| 期间 | EPS Actual | EPS 预期 | 惊喜 |
|---|---|---|---|
| 2026年3月31日 | $13.35 | $0.49 | 12.9% |
| 2025年12月31日 | $0.28 | $0.63 | -0.34% |
| 2025年9月30日 | $0.57 | $0.61 | -0.03% |
| 2025年6月30日 | $0.39 | $0.03 | 0.36% |
| 2024年12月31日 | $22.65 | $1.19 | 21.5% |
| 股票代码 | 市值 | P/E | 营收同比增长 | 净利润率 | ROE | 毛利率 |
|---|---|---|---|---|---|---|
| ONC | $437.81B | 1599.0 | 40.2% | 5.4% | 7.1% | 87.5% |
| ANL | — | — | — | — | — | — |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.34B | $3.81B | $2.46B | $1.42B | $1.18B | $309M | $428M | $198M | $238M | $1M | $9M | |
| Cost of Revenue | · | · | · | $286M | $165M | $71M | $71M | $29M | $5M | $0 | · | |
| Gross Profit | $4.67B | $3.22B | $2.08B | $1.13B | $1.01B | · | · | · | · | · | · | |
| R&D Expense | $2.15B | $1.95B | $1.78B | $1.64B | $1.46B | $1.29B | $927M | $679M | $269M | $98M | $58M | |
| SG&A Expense | $2.08B | $1.83B | $1.51B | $1.28B | $990M | $600M | $388M | $195M | $63M | $20M | $7M | |
| Operating Expenses | $4.23B | $3.78B | $3.29B | $2.92B | $2.45B | $1.97B | $1.39B | $904M | $337M | $118M | $66M | |
| Operating Income | $447M | $-568M | $-1.21B | $-1.79B | $-1.44B | $-1.66B | $-960M | $-706M | $-98M | $-117M | $-57M | |
| Interest Income | $71M | $70M | $78M | · | · | · | · | · | · | · | · | |
| Other Non-op | $-43M | $-13M | $308M | $-224M | $16M | $37M | $7M | $2M | $12M | $-972.0K | $1M | |
| Pretax Income | $417M | $-533M | $-826M | $-1.96B | $-1.44B | $-1.62B | $-944M | $-690M | $-91M | $-119M | $-57M | |
| Income Tax | $130M | $112M | $56M | $43M | $19M | $10M | $7M | $-16M | $2M | $54.0K | $0 | |
| Net Income | $287M | $-645M | $-882M | $-2.00B | $-1.46B | $-1.62B | $-949M | $-674M | $-93M | $-119M | $-57M | |
| EPS (Basic) | $0.20 | $-0.47 | $-0.65 | $-1.49 | $-1.21 | $-1.50 | $-1.22 | · | · | · | · | |
| EPS (Diluted) | $0.19 | $-0.47 | $-0.65 | $-1.49 | $-1.21 | $-1.50 | $-1.22 | · | · | · | · | |
| Shares (Basic) | 1,417,803,727 | 1,368,746,793 | 1,357,034,547 | 1,340,729,572 | 1,206,210,049 | 1,085,131,783 | 780,701,283 | · | · | · | · | |
| Shares (Diluted) | 1,474,829,908 | 1,368,746,793 | 1,357,034,547 | 1,340,729,572 | 1,206,210,049 | 1,085,131,783 | 780,701,283 | · | · | · | · | |
| EBITDA | $589M | · | · | $-1.72B | $-1.39B | $-1.63B | $-941M | $-695M | $-94M | $-117M | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.55B | $2.63B | $3.17B | $3.87B | $4.38B | $1.38B | $618M | $713M | $240M | $88M | $18M | |
| Short-term Investments | · | · | $3M | $665M | $2.24B | $3.27B | $365M | $1.07B | $598M | $281M | · | |
| Receivables | $865M | $676M | $358M | $173M | $483M | $60M | $71M | $41M | $29M | · | · | |
| Inventory | $608M | $495M | $416M | $282M | $243M | $89M | $29M | $16M | $11M | · | · | |
| Prepaid Expense | $213M | $193M | $257M | $217M | $270M | $160M | $90M | $91M | $36M | $6M | $6M | |
| Other Current Assets | · | · | · | · | $27M | $12M | · | · | · | · | · | |
| Current Assets | $6.23B | $3.99B | $4.20B | $5.21B | $7.61B | $4.96B | $1.17B | $1.94B | $913M | $374M | $106M | |
| PP&E (Net) | $1.64B | $1.58B | $1.32B | $846M | $588M | $358M | $242M | $157M | $63M | $26M | $7M | |
| PP&E (Gross) | $2.04B | $1.32B | $833M | $724M | $525M | $345M | $258M | $77M | $50M | · | · | |
| Accum. Depreciation | $529M | $399M | $249M | $171M | $124M | $73M | $37M | $20M | $14M | $7M | $6M | |
| Goodwill | · | · | · | $109.0K | $109.0K | $109.0K | $109.0K | $109.0K | $109.0K | · | · | |
| Intangibles | $63M | $51M | $57M | $41M | $47M | $5M | $6M | $7M | $7M | · | · | |
| Other Non-current Assets | $102M | $160M | $125M | $176M | $163M | $113M | $68M | $54M | $43M | $5M | $4M | |
| Total Assets | $8.19B | $5.92B | $5.81B | $6.38B | $8.54B | $5.60B | $1.61B | $2.25B | $1.05B | $406M | $117M | |
| Accounts Payable | $479M | $405M | $315M | $295M | $262M | $232M | $122M | $113M | $70M | $12M | $9M | |
| Accrued Liabilities | $1.11B | $804M | $694M | $467M | $558M | $346M | $164M | $100M | · | · | $6M | |
| Short-term Debt | $9M | $852M | · | · | · | $335M | $0 | · | · | · | · | |
| Current Liabilities | $1.83B | $2.21B | $1.81B | $1.47B | $1.60B | $1.08B | $310M | $246M | $150M | $35M | $35M | |
| Capital Leases | $53M | $44M | $22M | $35M | $43M | $29M | $26M | · | · | · | · | |
| Deferred Tax | $53M | $42M | $16M | $16M | $14M | $11M | $11M | $11M | $0 | · | · | |
| Other Non-current Liabilities | $80M | $67M | $51M | $46M | $54M | $57M | $47M | $49M | $32M | $564.0K | $105.0K | |
| Total Liabilities | $3.83B | $2.59B | $2.27B | $2.00B | $2.40B | $1.73B | $634M | $496M | $362M | $53M | $42M | |
| Long-term Debt | $836M | $1.02B | $886M | $538M | $630M | $519M | $83M | $50M | $18M | · | · | |
| Total Debt | $1.03B | · | · | $538M | $630M | $854M | $83M | $50M | $18M | · | · | |
| Common Stock | $144.0K | $138.0K | $135.0K | $135.0K | $133.0K | $118.0K | $79.0K | $77.0K | $59.0K | $52.0K | $12.0K | |
| Paid-in Capital | $12.76B | $12.09B | $11.60B | $11.54B | $11.19B | $7.41B | $2.93B | $2.74B | $1.00B | $591M | $18M | |
| Retained Earnings | $-8.32B | $-8.61B | $-7.96B | $-7.08B | $-5.08B | $-3.55B | $-1.96B | $-1.01B | $-331M | $-237M | $-118M | |
| AOCI | $-78M | $-149M | $-99M | $-77M | $18M | $7M | $-8M | $2M | $-480.0K | $-946.0K | $-2M | |
| Stockholders' Equity | $4.36B | $3.33B | $3.54B | $4.38B | $6.13B | $3.87B | $962M | $1.74B | $670M | $353M | $-102M | |
| Liabilities + Equity | $8.19B | $5.92B | $5.81B | $6.38B | $8.54B | $5.60B | $1.61B | $2.25B | $1.05B | $406M | $117M | |
| Shares Outstanding | 1,441,075,618 | 1,387,367,704 | 1,359,513,224 | 1,356,140,180 | 1,334,804,281 | 1,190,821,941 | 801,340,698 | 776,263,184 | 592,072,330 | 515,833,609 | 116,174,094 |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $142M | $172M | $88M | $66M | $46M | $32M | $19M | $10M | $5M | $2M | $2M | |
| Stock-based Comp | $511M | $442M | $368M | $303M | $241M | $183M | $134M | $87M | $43M | $11M | $10M | |
| Deferred Tax | $9M | $26M | $687.0K | $3M | $3M | $-114.0K | $-9M | $-22M | $-6M | $-768.0K | · | |
| Amort. of Intangibles | $10M | $5M | $7M | $4M | $2M | $846.0K | $1M | $894.0K | $250.0K | $0 | $0 | |
| Other Non-cash | $179M | · | · | $134M | $-131M | $126M | $55M | $51M | $64M | · | · | |
| Operating Cash Flow | $1.13B | $-141M | $-1.16B | $-1.50B | $-1.30B | $-1.28B | $-750M | $-548M | $13M | $-90M | $-40M | |
| CapEx | $186M | $493M | $562M | $325M | $263M | $118M | $90M | $70M | $46M | $24M | $5M | |
| Investing Cash Flow | $-276M | $-548M | $60M | $1.08B | $641M | $-3.17B | $554M | $-638M | $-356M | $-222M | $-59M | |
| Net Debt Issued | $-36M | · | · | $0 | $0 | · | $-33M | $-9M | · | · | · | |
| Stock Issued | · | · | $0 | $0 | $50M | $4.23B | $0 | $0 | $150M | $0 | · | |
| Net Stock Activity | · | · | · | $0 | $50M | $4.23B | $0 | $0 | · | · | · | |
| Financing Cash Flow | $1.06B | $193M | $416M | $-19M | $3.64B | $5.20B | $86M | $1.69B | $490M | $381M | $103M | |
| Net Change in Cash | $1.97B | $-547M | $-689M | $-508M | $2.99B | $769M | $-120M | $501M | $152M | $70M | $4M | |
| Taxes Paid | $101M | $69M | $56M | $30M | $16M | $11M | $9M | $12M | $29M | $25.0K | · | |
| Free Cash Flow | $942M | · | · | $-1.82B | $-1.56B | $-1.40B | $-840M | $-618M | $-34M | $-113M | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.5% | · | · | · | · | · | · | · | · | · | · | |
| Operating Margin | 8.4% | · | · | -126.4% | -122.3% | -536.7% | -224.2% | -356.1% | -41.3% | -10940.2% | · | |
| Net Margin | 5.4% | · | · | -141.5% | -120.2% | -517.0% | -221.5% | -339.9% | -39.1% | -11141.8% | · | |
| Pretax Margin | 7.8% | · | · | -138.5% | -122.3% | -523.9% | -220.3% | -348.0% | -38.2% | -11136.7% | · | |
| EBITDA Margin | 11.0% | · | · | -121.7% | -118.4% | -526.4% | -219.8% | -350.8% | -39.3% | -10940.2% | · | |
| ROA | 4.1% | · | · | -26.9% | -19.8% | -44.3% | -49.1% | -40.9% | -12.8% | -45.6% | · | |
| ROE | 7.1% | · | · | -44.3% | -27.6% | -66.1% | -70.2% | -55.9% | -18.2% | -94.9% | · | |
| ROIC | 5.7% | · | · | -37.2% | -20.6% | -34.7% | -92.5% | -38.6% | -14.7% | -33.2% | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.4 | · | · | 3.5 | 4.8 | 4.6 | 3.8 | 7.9 | 6.1 | 10.7 | · | |
| Quick Ratio | 3.0 | · | · | 3.2 | 4.4 | 4.4 | 3.4 | 7.4 | 5.8 | 2.5 | · | |
| Debt / Equity | 0.2 | · | · | 0.1 | 0.1 | 0.2 | 0.1 | 0.0 | 0.0 | · | · | |
| LT Debt / Equity | 0.2 | · | · | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | · | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | · | · | 0.2 | 0.2 | 0.1 | 0.2 | 0.1 | 0.3 | 0.0 | · | |
| Inventory Turnover | · | · | · | 1.1 | 1.0 | 1.2 | 3.2 | 2.1 | 0.9 | · | · | |
| Receivables Turnover | 6.9 | · | · | 4.3 | 4.3 | 4.7 | 7.7 | 5.6 | 16.2 | · | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 40.2% | 55.0% | 73.7% | 20.4% | 280.8% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 55.7% | 48.0% | 99.7% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 76.8% | · | · | · | · | · | · | · | · | · | · |
| 指标 | 趋势 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.34B | $3.81B | $2.46B | $1.42B | $1.18B | $309M | $428M | $198M | $238M | $1M | $9M | |
| Net Income TTM | $287M | $-645M | $-882M | $-2.00B | $-1.46B | $-1.62B | $-949M | $-674M | $-93M | $-119M | $-57M | |
| Market Cap | $437.81B | · | · | $298.27B | $361.64B | $307.70B | $132.83B | $108.88B | $57.86B | $15.66B | · | |
| Enterprise Value | $434.29B | · | · | $294.27B | $355.65B | $303.90B | $131.93B | $107.15B | $57.04B | · | · | |
| P/E | 1599.0 | -393.0 | -277.5 | -147.6 | -223.9 | -172.3 | -135.9 | · | -514.3 | · | · | |
| P/S | 81.9 | · | · | 210.7 | 307.4 | 996.2 | 310.2 | 549.3 | 242.7 | 14636.2 | · | |
| P/B | 100.4 | · | · | 68.0 | 57.9 | 79.5 | 138.0 | 62.6 | 86.4 | 44.4 | · | |
| P / Tangible Book | 101.9 | 78.1 | 70.5 | 68.7 | 59.4 | 79.6 | · | · | · | · | · | |
| P / Cash Flow | 388.3 | · | · | -199.3 | -278.5 | -239.7 | -177.0 | -198.8 | 4537.1 | -175.0 | · | |
| P / FCF | 464.9 | · | · | -163.7 | -231.6 | -219.6 | -158.2 | -176.2 | -1720.8 | -138.6 | · | |
| EV / EBITDA | 737.6 | · | · | -170.8 | -255.4 | -186.9 | -140.2 | -154.1 | -608.7 | · | · | |
| EV / FCF | 461.2 | · | · | -161.5 | -227.7 | -216.9 | -157.1 | -173.4 | -1696.5 | · | · | |
| EV / Revenue | 81.3 | · | · | 207.8 | 302.4 | 983.9 | 308.1 | 540.5 | 239.3 | · | · | |
| Earnings Yield | 0.06% | -0.25% | -0.36% | -0.68% | -0.45% | -0.58% | -0.74% | · | -0.19% | · | · |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.51B | $1.50B | $1.41B | $1.32B | $1.12B | $1.13B | $1.00B | $929M | $752M | $634M | $781M | $595M | $448M | $380M | $388M | $342M | |
| Cost of Revenue | · | · | · | · | · | · | · | · | · | · | $96M | $96M | $82M | · | $77M | $71M | |
| Gross Profit | $1.35B | $1.36B | $1.22B | $1.15B | $952M | $967M | $831M | $791M | $627M | $529M | $685M | $499M | $366M | · | · | · | |
| R&D Expense | $541M | $615M | $524M | $525M | $482M | $542M | $496M | $454M | $461M | $494M | $453M | $423M | $409M | $446M | $426M | $378M | |
| SG&A Expense | $555M | $555M | $529M | $538M | $459M | $505M | $455M | $444M | $427M | $419M | $366M | $395M | $328M | $330M | $323M | $331M | |
| Operating Expenses | $1.10B | $1.17B | $1.05B | $1.06B | $941M | $1.05B | $951M | $898M | $888M | $912M | $819M | $818M | $737M | $562M | $826M | $781M | |
| Operating Income | $250M | $185M | $163M | $88M | $11M | $-79M | $-120M | $-107M | $-261M | $-384M | $-134M | $-319M | $-371M | $-469M | $-438M | $-439M | |
| Interest Income | $28M | · | · | · | $13M | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-op | $15M | $-36M | $-19M | $8M | $4M | $-14M | $11M | $-12M | $2M | $17M | $337M | $-64M | $18M | $19M | $-126M | $-130M | |
| Pretax Income | $259M | $149M | $147M | $100M | $21M | $-85M | $-98M | $-106M | $-243M | $-351M | $229M | $-367M | $-337M | $-431M | $-551M | $-558M | |
| Income Tax | $32M | $83M | $22M | $5M | $20M | $67M | $23M | $14M | $8M | $17M | $14M | $14M | $11M | $14M | $6M | $8M | |
| Net Income | $227M | $67M | $125M | $94M | $1M | $-152M | $-121M | $-120M | $-251M | $-368M | $215M | $-381M | $-348M | $-445M | $-558M | $-566M | |
| EPS (Basic) | $0.16 | $0.04 | $0.09 | $0.07 | $0.00 | $-0.10 | $-0.09 | $-0.09 | $-0.19 | $-0.27 | $0.16 | $-0.28 | $-0.26 | $-0.33 | $-0.41 | $-0.42 | |
| EPS (Diluted) | $0.15 | $0.05 | $0.08 | $0.06 | $0.00 | $-0.10 | $-0.09 | $-0.09 | $-0.19 | $-0.26 | $0.15 | $-0.28 | $-0.26 | $-0.33 | $-0.41 | $-0.42 | |
| Shares (Basic) | 1,442,451,870 | -2,813,217,692 | 1,432,801,699 | 1,408,166,754 | 1,390,052,966 | -2,724,635,273 | 1,376,751,873 | 1,361,082,567 | 1,355,547,626 | -2,718,070,869 | 1,360,716,279 | 1,360,224,377 | 1,354,164,760 | -2,673,054,463 | 1,345,303,747 | 1,336,463,026 | |
| Shares (Diluted) | 1,505,027,338 | -2,922,451,066 | 1,488,750,354 | 1,463,277,401 | 1,445,253,219 | -2,724,635,273 | 1,376,751,873 | 1,361,082,567 | 1,355,547,626 | -2,747,686,423 | 1,390,331,833 | 1,360,224,377 | 1,354,164,760 | -2,673,054,463 | 1,345,303,747 | 1,336,463,026 | |
| EBITDA | $291M | · | $163M | $88M | $44M | · | $-120M | $-107M | $-236M | · | $-134M | $-319M | $-351M | · | $-438M | $-439M |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.79B | $4.55B | $4.04B | $2.76B | $2.52B | $2.63B | $2.70B | $2.59B | $2.79B | $3.17B | $3.07B | $3.41B | $3.54B | $3.87B | $4.20B | $4.53B | |
| Receivables | $938M | $865M | $863M | $771M | $717M | $676M | $569M | $529M | $435M | · | $309M | $299M | $310M | · | $189M | $172M | |
| Inventory | $682M | $608M | $532M | $503M | $495M | $495M | $432M | $443M | $447M | · | $317M | $321M | $297M | · | $291M | $262M | |
| Prepaid Expense | $190M | $213M | $233M | $281M | $168M | $193M | $209M | $274M | $232M | · | $242M | $255M | $265M | · | $200M | $207M | |
| Current Assets | $6.60B | $6.23B | $5.66B | $4.31B | $3.90B | $3.99B | $3.91B | $3.84B | $3.91B | · | $4.05B | $4.40B | $4.70B | · | $5.75B | $6.35B | |
| PP&E (Net) | $1.64B | $1.64B | $1.63B | $1.62B | $1.60B | $1.58B | $1.56B | $1.52B | $1.42B | · | $1.18B | $1.03B | $925M | · | $682M | $633M | |
| PP&E (Gross) | $2.08B | $2.04B | $1.98B | $1.72B | $1.44B | $1.32B | $1.30B | $942M | $900M | · | $768M | $749M | $740M | · | $609M | $603M | |
| Accum. Depreciation | $574M | $529M | $485M | $453M | $428M | $399M | $366M | $289M | $265M | · | $221M | $201M | $191M | · | $150M | $143M | |
| Goodwill | · | · | · | · | · | · | · | · | · | · | · | $109.0K | $109.0K | · | $109.0K | $109.0K | |
| Intangibles | $62M | $63M | $64M | $65M | $50M | $51M | $54M | $54M | $55M | · | $54M | $47M | $40M | · | $41M | $43M | |
| Other Non-current Assets | $104M | $102M | $136M | $162M | $150M | $160M | $201M | $199M | $199M | · | $141M | $148M | $173M | · | $141M | $131M | |
| Total Assets | $8.55B | $8.19B | $7.63B | $6.30B | $5.84B | $5.92B | $5.83B | $5.71B | $5.67B | · | $5.52B | $5.73B | $5.96B | · | $6.73B | $7.38B | |
| Accounts Payable | $424M | $479M | $384M | $361M | $364M | $405M | $308M | $333M | $357M | · | $342M | $267M | $241M | · | $252M | $234M | |
| Accrued Liabilities | $1.08B | $1.11B | $1.00B | $909M | $692M | $804M | $717M | $647M | $569M | · | $506M | $455M | $418M | · | $410M | $454M | |
| Short-term Debt | $9M | $9M | $813M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $1.81B | $1.83B | $2.37B | $2.21B | $1.98B | $2.21B | $2.03B | $1.94B | $1.88B | · | $1.28B | $1.41B | $1.25B | · | $1.41B | $1.40B | |
| Capital Leases | $50M | $53M | $51M | $54M | $55M | $44M | $32M | $35M | $18M | · | $25M | $26M | $33M | · | $37M | $42M | |
| Deferred Tax | $56M | $53M | $47M | $44M | $43M | $42M | $16M | $16M | $16M | · | $16M | $16M | $16M | · | $15M | $15M | |
| Other Non-current Liabilities | $82M | $80M | $64M | $63M | $66M | $67M | $51M | $52M | $49M | · | $42M | $43M | $46M | · | $45M | $48M | |
| Total Liabilities | $3.79B | $3.83B | $3.50B | $2.53B | $2.34B | $2.59B | $2.39B | $2.35B | $2.31B | · | $1.76B | $1.93B | $1.80B | · | $2.07B | $2.08B | |
| Long-term Debt | $843M | $836M | · | $954M | $924M | $1.02B | $1.05B | $1.04B | $1.03B | · | $531M | $628M | $488M | · | $649M | $566M | |
| Total Debt | $1.09B | · | $813M | $954M | $924M | · | $1.05B | $1.04B | $1.03B | · | $531M | $628M | $488M | · | $649M | $566M | |
| Common Stock | $144.0K | $144.0K | $144.0K | $143.0K | $140.0K | $138.0K | $138.0K | $137.0K | $136.0K | · | $135.0K | $137.0K | $136.0K | · | $135.0K | $134.0K | |
| Paid-in Capital | $12.91B | $12.76B | $12.62B | $12.40B | $12.25B | $12.09B | $11.97B | $11.84B | $11.71B | · | $11.50B | $11.75B | $11.64B | · | $11.45B | $11.36B | |
| Retained Earnings | $-8.09B | $-8.32B | $-8.39B | $-8.51B | $-8.61B | $-8.61B | $-8.45B | $-8.33B | $-8.21B | · | $-7.59B | $-7.81B | $-7.43B | · | $-6.64B | $-5.97B | |
| AOCI | $-53M | $-78M | $-101M | $-114M | $-142M | $-149M | $-84M | $-140M | $-132M | · | $-145M | $-144M | $-59M | · | $-162M | $-82M | |
| Stockholders' Equity | $4.76B | $4.36B | $4.13B | $3.77B | $3.50B | $3.33B | $3.44B | $3.37B | $3.36B | $3.54B | $3.76B | $3.80B | $4.16B | $4.38B | $4.66B | $5.30B | |
| Liabilities + Equity | $8.55B | $8.19B | $7.63B | $6.30B | $5.84B | $5.92B | $5.83B | $5.71B | $5.67B | · | $5.52B | $5.73B | $5.96B | · | $6.73B | $7.38B | |
| Shares Outstanding | 1,444,479,378 | 1,441,075,618 | 1,438,083,590 | 1,428,203,304 | 1,403,281,823 | 1,387,367,704 | 1,386,034,320 | 1,379,101,901 | 1,359,524,369 | 1,359,513,224 | 1,352,997,624 | 1,376,251,336 | 1,362,652,101 | 1,356,140,180 | 1,349,640,180 | 1,349,639,439 |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $41M | $36M | $37M | $36M | $33M | $50M | $71M | $25M | $25M | $24M | $22M | $22M | $20M | $18M | $16M | $15M | |
| Stock-based Comp | $123M | $124M | $141M | $151M | $95M | $108M | $115M | $131M | $89M | $93M | $96M | $103M | $75M | $78M | $78M | $81M | |
| Amort. of Intangibles | $2M | $2M | $2M | $6M | $1M | $1M | $1M | $1M | $1M | $3M | $2M | $1M | $986.0K | $969.0K | $987.0K | $1M | |
| Other Non-cash | $-191M | · | · | · | $-85M | · | · | · | $-171M | · | · | · | $-311M | · | · | · | |
| Operating Cash Flow | $201M | $417M | $403M | $264M | $44M | $75M | $188M | $-96M | $-309M | $-222M | $-78M | $-294M | $-564M | $-318M | $-562M | $-380M | |
| CapEx | $41M | $38M | $48M | $44M | $56M | $92M | $134M | $110M | $157M | $157M | $158M | $121M | $126M | $121M | $109M | $50M | |
| Investing Cash Flow | $-46M | $-38M | $-49M | $-67M | $-122M | $-94M | $-134M | $-111M | $-210M | $-63M | $-186M | $68M | $241M | $39M | $169M | $659M | |
| Net Debt Issued | $-8M | · | · | · | $-4M | · | · | · | $-4M | · | · | · | $-1M | · | · | · | |
| Financing Cash Flow | $69M | $97M | $961M | $35M | $-34M | $-5M | $13M | $23M | $162M | $347M | $-77M | $166M | $-20M | $-110M | $120M | $-18M | |
| Net Change in Cash | $244M | $499M | $1.32B | $255M | $-108M | $-75M | $95M | $-190M | $-379M | $105M | $-341M | $-122M | $-331M | $-325M | $-335M | $181M | |
| Taxes Paid | $-3M | $21M | $3M | $68M | $9M | $15M | $9M | $43M | $2M | $13M | $10M | $25M | $8M | $4M | $570.0K | $24M | |
| Free Cash Flow | $161M | · | · | · | $-12M | · | · | · | $-465M | · | · | · | $-689M | · | · | · |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.9% | · | 86.1% | 87.5% | 85.2% | · | 83.0% | 85.1% | 83.4% | · | · | · | · | · | · | · | |
| Operating Margin | 16.5% | · | 11.6% | 6.7% | 0.99% | · | -12.0% | -11.5% | -34.8% | · | -17.2% | -53.5% | -82.9% | · | -113.1% | -128.6% | |
| Net Margin | 15.0% | · | 8.8% | 7.2% | 0.11% | · | -12.1% | -13.0% | -33.4% | · | 27.6% | -64.0% | -77.8% | · | -143.8% | -167.3% | |
| Pretax Margin | 17.1% | · | 10.4% | 7.6% | 1.9% | · | -9.8% | -11.4% | -32.4% | · | 29.3% | -61.7% | -75.2% | · | -142.2% | -163.2% | |
| EBITDA Margin | 19.2% | · | 11.6% | 6.7% | 3.9% | · | -12.0% | -11.5% | -31.4% | · | -17.2% | -53.5% | -78.4% | · | -113.1% | -128.6% | |
| ROA | 3.2% | · | 1.8% | 1.6% | 0.02% | · | -2.1% | -2.1% | -4.3% | · | 3.5% | -5.8% | -5.0% | · | -9.3% | -8.9% | |
| ROE | 5.5% | · | 3.3% | 2.6% | 0.04% | · | -3.4% | -3.4% | -6.7% | · | 5.1% | -8.4% | -6.9% | · | -13.9% | -12.8% | |
| ROIC | 3.8% | · | 2.8% | 1.8% | 0.02% | · | -3.3% | -2.8% | -6.2% | · | -2.9% | -7.5% | -8.3% | · | -8.4% | -7.7% |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.6 | · | 2.4 | 2.0 | 2.0 | · | 1.9 | 2.0 | 2.1 | · | 3.2 | 3.1 | 3.7 | · | 4.1 | 4.5 | |
| Quick Ratio | 3.2 | · | 2.1 | 1.6 | 1.6 | · | 1.6 | 1.6 | 1.7 | · | 2.6 | 2.6 | 3.1 | · | 3.1 | 3.4 | |
| Debt / Equity | 0.2 | · | 0.2 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.1 | 0.2 | 0.1 | · | 0.1 | 0.1 | |
| LT Debt / Equity | 0.2 | · | · | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | 0.0 |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | |
| Inventory Turnover | · | · | · | · | · | · | · | · | · | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.4 | |
| Receivables Turnover | 1.8 | · | 2.0 | 2.0 | 1.9 | · | 2.3 | 2.2 | 2.0 | · | 3.1 | 2.5 | 1.8 | · | 2.4 | 2.8 |
| 指标 | 趋势 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $5.36B | · | $4.85B | $4.36B | $3.80B | · | $3.46B | $3.06B | $2.58B | · | $2.21B | $1.77B | $1.48B | · | $1.24B | $1.00B | |
| Net Income TTM | $448M | · | $99M | $-146M | $-492M | · | $-277M | $-537M | $-765M | · | $-1.07B | $-1.85B | $-1.91B | · | $-2.00B | $-1.92B | |
| Market Cap | $428.97B | · | $489.96B | $345.73B | $381.93B | · | $311.18B | $196.76B | $212.62B | · | $243.36B | $245.39B | $293.69B | · | $181.96B | $218.44B | |
| Enterprise Value | $425.26B | · | $486.73B | $343.92B | $380.34B | · | $309.53B | $195.20B | $210.85B | · | $240.83B | $242.60B | $290.64B | · | $178.41B | $214.47B | |
| P/E | 1024.0 | · | 6814.0 | -2017.2 | -735.6 | · | -1020.5 | -348.0 | -269.6 | · | -224.8 | -130.1 | -151.8 | · | -88.7 | -107.2 | |
| P/S | 80.1 | · | 101.1 | 79.2 | 100.5 | · | 89.8 | 64.4 | 82.5 | · | 110.0 | 138.5 | 198.0 | · | 146.5 | 217.4 | |
| P/B | 90.1 | · | 118.7 | 91.7 | 109.1 | · | 90.6 | 58.4 | 63.3 | · | 64.7 | 64.6 | 70.6 | · | 39.1 | 41.2 | |
| P / Tangible Book | 91.3 | · | 120.5 | 93.3 | 110.7 | · | 92.0 | 59.4 | 64.3 | · | 65.6 | 65.4 | 71.3 | · | 39.4 | 41.5 | |
| P / Cash Flow | 2130.6 | · | · | · | 8664.1 | · | · | · | -689.0 | · | · | · | -520.9 | · | · | · | |
| P / FCF | 2671.9 | · | · | · | -30988.3 | · | · | · | -457.1 | · | · | · | -426.0 | · | · | · | |
| EV / EBITDA | 1461.2 | · | 2984.0 | 3913.3 | 8662.6 | · | -2573.7 | -1821.6 | -893.2 | · | -1797.6 | -761.2 | -827.5 | · | -407.0 | -488.1 | |
| EV / FCF | 2648.8 | · | · | · | -30859.1 | · | · | · | -453.3 | · | · | · | -421.6 | · | · | · | |
| EV / Revenue | 79.4 | · | 100.4 | 78.8 | 100.1 | · | 89.4 | 63.8 | 81.9 | · | 108.9 | 136.9 | 195.9 | · | 143.6 | 213.5 | |
| Earnings Yield | 0.10% | · | 0.01% | -0.05% | -0.14% | · | -0.10% | -0.29% | -0.37% | · | -0.44% | -0.77% | -0.66% | · | -1.1% | -0.93% |
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| 收入 | $5.34B | $3.81B | $2.46B | $1.42B | $1.18B |
| 毛利率 % | 87.5% | — | — | — | — |
| 营业利润率 % | 8.4% | — | — | -126.4% | -122.3% |
| 净收入 | $287M | $-645M | $-882M | $-2.00B | $-1.46B |
| 稀释后每股收益 (EPS) | $0.19 | $-0.47 | $-0.65 | $-1.49 | $-1.21 |
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| 负债/股东权益比率 | 0.2 | — | — | 0.1 | 0.1 |
| 流动比率 | 3.4 | — | — | 3.5 | 4.8 |
| 速动比率 | 3.0 | — | — | 3.2 | 4.4 |
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| 自由现金流 | $942M | — | — | $-1.82B | $-1.56B |
我认为 BeOne Medicines 将走向盈利，毛利率高，亏损减少，如果管道新闻传来，可能会引发突破。 毛利率保持在 86% 的高位。 这反映了其专业药物的强大定价能力，远高于商品制药水平。 净利率已收紧至 -0.43%。 他们在运营方面几乎实现现金流为正，从上个季度的 -10.6% 实现了巨大飞跃。 EPS 亏损减半至 -0.20。 结合 Wolfe Research 在 4 月 4 日的优于预期评级启动，我的看法是到 2026 年第二季度，存在多倍回报的潜力。
BeOne 仍然是一家亏损的生物科技公司，估值高昂，容易因临床试验失败而导致股价一夜暴跌。ROE 仍然为负 -6.58%。 股东尚未获得回报，股权正在流失。 P/S 以 7.3 倍的交易价格进行，尽管利润为零。 这押宝于一个充满失败的行业中未经证实的增长。 市场估值已降至 2.61 亿美元。 最近价格波动在 250 美元左右，表明在高成交量下信心正在减退。
BeOne 拥有类似软件公司的毛利率——86%——这表明要么有突破性的治疗方法，要么有一种罕见的许可模式，可以获得定价能力。 Wolfe Research 最近的优于预期评级启动表明，市场尚未将潜在的增长因素定价在内。 股票在波动后稳定在 245 美元左右，以 7.3 倍的销售额交易，比上个季度更便宜，这意味着市场要么对近期亏损持理性态度，要么在催化剂出现前已经恐慌性抛售。
这家公司正在烧钱，从未盈利过——负 43 个基点的净利率和负 6.6% 的 ROE 告诉我，86% 的毛利率正在被运营费用吞噬。 债务与股权比率为 27.4 倍，令人担忧；那不是资产负债表，那是杠杆炸弹。 市场估值在一个季度内下降了 5%，而股票每周上下波动 25%，表明机构持有人在下一次盈利报告前正在悄悄退出。
BeOne Medicines 正在有效地清理其资产负债表，同时保持生物科技成功所必需的高利润率。该公司拥有 85.99% 的毛利率，表明其潜在的药物开发管道在达到商业规模时可以获得认真的定价能力。此外，债务与股权比率已改善至 27.38，表明管理层正在成功地降低公司的杠杆率。这种财务风险的降低对于一家仍在努力实现稳定盈利的公司至关重要，因为它提供了在不立即稀释的情况下应对代价高昂的临床试验过程所需的缓冲。
根本现实仍然是 BeOne 仍在烧钱，未能为其股东创造正回报。该公司报告了 -6.58% 的股本回报率，这证实他们目前正在摧毁股东价值，而不是通过其运营创造价值。此外，该股以 7.3173 的价格与销售额比率交易，对于一家尚未证明其能够实现净利润的企业而言，这种估值很难证明。投资者本质上是在为一项尚未在当前季度数据中得到证明的未来承诺支付溢价。
我认为最强的看涨理由在于持久的利润率、健康的资产负债表和可信的增长催化剂。TTM 毛利率为 85.99%。这表明可以为研发提供资金，而不会在增长达到规模时破坏利润。 债务/股权比率为 27.38%。这是一种温和的杠杆，可以保留资金灵活性，以资助管道的进展。 Wolfe Research 在 2026 年 4 月发布了优于预期的评级。这种外部验证可以在执行符合预期的情况下提高情绪并吸引资金。
我的看跌情景是盈利仍然难以捉摸，股票交易于炒作而非经过验证的增长之上。TTM 净利率为 -0.43%。这表明该业务尚未产生真正的运营利润，即使毛利率很高。TTM EPS：每股 -0.20。每股负面收益反映了股东必须为其资助的持续亏损。P/S (TTM) 7.3173。鉴于负面收益和有限的近期盈利能力，该估值看起来很高。
Claude，你将债务与股权比率称为杠杆炸弹，忽略了正在进行的去杠杆化，这为 BeOne 争取了实现盈利目标的时间。它已从上个季度的 31.7 改善到 27.38，从而大大降低了资产负债表的风险，而无需动用股权市场。结合目前的流动比率为 1.94，流动性可以舒适地覆盖近期义务——这并不是一枚炸弹，而是一枚燃料增长的控制燃烧弹。
我需要对 Grok 说的东西提出质疑，没有人对此提出异议：债务与股权比率从 31.7 改善到 27.4。这是数字上的事实，但 Grok 将其描述为“大大降低了资产负债表的风险”——我不同意这种暗示。 27.4 的 D/E 比率对于一家烧钱的生物科技公司来说仍然结构上不可持续。 季度的改善只有在它成为通往低于 5 倍杠杆的明确路径的一部分时才重要。在不了解 BeOne 的债务到期时间表和现金消耗量的情况下，将 13% 的季度改善称为“控制燃烧”是一种虚假的解读。Grok，这里的实际债务到期时间是什么，当前的现金余额可以覆盖多少个季度的现金消耗？
Grok，我不同意你对债务情况的乐观看法，因为你正确地指出了目前的流动比率。在 1.94 的情况下，该公司拥有每 1 美元的短期负债几乎 2 美元的流动资产，这提供了一个我之前低估的真正缓冲。然而，我不同意你将这视为“控制燃烧”，因为更广泛的宏观环境正在发生变化。我们正进入一个利率长期居高不下的时代，这使得服务 27.38 的债务与股权比率变得越来越昂贵。这种杠杆，虽然有所改善，但由于借贷成本上升，仍然是未来盈利潜力的一个重大拖累。
Claude，你关于软件类毛利率过高的观点夸大了这个故事。毛利率约为 86% 表明 BeOne 的产品具有定价能力，但由于运营成本和研发费用仍在烧钱，因此并不能证明盈利能力。Wolfe 的优于预期评级启动可能会提高情绪，但风险仍然是如果管道进展停滞，股票将交易于炒作之上。然而，该公司仍然面临着重要的研发时间表，并且在现金消耗持续的情况下可能需要稀释性融资。
Gemini 和 Claude，你们对债务的担忧忽略了图表所显示的催化剂前的积累。BeOne 在 2025 年 6 月 27 日触及了恐慌性低点，收盘价为 241.2 美元，成交量为 200 万股——是近期平均值的三倍——清除了薄弱的投资者。此后，股价已回升至 250 美元，成交量减少至 130 万股，这是一种教科书式的设置，用于在 2026 年第二季度管道结果之前进行机构定位。
我需要指出 Grok 说的一件事，没有人对此提出异议：债务与股权比率从 31.7 改善到 27.4。这是数字上的事实，但 Grok 将其描述为“大大降低了资产负债表的风险”——我不同意这种暗示。 27.4 的 D/E 比率对于一家烧钱的生物科技公司来说仍然结构上不可持续。 季度的改善只有在它成为通往低于 5 倍杠杆的明确路径的一部分时才重要。在不了解 BeOne 的债务到期时间表和现金消耗量的情况下，将 13% 的季度改善称为“控制燃烧”是一种虚假的解读。Grok，这里的实际债务到期时间是什么，当前的现金余额可以覆盖多少个季度的现金消耗？
Grok，我正在修改我对债务情况的看法，因为你正确地指出了目前的流动比率。在 1.94 的情况下，该公司拥有每 1 美元的短期负债几乎 2 美元的流动资产，这提供了一个我之前低估的真正缓冲。然而，我不同意你将这视为“控制燃烧”，因为更广泛的宏观环境正在发生变化。我们正进入一个利率长期居高不下的时代，这使得服务 27.38 的债务与股权比率变得越来越昂贵。这种杠杆，虽然有所改善，但由于借贷成本上升，仍然是未来盈利潜力的一个重大拖累。
Grok，我不同意你认为 BeOne 将在 2026 年第二季度成为多倍回报股票的观点。TTM 净利率为 -0.43%——这意味着 BeOne 在当前的销售额上尚未盈利，而且在约 2.61 亿美元的市场估值上，上涨潜力将取决于及时、实质性的管道里程碑、有利的许可协议或更强的商业化动力，以证明乐观主义，而不是任何即时运营杠杆或成本纪律，因为盈利能力仍然取决于试验结果、监管时间表和如果里程碑落空，潜在的融资行动。
| 模型 | 3个月目标 | 6个月目标 | 原因 |
|---|---|---|---|
| G Grok | 3个月目标 $310.00 | 6个月目标 $450.00 | 原因 我认为 BeOne 将迎来重新评估，随着亏损减少并出现管道催化剂，股价将在 2026 年第二季度大幅上涨。我的关键催化剂是 2026 年第二季度的盈利报告，大约在 2026 年 7 月底，净利率可能会在销售额增长的情况下转为正，高利润药物的销售额将推动增长。最大的风险是在此之前出现临床试验结果失败，从而导致融资和稀释。目前 P/S 为 7.3 倍，对于 86% 的毛利率而言，这是一个廉价的价格，这意味着市场几乎没有为接近盈亏平衡的运营支付溢价——仅凭这一因素就支持了如果趋势保持不变，25% 的潜在上涨空间。 |
| C Claude | 3个月目标 — | 6个月目标 — | 原因 BeOne 是一家二元结果的生物科技公司，未来 6 个月完全取决于管道结果，而不是资产负债表修复。我的论点：股票将根据临床试验结果重新定价，而不是运营去杠杆化。具体的催化剂是 Phase 3 结果或监管里程碑，该结果要么验证 Wolfe 的优于预期论点，要么否定该论点——在没有试验数据的情况下，我无法预测哪种情况。具体的风险是错过时间表或试验失败，从而导致稀释性融资，鉴于 27.4 倍的 D/E 比率，几乎没有出错的空间。在 7.3 倍销售额和负面收益的情况下，估值被束缚在二元新闻上。在没有关于试验时间或成功概率的可见性的情况下，我无法将目标价格锚定在任何非噪音的东西上。Grok 的技术设置和 Wolfe 的启动是情绪信号，而不是基本面。我保持 0.42 的信心并返回空值。 |
| G Gemini | 3个月目标 $265.00 | 6个月目标 $290.00 | 原因 我的论点是 BeOne 的高毛利率最终将转化为市场信心，一旦该公司证明它可以稳定其现金消耗。六个月目标的具体催化剂是下一次季度盈利报告，在那里，向正净收入的转变将验证当前的估值。主要风险是 Phase 3 试验结果失败，这将立即摧毁公司的增长叙事。当前的 P/S 比率为 7.3，这意味着投资者为每 1 美元收入支付超过 7 美元，这种溢价需要持续的高增长执行才能证明其合理性。虽然我对他们的债务持谨慎态度，但当前的流动性缓冲提供了足够的缓冲，以避免立即稀释。 |
| C Chatgpt | 3个月目标 $270.00 | 6个月目标 $310.00 | 原因 我认为如果催化剂落地，BeOne 有一条可行的盈利途径，但上涨潜力取决于一个重大的管道里程碑和有利的融资条款。催化剂：2026 年第二季度的盈利报告，其中包含有意义的管道结果以及可以提高情绪的 Wolfe Research 优于预期的评级启动。风险：临床挫折或稀释性融资可能会破坏反弹并重新定价。BeOne 交易价格约为 245 美元，P/S 接近 7.3 倍。这意味着投资者为未来增长而不是当前利润付费，因此结果取决于实际里程碑而不是今天的损失。 |
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