BeOne Medicines AG

ONC

NASDAQ · Pharmaceuticals

$377.63

At close - Oct 23, 4:00 PM EDT - USD

Market Cap$40.35B

P/E11.8x

52W High$388.66

Volume306.24K

VCP Research Verdict2026Q2

Revenue Surge and Deleveraging Mask SBC Dilution Risk

BeOne Medicines has executed a dramatic operational turnaround, with revenue growing 29.6% YoY to $1.7B in 2026Q2 and operating margin expanding from -34.8% in 2024Q1 to 19.1%, driven by strong pricing power and operating leverage. The balance sheet has streng...

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MARKET ACTION

ONC price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue accelerated 29.6% YoY to $1.7B in 2026Q2, with gross margin expanding to 89.8% and operating margin reaching 19.1%, though SBC of $260.8M exceeded net income of $237M.

Analyst Consensus+7.6% target

Buy(14 analysts)

14 Buy0 Hold0 Sell

The Bull Case

Upside Catalysts

B-cell malignancy market opportunity

BeOne Medicines is positioned to capitalize on the $15 billion B-cell malignancy market, with upcoming data catalysts expected to validate its clinical and commercial potential.

Investor relations transparency

The company provides comprehensive business information for stockholders, potential investors, and financial analysts through its Investor Relations website.

Detailed analyst coverage

MarketBeat offers extensive SEC filings and reports on BeOne Medicines, including annual and quarterly filings, providing transparency and insights for investors.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 10/25/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

ONC+21.42%

S&P 500 (^GSPC)+11.24%

1-Year Return

ONC+21.80%

S&P 500 (^GSPC)+13.13%

3-Year Return

ONC+123.81%

S&P 500 (^GSPC)+78.38%

5-Year Return

ONC-2.53%

S&P 500 (^GSPC)+61.69%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y High

11.8x

Forward P/E

51.9x

EV/EBITDA100th %ile

64.2x

FCF YieldCash Flow

2.3%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

11.8x

9.5x

100th· High

EV/EBITDA

64.2x

54.2x

100th· High

Price/FCF

42.8x

36.6x

100th· High

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend

Revenue

$5.34B+40.2% YoY

Net income

$287M+144.5% YoY

Free cash flow

$942M+240.6% YoY

Operating margin

8.4%+23.3 pts YoY

ROIC (TTM)18.6%

Avg ROIC 5Y-

ROE (TTM)7.5%

Piotroski Score7 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate6/12 (67%)

Revenue Beat Rate4/12 (57%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q3 2026Latest Aug 5, 2026	$2.05+25.8% vs $1.63	$1.7B+4.9% vs $1.6B
Q2 2026 May 6, 2026	$1.96+168.5% vs $0.73	$1.5B+5.4% vs $1.4B
Q1 2026 Feb 26, 2026	$0.58-63.7% vs $1.60	$1.5B+2.2% vs $1.5B
Q4 2025 Nov 6, 2025	$1.09+51.4% vs $0.72	$1.4B-2.7% vs $1.5B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

5 Stories

Business Wire·5d ago

BeOne Medicines Highlights Rapidly Accelerating Solid Tumor Franchise at ESMO 2026

SAN CARLOS, Calif.--(BUSINESS WIRE)---- $ONC #BeOne--BeOne Medicines Ltd. (Nasdaq: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced that data from across its rapidly progressing solid tumor portfolio will be presented at the European Society for Medical Oncology (ESMO) Congress 2026 on October 23-27 in Madrid. Presentations will highlight an accelerating pipeline of differentiated targeted therapies, alongside a broad body of evidence for TEVIMBRA® (tislelizumab), including a late-bre.

Defense World·6d ago

BeOne Medicines (NASDAQ:ONC) Insider Sells $10,890,166.73 in Stock

BeOne Medicines Ltd. - Sponsored ADR (NASDAQ: ONC - Get Free Report) insider Xiaodong Wang sold 31,027 shares of BeOne Medicines stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $350.99, for a total value of $10,890,166.73. Following the sale, the insider directly owned 31,027 shares of the

Zacks Investment Research·Oct 15, 2026

All You Need to Know About BeOne Medicines Ltd. - Sponsored ADR (ONC) Rating Upgrade to Strong Buy

BeOne Medicines Ltd. - Sponsored ADR (ONC) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #1 (Strong Buy).

Zacks Investment Research·Oct 15, 2026

New Strong Buy Stocks for October 15th

KMX, ACIC, ONC, ODD and WES have been added to the Zacks Rank #1 (Strong Buy) List on October 15, 2026.

Filtered for BeOne Medicines AGMore Headlines

Compare before deciding

Benchmark ONC against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for BeOne Medicines AG (ONC)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
ONCBeOne Medicines AGCurrent	$377.63	$40.35B	11.76	40.23%	5.37%	7.46%	—
ZYMEZymeworks Inc.	$28.22	$2.08B	-26.13	38.87%	-138685.11%	-222.5%	—
RCUSArcus Biosciences, Inc.	$18.54	$2.33B	-5.64	-4.26%	-386.32%	-87.98%	—
TGTXTG Therapeutics, Inc.	$54.17	$8.29B	19.56	87.32%	55.22%	72.3%	—
KYMRKymera Therapeutics, Inc.	$110.76	$9.11B	-30.02	-16.72%	-285.41%	-21.5%	—
MGNXMacroGenics, Inc.	$2.25	$143.02M	-1.91	0.78%	-8.7%	-31.27%	—

Compare ONC vs Peers

BeOne Medicines AG (ONC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ZYME

Most directly comparable listed peer for ONC.

Scale Benchmark

vs ABBV

Larger-name benchmark to compare ONC against a more recognizable public peer.

Peer Set

Compare Top 5

vs ZYME, RCUS, TGTX, KYMR

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

ONC SEC Filings & Documents

BeOne Medicines AG (ONC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Aug 5, 2026·SEC

Material company update

Jun 26, 2026·SEC

Material company update

Jun 11, 2026·SEC

10-K Annual Reports

FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 27, 2025·SEC

10-Q Quarterly Reports

FY 2026

Aug 5, 2026·SEC

FY 2026

May 6, 2026·SEC

FY 2025

Nov 6, 2025·SEC

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ONC Frequently Asked Questions

BeOne Medicines AG (ONC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is BeOne Medicines AG's revenue?

BeOne Medicines AG (ONC) reported $6.13B in revenue for fiscal year 2025. This represents a 54878% increase from $11.1M in 2013.

How fast is BeOne Medicines AG growing?

BeOne Medicines AG (ONC) grew revenue by 40.2% over the past year. This is strong growth.

Is ONC profitable?

Yes, BeOne Medicines AG (ONC) is profitable, generating $655.7M in net income for fiscal year 2025 (5.4% net margin).

Dividend & Returns

What is ONC's return on equity?

BeOne Medicines AG (ONC) has a return on equity (ROE) of 7.5%. This is below average, suggesting room for improvement.

What is BeOne Medicines AG's free cash flow?

BeOne Medicines AG (ONC) generated $1.24B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in ONC back in 2013?

Total return calculator · dividends reinvested · 13+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q3 2026Latest

Aug 5, 2026

$2.05+25.8%

vs $1.63

$1.7B+4.9%

vs $1.6B

Q2 2026

May 6, 2026

$1.96+168.5%

vs $0.73

$1.5B+5.4%

vs $1.4B

Q1 2026

Feb 26, 2026

$0.58-63.7%

vs $1.60

$1.5B+2.2%

vs $1.5B

Q4 2025

Nov 6, 2025

$1.09+51.4%

vs $0.72

$1.4B-2.7%

vs $1.5B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

ONCBeOne Medicines AGCurrent

$377.63

$40.35B

11.76

40.23%

5.37%

7.46%

—

ZYMEZymeworks Inc.

$28.22

$2.08B

-26.13

38.87%

-138685.11%

-222.5%

—

RCUSArcus Biosciences, Inc.

$18.54

$2.33B

-5.64

-4.26%

-386.32%

-87.98%

—

TGTXTG Therapeutics, Inc.

$54.17

$8.29B

19.56

87.32%

55.22%

72.3%

—

KYMRKymera Therapeutics, Inc.

$110.76

$9.11B

-30.02

-16.72%

-285.41%

-21.5%

—

MGNXMacroGenics, Inc.

$2.25

$143.02M

-1.91

0.78%

-8.7%

-31.27%

—