BeOne Medicines (ONC) Q4 2025 earnings summary

Executive summary

• Achieved FY2025 global revenue growth of 40% to $5.3 billion, 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, capturing about half of the continuous BTK inhibitor market.

• R&D milestones included first global approvals for Sonrotoclax in China, regulatory submissions in the U.S. and EU, and initiation of multiple Phase III studies across hematology and solid tumors.

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

• Built a robust pipeline with 17 new molecular entities entering the clinic in two years and five assets achieving clinical proof of concept in 2025.

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.

• GAAP net income for FY2025 was $287 million (diluted EPS $2.53); non-GAAP net income $918 million (diluted EPS $8.09); free cash flow was $380 million in Q4 and $942 million for the full year.

• Gross margin improved to 87% for FY2025 (GAAP), with operating expenses of $4.2 billion (+12%).

• Product revenue comprised 99% of total revenue, with Q4 and FY2025 growth of 32% and 40% year-over-year.

Outlook and guidance

• FY2026 revenue guidance is $6.2–$6.4 billion, driven by continued 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 operating income $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.