Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BeOne Medicines Ltd. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.07
238
198
428
309
1,176
1,416
2,459
3,810
5,343
Cost of revenue
0
4.97
28.7
71.2
70.7
165
286
Gross profit
1.07
233
170
357
238
1,011
1,129
2,079
3,216
4,674
Research and development
98
269
679
927
1,295
1,459
1,641
1,779
1,953
2,146
Selling, general and administrative
20.1
62.6
195
388
600
990
1,279
1,508
1,831
2,081
General and administrative
20.1
Operating income
-117
-98.5
-706
-960
-1,658
-1,439
-1,790
-1,208
-568
447
Interest expense
13.1
15.2
18.3
29.3
21.7
4.36
21.8
58.2
Interest income
78.4
69.6
70.5
Other non-operating income
-0.97
11.5
1.99
7.17
37.5
15.9
-224
308
-12.6
-42.6
Pre-tax income
-119
-91.1
-690
-944
-1,618
-1,439
-1,961
-826
-533
417
Income tax
0.05
2.24
-15.8
6.99
10.4
19.2
42.8
55.9
112
130
Net income to minority interests
0
-0.19
-0.26
-1.95
-3.62
0
0
Net income
-119
-93.1
-674
-949
-1,625
-1,458
-2,004
-882
-645
287
EBITDA
-115
-93.7
-695
-941
-1,626
-1,392
-1,723
-1,120
-396
589
EPS, basic
-0.30
-0.17
-0.93
-1.22
-1.50
-1.21
-1.49
-0.65
-0.47
0.20
EPS, diluted
-0.30
-0.17
-0.93
-1.22
-1.50
-1.21
-1.49
-0.65
-0.47
0.19
Shares, basic (weighted)
404
543
721
781
1,085
1,206
1,341
1,357
1,369
1,418
Shares, diluted (weighted)
404
543
721
781
1,085
1,206
1,341
1,357
1,369
1,475
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
87.5
240
713
618
1,382
4,376
3,870
3,172
2,627
4,548
Short-term investments
281
598
1,069
365
3,269
2,242
665
2.6
Receivables
29.4
41.1
70.9
60.4
483
173
358
676
865
Inventory
10.9
16.2
28.6
89.3
243
282
416
495
608
Other current assets
6.23
35.6
90.6
90.2
11.7
27.1
217
257
193
213
Total current assets
374
913
1,944
1,173
4,961
7,614
5,207
4,203
3,992
6,234
Property, plant and equipment
26
62.6
157
242
358
588
846
1,324
1,578
1,642
Lease right-of-use assets
12.5
45.1
82.5
90.6
117
110
95.2
139
148
Goodwill
0.11
0.11
0.11
0.11
0.11
0.11
Intangible assets
7.25
7.17
5.85
5
46.7
40.6
57.1
51.1
62.7
Long-term investments
0
49.3
101
91.8
89.6
129
61.7
Other non-current assets
4.67
42.9
53.8
68.5
113
163
176
125
160
102
Total assets
406
1,046
2,250
1,612
5,601
8,536
6,379
5,805
5,921
8,189
Accounts payable
12
69.8
113
122
232
262
295
315
405
479
Accrued liabilities
3.98
17.1
100
164
346
558
467
694
804
1,109
Deferred revenue
12.2
18.1
0
0
187
214
0
Short-term debt
9.22
8.73
0
335
428
329
688
852
57.3
Total current liabilities
35.1
150
246
310
1,075
1,600
1,469
1,810
2,215
1,829
Long-term debt
17.3
9.22
40.8
83.3
184
202
209
198
166
962
Lease liabilities
25.8
29.4
43
34.5
22.3
44.3
52.9
Other non-current liabilities
0.56
32
48.8
46.6
57.4
54.2
46.1
50.8
66.7
80.2
Total liabilities
52.9
362
496
634
1,732
2,403
1,996
2,268
2,589
3,827
Total debt
17.3
18.4
49.5
83.3
519
630
538
886
1,018
836
Paid-in capital
591
1,001
2,745
2,926
7,415
11,191
11,541
11,599
12,088
12,759
Retained earnings
-237
-331
-1,007
-1,956
-3,553
-5,077
-7,080
-7,962
-8,607
-8,320
Other comprehensive income
-0.95
-0.48
1.53
-8
6.94
18
-77.4
-99.4
-149
-78.2
Shareholders' equity
353
670
1,739
962
3,869
6,133
4,383
3,537
3,332
4,361
Minority interests
14.4
14.4
16.2
0
Total equity
353
684
1,754
940
3,803
6,133
4,383
3,537
3,332
4,361
Total liabilities and equity
406
1,046
2,250
1,612
5,601
8,536
6,379
5,805
5,921
8,189
Shares outstanding
516
592
776
801
1,191
1,335
1,356
1,360
1,387
1,441
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-119
-93.3
-674
-951
-1,629
-1,458
-2,004
-882
-645
287
Depreciation and amortization
1.91
4.76
10.4
18.6
31.8
46.5
66.3
87.7
172
142
Stock-based compensation
10.6
42.9
87.1
134
183
241
303
368
442
511
Deferred income tax
-0.77
-5.94
-22.3
-9.45
-0.11
3.18
3.48
0.69
26
9.47
Change in receivables
0
-29.4
-11.6
-29.8
10.4
-423
304
-188
-329
-165
Change in inventory
0
-10.9
-5.31
-12.3
-58.9
-153
-56.7
-141
-91.5
-93.2
Change in payables
2.71
55.3
23.5
2.22
95.8
20
-4.35
21.5
121
79.8
Cash from operations
-89.5
12.8
-548
-750
-1,283
-1,299
-1,497
-1,157
-141
1,128
Capital expenditures
-23.5
-46.4
-70.3
-89.6
-118
-263
-325
-562
-493
-186
Purchases of investments
-382
-741
-2,636
-1,169
-5,690
-2,148
-1.49
-2.08
Sales and maturities of investments
184
424
2,177
1,882
2,751
3,147
1,564
673
2.66
3.45
Cash from investing
-222
-356
-638
554
-3,168
641
1,077
60
-548
-276
Debt issued
42.3
67.5
434
Debt repaid
0
0
-8.74
-32.8
-132
0
0
-13.7
-28
-35.7
Stock issued
0
150
0
0
4,232
50
0
0
Cash from financing
381
490
1,691
85.7
5,203
3,637
-19
416
193
1,059
Exchange rate effect
-4.1
-9.51
18.2
14
-69.4
-8.08
-51.7
60
Net change in cash
69.6
152
501
-120
769
2,993
-508
-689
-547
1,971
Free cash flow
-113
-33.6
-618
-840
-1,401
-1,562
-1,822
-1,719
-633
942
Interest paid
0.83
1.26
2.21
4.32
44.1
30
0.02
3.48
19.7
34.4
Income taxes paid
0.03
29.3
12.4
8.98
10.6
15.7
29.5
56
69.4
101
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $367.00 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
88.9%
Gross profit / revenue.
Operating margin
15.1%
Operating income / revenue.
EBITDA margin
17.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
14.2%
Pre-tax income / revenue.
Net margin
10.7%
Net income / revenue.
FCF margin
21.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
24.2%
Cash from operations / revenue.
Effective tax rate
24.5%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
12.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
7.1%
Net income / average total assets.
Return on invested capital (ROIC)
80.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
37.4%
Research and development expense / revenue.
SG&A / revenue
36.4%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
8.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.5%
Capital expenditures / revenue.
D&A / revenue
2.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
40.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
55.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
76.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
45.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
60.6%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
81.4%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
30.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-0.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
2.4%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
38.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
8.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
7.9%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
7.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
3.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
6.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.40x
Current assets / current liabilities.
Quick ratio
2.90x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.41x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.15x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
8.6%
Total debt / total assets.
Liabilities / assets
43.6%
Total liabilities / total assets.
Net debt
-$4.31B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
-4.01x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
10.4%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.44
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$4.07
Revenue / diluted weighted shares.
FCF per share
$0.88
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.99
Cash from operations / diluted weighted shares.
Book value per share
$3.52
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
63.6x
Market cap / net income. Only when net income is positive.
P/S
6.81x
Market cap / revenue.
P/B
8.07x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
8.16x
Market cap / tangible book value, when positive.
P/FCF
31.4x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
28.1x
Market cap / cash from operations, when positive.
EV/Sales
6.11x
Enterprise value / revenue.
EV/EBIT
40.5x
Enterprise value / operating income, when both are positive.
EV/EBITDA
34.8x
Enterprise value / EBITDA, when both are positive.
EV/FCF
28.1x
Enterprise value / free cash flow, when both are positive.
FCF yield
3.2%
Free cash flow / market cap.
Earnings yield
1.6%
Net income / market cap (the inverse of P/E).
What was BeOne Medicines Ltd.'s revenue in fiscal 2025?
BeOne Medicines Ltd. reported revenue of $5.34B for fiscal 2025, 40.2% higher than the year before.
Was BeOne Medicines Ltd. profitable in fiscal 2025?
Yes. Net income was $286.9M, a net margin of 5.4%.
How much free cash flow did BeOne Medicines Ltd. generate in fiscal 2025?
Cash from operations of $1.13B minus capital expenditures of $185.8M left free cash flow of $941.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.