BeOne Medicines (ONC) Q4 2025 earnings summary

Executive summary

• Achieved FY2025 global revenue of $5.3 billion, up 40% year-over-year, with GAAP profitability and strong free cash flow of $942 million.

• BRUKINSA became the global BTK inhibitor leader, with 49% revenue growth and expanded indications, demonstrating superior efficacy and safety in CLL.

• Diversified revenue growth across all major markets, with the U.S. up 38%, China up 11%, Europe up 53%, and Rest of World up 74% in Q4 2025.

• R&D momentum accelerated, with first global approvals for Sonrotoclax in China and regulatory submissions in the U.S. and E.U.; five assets achieved clinical proof of concept in 2025.

• Positioned for continued innovation and expansion across CLL, hematological malignancies, solid tumors, and immunology.

Financial highlights

• FY2025 total revenue was $5.34 billion, up from $3.81 billion in FY2024; Q4 2025 revenue was $1.5 billion, up 32% year-over-year.

• BRUKINSA global revenues were $1.1 billion in Q4 and $3.9 billion for FY2025, up 38% and 49% year-over-year.

• Gross margin improved to 87% for FY2025 (GAAP), with Q4 gross margin at 90.4%.

• GAAP net income for FY2025 was $287 million (EPS $2.53); non-GAAP net income $918 million (EPS $8.09); free cash flow was $942 million.

• Operating expenses grew 12% to $4.2 billion; R&D expenses were $2.15 billion and SG&A $2.08 billion.

Outlook and guidance

• FY2026 revenue guidance is $6.2–$6.4 billion, driven by BRUKINSA leadership and new launches (sonrotoclax, zanidatamab).

• GAAP gross margin expected in the high 80% range; operating expenses $4.7–$4.9 billion; GAAP operating income $700–$800 million, non-GAAP $1.4–$1.5 billion.

• Anticipates material tax benefit from potential reversal of valuation allowance on deferred tax assets.

• Diluted ADS outstanding expected to be approximately 118 million.

• Other income (expense) expected to be a $25–$50 million expense.