Shares of BeOne Medicines Ltd. (NASDAQ:ONC) fell more than 2% in premarket trading Thursday after the oncology drugmaker issued full-year revenue guidance that came in below Wall Street expectations, despite reporting stronger-than-anticipated fourth-quarter results.
The stock declined 2.62% ahead of the U.S. market open following the announcement.
BeOne reported adjusted earnings of $1.95 per American Depositary Share for the fourth quarter, comfortably ahead of analyst forecasts of $1.53 per share. Revenue for the period rose 33% year over year to $1.5 billion, exceeding consensus estimates of $1.46 billion.
However, investor sentiment was weighed down by the company’s 2026 outlook. BeOne projected full-year revenue of $6.2 billion to $6.4 billion, below the analyst consensus of $6.441 billion. The midpoint of the guidance, $6.3 billion, trails expectations by roughly $141 million.
BRUKINSA continues to drive growth
Sales of BRUKINSA, the company’s flagship BTK inhibitor, reached $1.1 billion during the quarter, representing growth of 38% compared with the prior year. U.S. sales totaled $845 million, up 37% year over year.
For the full year 2025, BeOne generated total revenue of $5.3 billion, marking a 40% increase from the previous year.
“These strong financial results for the fourth quarter and full year 2025 underscore our continued evolution as a global oncology leader,” said John V. Oyler, Co-Founder, Chairman and CEO. “BRUKINSA has firmly established itself as the global leader in the BTK inhibitor class, distinguished by broad regulatory approvals, expanding geographic reach, strong physician adoption, and unmatched long-term efficacy and safety data in CLL.”
Profitability and margins improve
On a GAAP basis, diluted earnings came in at $0.58 per ADS for the quarter, compared with a loss of $1.43 per ADS in the same period last year. Gross margin improved significantly to 90.4%, up from 85.6% a year earlier.
Looking ahead, the company expects GAAP operating income for 2026 to range between $700 million and $800 million, while adjusted operating income is forecast at $1.4 billion to $1.5 billion.
Despite the strong quarterly performance and continued growth in its lead therapy, the more cautious revenue outlook appeared to temper investor enthusiasm, sending shares modestly lower in early trading.