Ltd. (ONC) held its Annual General Meeting on June 11, 2026, where key corporate governance and compensation matters were addressed. Notably, four directors, Michael Goller, Ranjeev Krishana, Dr. Corazon (Corsee) D. Sanders, and Qingqing Yi, did not seek re-election, and their terms concluded without disagreement. Shareholders overwhelmingly approved amendments to the Company's 2016 Share Option and Incentive Plan and the 2018 Employee Share Purchase Plan, significantly increasing the number of shares available for issuance under both. The company also received shareholder approval for its 2025 financial statements and the appropriation of accumulated losses. Significant votes of confidence were also cast for the re-election of existing directors and the election of new board members, including a new Compensation Committee member and the re-election of the Chairman of the Board. The appointment of Ernst & Young LLP as independent auditors for fiscal year 2026 was ratified.
  5. 8-KBeOne Medicines Ltd. 8-K Report, Corporate Update (May 15, 2026)BeOne Medicines Ltd. (Nasdaq: ONC) disclosed in an 8-K filed May 15, 2026, that the U.S. FDA granted accelerated approval to BEQALZI (sonrotoclax), a next-generation BCL2 inhibitor, for adult patients with relapsed or refractory mantle cell lymphoma (R/R MCL) who have received at least two lines of systemic therapy, including a BTK inhibitor. The approval, announced May 13, 2026, is the first new BCL2 inhibitor approved in the U.S. in roughly a decade and the only BCL2 inhibitor approved for MCL. The filing itself is a brief Item 8.01 (Other Events) report that incorporates the press release as Exhibit 99.1, so the substantive information is in that release rather than in the 8-K's financial disclosures. The approval rests on the Phase 1/2 study BGB-11417-201, presented at ASH, which showed an overall response rate of 52% (95% CI, 42-62), a complete response rate of 16%, and a median duration of response of 15.8 months, though follow-up is still immature (median 11.9 months). Because the approval is accelerated, continued approval depends on confirmatory benefit being shown in the ongoing CELESTIAL-RRMCL trial. The label carries a boxed-style set of warnings for tumor lysis syndrome (7% laboratory or clinical TLS), serious infections (14%, with 2.6% fatal), and neutropenia (Grade 3-4 in 18%), along with embryo-fetal toxicity risk. For investors, the approval expands BeOne's hematology franchise and adds a differentiated mechanism in a market with limited options after BTK inhibitor failure. The filing does not disclose commercial launch timing, pricing, sales expectations, or revenue impact, so investors should look to subsequent company disclosures for those variables. The release also notes that BEQALZI is approved in China for R/R MCL and CLL/SLL, is under review by the European Medicines Agency, and is being studied in combination with zanubrutinib in CLL.
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04—See also

Related Companies

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