BeOne Medicines AG (STAR Market shares) (BEIGENE) financials

SHH · Healthcare · Biotechnology · 12,000 employees · CEO John V. Oyler

Price: CN¥248.85 -0.16%
Market cap: CN¥260B
Enterprise value: $35.2B
Last report: Q2 '26 filed 2026-06-30
Next report: 2026-11-06

Revenue (TTM)$6.16B+31.9% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)15.1%+17.6 pp vs a year agoOperating income $927M

Net income (TTM)$658M+432.2% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$1.32B+699.3% vs a year agoCapex $175M

Diluted EPS (TTM)$1.44-60.8% vs a year agoSum of the last 4 quarters

Net cash$3.95B+128.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: CN¥260B
Revenue: $6.16B
Revenue growth: +23%
Profit margin: 10.7%
P/E: 25.0×
P/S: 6.4×
EV / EBITDA: 31.4×
Free cash flow: $1.32B
Net income: $658M
Revenue estimate: $6.73B
Earnings: 2026-11-06
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth slowing: 29.6% year on yearQ2 '26 revenue $1.71B, against an average of 35.1% over the four quarters before.
Operating margin 15.1% (TTM), +17.6 pp on a year agoOperating income grew 875.1% while revenue grew 31.9%.
Capex 2.8% of revenue (a year ago 8.7%)$175M invested in the last 4 quarters (-57.0% on a year earlier). Free cash flow $1.32B = 200.2% of net income.
Diluted share count up 1,281.3% in a year1.51B diluted shares in Q2 '26, 109M a year earlier.
Net cash $3.95BCash + short-term investments $5.1B, debt incl. leases $1.14B; a year ago net cash $1.73B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$1.71B	$1.32B	+29.6%
Gross margin	89.8%	87.5%	+2.3 pp
Operating income	$325M	$87.9M	+269.9%
Operating margin	19.1%	6.7%	+12.4 pp
Net income	$237M	$94.3M	+151.3%
Diluted EPS	$0.16	$6.45	-97.5%
Operating cash flow	$463M	$264M	+75.6%
Capex	$48M	$63.8M	-24.8%
Free cash flow	$415M	$200M	+107.6%
R&D	$612M	$525M	+16.6%
Stock-based compensation	$137M	$151M	-8.9%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '25	y/y	Share	TTM	TTM y/y	12 quarters
Product	$1.77B	–	100.0%	–	–

Revenue by region

share of total

Segment	Q3 '25	y/y	Share	TTM	TTM y/y
United States	$755M	–	53.4%	–	–
CHINA	$440M	–	31.1%	–	–
Europe	$167M	–	11.8%	–	–
All Other Countries Except China And United States Of America	$51M	–	3.6%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.49B
Capex: -$175M
Buybacks: $0
Dividends: $0
Acquisitions: $0
Net debt issued: $103M
Stock-based compensation: $525M
Free cash flow: $1.32B
Returned to shareholders / FCF: -0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	25.0×	182.9× 1 of 5 years	182.9× – 182.9×
EV / EBITDA	31.4×	20.8× 4 of 5 years	0.2× – 81.3×
EV / Sales	5.7×	4.7× 2 of 5 years	0.2× – 9.3×
Price / FCF	29.7×	63.2× 1 of 5 years	63.2× – 63.2×
Price / Book	10.5×	2.9×	0.3× – 12.5×
FCF yield	3.4%	-57.7%	-99.3% – 1.6%
Return on invested capital	9.6%	-17.3%	-34.0% – 4.9%
Return on equity	14.3%	-21.3%	-45.7% – 6.8%

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$6.73B	+22.6%	$0.56	+178.3%	–	4
FY2027	$7.77B	+15.4%	$0.78	+41.0%	–	5
FY2028	$8.88B	+14.3%	$1.05	+33.8%	–	2
FY2029	$9.75B	+9.8%	$1.23	+17.2%	–	1
FY2030	$11.1B	+13.4%	$1.50	+21.6%	–	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-02 · Amounts in USD as reported; price and market cap in CNY.