BeOne Medicines

BeOne Medicines, formerly BeiGene, is a Switzerland-domiciled global cancer drug company whose main product is the blood cancer drug BRUKINSA (zanubrutinib).

The world BeOne works in, not its own labs. Credits in the footer.

Ticker: 688235
Listing: SSE, Switzerland
Next date: 2H 2026
Chief executive: John V. Oyler (Co-Founder, Chairman and CEO)

Desk view · Opinion · Updated Oct 22, 2026

BeOne is a BRUKINSA company buying options on its next act

BeOne has become a profitable, cash-generating cancer company on the back of BRUKINSA, and the first-line mantle cell lymphoma win extends that drug's reach. The next leg depends on sonrotoclax moving into CLL and on a solid tumor pipeline that is still early. Dependence on one drug and on U.S. pricing is the main thing that could change the picture.

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aibio.space Investor Rank · Opinion

9/10 Most positive view

Profitable and cash generative on BRUKINSA, which keeps winning new settings; about 70% of revenue rests on that one drug and on U.S. pricing.

Technology: 2/2
Odds: 2/2
Balance sheet: 2/2
Risk: 1/2
Momentum: 2/2

Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. How the rank works.

Technology: Proven in blood cancers. BRUKINSA sells $1.2 billion a quarter and just beat chemotherapy in first-line mantle cell lymphoma, and sonrotoclax won a U.S. approval in May.
Odds: Strong at the core. BRUKINSA label expansions are low risk, while sonrotoclax in CLL and the solid tumor pipeline carry ordinary late-stage odds: industry data put phase 3 to filing at 60.0% for blood cancers and 42.9% for solid tumors.
Balance sheet: Cash generative. BeOne had $5.28 billion in cash and restricted cash at June 30 and $435 million of second-quarter free cash flow.
Main risk: One-drug concentration. BRUKINSA is about 70% of revenue, mostly in the U.S., where reference pricing and the MFN agreement could cut net prices.
Watch next: First-line MCL filings. BeOne plans BRUKINSA submissions in four regions and expects an FDA decision on TEVIMBRA with ZIIHERA in the second half of 2026.

Dates

2H 2026
Regulatory submissions for BRUKINSA in first-line mantle cell lymphoma in the U.S., Europe, China and Japan Source

2H 2026
U.S. FDA action on TEVIMBRA with ZIIHERA and chemotherapy in first-line HER2-positive gastroesophageal adenocarcinoma Source

2H 2026
Potential submission for tacabrutideg in relapsed or refractory CLL, if data support Source

2H 2026
Phase 3 starts for BG-C9074 in ovarian cancer and BGB-B2033 in second-line liver cancer Source

1H 2027
China regulatory actions for TEVIMBRA and ZIIHERA in first-line HER2-positive gastroesophageal adenocarcinoma Source

The money

$5.28 billion in cash, cash equivalents and restricted cash at June 30, 2026 (Q2), up from $4.61 billion at Dec. 31, 2025; debt of $1.07 billion. BeOne is profitable and says its cash covers at least the next 12 months of operations. Source

Q2 2026 total revenue of $1.705 billion, up 30%; BRUKINSA $1.2 billion, TEVIMBRA $229 million. 2026 guidance raised to $6.6 billion to $6.8 billion. Source

Risks on the record

BRUKINSA produced $1.2 billion of $1.705 billion in Q2 2026 revenue, so results depend heavily on one drug. Source
BeOne derives the substantial portion of its revenue from U.S. sales, and its 10-Q warns that international reference pricing could force larger U.S. rebates. Source
BEQALZI's U.S. accelerated approval is based on a single-arm study of 103 patients, with tumor lysis syndrome, infection and neutropenia warnings. Source

Questions investors ask

What is aibio.space's Investor Rank for BeOne Medicines?

9 out of 10, our most positive view. Profitable and cash generative on BRUKINSA, which keeps winning new settings; about 70% of revenue rests on that one drug and on U.S. pricing. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. Source

Is BeOne Medicines the same company as BeiGene?

Yes. BeiGene, Ltd. moved its domicile from the Cayman Islands to Switzerland and changed its name to BeOne Medicines Ltd. in 2025. It trades on Nasdaq as ONC, in Hong Kong as 06160 and on Shanghai's STAR Market as 688235. Source

How much revenue did BeOne make in Q2 2026?

BeOne reported total revenue of $1.705 billion for the second quarter of 2026, up 30% from a year earlier. BRUKINSA accounted for $1.2 billion. Source

What is BeOne's 2026 revenue guidance?

In August 2026 BeOne raised its full-year revenue guidance to $6.6 billion to $6.8 billion, from $6.3 billion to $6.5 billion. It expects GAAP operating income of $1.0 billion to $1.1 billion. Source

What is Beqalzi (sonrotoclax) approved for?

The FDA granted accelerated approval on May 13, 2026 for adults with relapsed or refractory mantle cell lymphoma after at least two lines of therapy, including a BTK inhibitor. Approval was based on a 52% response rate in 103 patients. Source

What did BeOne get in the Revolution Medicines deal?

BeOne got exclusive rights in select Asian markets to Revolution's four clinical RAS(ON) inhibitors and agreed to fund one global registrational phase 3 study. Revolution keeps rights elsewhere, including Japan and South Korea, and is eligible for milestones and royalties. Source

What is BeOne Medicines's market cap?

We do not publish live share prices. In its annual report, BeOne Medicines Ltd. put the market value of shares held by non-affiliates (public float) at $14.70 billion as of Jun 30, 2025. Source

Is BeOne Medicines a smaller reporting company?

SEC records list BeOne Medicines Ltd.'s filer category as: Large accelerated filer. Source

Where is BeOne Medicines headquartered?

SEC records list its business address as C/O BEONE MEDICINES I GMBH, BASEL, 4051. Source

When does BeOne Medicines's fiscal year end?

BeOne Medicines Ltd.'s fiscal year ends on December 31, per SEC records. Source

What did BeOne Medicines last file with the SEC?

Its most recent filing in our record is an 8-K filed 2026-08-26. All of its filings are on SEC EDGAR. Source

What was BeOne Medicines called before?

SEC records list these former names: BeiGene, Ltd.. Source

What industry is BeOne Medicines in?

Its SEC industry code (SIC 2834) is Pharmaceutical Preparations. Source

Legal and investor matters

Checked against BeOne Medicines filings and press releases. Allegations are allegations; nothing here is a finding of fault. Reviewed Oct 25, 2026.

Part II, Item 1 of the 10-Q filed 2026-08-05 states that BeOne may become involved in legal proceedings or be subject to claims of a nature considered ordinary course in its business, including the intellectual property litigation described there. The same item describes an AbbVie trade secret suit and an ANDA patent suit. It covers that quarterly report only. Source

Jun 26, 2026Regulatory
BeOne settles China statutory tax audit, paying about RMB 446 million
BeOne Medicines reported in an 8-K that it concluded a statutory tax audit in China and, through a settlement with the local tax authority, agreed to adjustments to previously filed tax returns. The result is an income tax payment, including surcharges and interest, of approximately RMB 446 million, to be recognized in the second quarter of fiscal 2026. The company said the settlement did not involve any administrative penalty.
Status: settled
BeOne Form 8-K, 2026-06-26
May 12, 2026Litigation
Court denies BeOne motion to dismiss AbbVie trade secret suit
AbbVie Inc. sued BeOne, a subsidiary and an individual scientist on September 6, 2024 in the U.S. District Court for the Northern District of Illinois, alleging misappropriation of trade secrets about BeOne's BTK degrader program, including BGB-16673. The complaint seeks unspecified damages. BeOne moved to dismiss on December 19, 2024. The court denied the motion on May 12, 2026. No trial date is set, and BeOne says it is defending the claims.
U.S. District Court for the Northern District of Illinois · Status: pending
BeOne Form 10-Q, 2026-08-05
Feb 25, 2026Litigation
BeOne sues Zydus over generic Brukinsa tablets
On February 25, 2026, BeOne subsidiaries filed a Hatch-Waxman patent infringement suit against Zydus in the U.S. District Court for the District of New Jersey. The suit responds to Zydus's notice that it filed an application for a generic Brukinsa tablet with paragraph IV certifications challenging certain Orange Book patents. According to that notice, Zydus did not challenge the composition of matter patent, which BeOne says protects Brukinsa until 2034. BeOne's complaint alleges infringement of certain Orange Book patents and seeks a permanent injunction against a generic version until the asserted patents expire.
U.S. District Court for the District of New Jersey · Status: pending
BeOne Form 10-Q, 2026-08-05
Nov 13, 2025Financing
BeOne signs senior secured facilities agreement led by HSBC
On November 13, 2025, BeOne Medicines entered into a Facilities Agreement with HSBC as coordinator and arranger. It provides a $140 million revolving loan, a $560 million term loan and an A term loan of about $300 million denominated in renminbi. On December 16, 2025 the company used borrowings to repay and terminate its December 2024 credit facility with China Merchants Bank, with no termination penalty.
BeOne Form 8-K, 2025-11-19
Aug 25, 2025Financing
BeOne sells part of Imdelltra royalty to Royalty Pharma for $885 million
On August 25, 2025, BeOne Medicines and a subsidiary signed a Royalty Purchase Agreement with Royalty Pharma Investments 2023 ICAV. For an upfront payment of $885 million at closing, Royalty Pharma bought a significant portion of the subsidiary's rights to tiered mid-single-digit royalties on sales outside China of Imdelltra (tarlatamab). Amgen pays those royalties under the collaboration agreement.
BeOne Form 8-K, 2025-08-25
Apr 29, 2025Litigation
USPTO invalidates Pharmacyclics patent claims BeiGene challenged
On April 29, 2025, the USPTO issued a Final Written Decision invalidating all challenged claims of Pharmacyclics LLC's U.S. Patent No. 11,672,803. BeiGene had filed the post-grant review petition on November 1, 2023, in response to a patent infringement suit Pharmacyclics brought over Brukinsa. The company said the decision is appealable by Pharmacyclics.
U.S. Patent and Trademark Office, Patent Trial and Appeal Board
BeiGene Form 8-K, 2025-04-29
Nov 14, 2024Litigation
BeiGene settles Brukinsa patent suit with MSN
On November 14, 2024, BeiGene subsidiaries settled patent litigation with MSN Pharmaceuticals and MSN Laboratories over MSN's application for a generic Brukinsa. Under the settlement, MSN may sell a generic version in the United States no earlier than June 15, 2037, subject to customary acceleration or extension. The parties filed a joint stipulation to dismiss, and the agreement is to be submitted to the FTC and the Department of Justice.
Status: settled
BeiGene Form 8-K, 2024-11-19

Pipeline

Program	Indication	Stage
BRUKINSA (zanubrutinib)	B-cell cancers; first-line mantle cell lymphoma with rituximab	Marketed; positive phase 3 MANGROVE in first-line MCL, filings planned 2H 2026 Source
BEQALZI (sonrotoclax)	Relapsed or refractory mantle cell lymphoma after a BTK inhibitor	FDA accelerated approval (May 13, 2026) Source
TEVIMBRA (tislelizumab) with ZIIHERA and chemotherapy	First-line HER2-positive gastroesophageal adenocarcinoma	Marketed PD-1; U.S. FDA action expected 2H 2026 for this use Source
Tacabrutideg (BGB-16673, BTK degrader)	Relapsed or refractory CLL	Phase 3 (China) fully enrolled; potential phase 2-based submission 2H 2026 Source
BGB-43395 (CDK4 inhibitor)	First-line HR-positive, HER2-negative metastatic breast cancer	Phase 3 Source
RAS(ON) inhibitors from Revolution Medicines (daraxonrasib, zoldonrasib, elironrasib, RMC-5127)	RAS-driven cancers	Clinical; BeOne holds rights in select Asian markets (August 2026) Source

Stock chart

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SEC filings and registration

SEC name: BeOne Medicines Ltd.
CIK: 1651308
Industry (SIC): Pharmaceutical Preparations (2834)
US tickers: ONC (Nasdaq), BEIGF (OTC)
Fiscal year ends: December 31
Filer category: Large accelerated filer
Business address: C/O BEONE MEDICINES I GMBH, BASEL, 4051
Phone: 41-616851900
Shares outstanding: 1,478,124,405 as of 2026-07-31 (10-Q filed 2026-08-05)
Former names: BeiGene, Ltd.

Recent filings (8-K and 6-K are the company's own announcements)

8-K filed 2026-08-26
10-Q filed 2026-08-05
8-K filed 2026-08-05
8-K filed 2026-06-26
8-K filed 2026-06-11
8-K filed 2026-05-15
10-Q filed 2026-05-06
8-K filed 2026-05-06

Source: SEC EDGAR, retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices.

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