At a glance
BeiGene, Ltd. is worth $41.62B, about 148 times its fiscal 2025 earnings. Revenue grew 40.2% to $5.34B in fiscal 2025, with 5.4% kept as profit; over 5 years it has grown 76.8% a year. It pays no dividend. The stock returned +16.0% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
BeOne Medicines, formerly BeiGene, is a global cancer drug company. It discovers, develops and markets medicines for blood cancers and solid tumors. Doctors prescribe them, and sales depend on insurers and government health programs agreeing to pay. In 2025, revenue rose 40.2% to about $5.3 billion, and the company earned its first annual profit, $286.9 million.
One medicine dominates. BRUKINSA (zanubrutinib) blocks BTK, a protein that helps cancerous B cells survive. It treats chronic lymphocytic leukemia (CLL) and several lymphomas, is approved in over 75 markets and brought in $3.9 billion in 2025. TEVIMBRA, an immunotherapy that helps the immune system attack tumors, is approved in the US, EU and China. Sonrotoclax, a second blood cancer drug, won its first approval in China in December 2025. BeOne also develops and markets some Amgen cancer drugs under a partnership.
The United States supplied 53.9% of 2025 revenue and China 31.4%, with the rest from Europe and other markets. The parent company is incorporated in Switzerland and operates through subsidiaries in the US, China, the UK and Australia. Unlike much of the industry, BeOne runs most of its clinical trials with its own team of about 3,800 people instead of outside contractors, which it says lowers cost and speeds development.
Price history
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ONC +16.0% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $2.88B | 53.9% |
| PRC | $1.68B | 31.4% |
| Other | $171.8M | 3.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.71B, up 29.6% from a year earlier, and net income was $237.0M (+151.3%).
- For fiscal 2025, revenue was $5.34B (+40.2% year over year; +76.8% a year from FY2020 to FY2025) with a 5.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +76.8% good |
|---|---|
| Operating margin | 8.4% watch |
| Free cash flow margin | 17.6% good |
| Return on equity (FY2025) | 6.6% weak |
| Return on assets (FY2025) | 3.5% watch |
| Net cash (cash minus debt) | $4.30B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $308.9M | $-1.62B | $-1.40B |
| FY2021 | $1.18B | $-1.46B | $-1.56B |
| FY2022 | $1.42B | $-2.00B | $-1.82B |
| FY2023 | $2.46B | $-881.7M | $-1.72B |
| FY2024 | $3.81B | $-644.8M | $-633.3M |
| FY2025 | $5.34B | $286.9M | $941.7M |
Valuation snapshot
| Market value | $41.62B |
|---|---|
| P/E ratio | 148.2 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ONC price data to Oct 27, 2026 | +20.5% | +16.0% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +20.5% |
| 2025 | +65.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 137 sales ($346.4M), 124 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 10, 2026 | John Oyler Chief Executive Officer, Director | sell (plan) | $16.2M |
| Jul 15, 2026 | John Oyler Chief Executive Officer, Director | sell (plan) | $15.2M |
| Jul 14, 2026 | John Oyler Chief Executive Officer, Director | sell (plan) | $14.1M |
| Jul 16, 2026 | John Oyler Chief Executive Officer, Director | sell (plan) | $13.6M |
| Jul 15, 2026 | John Oyler Chief Executive Officer, Director | sell (plan) | $12.9M |
Who owns it
Large shareholders (13G filings)
| Capital International Investors | 4.2% | Mar 31, 2026 |
ETFs with the most weight in ONC
| FBT First Trust NYSE Arca Biotechnology Index Fund | 4.64% |
| FFTY Innovator IBD 50 ETF | 3.04% |
| CANC Tema Oncology ETF | 2.66% |
| BBP Virtus LifeSci Biotech Products ETF | 2.34% |
| BBH VanEck Biotech ETF | 1.96% |
| IBB iShares Biotechnology ETF | 1.5% |
| IBBQ Invesco Nasdaq Biotechnology ETF | 1.08% |
| NSI National Security Emerging Markets Index ETF | 0.63% |
What could go wrong
- Heavy reliance on one drug, BRUKINSA. BRUKINSA brought in $3.9 billion of about $5.3 billion in 2025 revenue. Rival BTK drugs such as acalabrutinib and pirtobrutinib, patent challenges or weaker support from doctors and insurers could hit results hard.
- Exposure to China's fast-changing rules. China supplied 31.4% of 2025 revenue, and BeOne has major operations there. The company warns that Chinese rules can change quickly with little notice, and how laws are interpreted and enforced is uncertain.
- Pipeline drugs may stall or fail. Growth plans rely on sonrotoclax and the BTK degrader BGB-16673. Trials can fail, approvals can be delayed or denied, and the FDA may not accept data from trials run outside the US.
- US drug-pricing pressure could cut revenue. The US supplied 53.9% of 2025 revenue. The Inflation Reduction Act and federal efforts toward most-favored-nation pricing, which ties US prices to lower prices abroad, could reduce what BeOne earns on its medicines.
- Short profit record and rising share count. The first annual profit came only in 2025, after losses that included about $2.0 billion in 2022. Losses could return, and the share count rose 21.2% from October 2021 to July 2026, diluting holders.
- Currency swings can shrink reported results. Much of BeOne's revenue comes from China and other non-US markets, while results are reported in US dollars. The company warns exchange-rate moves could cause losses and reduce the value of an investment.
Recent events
- Quarterly results released
- Quarterly results released
- Other company announcement
- Executive or board change; Shareholder vote results
- Other company announcement
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Major agreement ended
- Executive or board change
For income and retirement investors
BeOne Medicines pays no dividend, so it provides no regular income. It paid no dividends and repurchased no shares in fiscal 2021 through 2025, and it earned its first annual profit, $0.19 per diluted share, only in 2025. The share count rose 21.2% between October 31, 2021, and July 31, 2026, which dilutes, or shrinks, each holder's stake. Any return depends on the share price, so cash for living costs would have to come from cashing in shares.
The price record is short. As of October 27, 2026, the available history covers only about 1.8 years, so it does not show how the shares held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Within that window, the shares fell as much as 31.1% from a peak, and one-year volatility, a gauge of how widely the price swings, was 37.6%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does BeOne Medicines make money?
Mainly by marketing cancer medicines. Revenue reached about $5.3 billion in 2025, and the blood cancer drug BRUKINSA accounted for $3.9 billion of it. TEVIMBRA, an immunotherapy approved in the US, EU and China, is its main solid tumor drug, and BeOne also markets some Amgen cancer drugs. Gross margin, the share of revenue left after production costs, was 87.5% in 2025. Spending on research, trials and marketing left an operating margin, or profit from operations, of 8.4%.
Is BeOne Medicines the same company as BeiGene?
Yes. BeOne Medicines Ltd. was formerly named BeiGene, Ltd., and its Nasdaq shares trade under the symbol ONC. In the second quarter of 2025, the company moved its legal home from the Cayman Islands to Switzerland. On Nasdaq, investors hold American depositary shares (ADSs), a US-traded form of a foreign company's stock, and each ADS represents 13 ordinary shares. The ordinary shares also trade in Hong Kong, and RMB Shares trade on Shanghai's Science and Technology Innovation Board.
Is BeOne Medicines profitable?
Yes, based on its latest results. In 2025, BeOne earned $286.9 million, its first annual profit under standard US accounting rules (GAAP). It had lost money every year from 2020 through 2024, including about $2.0 billion in 2022. Free cash flow, the cash left after running and investing in the business, was $941.7 million. In the quarter ended June 30, 2026, net income was $237.0 million. Profits were small relative to the share price: the price-to-earnings ratio was 148.2 on 2025 earnings as of October 27, 2026.
Does BeOne Medicines (ONC) pay a dividend?
No. BeOne paid no dividends and repurchased no shares in fiscal 2021 through 2025, and it earned its first annual profit only in 2025. Its share count rose 21.2% between October 31, 2021, and July 31, 2026, which dilutes existing holders. The company held about $5.2 billion in cash and investments against about $860 million of debt as of June 30, 2026. So far, any return for shareholders has come only from share-price changes, not cash payouts.
How much of BeOne Medicines' business is in China?
A large part. China supplied about $1.7 billion, or 31.4%, of 2025 revenue, second only to the US at 53.9%. The parent company is incorporated in Switzerland, but it operates mainly through subsidiaries in the US, China, the UK and Australia, and some of its shares trade in Shanghai. BeOne warns that Chinese laws and rules can change quickly with little advance notice, and that exchange-rate swings could cause losses.