The problem
When BeiGene was founded in Beijing in 2010, China could make generic drugs but had no company capable of inventing a first-class cancer therapy and proving it in global trials — while blood-cancer patients everywhere needed better-tolerated targeted options than chemotherapy and early BTK inhibitors offered.
How it works
BeOne discovers targeted oncology drugs in its own labs, led by Brukinsa (zanubrutinib), a BTK inhibitor for B-cell malignancies, alongside the PD-1 inhibitor Tevimbra. It runs global clinical trials across dozens of countries, manufactures at its own biologics facilities, and sells through commercial organisations in the US — its largest market — Europe and China. In May 2025 the company completed a redomiciliation from the Cayman Islands to Switzerland and changed its name from BeiGene Ltd. to BeOne Medicines Ltd., trading in New York under ONC alongside its Hong Kong and Shanghai listings.
Pain points
Harsh chemotherapy regimens, resistance and relapse in B-cell cancers, tolerability limits of earlier targeted drugs, and Chinese patients’ dependence on expensive imported innovative medicines.
Business model
Approved-drug product sales, overwhelmingly Brukinsa, concentrated in the US with growing Europe and rest-of-world contribution, plus partnership and co-development income.
Challenges
BeOne spent years loss-making while funding global trials; it now fights entrenched Western oncology giants indication by indication, and must justify a complex triple listing and Swiss redomiciliation to investors watching margins.
Funding
- Raised: undisclosed in citable sources (MISSING).
- Listings: Nasdaq (ticker ONC since January 2025), HKEX: 06160, SSE: 688235.
- FY2026 revenue guidance: $6.2–6.4B on continued Brukinsa US leadership and global expansion.
Latest — Feb 2026
On 26 February 2026 BeOne reported fourth-quarter 2025 total revenue of $1.5B (+33%) and full-year revenue of $5.3B (+40%), with Brukinsa global sales of $3.9B (+49%) including $2.8B in the US; CEO John Oyler called Brukinsa the firmly established global leader of the BTK inhibitor class.