--- title: "BeOne Medicines (688235): news, pipeline and catalysts" url: "https://aibio.space/companies/beone-medicines/" publisher: "aibio.space (Biotech Investor Relations News)" summary: "BeOne Medicines news for investors: BeOne Medicines, formerly BeiGene, is a Switzerland-domiciled global cancer drug company whose main product is the blood…" --- 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. Read the full desk view 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](https://aibio.space/disclosures/#rank). - **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. ## Top news on BeOne ## Dates **2H 2026** Regulatory submissions for BRUKINSA in first-line mantle cell lymphoma in the U.S., Europe, China and Japan [Source](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) **2H 2026** U.S. FDA action on TEVIMBRA with ZIIHERA and chemotherapy in first-line HER2-positive gastroesophageal adenocarcinoma [Source](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) **2H 2026** Potential submission for tacabrutideg in relapsed or refractory CLL, if data support [Source](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) **2H 2026** Phase 3 starts for BG-C9074 in ovarian cancer and BGB-B2033 in second-line liver cancer [Source](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) **1H 2027** China regulatory actions for TEVIMBRA and ZIIHERA in first-line HER2-positive gastroesophageal adenocarcinoma [Source](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) ## 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) ## 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) - 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052878/bgne-20260630.htm) - 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](https://www.fda.gov/drugs/resources-information-approved-drugs/fda-grants-accelerated-approval-sonrotoclax-relapsed-or-refractory-mantle-cell-lymphoma) ## 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](https://aibio.space/disclosures/#rank) ### 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052878/bgne-20260630.htm) ### 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) ### 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) ### 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](https://www.fda.gov/drugs/resources-information-approved-drugs/fda-grants-accelerated-approval-sonrotoclax-relapsed-or-refractory-mantle-cell-lymphoma) ### 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](https://ir.revmed.com/news-releases/news-release-details/revolution-medicines-and-beone-medicines-announce-clinical) ### 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](https://www.sec.gov/Archives/edgar/data/1651308/000165130826000025/bgne-20260826.htm) ### 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052878/bgne-20260630.htm) 1. 2026-06-26 Regulatory 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](https://www.sec.gov/Archives/edgar/data/1651308/000165130826000020/bgne-20260626.htm) 2. 2026-05-12 Litigation 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052878/bgne-20260630.htm) 3. 2026-02-25 Litigation 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052878/bgne-20260630.htm) 4. 2025-11-13 Financing 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](https://www.sec.gov/Archives/edgar/data/1651308/000165130825000148/bgne-20251113.htm) 5. 2025-08-25 Financing 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828025041082/bgne-20250825.htm) 6. 2025-04-29 Litigation 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](https://www.sec.gov/Archives/edgar/data/1651308/000165130825000066/bgne-20250429.htm) 7. 2024-11-14 Litigation 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](https://www.sec.gov/Archives/edgar/data/1651308/000165130824000157/bgne-20241114.htm) ## 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) | | BEQALZI (sonrotoclax) | Relapsed or refractory mantle cell lymphoma after a BTK inhibitor | FDA accelerated approval (May 13, 2026) [Source](https://www.fda.gov/drugs/resources-information-approved-drugs/fda-grants-accelerated-approval-sonrotoclax-relapsed-or-refractory-mantle-cell-lymphoma) | | 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](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) | | Tacabrutideg (BGB-16673, BTK degrader) | Relapsed or refractory CLL | Phase 3 (China) fully enrolled; potential phase 2-based submission 2H 2026 [Source](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) | | BGB-43395 (CDK4 inhibitor) | First-line HR-positive, HER2-negative metastatic breast cancer | Phase 3 [Source](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/exhibit991-q22026earningsr.htm) | | 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](https://ir.revmed.com/news-releases/news-release-details/revolution-medicines-and-beone-medicines-announce-clinical) | ## Stock chart Price chart and quote supplied by TradingView, delayed as the exchange requires. 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[Open SSE:688235 on TradingView](https://www.tradingview.com/symbols/SSE-688235/). ## 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](https://www.sec.gov/Archives/edgar/data/1651308/000165130826000025/bgne-20260826.htm) filed 2026-08-26 - [10-Q](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052878/bgne-20260630.htm) filed 2026-08-05 - [8-K](https://www.sec.gov/Archives/edgar/data/1651308/000162828026052877/bgne-20260805.htm) filed 2026-08-05 - [8-K](https://www.sec.gov/Archives/edgar/data/1651308/000165130826000020/bgne-20260626.htm) filed 2026-06-26 - [8-K](https://www.sec.gov/Archives/edgar/data/1651308/000165130826000017/bgne-20260611.htm) filed 2026-06-11 - [8-K](https://www.sec.gov/Archives/edgar/data/1651308/000165130826000012/bgne-20260513.htm) filed 2026-05-15 - [10-Q](https://www.sec.gov/Archives/edgar/data/1651308/000162828026030867/bgne-20260331.htm) filed 2026-05-06 - [8-K](https://www.sec.gov/Archives/edgar/data/1651308/000162828026030866/bgne-20260506.htm) filed 2026-05-06 Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001651308), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices. Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update) --- Source page: https://aibio.space/companies/beone-medicines/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "BeOne Medicines (688235): news, pipeline and catalysts", 2026-10-31, https://aibio.space/companies/beone-medicines/