ONC Nasdaq Pharmaceutical Preparations Financials FY2016βFY2025
BeOne Medicines Ltd. had $5.3B of revenue in fiscal 2025, up 40.2% on the year before. Over five years, revenue changed +76.8% a year on average.
Last close Β· Oct 23, 2026
$377.63
1.2%Hi! I read BeOne Medicines Ltd.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+40.2%
Yes. Sales grew 40.2% last year.
Does it make a profit?
5.4%
A little. It keeps 5.4% of every sale as profit.
Does profit turn into cash?
17.6%
Yes. 17.6% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
8 / 9
Solid. It passes 8 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· BeOne Medicines Ltd. had $5.3B of revenue in fiscal 2025, up 40.2% on the year before. Over five years, revenue changed +76.8% a year on average. Its operating margin was 8.4%, up 23.3Β pts: of every 100 in sales, about 8 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· BeOne Medicines Ltd. made $287M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $942M in fiscal 2025, 17.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $380M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$380M
12 insiders
Of sales under plans
96%
$364M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 13, 2026 | Xiaodong WangDirector, Chair, Scientific Advisory Brd | Sold plan | 31,027 | $350.99 | $10.9M | Form 4 |
| Sep 30, 2026 | Chan Henry LeeSVP, General Counsel | Sold plan | 1,115 | $375.00 | $0.4M | Form 4 |
| Sep 28, 2026 | Xiaodong WangDirector, Chair, Scientific Advisory Brd | Sold plan | 31,028 | $364.79 | $11.3M | Form 4 |
| Sep 8, 2026 | Xiaodong WangDirector, Chair, Scientific Advisory Brd | Sold plan | 38,287 | $349.10 | $13.4M | Form 4 |
| Sep 1, 2026 | Titus B. BallPrincipal Accounting Officer | Sold | 132 | $355.86 | $0.0M | Form 4 |
| Aug 25, 2026 | Xiaobin WuPresident and COO | Sold plan | 280 | $380.00 | $0.1M | Form 4 |
| Aug 12, 2026 | John OylerChief Executive Officer, Director | Sold plan | 54,892 | $358.15 | $19.7M | Form 4 |
| Aug 11, 2026 | John OylerChief Executive Officer, Director | Sold plan | 70,907 | $361.90 | $25.7M | Form 4 |
| Aug 11, 2026 | Chan Henry LeeSVP, General Counsel | Sold plan | 2,666 | $360.00 | $1.0M | Form 4 |
| Aug 10, 2026 | John OylerChief Executive Officer, Director | Sold plan | 115,011 | $357.88 | $41.2M | Form 4 |
| Aug 3, 2026 | Aaron RosenbergChief Financial Officer | Sold | 1,157 | $312.72 | $0.4M | Form 4 |
| Jul 30, 2026 | Chan Henry LeeSVP, General Counsel | Sold | 1,044 | $323.69 | $0.3M | Form 4 |
| Jul 22, 2026 | Chan Henry LeeSVP, General Counsel | Sold plan | 1,669 | $325.00 | $0.5M | Form 4 |
| Jul 21, 2026 | John OylerChief Executive Officer, Director | Sold plan | 61,397 | $317.67 | $19.5M | Form 4 |
| Jul 20, 2026 | John OylerChief Executive Officer, Director | Sold plan | 48,316 | $312.26 | $15.1M | Form 4 |
| Jul 17, 2026 | John OylerChief Executive Officer, Director | Sold plan | 64,628 | $312.00 | $20.2M | Form 4 |
| Jul 16, 2026 | John OylerChief Executive Officer, Director | Sold plan | 166,597 | $318.09 | $53.0M | Form 4 |
| Jul 15, 2026 | John OylerChief Executive Officer, Director | Sold plan | 116,557 | $311.94 | $36.4M | Form 4 |
| Jul 14, 2026 | John OylerChief Executive Officer, Director | Sold plan | 145,861 | $305.95 | $44.6M | Form 4 |
| Jul 13, 2026 | John OylerChief Executive Officer, Director | Sold plan | 48,520 | $304.35 | $14.8M | Form 4 |
| Jul 10, 2026 | John OylerChief Executive Officer, Director | Sold plan | 11,698 | $298.34 | $3.5M | Form 4 |
| Jul 8, 2026 | Chan Henry LeeSVP, General Counsel | Sold plan | 664 | $302.46 | $0.2M | Form 4 |
| Jun 23, 2026 | Xiaobin WuPresident and COO | Sold | 1,292 | $276.26 | $0.4M | Form 4 |
| Jun 23, 2026 | John OylerChief Executive Officer, Director | Sold | 3,410 | $273.78 | $0.9M | Form 4 |
| Jun 23, 2026 | Lai WangPresident, Global Head of R&D | Sold | 1,068 | $276.74 | $0.3M | Form 4 |
| Jun 16, 2026 | Lai WangPresident, Global Head of R&D | Sold | 1,169 | $265.39 | $0.3M | Form 4 |
| Jun 16, 2026 | John OylerChief Executive Officer, Director | Sold | 3,693 | $265.55 | $1.0M | Form 4 |
| Jun 16, 2026 | Chan Henry LeeSVP, General Counsel | Sold | 590 | $265.98 | $0.2M | Form 4 |
| Jun 16, 2026 | Xiaobin WuPresident and COO | Sold | 1,357 | $266.76 | $0.4M | Form 4 |
| Jun 11, 2026 | Lai WangPresident, Global Head of R&D | Sold | 756 | $261.00 | $0.2M | Form 4 |
| Jun 11, 2026 | Titus B. BallPrincipal Accounting Officer | Sold | 169 | $257.20 | $0.0M | Form 4 |
| Jun 11, 2026 | Xiaobin WuPresident and COO | Sold | 626 | $261.20 | $0.2M | Form 4 |
| Jun 11, 2026 | Aaron RosenbergChief Financial Officer | Sold | 631 | $257.74 | $0.2M | Form 4 |
| Jun 11, 2026 | John OylerChief Executive Officer, Director | Sold | 1,949 | $257.24 | $0.5M | Form 4 |
| Jun 11, 2026 | Chan Henry LeeSVP, General Counsel | Sold | 428 | $257.64 | $0.1M | Form 4 |
| Jun 8, 2026 | John OylerChief Executive Officer, Director | Sold | 4,940 | $270.55 | $1.3M | Form 4 |
| Jun 8, 2026 | Chan Henry LeeSVP, General Counsel | Sold | 871 | $270.43 | $0.2M | Form 4 |
| Jun 8, 2026 | Xiaobin WuPresident and COO | Sold | 1,484 | $269.36 | $0.4M | Form 4 |
| Jun 8, 2026 | Titus B. BallPrincipal Accounting Officer | Sold | 136 | $271.33 | $0.0M | Form 4 |
| Jun 8, 2026 | Lai WangPresident, Global Head of R&D | Sold | 1,367 | $269.38 | $0.4M | Form 4 |
| Jun 1, 2026 | Qingqing YiDirector | Sold | 235 | $279.13 | $0.1M | Form 4 |
| May 22, 2026 | Corazon (Corsee) D. SandersDirector | Sold | 212 | $309.59 | $0.1M | Form 4 |
| May 22, 2026 | Alessandro RivaDirector | Sold | 212 | $309.51 | $0.1M | Form 4 |
| May 22, 2026 | Baker Bros. Advisors LPDirector | Sold | 5,499 | $23.82 | $0.1M | Form 4 |
| May 22, 2026 | Margaret DuganDirector | Sold | 212 | $309.60 | $0.1M | Form 4 |
| May 13, 2026 | Chan Henry LeeSVP, General Counsel | Sold plan | 332 | $310.72 | $0.1M | Form 4 |
| Apr 8, 2026 | Chan Henry LeeSVP, General Counsel | Sold plan | 332 | $311.59 | $0.1M | Form 4 |
| Mar 11, 2026 | Chan Henry LeeSVP, General Counsel | Sold plan | 341 | $300.00 | $0.1M | Form 4 |
| Feb 4, 2026 | Chan Henry LeeSVP, General Counsel | Sold plan | 1,660 | $349.52 | $0.6M | Form 4 |
| Jan 7, 2026 | Chan Henry LeeSVP, General Counsel | Sold plan | 664 | $331.76 | $0.2M | Form 4 |
| Dec 16, 2025 | John OylerChief Executive Officer, Director | Sold plan | 24,369 | $302.87 | $7.4M | Form 4 |
| Dec 15, 2025 | John OylerChief Executive Officer, Director | Sold plan | 75,631 | $307.79 | $23.3M | Form 4 |
| Dec 11, 2025 | Chan Henry LeeSVP, General Counsel | Sold plan | 332 | $325.00 | $0.1M | Form 4 |
| Dec 10, 2025 | Chan Henry LeeSVP, General Counsel | Sold plan | 332 | $318.28 | $0.1M | Form 4 |
| Nov 26, 2025 | Corazon (Corsee) D. SandersDirector | Sold | 2,627 | $340.89 | $0.9M | Form 4 |
| Nov 17, 2025 | Xiaobin WuPresident and COO | Sold | 3,991 | $380.43 | $1.5M | Form 4 |
| Nov 13, 2025 | Xiaobin WuPresident and COO | Sold | 6,009 | $380.54 | $2.3M | Form 4 |
| Nov 12, 2025 | Chan Henry LeeSVP, General Counsel | Sold plan | 996 | $349.17 | $0.3M | Form 4 |
| Nov 12, 2025 | Xiaobin WuPresident and COO | Sold | 10,000 | $356.02 | $3.6M | Form 4 |
| Oct 8, 2025 | Chan Henry LeeSVP, General Counsel | Sold plan | 10,671 | $350.40 | $3.7M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· BeOne Medicines Ltd. has $3.7B more cash than debt.
Cash, debt and the ratios that show how comfortably BeOne Medicines Ltd. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $6.6B | $4.5B | $3.2B | $2.6B | $4.5B |
| Debt incl. finance leases | $630M | $538M | $886M | $1.9B | $845M |
| Net debt / EBITDA | β | β | β | β | β6.3x |
| Debt / equity | 0.1x | 0.1x | 0.3x | 0.6x | 0.2x |
| Interest coverage | β49.2x | β82.5x | β276.7x | β26.1x | 7.7x |
| Current ratio | 4.8x | 3.5x | 2.3x | 1.8x | 3.4x |
| Quick ratio | 4.6x | 3.4x | 2.1x | 1.6x | 3.1x |
| Total assets | $8.5B | $6.4B | $5.8B | $5.9B | $8.2B |
| Total liabilities | $2.4B | $2.0B | $2.3B | $2.6B | $3.8B |
| Shareholders' equity | $6.1B | $4.4B | $3.5B | $3.3B | $4.4B |
| Net debt (β = net cash) | β$6.0B | β$4.0B | β$2.3B | β$758M | β$3.7B |
KIRA Β· Its return on capital was 46.7%: every 100 invested in the business earned about 47 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· BeOne Medicines Ltd. passes 8 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 5 / 9 | 2 / 9 | 2 / 9 | 3 / 9 | 6 / 9 | 2 / 9 | 3 / 9 | 3 / 9 | 8 / 9 |
| Accruals ratio | β7.3% | β14.6% | β7.6% | β10.3% | β9.5% | β2.3% | β6.8% | 4.5% | β8.6% | β11.9% |
| Altman Z'' | 8.64 | 5.07 | 5.06 | β2.85 | 2.84 | 4.23 | 0.65 | β1.53 | β2.06 | 1.78 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.1M | $238M | $198M | $428M | $309M | $1.2B | $1.4B | $2.5B | $3.8B | $5.3B |
| Net interest income | $0.4M | β$4.1M | $13.9M | $9.1M | $2.0M | β$15.8M | $52.5M | $74.0M | β | β |
| Gross profit | $1.1M | $233M | $170M | $357M | $238M | $1.0B | $1.1B | $2.1B | $3.2B | $4.7B |
| Research and development | $98.0M | $269M | $679M | $927M | $1.3B | $1.5B | $1.6B | $1.8B | $2.0B | $2.1B |
| Operating income | β$117M | β$98.5M | β$706M | β$960M | β$1.7B | β$1.4B | β$1.8B | β$1.2B | β$568M | $447M |
| Interest expense | β | β | $13.1M | $15.2M | $18.3M | $29.3M | $21.7M | $4.4M | $21.8M | $58.2M |
| Pretax income | β$119M | β$91.1M | β$690M | β$944M | β$1.6B | β$1.4B | β$2.0B | β$826M | β$533M | $417M |
| Income tax | $0.1M | $2.2M | β$15.8M | $7.0M | $10.4M | $19.2M | $42.8M | $55.9M | $112M | $130M |
| Net income | β$119M | β$93.1M | β$674M | β$949M | β$1.6B | β$1.5B | β$2.0B | β$882M | β$645M | $287M |
| Net income to common | β$119M | β$93.1M | β | β | β | β | β | β | β | β |
| Diluted EPS | β$0.30 | β$0.17 | β$0.93 | β$1.22 | β$1.50 | β$1.21 | β$1.49 | β$0.65 | β$0.47 | $0.19 |
| Diluted shares | 0.40B | 0.54B | 0.72B | 0.78B | 1.09B | 1.21B | 1.34B | 1.36B | 1.37B | 1.47B |
| Cash flow | ||||||||||
| Cash from operations | β$89.5M | $12.8M | β$548M | β$750M | β$1.3B | β$1.3B | β$1.5B | β$1.2B | β$141M | $1.1B |
| Capital expenditure | $23.5M | $46.4M | $70.3M | $89.6M | $118M | $263M | $325M | $562M | $493M | $186M |
| Free cash flow | β$113M | β$33.6M | β$618M | β$840M | β$1.4B | β$1.6B | β$1.8B | β$1.7B | β$633M | $942M |
| Depreciation and amortization | $1.9M | $4.8M | $10.4M | $18.6M | $31.8M | $46.5M | $66.3M | $87.7M | $172M | $142M |
| Stock-based compensation | $10.6M | $42.9M | $87.1M | $134M | $183M | $241M | $303M | $368M | $442M | $511M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $368M | $838M | $1.8B | $983M | $4.7B | $6.6B | $4.5B | $3.2B | $2.6B | $4.5B |
| Total debt | $17.3M | $18.4M | $49.5M | $83.3M | $854M | $630M | $538M | $886M | $1.9B | $845M |
| Current assets | $374M | $913M | $1.9B | $1.2B | $5.0B | $7.6B | $5.2B | $4.2B | $4.0B | $6.2B |
| Current liabilities | $35.1M | $150M | $246M | $310M | $1.1B | $1.6B | $1.5B | $1.8B | $2.2B | $1.8B |
| Inventory | β | $10.9M | $16.2M | $28.6M | $89.3M | $243M | $282M | $416M | $495M | $608M |
| Property and equipment, net | $26.0M | $62.6M | $157M | $242M | $358M | $588M | $846M | $1.3B | $1.6B | $1.6B |
| Goodwill | β | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | β | β | β |
| Intangible assets | β | $7.3M | $7.2M | $5.8M | $5.0M | $46.7M | $40.6M | $57.1M | $51.1M | $62.7M |
| Total assets | $406M | $1.0B | $2.2B | $1.6B | $5.6B | $8.5B | $6.4B | $5.8B | $5.9B | $8.2B |
| Total liabilities | $52.9M | $362M | $496M | $634M | $1.7B | $2.4B | $2.0B | $2.3B | $2.6B | $3.8B |
| Shareholders' equity | $353M | $670M | $1.7B | $962M | $3.9B | $6.1B | $4.4B | $3.5B | $3.3B | $4.4B |
| Margins | ||||||||||
| Gross margin | 100.0% | 97.9% | 85.5% | 83.4% | 77.1% | 86.0% | 79.8% | 84.5% | 84.4% | 87.5% |
| Operating margin | β10,940.2% | β41.3% | β356.1% | β224.2% | β536.7% | β122.3% | β126.4% | β49.1% | β14.9% | 8.4% |
| EBITDA margin | β10,761.8% | β39.3% | β350.8% | β219.8% | β526.4% | β118.4% | β121.7% | β45.6% | β10.4% | 11.0% |
| Net margin | β11,141.8% | β39.1% | β339.9% | β221.5% | β526.1% | β123.9% | β141.5% | β35.9% | β16.9% | 5.4% |
| FCF margin | β10,562.1% | β14.1% | β311.8% | β196.1% | β453.6% | β132.8% | β128.7% | β69.9% | β16.6% | 17.6% |
| Net interest share of revenue | 35.8% | β1.7% | 7.0% | 2.1% | 0.6% | β1.3% | 3.7% | 3.0% | β | β |
| Returns | ||||||||||
| Return on capital | β4,584.9% | β | β7,671.4% | β1,207.9% | β1,812.9% | β786.0% | β365.7% | β76.4% | β17.4% | 46.7% |
| Return on capital employed | β31.6% | β11.0% | β35.2% | β73.7% | β36.6% | β20.7% | β36.4% | β30.2% | β15.3% | 7.0% |
| Return on equity | β33.8% | β18.2% | β55.9% | β70.2% | β67.3% | β29.2% | β38.1% | β22.3% | β18.8% | 7.5% |
| Return on assets | β29.4% | β12.8% | β40.9% | β49.1% | β45.1% | β20.6% | β26.9% | β14.5% | β11.0% | 4.1% |
| Return on tangible equity | β33.8% | β14.1% | β38.9% | β99.2% | β42.1% | β24.0% | β46.1% | β25.3% | β19.7% | 6.7% |
| Growth | ||||||||||
| Revenue growth | β | 22,179.2% | β16.8% | 116.0% | β27.9% | 280.8% | 20.4% | 73.7% | 55.0% | 40.2% |
| Share count change | β | 34.6% | 32.7% | 8.3% | 39.0% | 11.2% | 11.2% | 1.2% | 0.9% | 7.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β | β | β | β | β6.3x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.1x | 0.2x | 0.1x | 0.1x | 0.3x | 0.6x | 0.2x |
| Interest coverage | β | β | β53.7x | β63.3x | β90.5x | β49.2x | β82.5x | β276.7x | β26.1x | 7.7x |
| Current ratio | 10.7x | 6.1x | 7.9x | 3.8x | 4.6x | 4.8x | 3.5x | 2.3x | 1.8x | 3.4x |
| Quick ratio | 10.7x | 6.0x | 7.8x | 3.7x | 4.5x | 4.6x | 3.4x | 2.1x | 1.6x | 3.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 2,196.4% | 19.5% | 35.5% | 20.9% | 38.0% | 22.4% | 23.0% | 22.9% | 12.9% | 3.5% |
| Stock comp / revenue | 993.0% | 18.0% | 44.0% | 31.3% | 59.4% | 20.5% | 21.4% | 15.0% | 11.6% | 9.6% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 5.0 | 2.0 | 2.0 | 3.0 | 6.0 | 2.0 | 3.0 | 3.0 | 8.0 |
| Altman Z'' | 8.6 | 5.1 | 5.1 | β2.9 | 2.8 | 4.2 | 0.6 | β1.5 | β2.1 | 1.8 |
| Accruals ratio | β7.3% | β14.6% | β7.6% | β10.3% | β9.5% | β2.3% | β6.8% | 4.5% | β8.6% | β11.9% |
Source: SEC EDGAR XBRL filings (CIK 0001651308). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
