BeiGene, Ltd. (ONC)
SurévaluéFondamental
71
Prix
$361.26
Capitalisation boursière
$40.72B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Chiffre d'affaires par 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.
Avantage concurrentiel
Brevets et licences · ÉtroitPatents 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.
Ce qui stimule la demande
DéfensifCancer 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.
Principaux risques
- 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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 septembre 2026 with claude-haiku-4-5 — shared with all users
Its BTK inhibitor Calquence (acalabrutinib) fights BeOne's Brukinsa for the same chronic lymphocytic leukemia and mantle cell lymphoma prescriptions, above all in the United States and Europe.
Imbruvica (ibrutinib), the first BTK inhibitor on the market and the drug BeOne ran its head-to-head trials against, plus Venclexta, compete for the same blood-cancer patients.
Its non-covalent BTK inhibitor Jaypirca (pirtobrutinib) targets the same leukemia and lymphoma patients, including those who have already progressed on a covalent BTK inhibitor like Brukinsa.
Keytruda (pembrolizumab) is the dominant PD-1 antibody and competes with BeOne's Tevimbra (tislelizumab) in oesophageal, gastric and lung cancer.
Opdivo (nivolumab) covers largely the same PD-1 indications as Tevimbra, particularly oesophageal and gastro-oesophageal tumours.
In China, where BeOne generates a large share of its revenue, Innovent's PD-1 antibody Tyvyt and its oncology portfolio compete for the same hospital formularies and reimbursement listings.
Bilan & Liquidités
Chiffre d'affaires
$6.13B
12 derniers mois (au 30/06/2026)
Résultat net
$656M
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$942M
Capitaux propres totaux
$4.36B
Passif total
$3.83B
Ratio de liquidité général
3.40
Couverture des intérêts
7.97
Dette/EBITDA
2.06
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$237.94
Prix actuel
$361.26
Marge de sécurité
-51.8%
Fourchette de juste valeur
$154.66 - $321.22
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
831.68
ROE
6.6%
Ratio P/B
104.54
P/FCF
406.64
Marge brute
88.9%
ROIC
10.3%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
10.3%
WACC
12.6%
ROIC − WACC
-2.2 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (20)
- EPS shows upward trend
- Price CAGR 28.24%
- 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
- ROE 13.3%
- 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
Échoué (5)
- P/FCF 406.64
- P/B Ratio 104.54
- Price below Graham Number
- DCF valuation (Overvalued)
- Share Dilution 10.1%
Indisponible (2)
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Score F de Piotroski
Santé financière solide
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Émission de nouvelles actions, diluant la participation
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 | - |
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-26
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-08-05
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-08-26
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for ONC, sourced from Markets Gazette.