BeOne Medicines
ONC · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31
BeOne Medicines reported revenue of $5.3B in the fiscal year ended Dec 2025, up 40.2% from the year before. Operating income was $447M, an operating margin of 8.4%, and net income was $287M. Operating cash flow of $1.1B less capital expenditure of $186M left free cash flow of $942M. It held more cash than debt (net cash $3.5B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.4B | $2.5B | $3.8B | $5.3B |
| Cost of revenue | $165M | $286M | – | – | – |
| Gross profit | $1B | $1.1B | $2.1B | $3.2B | $4.7B |
| Research & development | $1.5B | $1.6B | $1.8B | $2B | $2.1B |
| Selling, general & admin | $990M | $1.3B | $1.5B | $1.8B | $2.1B |
| Operating income | −$1.4B | −$1.8B | −$1.2B | −$568M | $447M |
| Net interest incomeBanks | −$16M | $52M | $74M | – | – |
| Interest expense | $29M | $22M | $4M | $22M | $58M |
| Pre-tax income | −$1.4B | −$2B | −$826M | −$533M | $417M |
| Income tax | $19M | $43M | $56M | $112M | $130M |
| Net income | −$1.5B | −$2B | −$882M | −$645M | $287M |
| Diluted EPS | −1.21 | −1.49 | −0.65 | −0.47 | 0.19 |
| Diluted shares | 1,206M | 1,341M | 1,357M | 1,369M | 1,475M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.4B | $3.9B | $3.2B | $2.6B | $4.5B |
| Receivables | $483M | $173M | $358M | $676M | $865M |
| Inventory | $243M | $282M | $416M | $495M | $608M |
| Current assets | $7.6B | $5.2B | $4.2B | $4B | $6.2B |
| Net PP&E | $588M | $846M | $1.3B | $1.6B | $1.6B |
| Goodwill | $109,000 | $109,000 | – | – | – |
| Total assets | $8.5B | $6.4B | $5.8B | $5.9B | $8.2B |
| Payables | $262M | $295M | $315M | $405M | $479M |
| Deferred revenue | $187M | $214M | $0 | – | – |
| Current liabilities | $1.6B | $1.5B | $1.8B | $2.2B | $1.8B |
| Short-term debt | $428M | $329M | $688M | $852M | $57M |
| Long-term debt | $202M | $209M | $198M | $166M | $962M |
| Total liabilities | $2.4B | $2B | $2.3B | $2.6B | $3.8B |
| Shareholders' equity | $6.1B | $4.4B | $3.5B | $3.3B | $4.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$1.3B | −$1.5B | −$1.2B | −$141M | $1.1B |
| Capital expenditure | $263M | $325M | $562M | $493M | $186M |
| Free cash flow | −$1.6B | −$1.8B | −$1.7B | −$633M | $942M |
| Depreciation & amortisation | $46M | $66M | $88M | $172M | $142M |
| Stock-based compensation | $241M | $303M | $368M | $442M | $511M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.4% | 73.7% | 55.0% | 40.2% |
| Gross margin | 86.0% | 79.8% | 84.5% | 84.4% | 87.5% |
| Operating margin | −122.3% | −126.4% | −49.1% | −14.9% | 8.4% |
| Net margin | −123.9% | −141.5% | −35.9% | −16.9% | 5.4% |
| Return on equityBlank when equity is negative | −23.8% | −45.7% | −24.9% | −19.4% | 6.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −20.7% | −36.4% | −30.2% | −15.3% | 7.0% |
| Free cash flow margin | −132.8% | −128.7% | −69.9% | −16.6% | 17.6% |
| Cash conversion (CFO ÷ net income) | 0.89x | 0.75x | 1.31x | 0.22x | 3.93x |
| Receivable days | 150 | 45 | 53 | 65 | 59 |
| Inventory days | 537 | 360 | 400 | 304 | 332 |
| Payable days | 581 | 376 | 303 | 249 | 262 |
| Interest cover | −49.2x | −82.5x | −277x | −26.1x | 7.68x |
| Debt ÷ equity | 0.10x | 0.12x | 0.25x | 0.31x | 0.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$3.7B | −$3.3B | −$2.3B | −$1.6B | −$3.5B |
| Current ratio | 4.76x | 3.55x | 2.32x | 1.80x | 3.41x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.