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.
BeOne Medicines AG (ONC) annual income statement — 13-year revenue, gross profit & net income history
| 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 | 6.13B | 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 % | 34.35% | 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 | 680.68M | 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 | 5.45B | 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 % | 88.89% | 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 | 4.53B | 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 | 2.23B | 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 | 2.29B | 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 | 923.1M | 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 % | 15.06% | 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 | 1.08B | 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 % | 17.59% | 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 % | 1107.83% | 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) | 154.93M | 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 | 1B | 475.09M | -533M | -825.84M | -1.96B | -1.44B | -1.66B | -959.89M | -705.77M | -98.46M | -117.06M | -56.74M | -15.76M | -4.74M |
| Net Interest Income | 44.1M | 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 | 116.72M | 70.5M | 47.84M | 74.01M | 52.48M | 15.76M | 2M | 9.13M | 13.95M | 0 | 0 | 559K | 40K | 2K |
| Interest Expense | 72.63M | 58.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.11M | 383K | 0 | 3.55M | 3.15M |
| Other Income/Expense | -55.02M | -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 | 868.08M | 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 % | 14.16% | 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 | 212.37M | 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 % | 24.46% | 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 | 655.71M | 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 % | 10.7% | 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 % | 469.12% | 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) | 655.71M | 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) | 5.66 | 32.11 | -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 % | 4254.02% | 624.67% | 27.57% | 56.38% | -27.35% | 20.41% | -20.49% | -31.18% | -447.06% | 43.33% | -114.29% | -420% | 75.52% | - |
| EPS (Basic) | - | 33.80 | -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 | 115.8M | 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 | 111.58M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ONC stock.
For fiscal year 2025, BeOne Medicines AG (ONC) reported total revenue of $5.34B. This represents a 47828.2% increase compared to $11.1M in 2013.
BeOne Medicines AG (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 AG (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 AG (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.
Key Metrics
Top Statement Risk
SBC dilution and sustainability
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
BeOne's revenue surged 29.6% YoY in 2026Q2 to $1.7B, with growth accelerating from 41.6% in 2025Q2, according to the latest quarterly report.
The sequential acceleration from 41.6% to 48.6% in 2025Q1 and then to 29.6% in 2026Q2 suggests a robust demand trajectory, likely driven by commercial expansion of its lead products. The consistent double-digit growth across all quarters indicates a durable revenue base, though investors should monitor whether this pace is sustainable as the base expands.
Gross Margin Expansion Reflects Pricing Power
Gross margin improved to 89.8% in 2026Q2 from 85.2% in 2025Q1, as reported in financial statements, indicating strong pricing power and cost efficiencies.
The 460 basis point expansion in gross margin over five quarters suggests the company is benefiting from scale and possibly a favorable product mix. This level, well above biotech peers like TG Therapeutics (83.7%), underscores a competitive advantage in manufacturing or pricing. However, the slight dip to 86.1% in 2025Q3 warrants monitoring for volatility.
Operating Leverage Drives Profitability
Operating margin swung from -34.8% in 2024Q1 to 19.1% in 2026Q2, as per SEC filings, demonstrating significant operating leverage as revenue scales.
The transition from deep operating losses to double-digit margins within six quarters indicates that fixed costs are being absorbed by a rapidly growing revenue base. SG&A and R&D expenses have grown at a slower pace than revenue, with SG&A as a percentage of revenue declining from 56.9% in 2024Q1 to 34.9% in 2026Q2. This suggests disciplined expense management, though the sustainability of this leverage depends on continued revenue growth.
Earnings Quality Tempered by SBC
Net income reached $237M in 2026Q2, but stock-based compensation of $260.8M exceeded net income, as per the income statement, raising quality concerns.
The fact that SBC alone is larger than net income suggests that reported earnings are significantly flattered by non-cash charges, which may not reflect true cash generation. The zero SBC in 2026Q1 is an anomaly that warrants investigation, as it could indicate a change in accounting or a one-time adjustment. Investors should adjust for SBC to assess the underlying profitability.
R&D and SG&A Scale Efficiently
R&D and SG&A grew 16.7% and 10.3% YoY in 2026Q2, respectively, while revenue grew 29.6%, as per the latest financials, showing cost discipline.
The slower growth in operating expenses relative to revenue indicates that the company is achieving economies of scale. R&D as a percentage of revenue declined from 61.3% in 2024Q1 to 36.0% in 2026Q2, while SG&A fell from 56.9% to 34.9%. This trend suggests a maturing commercial organization, but the absolute R&D spend remains high, reflecting ongoing investment in pipeline development.
2025Q1 Marks Profitability Inflection
Operating income turned positive at $11.1M in 2025Q1, after a -$261.3M loss in 2024Q1, as per the income statement, signaling a pivotal shift.
The inflection from a -34.8% operating margin to positive territory within a year was driven by a 48.6% revenue surge and controlled expenses. This transition has been sustained, with operating margin expanding to 19.1% by 2026Q2, indicating that the company has crossed a critical scale threshold. The lasting impact is a fundamentally different earnings profile, though the durability depends on maintaining growth and managing costs.
SBC and Growth Sustainability Risks
Despite strong growth, SBC of $260.8M in 2026Q2 exceeds net income, and revenue growth decelerated from 48.6% to 29.6%, as per filings, posing risks.
Short-sellers would highlight that the company's earnings are heavily reliant on non-cash SBC, which could mask true cash flow generation. Additionally, the deceleration in revenue growth from 48.6% in 2025Q1 to 29.6% in 2026Q2 may indicate a maturing product cycle or increased competition. If growth slows further, operating leverage could reverse, compressing margins. Investors should monitor whether the company can sustain its growth trajectory without excessive dilution.