Filing Flows › BeOne Medicines (ONC) › Q1 2026
BeOne Medicines (ONC) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
BeOne Medicines (ONC) reported revenue of $1.5B for the first quarter 2026 (Q1 2026), +35% from a year earlier and +1% from the quarter before. Operating margin was 16.5%, net earnings $227M (15.0% of revenue).
BeOne Medicines, Q1 2026: revenue $1.5B (+36% year over year), operating margin 16.5%, net earnings $227M, operating cash flow $201M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +1% | +35% |
| Gross profit | $1.3B | -0.7% | +41% |
| Operating profit | $250M | +35% | 23× |
| Net earnings | $227M | +242% | 179× |
| Operating cash flow | $201M | -52% | +357% |
| Free cash flow | $161M | -58% | — |
What changed
Revenue was $1.5B in Q1 2026, up 35% year over year and up 1% from the previous quarter. Product revenue, net was the largest line at 98% of revenue. Product revenue, net added $0.38B year over year (up 34%), 96% of the total change.
Gross margin was 89.0%, up 3.7 points from Q1 2025. Operating profit was $0.25B, a 16.5% margin (up 15.5 points year over year). Of the extra revenue versus Q1 2025, 60% reached operating profit, above the 1% margin then. Operating expenses grew 16% against revenue growth of 35%. The fastest-growing cost line was SG&A (+21%). Net earnings were $0.23B, up 17802% year over year. The effective tax rate was 12.3%.
Operating cash flow was $0.20B (up 357% year over year), 89% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.12B of share-based compensation. Working capital and other items used $0.19B. Capital expenditures of $0.04B left free cash flow of $0.16B.
Questions
What was BeOne Medicines' revenue in the first quarter 2026?
BeOne Medicines (ONC) reported revenue of $1.5B for the first quarter 2026 (Q1 2026), +35% from a year earlier and +1% from the quarter before.
Was BeOne Medicines profitable in the first quarter 2026?
Operating profit was $250M (16.5% of revenue) and net earnings $227M.
Source: BeOne Medicines 10-Q on SEC EDGAR.