Filing Flows › BeOne Medicines (ONC) › Q4 2025
BeOne Medicines (ONC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
BeOne Medicines (ONC) reported revenue of $1.5B for the fourth quarter 2025 (Q4 2025), +33% from a year earlier and +6% from the quarter before. Operating margin was 12.4%, net earnings $66.5M (4.4% of revenue).
BeOne Medicines, Q4 2025: revenue $1.5B (+33% year over year), operating margin 12.4%, net earnings $66.5M, operating cash flow $417M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +6% | +33% |
| Gross profit | $1.4B | +12% | +40% |
| Operating profit | $185M | +13% | — |
| Net earnings | $66.5M | -47% | — |
| Operating cash flow | $417M | +4% | +455% |
| Free cash flow | $380M | +7% | — |
What changed
Revenue was $1.5B in Q4 2025, up 33% year over year and up 6% from the previous quarter.
Gross margin was 90.5%, up 4.7 points from a year earlier. Operating profit was $0.19B, a 12.4% margin (up 19.4 points year over year). Operating expenses grew 12% against revenue growth of 33%. The fastest-growing cost line was Research & development (+14%). Net earnings were $0.07B. The effective tax rate was 55.4%.
Operating cash flow was $0.42B (up 455% year over year), 628% 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 added $0.19B. Capital expenditures of $0.04B left free cash flow of $0.38B.
Questions
What was BeOne Medicines' revenue in the fourth quarter 2025?
BeOne Medicines (ONC) reported revenue of $1.5B for the fourth quarter 2025 (Q4 2025), +33% from a year earlier and +6% from the quarter before.
Was BeOne Medicines profitable in the fourth quarter 2025?
Operating profit was $185M (12.4% of revenue) and net earnings $66.5M.
Source: BeOne Medicines 10-K on SEC EDGAR.