BeOne Medicines (ONC) Stock Analysis

November 11, 2026

This is a peer-relative look at BeOne Medicines (ONC): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Pharmaceuticals, Biotechnology & Life Sciences peers, so every number reads in context rather than in isolation.

Company Profile

BeOne Medicines (ONC) trades as an ADR rather than ordinary local shares — read it with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile fields for BeOne Medicines (ONC)
Profile Item	ONC
Name	BeOne Medicines Ltd. American Depositary Shares
Country/Region	Switzerland
GICS Sector	Health Care
GICS Industry Group	Pharmaceuticals, Biotechnology & Life Sciences
GICS Industry	Biotechnology
GICS Sub-Industry	Biotechnology
Market Capitalization	46.49 billion USD
Currency	USD
Exchange	Nasdaq
Listing Date	February 3, 2016
Security Type	ADR

Price Performance

Cumulative Growth

ONC

GSPC

BeOne Medicines (ONC) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for BeOne Medicines (ONC) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for BeOne Medicines (ONC) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

BeOne Medicines (ONC) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: ONC	Industry group median
Total Return (1Y)	30.59%	24.62%
Total Return (3Y, Annualized)	30.15%	20.37%
Total Return (5Y, Annualized)	2.48%	-4.02%

Risk Profile

Drawdown History

ONC

GSPC

BeOne Medicines (ONC) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for BeOne Medicines (ONC) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

BeOne Medicines (ONC) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: ONC	Industry group median
Volatility (1Y, Annualized)	35.90%	66.36%
Beta (5Y)	0.59	0.93
Max Drawdown (5Y)	-68.89%	-80.19%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. ONC is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

BeOne Medicines (ONC) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: ONC	Industry group median
Sharpe Ratio (1Y)	0.73	0.36
Sortino Ratio (1Y)	1.15	0.58

Profitability

ROE (TTM)

BeOne Medicines (ONC) posts ROE of 18.40%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

ONC

Pharmaceuticals, Biotechnology & Life Sciences industry group

18.40%

Group distribution

Max: 109.18%
ONC: 18.40%
Q3: 6.23%
Median: -26.66%
Q1: -64.05%
Min: -167.77%

Largest peers

LLY: 86.02%
NVS: 24.33%
AZN: 22.57%
JNJ: 20.02%
ONC: 18.40%
MRK: 5.06%
ABBV: --

Where BeOne Medicines (ONC) stands on ROE within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

BeOne Medicines (ONC) keeps 13.86% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

ONC

Pharmaceuticals, Biotechnology & Life Sciences industry group

13.86%

Group distribution

Max: 18.05%
ONC: 13.86%
Q3: 4.78%
Median: 0.00%
Q1: -4.14%
Min: -17.05%

Largest peers

LLY: 31.90%
AZN: 17.68%
NVS: 17.49%
JNJ: 16.20%
ABBV: 15.67%
ONC: 13.86%
MRK: 3.64%

Where BeOne Medicines (ONC) stands on net margin within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

BeOne Medicines (ONC) turns 22.15% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

ONC

Pharmaceuticals, Biotechnology & Life Sciences industry group

22.15%

Group distribution

Max: 83.12%
ONC: 22.15%
Q3: 14.77%
Median: 0.00%
Q1: -78.82%
Min: -207.40%

Largest peers

LLY: 53.66%
ABBV: 39.59%
MRK: 35.22%
NVS: 34.27%
AZN: 29.57%
JNJ: 25.74%
ONC: 22.15%

Where BeOne Medicines (ONC) stands on operating margin within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

BeOne Medicines (ONC) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: ONC	Industry group median
ROE (TTM)	18.40%	-26.66%
ROA (TTM)	8.42%	-12.50%
Net Margin (TTM)	13.86%	0.00%
Operating Margin (TTM)	22.15%	0.00%
Gross Margin (TTM)	89.39%	37.87%

Growth

Revenue Growth

BeOne Medicines (ONC) grew revenue 40.23%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

BeOne Medicines (ONC): Revenue Growth across different time periods, set against Pharmaceuticals, Biotechnology & Life Sciences industry-group medians.

EPS Growth

No usable EPS growth is available for BeOne Medicines (ONC) this period, so the earnings-momentum read is skipped.

BeOne Medicines (ONC) doesn't report EPS Growth this period; the bars show the Pharmaceuticals, Biotechnology & Life Sciences industry-group medians on their own.

Growth Metrics

BeOne Medicines (ONC) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: ONC	Industry group median
Revenue Growth (YoY)	40.23%	11.45%
Revenue Growth (3Y CAGR)	55.69%	9.94%
EPS Growth (YoY)	--	4.28%
EPS Growth (3Y CAGR)	--	4.17%

Financial Strength

Current Ratio (MRQ)

BeOne Medicines (ONC) has current ratio of 3.55, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

ONC

Pharmaceuticals, Biotechnology & Life Sciences industry group

3.55

Group distribution

Max: 25.13
Q3: 12.13
Median: 5.52
ONC: 3.55
Q1: 2.47
Min: 0.10

Largest peers

ONC: 3.55
LLY: 1.39
MRK: 1.35
JNJ: 1.02
AZN: 1.01
NVS: 0.88
ABBV: 0.87

Where BeOne Medicines (ONC) stands on current ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

BeOne Medicines (ONC) has debt-to-equity ratio of 0.35, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

ONC

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.35

Group distribution

Max: 1.42
Q3: 0.65
ONC: 0.35
Median: 0.15
Q1: 0.02
Min: 0.00

Largest peers

NVS: 1.29
LLY: 1.23
MRK: 1.20
AZN: 0.66
JNJ: 0.55
ONC: 0.35
ABBV: --

Where BeOne Medicines (ONC) stands on debt-to-equity ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

BeOne Medicines (ONC) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: ONC	Industry group median
Current Ratio (MRQ)	3.55	5.52
Debt / Equity (MRQ)	0.35	0.15
Net Debt / EBITDA	-2.80	1.08

Dividends

Dividend Yield (TTM)

BeOne Medicines (ONC) pays no dividend, leaving dividend yield at 0.00% this period. Shareholders may still receive value through reinvestment or buybacks, but there is no dividend income to compare here.

ONC

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

Group distribution

ONC: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

NVS: 2.88%
ABBV: 2.40%
MRK: 2.29%
JNJ: 1.94%
AZN: 1.73%
LLY: 0.49%
ONC: 0.00%

Where BeOne Medicines (ONC) stands on dividend yield within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

BeOne Medicines (ONC) paid no earnings out as dividends this period, leaving payout ratio at 0.00%. There is no dividend payout to size against earnings.

ONC

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.00%

Group distribution

ONC: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

MRK: 343.43%
ABBV: 117.35%
NVS: 90.46%
JNJ: 80.12%
AZN: 45.38%
LLY: 21.71%
ONC: 0.00%

Where BeOne Medicines (ONC) stands on payout ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

BeOne Medicines (ONC) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: ONC	Industry group median
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

BeOne Medicines (ONC) trades at P/E ratio of 52.17, in the richer earnings-multiple quartile for its industry. That premium needs support from growth, durable earnings, or stronger business quality.

ONC

Pharmaceuticals, Biotechnology & Life Sciences industry group

52.17

Group distribution

Max: 85.34
ONC: 52.17
Q3: 43.46
Median: 26.69
Q1: 13.30
Min: 0.07

Largest peers

MRK: 148.21
ONC: 52.17
ABBV: 50.05
LLY: 43.95
JNJ: 41.92
NVS: 31.02
AZN: 26.37

Where BeOne Medicines (ONC) stands on P/E ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

BeOne Medicines (ONC) trades at 7.04 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

ONC

Pharmaceuticals, Biotechnology & Life Sciences industry group

7.04

Group distribution

Max: 58.18
Q3: 25.77
Median: 7.30
ONC: 7.04
Q1: 3.01
Min: 0.01

Largest peers

LLY: 13.95
ABBV: 7.80
ONC: 7.04
JNJ: 6.69
MRK: 5.37
NVS: 5.35
AZN: 4.63

Where BeOne Medicines (ONC) stands on P/S ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

BeOne Medicines (ONC) trades at 7.98 on P/B ratio, in the higher book-value quartile. The market is paying a premium to book, so stronger ROE, cleaner assets, or a better growth profile need to justify it.

ONC

Pharmaceuticals, Biotechnology & Life Sciences industry group

7.98

Group distribution

Max: 13.53
ONC: 7.98
Q3: 6.54
Median: 3.25
Q1: 1.69
Min: -5.59

Largest peers

LLY: 29.96
NVS: 8.25
JNJ: 8.16
MRK: 8.06
ONC: 7.98
AZN: 5.59
ABBV: -112.34

Where BeOne Medicines (ONC) stands on P/B ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

BeOne Medicines (ONC) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: ONC	Industry group median
P/E Ratio (TTM)	52.17	26.69
P/S Ratio (TTM)	7.04	7.30
P/B Ratio (MRQ)	7.98	3.25
Free Cash Flow Yield (TTM)	2.21%	-1.66%