BeOne Medicines AG

ONC

Biotechnology · Healthcare

Price

$374.47

+5.31 (+1.44%)

Market Cap

$40.02B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

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Share count rising — dilution

+22.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 92.8M (2021) → 113.4M (2025)

Winston Score History

The full picture

BeOne Medicines (formerly BeiGene) is a global cancer drug company. It discovers and sells medicines that treat different types of cancer, mainly blood cancers and solid tumors. Its most important product is zanubrutinib (sold as Brukinsa), a drug used to treat certain blood cancers like chronic lymphocytic leukemia, which has become one of the fastest-growing cancer drugs in the world.

The company makes money by selling its drugs directly to hospitals, clinics, and pharmacies. BeOne operates across the United States, Europe, China, and other markets, making it one of the few biotechnology companies with a truly global commercial footprint. Its high gross margin of around 87% reflects the typical pricing power of specialty cancer drugs. The main growth driver is continued expansion of Brukinsa into new cancer indications and new geographies, while the key risk is intense competition from established cancer drug makers like AbbVie and AstraZeneca.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+29.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$2.1B/ year

↑ Rising (+10% vs prior year)

40.2% of revenue

2.2x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

37.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$5.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

BeOne Medicines AG is growing revenue at 30% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

89.8%

Premium pricing power — 89.8% gross margin

Profit after running costs

Operating Margin

19.1%

Healthy — 19.1% operating margin

Return on the money invested

ROCE

14.8%

Good — 14.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+34.3%

Fast-growing sales (+34.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

257%

Turns 257% of profit into real cash

Spare cash per sale

FCF Margin

20.3%

Converts sales into free cash efficiently (20.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.21

Conservative — low debt load (0.21)

Covers its interest

Interest Cover

12.71x

Comfortably covers interest (12.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

28.7x

Growth-priced — P/E 28.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+16.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (28.7 → 12.8)

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Dividends

Not applicable for this business.

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