BeOne Medicines (ONC) Q4 2025 earnings summary

Executive summary

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

• BRUKINSA became the global BTK inhibitor leader, with 49% revenue growth year-over-year and continued expansion in approved indications.

• 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 compared to Q4 2024.

• Expanded clinical and real-world evidence supports BRUKINSA's best-in-class efficacy and safety in CLL, setting a new standard for patient outcomes.

• R&D milestones included first global approvals for Sonrotoclax in China, multiple Phase III initiations, and strong progress in solid tumors and immunology pipeline.

Financial highlights

• FY 2025 total revenue was $5.34 billion, up from $3.81 billion in FY 2024; Q4 2025 revenue was $1.5 billion, up from $1.13 billion in Q4 2024.

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

• Gross margin improved to 87% (GAAP) and 88% (non-GAAP) for FY2025; Q4 gross margin was 90.4%.

• GAAP net income for FY2025 was $287 million (EPS $2.53); non-GAAP net income was $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 continued BRUKINSA leadership and new launches of sonrotoclax and zanidatamab.

• GAAP gross margin expected in the high-80% range; operating expenses between $4.7–$4.9 billion.

• GAAP operating income forecasted at $700–$800 million; non-GAAP operating income at $1.4–$1.5 billion.

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

• Diluted ADS outstanding expected to be approximately 118 million.