BeiGene (ONC) financial statements
BeiGene reported revenue of $5.3B in fiscal 2025, up 157.6% a year over 9 years.
Net income was $287M and the operating margin 8.4%, against -10940.2% in 2016.
Free cash flow was $942M.
The diluted share count rose 265% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from BeiGene's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1M | $238M | $198M | $428M | $309M | $1.2B | $1.4B | $2.5B | $3.8B | $5.3B |
| Cost of revenue | $0 | $5M | $29M | $71M | $71M | $165M | $286M | — | — | — |
| Gross profit | $1M | $233M | $170M | $357M | $238M | $1.0B | $1.1B | $2.1B | $3.2B | $4.7B |
| Research and development | $98M | $269M | $679M | $927M | $1.3B | $1.5B | $1.6B | $1.8B | $2.0B | $2.1B |
| Selling, general and admin | $20M | $63M | $195M | $388M | $600M | $990M | $1.3B | $1.5B | $1.8B | $2.1B |
| Operating income | -$117M | -$98M | -$706M | -$960M | -$1.7B | -$1.4B | -$1.8B | -$1.2B | -$568M | $447M |
| Interest expense | — | — | $13M | $15M | $18M | $29M | $22M | $4M | $22M | $58M |
| Pre-tax income | -$119M | -$91M | -$690M | -$944M | -$1.6B | -$1.4B | -$2.0B | -$826M | -$533M | $417M |
| Income tax | $54,000 | $2M | -$16M | $7M | $10M | $19M | $43M | $56M | $112M | $130M |
| Net income | -$119M | -$93M | -$674M | -$949M | -$1.6B | -$1.5B | -$2.0B | -$882M | -$645M | $287M |
| EPS (diluted) | -$0.30 | -$0.17 | -$0.93 | -$1.22 | -$1.50 | -$1.21 | -$1.49 | -$0.65 | -$0.47 | $0.19 |
| Diluted shares | 404M | 543M | 721M | 781M | 1.09B | 1.21B | 1.34B | 1.36B | 1.37B | 1.47B |
| Gross margin | 100.0% | 97.9% | 85.5% | 83.4% | 77.1% | 86.0% | 79.8% | 84.5% | 84.4% | 87.5% |
| Operating margin | -10940.2% | -41.3% | -356.1% | -224.2% | -536.7% | -122.3% | -126.4% | -49.1% | -14.9% | 8.4% |
| Net margin | -11141.8% | -39.1% | -339.9% | -221.5% | -526.1% | -123.9% | -141.5% | -35.9% | -16.9% | 5.4% |
Balance sheet
Fiscal years, from BeiGene's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $368M | $838M | $1.8B | $983M | $4.7B | $6.6B | $4.5B | $3.2B | $2.6B | $4.5B |
| Receivables | — | $29M | $41M | $71M | $60M | $483M | $173M | $358M | $676M | $865M |
| Inventory | — | $11M | $16M | $29M | $89M | $243M | $282M | $416M | $495M | $608M |
| Total current assets | $374M | $913M | $1.9B | $1.2B | $5.0B | $7.6B | $5.2B | $4.2B | $4.0B | $6.2B |
| Property, plant and equipment | $26M | $63M | $157M | $242M | $358M | $588M | $846M | $1.3B | $1.6B | $1.6B |
| Goodwill | — | $109,000 | $109,000 | $109,000 | $109,000 | $109,000 | $109,000 | — | — | — |
| Total assets | $406M | $1.0B | $2.2B | $1.6B | $5.6B | $8.5B | $6.4B | $5.8B | $5.9B | $8.2B |
| Total current liabilities | $35M | $150M | $246M | $310M | $1.1B | $1.6B | $1.5B | $1.8B | $2.2B | $1.8B |
| Long-term debt | $17M | $9M | $41M | $83M | $184M | $202M | $209M | $198M | $166M | $962M |
| Total liabilities | $53M | $362M | $496M | $634M | $1.7B | $2.4B | $2.0B | $2.3B | $2.6B | $3.8B |
| Shareholders' equity | $353M | $670M | $1.7B | $962M | $3.9B | $6.1B | $4.4B | $3.5B | $3.3B | $4.4B |
| Net debt | -$70M | -$221M | -$663M | -$535M | -$863M | -$3.7B | -$3.3B | -$2.3B | -$1.6B | -$3.5B |
Cash flow
Fiscal years, from BeiGene's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$90M | $13M | -$548M | -$750M | -$1.3B | -$1.3B | -$1.5B | -$1.2B | -$141M | $1.1B |
| Capital spending | $24M | $46M | $70M | $90M | $118M | $263M | $325M | $562M | $493M | $186M |
| Free cash flow | -$113M | -$34M | -$618M | -$840M | -$1.4B | -$1.6B | -$1.8B | -$1.7B | -$633M | $942M |
| Stock-based compensation | $11M | $43M | $87M | $134M | $183M | $241M | $303M | $368M | $442M | $511M |
| Net borrowing | $0 | $0 | $34M | $35M | $302M | $0 | $0 | -$14M | -$28M | -$36M |
| Free cash flow margin | -10562.1% | -14.1% | -311.8% | -196.1% | -453.6% | -132.8% | -128.7% | -69.9% | -16.6% | 17.6% |
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Open ONC in InvestinglyQuestions
What was BeiGene's revenue in 2025?
$5.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does BeiGene generate?
$942M in fiscal 2025 (operating cash flow minus capital spending).
From BeiGene's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.