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BeiGene, Ltd. (ONC)

POSITIVE
HealthcareBiotechnologySwitzerland

Fundamental

71

Preço

$379.00

Capitalização de Mercado

$42.36B

Parte 1 · Quanto vale a empresa

Visão Geral

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.

Como gera receita

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.

Receita por segmento

BRUKINSA73%

The company's lead BTK-inhibitor drug for blood cancers such as chronic lymphocytic leukemia, sold globally and the main driver of growth.

TEVIMBRA13.8%

An immunotherapy antibody used against several solid tumor cancers, the company's second-largest product.

Amgen in-licensed products9.1%

Oncology drugs originally developed by Amgen that BeOne markets and sells in China under a licensing agreement.

Vantagem competitiva

Patentes e licenças · Estreita

Patents 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.

O que impulsiona a procura

Defensivo

Cancer 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.

Principais riscos

  • 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.

Os argumentos a favor

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.

Os argumentos contra

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.

Dados por segmento do exercício fiscal 2025Fontes: BeOne Medicines Announces Fourth Quarter and Full Year 2025 Financial Results

Written by the editors, published on 18 de agosto de 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.

Balanço & Liquidez

Receita

$6.13B

Últimos 12 meses (até 30/06/2026)

Resultado Líquido

$656M

Últimos 12 meses (até 30/06/2026)

Fluxo de Caixa Livre

$942M

Capital Próprio Total

$4.36B

Passivo Total

$3.83B

Rácio de Liquidez

3.40

Cobertura de Juros

7.97

Dívida/EBITDA

2.06

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Sobrevalorizada

Valor Justo

$248.20

Preço Atual

$379.00

Margem de Segurança

-52.7%

Intervalo de Valor Justo

$161.33 - $335.07

Métodos de Estimativa

Analyst Target:$433.02
DCF:$9.59
PE-based:$342.07
Graham Growth:$90.84
EPV:$19.12
Consenso dos Analistas:Compra Forte (11B / 1H / 0S)

Métricas de Avaliação

Rácio P/E

845.41

ROE

6.6%

Rácio P/B

106.27

P/FCF

413.35

Margem Bruta

88.9%

ROIC

10.3%

Radar de Rentabilidade

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.

Critérios de Análise Fundamental

Aprovado (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

Reprovado (6)

  • P/FCF 413.35
  • P/B Ratio 106.27
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • ROE 5.2%
  • Share Dilution 10.1%

Indisponível (2)

  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-Score

7/9

Saúde financeira sólida

score
criteria

Qualidade dos Resultados

2.26

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

10.1%

A emitir novas ações, diluindo a participação

Governação

Equipa Executiva

NomeCargoIdade
Mr. John V. OylerCo-Founder, Executive Chairman & CEO57
Mr. Wang Lai Ph.D.President and Global Head of Research & Development48
Dr. Xiaodong Wang Ph.D.Co-Chairman of Scientific Advisory Board, Non-Executive Director & Co-Founder62
Mr. Aaron RosenbergChief Financial Officer48
Mr. Chan LeeGeneral Counsel, Senior VP & Corporate Secretary57
Mr. Titus B. BallVP & Chief Accounting Officer51
Mr. Marcello DamianiChief Technology Officer55
Ms. Liza HeapesHead of Investor Relations-
Ms. Eleanor Duff Ph.D.Senior VP & Head of Corporate Communications-
Mr. Graham HardimanGlobal Head of Human Resources-

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Latest News

Recent headlines for ONC, sourced from Markets Gazette.

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