01—Abstract
Summary
Summary of the 10-K/A filed February 28, 2025. Cited figures are marked; the original filing is the authoritative source.
BeOne Medicines Ltd. (ONC) has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, with an amendment filed on February 28, 2025, to correct an inadvertent omission of a signature.
This filing indicates ONC is a large accelerated filer and has undergone attestation of its internal control over financial reporting under Section 404(b) of SOX. The company is not a shell company, and as of June 28, 2024, its non-affiliate market capitalization was approximately $8.7 billiona. The report also details the outstanding share structure, with over 1.38 billion ordinary shares outstanding, including ADSs and RMB shares.
The primary purpose of this amendment is administrative, ensuring the proper execution of the original filing. Investors should note that no new financial data or operational updates are introduced by this specific amendment. The core financial and operational information from the original February 27, 2025, filing remains relevant for understanding the company's performance and position, with the incorporation by reference of portions of its definitive proxy statement for Part III disclosures.
02—Key points
Key Highlights
- Company is a large accelerated filer, signifying substantial public float and market capitalization.
- Internal control over financial reporting has been attested to by an independent registered public accounting firm under SOX 404(b).
- Not a shell company, indicating ongoing operations and business activities.
- As of June 28, 2024, non-affiliate market capitalization was approximately $8.7 billion.
- Over 1.38 billion ordinary shares outstanding as of February 14, 2025, including ADSs and RMB shares.
- Filing is an amendment to correct a signature omission, not to update financial or operational data.
- Portions of the company's definitive proxy statement will be incorporated by reference into Part III.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2024, BeOne Medicines Ltd. lost $0.17.
- Revenue$3.81B100.0%
- Cost of revenue−$594.1M15.6%
- Gross profit$3.22B84.4%
- Operating costs−$3.78B99.3%
- Operating income−$568.2M14.9%
- Interest, other & tax−$76.6M2.0%
- Net income−$644.8M16.9%
04—Financials
Financial Highlights
Figures from 10-K/AFY2024filed February 28, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $3.81B$2.46B | +55.0% |
| Gross Profit | $3.22B$2.08B | +54.7% |
| R&D Expenses | $1.95B$1.78B | +9.8% |
| SG&A Expenses | $1.83B$1.51B | +21.4% |
| Operating Expenses | $3.78B$3.29B | +15.1% |
| Operating Income | -$568.20M-$1.21B | +53.0% |
| Interest Expense | $46.89M$20.80M | +125.5% |
| Net Income | -$644.79M-$881.71M | +26.9% |
| EPS (Basic) | $-0.47$-0.65 | +27.7% |
| EPS (Diluted) | $-0.47$-0.65 | +27.7% |
| Shares Outstanding (Basic) | 1.37B1.36B | +0.9% |
| Shares Outstanding (Diluted) | 1.37B1.36B | +0.9% |
05—Questions
Frequently Asked Questions
What is the main reason for filing this amendment on February 28, 2025?
The amendment was filed solely to insert the conformed signature of the company's current principal accounting officer, which was inadvertently omitted from the original Form 10-K filed on February 27, 2025. No other information or financial data has been updated or changed.
Does this amended filing contain updated financial results for the year ended December 31, 2024?
No, this amendment does not contain any financial statements or update the financial results. It is purely a procedural correction to the original filing.
What does it mean that BeOne Medicines is a 'large accelerated filer'?
Being a large accelerated filer indicates that BeOne Medicines meets specific SEC thresholds for public float (market value of shares held by non-affiliates) and has been filing SEC reports for at least 12 months. This generally signifies a company of considerable size and maturity.
Is there any new information regarding the company's internal controls?
The filing confirms that the registrant has filed a report and attestation regarding its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act. This indicates that an independent auditor has reviewed and provided an opinion on the company's internal controls.
06—Continue