ONC BeOne Medicines Ltd.

Overview and Growth

In fiscal 2025, BeOne Medicines Ltd. recorded $5.34B of revenue, net income of $286.93M, and an operating cash inflow of $1.13B. The $5.34B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 40.2% above fiscal 2024 revenue of $3.81B, marking a year-over-year increase. Diluted earnings per share were $0.19, translating the period’s attributable earnings into the amount reported for each diluted share. The revenue-to-assets relationship was 0.65x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $4.67B as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 87.5% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $447.14M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 8.4% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $286.93M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 5.4% margin after operating costs and the remaining recognized items. The earnings statement records $416.85M of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 7.8%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $129.92M, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 31.2%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

At period end, the $8.19B asset base was financed through $3.83B of liabilities and $4.36B of equity. Current assets were $6.23B against $1.83B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 3.41x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $4.55B, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 248.7%, excluding receivables and other current assets. Total debt was $1.02B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.23x, showing how much debt the company carried for each unit of book equity. Debt represented 12.4% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 46.7%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 55.5%, comparing reported cash and equivalents with the full positive asset balance. Compared with $5.92B in fiscal 2024, the current asset base moved 38.3% and finished higher.

Cash Flow and Earnings Quality

The company reported $1.13B of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 3.93x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $185.84M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 16.5% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $941.74M of positive free cash flow for the period. Relative to revenue, free cash flow equaled 17.6%, showing how much sales converted into cash after investment. Free cash flow equaled 11.5% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.