BeOne Medicines: A Real Oncology Winner, Already Priced For More
BeOne Medicines, formerly BeiGene, is a global oncology biopharma whose economics now turn on one drug, BRUKINSA, the BTK inhibitor that outsold AstraZeneca's Calquence and AbbVie's Imbruvica in 2025 with $3.93 billion of revenue as the company crossed into sustained GAAP profitability. Full-year 2025 revenue reached $5.34 billion with $1.13 billion of operating cash flow, and first-quarter 2026 extended the trend with an 89% gross margin and raised full-year guidance, even as BRUKINSA still supplies roughly three-quarters of product revenue. Rating Hold: commercial execution and BTK leadership are real and durable, but at $303.96 the stock already prices continued BRUKINSA strength and a successful platform broadening that remains unproven, leaving no meaningful margin of safety.