Want to see ONC full AI Analyst Report?
Top Page
BeOne Medicines
(NASDAQ:ONC)
Select Model
Select Model
Rating:79Outperform
Price Target:
$419.00
▲(14.25% Upside)
Action:Reiterated
Date:08/05/26
The score is driven primarily by improved financial performance and cash generation (profitability inflection and strong free cash flow), supported by a very low P/E valuation and a positive earnings-call outlook with raised 2026 guidance. Technicals add modest support via an established uptrend, while historical volatility, rising leverage versus earlier years, and pipeline/competitive uncertainties keep the score below the top tier.
Positive Factors
BRUKINSA market leadership
BRUKINSA’s leading position, broad geographic reach, and large treated patient base provide a substantial commercial foundation for BeOne Medicines. Continued adoption across multiple B-cell malignancy indications can support recurring oncology revenue and reinforce the company’s global competitive position.
Negative Factors
Intensifying competition
Competitive launches could pressure BRUKINSA’s future growth, market share, or commercial investment requirements even though management reported no meaningful U.S. impact yet. The risk is durable because competing hematology regimens may influence prescribing and payer decisions over time.
Read all positive and negative factors
Positive Factors
Negative Factors
BRUKINSA market leadership
BRUKINSA’s leading position, broad geographic reach, and large treated patient base provide a substantial commercial foundation for BeOne Medicines. Continued adoption across multiple B-cell malignancy indications can support recurring oncology revenue and reinforce the company’s global competitive position.
Read all positive factors
BeOne Medicines (ONC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$42.29B
Dividend YieldN/A
Average Volume (3M)352.01K
Price to Earnings (P/E)26.3
Beta (1Y)0.77
Revenue Growth34.39%
EPS GrowthN/A
CountryUS
Employees12,000
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)76.57
Shares Outstanding109,786,920
10 Day Avg. Volume400,819
30 Day Avg. Volume352,008
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)7.60
Price to Sales (P/S)6.20
P/FCF Ratio35.18
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$421.67Price Target Upside14.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)7.27
Revenue Forecast (FY)$6.75B
BeOne Medicines Business Overview & Revenue Model
Company Description
BeOne Medicines AG, an oncology company, engages in discovering and developing various treatments for cancer patients in the United States, China, Europe, and internationally. The company’s commercial stage products include BRUKINSA, a small molec...
How the Company Makes Money
BeOne Medicines makes money primarily by commercializing prescription oncology drugs and recording product revenue from sales to wholesalers, distributors, hospitals, specialty pharmacies, and other healthcare channels (depending on market structu...
BeOne Medicines Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 31, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive commercial and financial picture: robust revenue and EPS growth, raised full‑year guidance, doubled free cash flow, high gross margins, and multiple meaningful regulatory and late‑stage pipeline milestones (MANGROVE result, BEQALZI approval, BTK degrader progress). Headwinds and uncertainties were present but limited relative to the strength described — including a missed uMRD superiority in CELESTIAL‑301 (though PFS remains the primary endpoint), a $60 million tax settlement, increased operating expense guidance to fund pipeline investment, and ongoing competitive dynamics. On balance, the company emphasized durable demand for BRUKINSA, expanding global footprint, and an accelerating late‑stage pipeline, leading to an overall favorable outlook.Positive Updates
Strong Top-Line Growth
Total revenue of $1.7 billion in Q2 2026, representing 30% year-over-year growth.
Negative Updates
CELESTIAL‑301 uMRD Readout Missed Superiority Bar
In CELESTIAL‑301, the zanubrutinib + sonrotoclax regimen did not reach statistical superiority in uMRD versus the VO regimen; IDMC recommended continuation to the primary PFS endpoint, creating near-term uncertainty around the uMRD comparator result.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total revenue of $1.7 billion in Q2 2026, representing 30% year-over-year growth.
Read all positive updates
Company Guidance
Management raised 2026 guidance, increasing revenue by $300 million to a new range of $6.6–$6.8 billion and boosting GAAP operating income by $250 million to $1.0–$1.1 billion (non‑GAAP operating income now $1.7–$1.8 billion); they expect full‑year gross margin in the high‑80% range and set operating expenses at $4.8–$5.0 billion to fund commercial and pipeline investments (with 2027 OPEX growth expected roughly in line with the past two years). For context from Q2, they reported $1.7 billion revenue, $1.5 billion gross profit (just under 90% gross margin), $1.2 billion operating expenses, $325 million operating income, $237 million net income, GAAP EPS $2.05, adjusted operating income $503 million, adjusted net income $444 million, adjusted diluted EPS $3.84, and free cash flow of $435 million.BeOne Medicines Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.13B | 5.34B | 3.81B | 2.46B | 1.42B | 1.18B |
| Gross Profit | 5.45B | 4.67B | 3.22B | 2.08B | 1.13B | 1.01B |
| EBITDA | 1.16B | 616.77M | -361.24M | -738.16M | -1.89B | -1.39B |
| Net Income | 655.71M | 286.93M | -644.79M | -881.71M | -2.00B | -1.46B |
Balance Sheet | ||||||
| Total Assets | 9.18B | 8.19B | 5.92B | 5.81B | 6.38B | 8.54B |
| Cash, Cash Equivalents and Short-Term Investments | 5.10B | 4.55B | 2.63B | 3.17B | 4.53B | 6.62B |
| Total Debt | 1.14B | 2.00B | 1.08B | 930.18M | 596.67M | 694.64M |
| Total Liabilities | 4.00B | 3.83B | 2.59B | 2.27B | 2.00B | 2.40B |
| Stockholders Equity | 5.17B | 4.36B | 3.33B | 3.54B | 4.38B | 6.13B |
Cash Flow | ||||||
| Free Cash Flow | 1.24B | 941.74M | -669.77M | -1.75B | -1.97B | -1.61B |
| Operating Cash Flow | 1.69B | 1.13B | -140.63M | -1.16B | -1.50B | -1.30B |
| Investing Cash Flow | -228.38M | -276.15M | -548.35M | 60.00M | 1.08B | 640.66M |
| Financing Cash Flow | 1.19B | 1.06B | 193.45M | 416.48M | -18.97M | 3.64B |
BeOne Medicines Technical Analysis
Positive
366.73
Price Trends
352.68
Positive
322.16
Positive
319.86
Positive
Market Momentum
3.21
Negative
50.97
Neutral
54.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ONC, the sentiment is Positive. The current price of 366.73 is above the 20-day moving average (MA) of 357.05, above the 50-day MA of 352.68, and above the 200-day MA of 319.86, indicating a bullish trend. The MACD of 3.21 indicates Negative momentum. The RSI at 50.97 is Neutral, neither overbought nor oversold. The STOCH value of 54.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ONC.
BeOne Medicines Risk Analysis
BeOne Medicines disclosed 93 risk factors in its most recent earnings report. BeOne Medicines reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BeOne Medicines Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $23.74B | 14.18 | 29.70% | ― | 26.93% | 80.66% | |
80 Outperform | $14.36B | 17.75 | 42.49% | ― | 9.23% | 53.08% | |
79 Outperform | $42.29B | 26.30 | 14.27% | ― | 34.39% | ― | |
68 Neutral | $20.81B | 26.47 | 13.58% | ― | 21.75% | -36.69% | |
59 Neutral | $13.31B | -14.96 | -204.33% | ― | ― | -11.10% | |
52 Neutral | $2.99B | -14.37 | -27.40% | ― | 5.13% | 17.00% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
ONC
BeOne Medicines
358.07
14.20
4.13%
EXEL
Exelixis
58.39
18.30
45.65%
INCY
Incyte
115.30
28.45
32.76%
SMMT
Summit Therapeutics
16.76
-4.68
-21.82%
ZLAB
Zai Lab
24.33
-9.42
-27.91%
GMAB
Genmab
34.75
1.19
3.55%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.