What is Beigene's earnings per share (EPS)?

Beigene (BEIGF) reported diluted earnings per share of $0.19 for fiscal year 2025. This represents a 140.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Beigene Financials

BEIGF

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Beigene (BEIGF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BEIGF FY2025 2026-04-22

High-margin revenue scaling finally outpaced R&D and selling spend, turning a long cash-consuming model into self-funding operations.

The FY2025 profit inflection looks operational rather than cosmetic: operating margin turned positive at 8.4% after sitting at -14.9% in FY2024, showing revenue is now absorbing a cost base that used to overwhelm it. Operating cash flow of $1.13B versus net income of $287M says the first profitable year was also cash-backed, not just an accounting crossover.

With gross margin at 87.5%, the economic bottleneck is not production; it is the scale of R&D and commercial spending. Those two expense lines still consumed about 79.0% of revenue in FY2025, but in FY2024 they were roughly equal to sales, so the improvement reads more like fixed-cost absorption from scale than simple cost cutting.

The balance sheet became more liquid, not just more profitable: cash reached $4.55B and the current ratio rose to 3.4x, giving the company room to keep investing while losses are no longer funding that effort. But the cash cushion was also reinforced by $1.06B of financing inflow and a rise in debt-to-equity to 0.2x, so stronger liquidity was built from both operations and fresh capital.

Financial Health Signals

Financial health score pending refresh

We are recalculating Beigene's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Safe

4.70

Beigene scores 4.70, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($29.6B) relative to total liabilities ($3.8B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong

7/9

Beigene passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

3.93x

For every $1 of reported earnings, Beigene generates $3.93 in operating cash flow ($1.1B OCF vs $286.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

9.0x

Beigene earns $9.0 in operating income for every $1 of interest expense ($447.1M vs $50.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$5.3B

YoY+40.2%

5Y CAGR+76.8%

10Y CAGR+89.8%

Beigene generated $5.3B in revenue in fiscal year 2025. This represents an increase of 40.2% from the prior year.

EBITDA

$588.8M

YoY+248.5%

Beigene's EBITDA was $588.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 248.5% from the prior year.

Net Income

$286.9M

YoY+144.5%

Beigene reported $286.9M in net income in fiscal year 2025. This represents an increase of 144.5% from the prior year.

EPS (Diluted)

$0.19

YoY+140.4%

Beigene earned $0.19 per diluted share (EPS) in fiscal year 2025. This represents an increase of 140.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$941.7M

YoY+248.7%

Beigene generated $941.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 248.7% from the prior year.

Cash & Debt

$4.5B

YoY+73.1%

5Y CAGR+26.9%

10Y CAGR+74.0%

Beigene held $4.5B in cash against $961.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.44B

YoY+4.0%

5Y CAGR+3.9%

10Y CAGR+28.6%

Beigene had 1.44B shares outstanding in fiscal year 2025. This represents an increase of 4.0% from the prior year.

Margins & Returns

Gross Margin

87.5%

YoY+3.1pp

5Y CAGR+10.4pp

Beigene's gross margin was 87.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the prior year.

Operating Margin

8.4%

YoY+23.3pp

5Y CAGR+545.1pp

10Y CAGR+652.0pp

Beigene's operating margin was 8.4% in fiscal year 2025, reflecting core business profitability. This is up 23.3 percentage points from the prior year.

Net Margin

5.4%

YoY+22.3pp

5Y CAGR+531.5pp

10Y CAGR+653.1pp

Beigene's net profit margin was 5.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 22.3 percentage points from the prior year.

Return on Equity

6.6%

YoY+25.9pp

5Y CAGR+48.6pp

Beigene's ROE was 6.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 25.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.1B

YoY+9.9%

5Y CAGR+10.6%

10Y CAGR+43.4%

Beigene invested $2.1B in research and development in fiscal year 2025. This represents an increase of 9.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$185.8M

YoY-62.3%

5Y CAGR+9.6%

10Y CAGR+42.7%

Beigene invested $185.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 62.3% from the prior year.

BEIGF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$5.3B+40.2%	$3.8B+55.0%	$2.5B+73.7%	$1.4B+20.4%	$1.2B+280.8%	$308.9M
Cost of Revenue	N/A	N/A	N/A	$286.5M+73.7%	$164.9M+133.4%	$70.7M
Gross Profit	$4.7B+45.3%	$3.2B+54.7%	$2.1B+84.1%	$1.1B+11.7%	$1.0B+324.6%	$238.2M
R&D Expenses	$2.1B+9.9%	$2.0B+9.8%	$1.8B+8.4%	$1.6B+12.4%	$1.5B+12.7%	$1.3B
SG&A Expenses	$2.1B+13.7%	$1.8B+21.4%	$1.5B+17.9%	$1.3B+29.1%	$990.1M+65.0%	$600.2M
Operating Income	$447.1M+178.7%	-$568.2M+53.0%	-$1.2B+32.5%	-$1.8B-24.4%	-$1.4B+13.2%	-$1.7B
Interest Expense	$50.0M+6.5%	$46.9M+125.5%	$20.8M-4.1%	$21.7M-25.8%	$29.3M+59.8%	$18.3M
Income Tax	$129.9M+16.2%	$111.8M+100.1%	$55.9M+30.6%	$42.8M+122.5%	$19.2M+84.9%	$10.4M
Net Income	$286.9M+144.5%	-$644.8M+26.9%	-$881.7M+56.0%	-$2.0B-37.5%	-$1.5B+10.3%	-$1.6B
EPS (Diluted)	$0.19+140.4%	$-0.47+27.7%	$-0.65+56.4%	$-1.49-23.1%	$-1.21+19.3%	$-1.50

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$1.5B+1.0%	$1.5B+6.1%	$1.4B+7.4%	$1.3B+17.7%	$1.1B-0.9%	$1.1B+12.6%	$1.0B+7.8%	$929.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$1.3B-0.7%	$1.4B+11.5%	$1.2B+5.7%	$1.2B+20.8%	$952.3M-1.5%	$967.3M+16.4%	$831.1M+5.1%	$791.0M
R&D Expenses	$541.2M-12.1%	$615.4M+17.5%	$523.7M-0.2%	$524.9M+8.9%	$481.9M-11.1%	$542.0M+9.2%	$496.2M+9.2%	$454.5M
SG&A Expenses	$555.1M0.0%	$555.3M+5.0%	$529.0M-1.7%	$537.9M+17.1%	$459.3M-9.0%	$504.7M+10.9%	$455.2M+2.6%	$443.7M
Operating Income	$249.9M+35.1%	$185.0M+13.4%	$163.1M+85.6%	$87.9M+691.6%	$11.1M+114.0%	-$79.4M+34.0%	-$120.3M-12.2%	-$107.2M
Interest Expense	$32.9M+167.6%	$12.3M-2.8%	$12.7M+5.0%	$12.0M-7.0%	$13.0M+86.6%	$6.9M-51.5%	$14.3M+8.2%	$13.2M
Income Tax	$31.9M-61.5%	$82.7M+270.6%	$22.3M+326.9%	$5.2M-73.4%	$19.6M-70.5%	$66.5M+188.7%	$23.0M+59.1%	$14.5M
Net Income	$227.4M+241.9%	$66.5M-46.7%	$124.8M+32.4%	$94.3M+7326.8%	$1.3M+100.8%	-$151.9M-25.2%	-$121.3M-0.8%	-$120.4M
EPS (Diluted)	$0.15	N/A	$0.08+33.3%	$0.06	$0.00	N/A	$-0.090.0%	$-0.09

BEIGF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$8.2B+38.3%	$5.9B+2.0%	$5.8B-9.0%	$6.4B-25.3%	$8.5B+52.4%	$5.6B
Current Assets	$6.2B+56.2%	$4.0B-5.0%	$4.2B-19.3%	$5.2B-31.6%	$7.6B+53.5%	$5.0B
Cash & Equivalents	$4.5B+73.1%	$2.6B-17.2%	$3.2B-18.0%	$3.9B-11.6%	$4.4B+216.6%	$1.4B
Inventory	$608.2M+22.9%	$495.0M+19.0%	$416.1M+47.4%	$282.3M+16.4%	$242.6M+171.7%	$89.3M
Accounts Receivable	$865.1M+27.9%	$676.3M+88.9%	$358.0M+106.8%	$173.2M-64.2%	$483.1M+699.8%	$60.4M
Goodwill	N/A	N/A	N/A	$109K0.0%	$109K0.0%	$109K
Total Liabilities	$3.8B+47.9%	$2.6B+14.1%	$2.3B+13.6%	$2.0B-16.9%	$2.4B+38.8%	$1.7B
Current Liabilities	$1.8B-17.4%	$2.2B+22.4%	$1.8B+23.3%	$1.5B-8.2%	$1.6B+48.8%	$1.1B
Long-Term Debt	$961.9M+477.8%	$166.5M-15.8%	$197.6M-5.5%	$209.1M+3.5%	$202.1M+10.1%	$183.6M
Total Equity	$4.4B+30.9%	$3.3B-5.8%	$3.5B-19.3%	$4.4B-28.5%	$6.1B+58.5%	$3.9B
Retained Earnings	-$8.3B+3.3%	-$8.6B-8.1%	-$8.0B-12.5%	-$7.1B-39.5%	-$5.1B-42.9%	-$3.6B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$8.6B+4.5%	$8.2B+7.3%	$7.6B+21.2%	$6.3B+7.8%	$5.8B-1.3%	$5.9B+1.5%	$5.8B+2.1%	$5.7B
Current Assets	$6.6B+5.9%	$6.2B+10.0%	$5.7B+31.4%	$4.3B+10.6%	$3.9B-2.4%	$4.0B+2.0%	$3.9B+1.9%	$3.8B
Cash & Equivalents	$4.8B+5.4%	$4.5B+12.6%	$4.0B+46.5%	$2.8B+9.5%	$2.5B-4.2%	$2.6B-2.8%	$2.7B+4.2%	$2.6B
Inventory	$681.6M+12.1%	$608.2M+14.4%	$531.7M+5.7%	$502.9M+1.7%	$494.7M-0.1%	$495.0M+14.7%	$431.7M-2.6%	$443.3M
Accounts Receivable	$938.0M+8.4%	$865.1M+0.2%	$863.3M+12.0%	$770.8M+7.5%	$717.2M+6.1%	$676.3M+18.8%	$569.0M+7.5%	$529.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.8B-0.9%	$3.8B+9.3%	$3.5B+38.6%	$2.5B+7.9%	$2.3B-9.5%	$2.6B+8.1%	$2.4B+2.1%	$2.3B
Current Liabilities	$1.8B-0.9%	$1.8B-22.8%	$2.4B+7.2%	$2.2B+11.4%	$2.0B-10.4%	$2.2B+9.4%	$2.0B+4.5%	$1.9B
Long-Term Debt	$962.5M+0.1%	$961.9M	N/A	$146.1M-8.8%	$160.2M-3.8%	$166.5M-11.2%	$187.5M+1.2%	$185.3M
Total Equity	$4.8B+9.2%	$4.4B+5.6%	$4.1B+9.5%	$3.8B+7.7%	$3.5B+5.0%	$3.3B-3.0%	$3.4B+2.1%	$3.4B
Retained Earnings	-$8.1B+2.7%	-$8.3B+0.8%	-$8.4B+1.5%	-$8.5B+1.1%	-$8.6B0.0%	-$8.6B-1.8%	-$8.5B-1.5%	-$8.3B

BEIGF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.1B+901.8%	-$140.6M+87.8%	-$1.2B+22.7%	-$1.5B-15.2%	-$1.3B-1.2%	-$1.3B
Capital Expenditures	$185.8M-62.3%	$492.7M-12.3%	$561.9M+72.7%	$325.4M+23.8%	$262.9M+123.8%	$117.5M
Free Cash Flow	$941.7M+248.7%	-$633.3M+63.2%	-$1.7B+5.6%	-$1.8B-16.7%	-$1.6B-11.5%	-$1.4B
Investing Cash Flow	-$276.2M+49.6%	-$548.4M-1013.9%	$60.0M-94.4%	$1.1B+68.1%	$640.7M+120.2%	-$3.2B
Financing Cash Flow	$1.1B+447.7%	$193.4M-53.6%	$416.5M+2295.3%	-$19.0M-100.5%	$3.6B-30.1%	$5.2B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$201.3M-51.8%	$417.3M+3.7%	$402.6M+52.7%	$263.6M+498.0%	$44.1M-41.3%	$75.2M-60.1%	$188.4M+297.1%	-$95.6M
Capital Expenditures	$40.8M+8.7%	$37.5M-22.0%	$48.1M+9.7%	$43.8M-22.3%	$56.4M-39.0%	$92.5M-30.8%	$133.7M+21.6%	$110.0M
Free Cash Flow	$160.5M-57.7%	$379.8M+7.2%	$354.5M+61.3%	$219.8M+1883.1%	-$12.3M+28.8%	-$17.3M-131.7%	$54.7M+126.6%	-$205.5M
Investing Cash Flow	-$45.5M-18.7%	-$38.3M+22.2%	-$49.3M+26.0%	-$66.6M+45.4%	-$121.9M-30.3%	-$93.6M+30.1%	-$133.9M-20.6%	-$111.0M
Financing Cash Flow	$68.6M-29.2%	$96.9M-89.9%	$961.3M+2644.5%	$35.0M+203.7%	-$33.8M-646.8%	-$4.5M-135.7%	$12.7M-45.0%	$23.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BEIGF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	87.5%+3.1pp	84.4%-0.1pp	84.5%+4.8pp	79.8%-6.2pp	86.0%+8.9pp	77.1%
Operating Margin	8.4%+23.3pp	-14.9%+34.2pp	-49.1%+77.3pp	-126.4%-4.1pp	-122.3%+414.4pp	-536.7%
Net Margin	5.4%+22.3pp	-16.9%+18.9pp	-35.9%+105.7pp	-141.5%-17.6pp	-123.9%+402.2pp	-526.1%
Return on Equity	6.6%+25.9pp	-19.4%+5.6pp	-24.9%+20.8pp	-45.7%-21.9pp	-23.8%+18.2pp	-42.0%
Return on Assets	3.5%+14.4pp	-10.9%+4.3pp	-15.2%+16.2pp	-31.4%-14.3pp	-17.1%+11.9pp	-29.0%
Current Ratio	3.41+1.6	1.80-0.5	2.32-1.2	3.55-1.2	4.76+0.1	4.61
Debt-to-Equity	0.22+0.2	0.050.0	0.060.0	0.05+0.0	0.03-0.0	0.05
FCF Margin	17.6%+34.3pp	-16.6%+53.3pp	-69.9%+58.7pp	-128.7%+4.1pp	-132.8%+320.8pp	-453.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	88.9%-1.5pp	90.5%+4.4pp	86.1%-1.4pp	87.5%+2.3pp	85.2%-0.5pp	85.8%+2.8pp	83.0%-2.1pp	85.1%
Operating Margin	16.5%+4.2pp	12.3%+0.8pp	11.6%+4.9pp	6.7%+5.7pp	1.0%+8.0pp	-7.0%+5.0pp	-12.0%-0.5pp	-11.5%
Net Margin	15.0%+10.6pp	4.4%-4.4pp	8.8%+1.7pp	7.2%+7.1pp	0.1%+13.6pp	-13.5%-1.3pp	-12.1%+0.8pp	-13.0%
Return on Equity	4.8%+3.3pp	1.5%-1.5pp	3.0%+0.5pp	2.5%+2.5pp	0.0%+4.6pp	-4.6%-1.0pp	-3.5%+0.1pp	-3.6%
Return on Assets	2.7%+1.8pp	0.8%-0.8pp	1.6%+0.1pp	1.5%+1.5pp	0.0%+2.6pp	-2.6%-0.5pp	-2.1%+0.0pp	-2.1%
Current Ratio	3.64+0.2	3.41+1.0	2.39+0.4	1.95-0.0	1.96+0.2	1.80-0.1	1.93-0.0	1.98
Debt-to-Equity	0.20-0.0	0.22-0.6	0.85+0.8	0.040.0	0.050.0	0.050.0	0.050.0	0.06
FCF Margin	10.6%-14.7pp	25.4%+0.3pp	25.1%+8.4pp	16.7%+17.8pp	-1.1%+0.4pp	-1.5%-7.0pp	5.5%+27.6pp	-22.1%

Frequently Asked Questions

What is Beigene's annual revenue?

Beigene (BEIGF) reported $5.3B in total revenue for fiscal year 2025. This represents a 40.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Beigene's revenue growing?

Beigene (BEIGF) revenue grew by 40.2% year-over-year, from $3.8B to $5.3B in fiscal year 2025.

Is Beigene profitable?

Yes, Beigene (BEIGF) reported a net income of $286.9M in fiscal year 2025, with a net profit margin of 5.4%.

What is Beigene's EBITDA?

Beigene (BEIGF) had EBITDA of $588.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Beigene have?

As of fiscal year 2025, Beigene (BEIGF) had $4.5B in cash and equivalents against $961.9M in long-term debt.

What is Beigene's gross margin?

Beigene (BEIGF) had a gross margin of 87.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Beigene's operating margin?

Beigene (BEIGF) had an operating margin of 8.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Beigene's net profit margin?

Beigene (BEIGF) had a net profit margin of 5.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Beigene's return on equity (ROE)?

Beigene (BEIGF) has a return on equity of 6.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Beigene's free cash flow?

Beigene (BEIGF) generated $941.7M in free cash flow during fiscal year 2025. This represents a 248.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Beigene's operating cash flow?

Beigene (BEIGF) generated $1.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Beigene's total assets?

Beigene (BEIGF) had $8.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Beigene's capital expenditures?

Beigene (BEIGF) invested $185.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Beigene spend on research and development?

Beigene (BEIGF) invested $2.1B in research and development during fiscal year 2025.

How many shares does Beigene have outstanding?

Beigene (BEIGF) had 1.44B shares outstanding as of fiscal year 2025.

What is Beigene's current ratio?

Beigene (BEIGF) had a current ratio of 3.41 as of fiscal year 2025, which is generally considered healthy.

What is Beigene's debt-to-equity ratio?

Beigene (BEIGF) had a debt-to-equity ratio of 0.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Beigene's return on assets (ROA)?

Beigene (BEIGF) had a return on assets of 3.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Beigene's Altman Z-Score?

Beigene (BEIGF) has an Altman Z-Score of 4.70, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Beigene's Piotroski F-Score?

Beigene (BEIGF) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Beigene's earnings high quality?

Beigene (BEIGF) has an earnings quality ratio of 3.93x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Beigene cover its interest payments?

Beigene (BEIGF) has an interest coverage ratio of 9.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.