# BeOne Medicines AG (BEIGF)

> Source: Nexqual · https://nexqual.com/BEIGF · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, BeOne Medicines AG (BEIGF), nexqual.com/BEIGF" · informational, not investment advice.

**Price:** USD 21.95 (+0.00% on the day) · last close of Oct 22, 2026; US market closed, not a live price. Prev close 21.95 · day 23.75–23.75 · 52w 15.95–25.3 · market cap $32.5B · PNK

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.13B, net income $656M (10.7% margin), free cash flow $1.33B (SEC filings).
- Valuation: P/E 49.5x (avg 130.0x at the last 1 fiscal year-ends), EV/EBITDA 26.5x, net cash $4.02B.
- Analysts: None.
- Total return with dividends: 1Y +37.6% vs S&P 500 +14.4%; 5Y +30.8% vs S&P 500 +77.0%.
- Next earnings: 2026-11-05, EPS estimate USD —, revenue estimate $1.76B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.18B | $1.42B | $2.46B | $3.81B | $5.34B | $6.13B |
| Gross profit | $1.01B | $1.13B | $2.08B | $3.22B | $4.67B | — |
| Operating income | -$1.44B | -$1.79B | -$1.21B | -$568M | $447M | $923M |
| Net income | -$1.46B | -$2.00B | -$882M | -$645M | $287M | $656M |
| EPS (diluted) | -$1.21 | -$1.49 | -$0.65 | -$0.47 | $0.19 | — |
| Free cash flow | -$1.56B | -$1.82B | -$1.72B | -$633M | $942M | $1.33B |
| Gross margin | 86.0% | 79.8% | 84.5% | 84.4% | 87.5% | — |
| Operating margin | -122.3% | -126.4% | -49.1% | -14.9% | 8.4% | 15.1% |
| Net margin | -123.9% | -141.5% | -35.9% | -16.9% | 5.4% | 10.7% |
| Revenue growth | +280.8% | +20.4% | +73.7% | +55.0% | +40.2% | — |
| Cash + short-term investments | $6.62B | $4.53B | $3.17B | — | — | — |
| Total debt | $630M | $538M | $886M | $1.02B | $1.02B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 49.5x · P/S 5.3x · EV/EBITDA 26.5x · EV/Sales 4.6x · P/FCF 24.4x · P/B 6.3x · FCF yield 4.10% · Earnings yield 2.02% · Net cash $4.02B · EV $28.4B
P/E at fiscal year-ends: Dec 2025 130.0x.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2023-08-14) |
|---|---|---|
| Total return | +37.6% | +30.8% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +37.7% | +8.8% |
| Volatility (annualized) | 45.7% | 39.2% |
| Max drawdown | -13.2% (Nov 2025→Jun 2026) | -34.5% (Aug 2023→Apr 2024) |

## Peers (Biotechnology)
ALNY (Alnylam Pharmaceuticals, Inc.) USD 227.46 +0.08% · RPRX (Royalty Pharma plc) USD 63.78 +0.05% · ROIV (Roivant Sciences Ltd.) USD 36.7 -2.00% · RVMD (Revolution Medicines, Inc.) USD 188.9 +0.64% · GMAB (Genmab A/S) USD 42.93 +7.32% · INCY (Incyte Corporation) USD 116.05 -0.76%

## More
Full page: https://nexqual.com/BEIGF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BEIGF's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1651308/000162828026011946/bgne-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Catalent Pharma Solutions | "For example, we have entered into a commercial supply agreement for TEVIMBRA with Boehringer Ingelheim Biopharmaceuticals (China) Ltd. ("Boehringer Ingelheim") and entered into a commercial supply agreement for BRUKINSA …" |
| Customer | Royalty Pharma plc (RPRX) | "A significant portion of our rights to receive certain tiered mid-single digit royalty payments based on annual net revenue from sales outside of China of IMDELLTRA were sold to Royalty Pharma in the third quarter of 202…" |
| Customer | Cencora (COR) | "For the year ended December 31, 2025, sales to the Company's three largest product distributors, ASD Specialty Healthcare (Cencora), McKesson and Shanghai Pharmaceutical represented approximately 18.5%, 17.5% and 10.1% o…" |
| Customer | McKesson (MCK) | "For the year ended December 31, 2025, sales to the Company's three largest product distributors, ASD Specialty Healthcare (Cencora), McKesson and Shanghai Pharmaceutical represented approximately 18.5%, 17.5% and 10.1% o…" |
| Partner | AMGEN INC (AMGN) | "On October 31, 2019, our wholly-owned subsidiary, BeOne Medicines I GmbH, entered into a Collaboration Agreement with Amgen, which became effective on January 2, 2020 (as amended, the "Amgen Collaboration Agreement")." |
| Partner | Zymeworks Inc. (ZYME) | "Under our license and collaboration agreement with Zymeworks Inc. ("Zymeworks"), we have the right to develop and commercialize ZIIHERA® in certain Asian pacific countries." |
| Partner | Novartis Pharma | "In 2021, we entered into a collaboration and license agreement with Novartis Pharma AG ("Novartis"), granting Novartis rights to develop, manufacture and commercialize our anti-PD-1 antibody TEVIMBRA in certain territori…" |
| Partner | Shandong Luye Pharmaceutical | "Under our license agreement with Luye, Luye retains the responsibility, but is not obligated, to prosecute the in-licensed patents for the corresponding in-licensed product, and we retain the responsibility, but are not …" |

Other companies that name BEIGF in their own reports (relationship from BEIGF's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | BioAtla, Inc. (BCAB) | 10-K 2026-03-31 | "Global Co-Development and Collaboration Agreement with BeOne Medicines, Ltd." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product revenue, net | $1.68B | 98.5% | +29.0% |
| — BRUKINSA (part of Product revenue, net) | $1.25B | 73.2% | +31.4% |
| — TEVIMBRA (part of Product revenue, net) | $228.5M | 13.4% | +18.1% |
| — XGEVA (part of Product revenue, net) | $104.5M | 6.1% | +28.5% |
| — Other (part of Product revenue, net) | $37.8M | 2.2% | +78.8% |
| — BLINCYTO (part of Product revenue, net) | $36.5M | 2.1% | +42.8% |
| — Other Revenue (part of Product revenue, net) | $25.3M | 1.5% | +91.1% |
| KYPROLIS | $15.1M | 0.9% | -22.0% |
| POBEVCY | $9.6M | 0.6% | -14.3% |
| Total revenue | $1.71B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. - total revenue | $914.2M | 53.6% | +31.6% |
| China | $506.0M | 29.7% | +16.9% |
| Europe - total revenue | $208.8M | 12.2% | +37.0% |
| Rest of world - total revenue | $76.1M | 4.5% | +113.9% |
| Total revenue | $1.71B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 18.5%, 17.5%, 10.1% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | — | — | — | $1.76B | — |
| Next quarter (ends 2026-12-31) | — | — | — | $1.79B | — |
| Current fiscal year (ends 2026-12-31) | — | — | — | $6.77B | — |
| Next fiscal year (ends 2027-12-31) | — | — | — | $7.78B | — |