Loading…
Global biotech developing and selling cancer therapies, including its own BTK-inhibitor drug, renamed from BeiGene in 2025.
Global biotech developing and selling cancer therapies, including its own BTK-inhibitor drug, renamed from BeiGene in 2025.
Most revenue is Brukinsa, sold mainly in the US and Europe by its own sales teams, with the PD-1 drug Tevimbra selling mainly in China and Europe. Its legal base moved to Switzerland in 2025 when it renamed from BeiGene to BeOne. This is the Shanghai-listed A share.
Moat: narrow (IP / patents, regulatory licence). Patent-protected, globally approved oncology drugs with an expanding commercial and pipeline base.
Headquarters: Beijing, China / Basking Ridge, US (dual HQ) · Founded: 2010 · Employees: 12,000
Size BeOne Medicines (688235.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $45.8B, the 36th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥278.60 on 6 Nov 2026.
Performance Over six months the shares gained 18.6%, against +14.0% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 27.9% over the last twelve months (peer median +11.3%); the operating margin is 15.1% (peer median 21.4%).
Valuation It trades at 74.5× forward earnings against a peer median of 19.5× (2nd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +79%, so the hurdle is -56 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 27.4 points above its cost of capital (7.7% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥41.5B | CN¥37.4B | CN¥27.9B | CN¥17.5B | CN¥9.79B |
| Revenue growth | — | +34% | +60% | +79% | — |
| Gross profit | CN¥36.0B | CN¥31.9B | CN¥22.7B | CN¥14.2B | CN¥7.38B |
| EBITDA | CN¥7.30B | CN¥4.12B | -CN¥2.91B | -CN¥7.97B | -CN¥11.9B |
| Net income | CN¥4.44B | CN¥2.01B | -CN¥4.73B | -CN¥6.27B | -CN¥13.9B |
| Free cash flow | CN¥9.10B | CN¥6.60B | -CN¥4.64B | -CN¥12.2B | -CN¥12.6B |
| Capital expenditure | CN¥1.06B | CN¥1.44B | CN¥3.65B | CN¥4.14B | CN¥2.25B |
| Total debt | CN¥13.9B | CN¥14.0B | CN¥7.88B | CN¥6.60B | CN¥4.11B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BeOne Medicines 688235.SS | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% |
| AstraZeneca AZN.L | $291B | +1% | +5% | 23% | 18.3× | 14.5% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 18.4× | -0.1% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688235.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.2% | +9.9% | 10th highest of 21 |
| 6-month return | +18.6% | +14.0% | 10th highest of 21 |
| Distance from 52-week high | -12.7% | -9.3% | 8th lowest of 21 |
| Revenue growth (TTM) | +27.9% | +11.3% | 3rd highest of 21 |
| Operating margin | 15.1% | 21.4% | 5th lowest of 21 |
| Forward P/E | 74.5× | 19.5× | 2nd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 23.3% | 7.8% | 3rd most demanding of 19 |
| Growth delivered (Del g) | +79.3% | +7.2% | highest of 19 |
| Hurdle (Req g minus delivered) | -56.0 pp | +1.3 pp | least demanding of 19 |
| ROIC minus cost of capital | +27.4 pp | +4.0 pp | 4th highest of 21 |
| EV / EBITDA | 38.9× | 13.3× | 3rd most expensive of 17 |
| Net debt / EBITDA | -3.0× | 1.5× | 2nd least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| Jiangsu Hengrui Pharmaceuticals 1276.HK | Hong Kong | $48.8B | -20% | +11% | 27% | 32.1× | 10.2% | +2.0% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| Wuxi Apptec 2359.HK | Hong Kong | $66.3B | +40% | +38% | 44% | 20.4× | 8.7% | +20.4% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Chugai Pharmaceutical 4519.T | Japan | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% | +9.8% |
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% | +8.9% |
| Merck KGaA MRK.DE | Germany | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% | +3.8% |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% | +11.4% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | n/a | n/a | n/a |
| Hansoh Pharma 3692.HK | Hong Kong | $26.9B | -7% | +25% | 38% | 27.5× | 8.9% | +10.8% |
| Insmed INSM | United States | $25.1B | -16% | +240% | -42% | n/a | n/a | n/a |