BeiGene, Ltd. (ONC)
POSITIVEFundamental
71
Kurs
$379.00
Marktkapitalisierung
$42.36B
Teil 1 · Was das Unternehmen wert ist
Übersicht
ONC trades under BeOne Medicines, formerly known as BeiGene, a global biotechnology company that discovers, develops and sells cancer drugs. Its lead product, Brukinsa, treats certain blood cancers by blocking an enzyme (BTK) the cancer cells need to survive. Unlike a diversified pharmaceutical company, BeOne's revenue and value are concentrated in a small number of approved oncology drugs sold through its own commercial teams in the United States, Europe and China.
Wie das Geld verdient wird
Almost all revenue comes from product sales of approved drugs, chiefly Brukinsa, plus smaller in-licensed products such as Amgen's oncology portfolio that BeOne distributes in China. Because it sells directly rather than relying on royalties from a partner, it captures the full margin on each sale but also carries the cost of its own sales forces across multiple continents, and revenue depends on doctors continuing to prescribe its drugs over rival treatments.
Umsatz nach Segment
The company's lead BTK-inhibitor drug for blood cancers such as chronic lymphocytic leukemia, sold globally and the main driver of growth.
An immunotherapy antibody used against several solid tumor cancers, the company's second-largest product.
Oncology drugs originally developed by Amgen that BeOne markets and sells in China under a licensing agreement.
Wettbewerbsvorteil
Patente und Lizenzen · SchmalPatents on Brukinsa's chemical structure and manufacturing, plus regulatory approvals in dozens of countries, keep generic competitors out for a fixed period, and clinical data showing advantages over the first BTK inhibitor to market support doctor preference. The protection is time-limited by patent expiry and contestable by newer drugs in the same class, so it does not amount to a durable structural barrier.
Was die Nachfrage antreibt
DefensivCancer treatment is not discretionary spending and demand does not track the economic cycle; growth instead depends on winning regulatory approvals for new indications, expanding into new countries, and doctors switching patients from older drugs. The main swing factor is clinical and regulatory success, not the broader economy.
Wichtigste Risiken
- Revenue concentration in a single drug — Brukinsa accounts for roughly three-quarters of revenue; a safety issue, a more effective competing drug, or loss of patent protection would have an outsized effect on the whole company.
- Dependence on regulatory approvals — Selling a drug in a new country or for a new use requires approval from that country's health regulator, a process that can be delayed, restricted or denied regardless of clinical trial results.
- Pricing and reimbursement pressure — Government and private payers in every market where the company sells negotiate or set drug prices and reimbursement terms, and unfavorable changes can reduce revenue on approved products without any change to the drug itself.
- Clinical trial and pipeline risk — Future growth depends on drugs still in clinical trials succeeding and reaching approval; most experimental cancer drugs fail somewhere in that process, and a failure removes an assumed source of future revenue.
Die Argumente dafür
Buyers argue that Brukinsa's clinical data advantages over older BTK inhibitors are winning doctor preference and market share even as the drug class matures, that expansion into Europe and other markets outside the US and China still has room to run, and that the company reaching full-year profitability in 2025 for the first time shows the commercial model scaling.
Die Argumente dagegen
Sellers fear that concentrating three-quarters of revenue in one drug leaves little room for error if a safety signal, a stronger competitor or a reimbursement setback emerges, that US growth has already begun decelerating from its earlier triple-digit pace, and that sustaining growth requires the pipeline to deliver new approvals on a schedule biotech development rarely respects.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilanz & Liquidität
Umsatz
$6.13B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$656M
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$942M
Gesamtes Eigenkapital
$4.36B
Gesamtverbindlichkeiten
$3.83B
Current Ratio
3.40
Zinsdeckungsgrad
7.97
Schulden/EBITDA
2.06
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$248.20
Aktueller Kurs
$379.00
Sicherheitsmarge
-52.7%
Innerer-Wert-Spanne
$161.33 - $335.07
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
845.41
ROE
6.6%
P/B-Verhältnis
106.27
P/FCF
413.35
Bruttomarge
88.9%
ROIC
10.3%
Rentabilitäts-Radar
Value Creation (Economic Moat)
ROIC
10.3%
WACC
11.6%
ROIC − WACC
-1.2 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamentalanalyse-Kriterien
Bestanden (19)
- EPS shows upward trend
- Price CAGR 28.57%
- ROIC 10.3%
- Gross Margin 88.9%
- Debt/Equity ratio
- Operating Margin 15.1%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- Revenue Growth 5Y 78.3%
- Analyst Consensus 92% Buy
- Earnings Surprise avg 16.6%
- Earnings Quality (OCF/NI) 2.26
- Net Margin Trend 10.7% vs -3.9%
- Piotroski F-Score 7/9
Nicht bestanden (6)
- P/FCF 413.35
- P/B Ratio 106.27
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE 5.2%
- Share Dilution 10.1%
Nicht verfügbar (2)
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-Score
Starke finanzielle Gesundheit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Neue Aktien werden ausgegeben, Eigentum wird verwässert
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. John V. Oyler | Co-Founder, Executive Chairman & CEO | 57 |
| Mr. Wang Lai Ph.D. | President and Global Head of Research & Development | 48 |
| Dr. Xiaodong Wang Ph.D. | Co-Chairman of Scientific Advisory Board, Non-Executive Director & Co-Founder | 62 |
| Mr. Aaron Rosenberg | Chief Financial Officer | 48 |
| Mr. Chan Lee | General Counsel, Senior VP & Corporate Secretary | 57 |
| Mr. Titus B. Ball | VP & Chief Accounting Officer | 51 |
| Mr. Marcello Damiani | Chief Technology Officer | 55 |
| Ms. Liza Heapes | Head of Investor Relations | - |
| Ms. Eleanor Duff Ph.D. | Senior VP & Head of Corporate Communications | - |
| Mr. Graham Hardiman | Global Head of Human Resources | - |
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for ONC, sourced from Markets Gazette.