Revenue expanded to $1.5 billion in 2026Q1, reflecting a 35.5% year-over-year growth rate as the firm achieved a 16.5% operating margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 5.74B | 5.34B | 3.81B | 2.46B | 1.42B | 1.18B | 308.87M | 428.21M | 198.22M | 238.39M | 1.07M | 8.82M | 13.04M | 11.15M |
| Revenue Growth % | 37.44% | 40.23% | 54.96% | 73.65% | 20.37% | 280.83% | -27.87% | 116.03% | -16.85% | 22179.16% | -87.86% | -32.37% | 16.93% | - |
| Cost of Goods Sold | 670.75M | 668.54M | 594.09M | 379.92M | 286.48M | 164.91M | 70.66M | 71.19M | 707.71M | 273.99M | 98.03M | 58.25M | 21.86M | 13.46M |
| COGS % of Revenue | - | 12.51% | 15.59% | 15.45% | 20.23% | 14.02% | 22.88% | 16.62% | 357.03% | 114.94% | 9161.96% | 660.73% | 167.72% | 120.77% |
| Gross Profit | 5.07B | 4.67B | 3.22B | 2.08B | 1.13B | 1.01B | 238.22M | 357.02M | -509.49M | -35.6M | -96.96M | -49.43M | -8.83M | -2.31M |
| Gross Margin % | 88.31% | 87.49% | 84.41% | 84.55% | 79.77% | 85.98% | 77.12% | 83.38% | -257.03% | -14.94% | -9061.96% | -560.73% | -67.72% | -20.77% |
| Gross Profit Growth % | - | 45.34% | 54.71% | 84.06% | 11.67% | 324.56% | -33.28% | 170.07% | -1330.95% | 63.28% | -96.15% | -460.03% | -281.3% | - |
| Operating Expenses | 4.38B | 4.23B | 3.78B | 3.29B | 2.92B | 2.45B | 1.9B | 1.32B | 196.28M | 62.85M | 20.1M | 7.31M | 6.93M | 3.14M |
| OpEx % of Revenue | - | 79.12% | 99.32% | 133.67% | 206.16% | 208.29% | 613.81% | 307.54% | 99.02% | 26.37% | 1878.22% | 82.93% | 53.16% | 28.19% |
| Selling, General & Admin | 2.18B | 2.08B | 1.83B | 1.51B | 1.28B | 990.12M | 600.18M | 388.25M | 195.38M | 62.6M | 20.1M | 7.31M | 6.93M | 3.14M |
| SG&A % of Revenue | - | 38.96% | 48.06% | 61.33% | 90.3% | 84.17% | 194.31% | 90.67% | 98.57% | 26.26% | 1878.22% | 82.93% | 53.16% | 28.19% |
| Research & Development | 2.21B | 2.15B | 1.95B | 1.78B | 1.64B | 1.46B | 1.29B | 927.34M | 679M | 269.02M | 98.03M | 58.25M | 21.86M | 13.46M |
| R&D % of Revenue | - | 40.16% | 51.26% | 72.34% | 115.86% | 124.06% | 419.22% | 216.56% | 342.55% | 112.85% | 9161.96% | 660.73% | 167.72% | 120.77% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 750K | 846K | 1.33M | 1.99M | 11.46M | -2.49M | -916K | 600K | 584K |
| Operating Income | 685.94M | 447.14M | -568.2M | -1.21B | -1.79B | -1.44B | -1.66B | -959.89M | -705.77M | -98.46M | -117.06M | -56.74M | -15.76M | -5.46M |
| Operating Margin % | 11.95% | 8.37% | -14.91% | -49.12% | -126.4% | -122.31% | -536.69% | -224.16% | -356.05% | -41.3% | -10940.19% | -643.66% | -120.88% | -48.96% |
| Operating Income Growth % | - | 178.69% | 52.95% | 32.52% | -24.39% | 13.21% | -72.69% | -36.01% | -616.83% | 15.89% | -106.29% | -260.13% | -188.7% | - |
| EBITDA | 988.87M | 588.82M | -396.44M | -1.12B | -1.72B | -1.39B | -1.63B | -941.27M | -695.38M | -93.7M | -115.15M | -55.2M | -14.2M | -3.87M |
| EBITDA Margin % | 17.23% | 11.02% | -10.4% | -45.55% | -121.71% | -118.36% | -526.39% | -219.81% | -350.81% | -39.31% | -10761.78% | -626.13% | -108.94% | -34.68% |
| EBITDA Growth % | 943.05% | 248.53% | 64.61% | 35.01% | -23.78% | 14.37% | -72.73% | -35.36% | -642.14% | 18.63% | -108.61% | -288.73% | -267.3% | - |
| D&A (Non-Cash Add-back) | 302.93M | 141.69M | 171.76M | 87.67M | 66.28M | 46.46M | 31.79M | 18.62M | 10.39M | 4.76M | 1.91M | 1.54M | 1.56M | 1.59M |
| EBIT | 692.43M | 475.09M | -568.2M | -1.21B | -1.79B | -1.44B | -1.66B | -959.89M | -705.77M | -98.46M | -117.06M | -56.74M | -15.76M | -4.74M |
| Net Interest Income | 13.56M | 12.27M | 47.84M | 74.01M | 52.48M | 15.76M | 2M | 9.13M | 13.95M | -4.11M | 383K | 559K | -3.51M | -3.15M |
| Interest Income | 104.69M | 70.5M | 47.84M | 74.01M | 52.48M | 15.76M | 2M | 9.13M | 13.95M | 0 | 0 | 559K | 40K | 2K |
| Interest Expense | 91.22M | 58.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.11M | 383K | 0 | 3.55M | 3.15M |
| Other Income/Expense | -30.77M | -30.28M | 35.2M | 381.9M | -171.37M | 147K | 39.49M | 16.3M | 15.94M | 7.39M | -2.1M | -357K | -2.79M | -2.44M |
| Pretax Income | 655.17M | 416.85M | -533M | -825.84M | -1.96B | -1.44B | -1.62B | -943.59M | -689.83M | -91.06M | -119.16M | -57.1M | -18.55M | -7.89M |
| Pretax Margin % | 11.42% | 7.8% | -13.99% | -33.59% | -138.5% | -122.3% | -523.9% | -220.35% | -348.01% | -38.2% | -11136.73% | -647.71% | -142.28% | -70.81% |
| Income Tax | 142.15M | 129.92M | 111.78M | 55.87M | 42.78M | 19.23M | 10.4M | 6.99M | -15.8M | 2.23M | 54K | 0 | 0 | 0 |
| Effective Tax Rate % | 21.7% | 31.17% | -20.97% | -6.77% | -2.18% | -1.34% | -0.64% | -0.74% | 2.29% | -2.45% | -0.05% | 0% | 0% | 0% |
| Net Income | 513.02M | 286.93M | -644.79M | -881.71M | -2B | -1.46B | -1.62B | -948.63M | -673.77M | -93.11M | -119.22M | -57.1M | -18.28M | -7.49M |
| Net Margin % | 8.94% | 5.37% | -16.92% | -35.86% | -141.52% | -123.93% | -526.1% | -221.53% | -339.91% | -39.06% | -11141.78% | -647.71% | -140.22% | -67.22% |
| Net Income Growth % | 230.75% | 144.5% | 26.87% | 56% | -37.45% | 10.29% | -71.3% | -40.79% | -623.67% | 21.9% | -108.78% | -212.41% | -143.9% | - |
| Net Income (Continuing) | 513.02M | 286.93M | -644.79M | -881.71M | -2B | -1.46B | -1.63B | -950.58M | -674.03M | -93.3M | -119.22M | -57.1M | -18.55M | -7.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.15M | 14.45M | 14.42M | 0 | 0 | 0 | 1.77M |
| EPS (Diluted) | 4.43 | 32.89 | -6.12 | -8.45 | -19.37 | -15.21 | -19.11 | -15.86 | -12.09 | -2.21 | -3.90 | -1.82 | -0.35 | -1.43 |
| EPS Growth % | 1349.33% | 637.42% | 27.57% | 56.38% | -27.35% | 20.41% | -20.49% | -31.18% | -447.06% | 43.33% | -114.29% | -420% | 75.52% | - |
| EPS (Basic) | - | 34.19 | -6.12 | -8.45 | -19.37 | -15.21 | -19.11 | -15.86 | -12.09 | -2.21 | -3.90 | -1.82 | -0.35 | -1.43 |
| Diluted Shares Outstanding | 115.77M | 113.45M | 105.29M | 104.39M | 103.13M | 92.79M | 83.47M | 60.05M | 55.44M | 41.78M | 31.05M | 31.52M | 52.66M | 5.27M |
| Basic Shares Outstanding | 110.96M | 109.06M | 105.29M | 104.39M | 103.13M | 92.79M | 83.47M | 60.05M | 55.44M | 41.78M | 31.05M | 31.52M | 52.66M | 5.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and Regulatory Exposure
As reported in recent financial statements, BeOne Medicines has achieved a consistent revenue growth trajectory, with quarterly figures climbing from $634.4 million in 2023Q4 to $1.5 billion by 2026Q1, reflecting a robust 35.5% year-over-year increase that underscores the successful global adoption of its flagship oncology portfolio.
The revenue expansion appears driven by the successful penetration of Brukinsa into Western markets, effectively transitioning the company from a clinical-stage entity to a commercial powerhouse. Investors should monitor whether this growth rate remains durable as the company faces tougher year-over-year comparisons and potential saturation in its primary oncology indications.
Based on the company's reported figures, operating income has successfully pivoted from a $383.8 million loss in 2023Q4 to a $249.9 million profit in 2026Q1, demonstrating that the firm is finally capturing significant operating leverage as commercial scale begins to outpace its heavy R&D investment cycle.
The shift to positive operating margins suggests that the company's proprietary commercial infrastructure is becoming more efficient relative to its top-line output. This trend warrants further investigation to determine if the current margin expansion is sustainable or if it remains sensitive to future fluctuations in global marketing and administrative spend.
According to recent SEC filings, the company's net income volatility is heavily influenced by significant stock-based compensation, which reached $757.1 million in 2025Q4, suggesting that reported earnings may not fully reflect the underlying cash-generative capacity of the core pharmaceutical business during periods of aggressive talent acquisition.
The substantial fluctuations in quarterly net income, ranging from losses to significant profits, appear tied to non-cash accounting items rather than purely operational performance. Analysts should focus on the reconciliation between GAAP net income and adjusted figures to better understand the true economic profitability of the firm's oncology assets.
As indicated by the income statement data, R&D remains the most significant cost line item, consistently exceeding $500 million per quarter, which suggests that management continues to prioritize long-term pipeline development over immediate bottom-line maximization despite the recent achievement of sustained quarterly profitability.
The high R&D intensity reflects a strategic commitment to maintaining a competitive edge in the BTK inhibitor space and beyond. While this expenditure is necessary for future growth, it may indicate that the company is not yet ready to optimize for maximum free cash flow, keeping the cost structure elevated for the foreseeable future.
Quick answers to the most common questions about buying ONC stock.
For fiscal year 2025, BeOne Medicines Ltd. (ONC) reported total revenue of $5.34B. This represents a 47828.2% increase compared to $11.1M in 2013.
BeOne Medicines Ltd. (ONC) is profitable, generating $286.9M in net income for the fiscal year ending 2025 with a net profit margin of 5.4%.
BeOne Medicines Ltd. (ONC) reported an operating income of $447.1M, resulting in an operating profit margin of 8.4%. This margin reflects the operational efficiency of the business before interest and taxes.
BeOne Medicines Ltd. (ONC) generated $4.67B in gross profit for the year, representing a gross profit margin of 87.5%. This demonstrates the company's core pricing power and production efficiency.