ONC // BeOne Medicines Ltd.

Health Care • Biotechnology: Pharmaceutical Preparations

$371.56 ▼ -1.80 (-0.48%)

MKT CAP: $42.25B • VOL: 268.1K

52W L $254 52W H $389

ALTMAN Z

6.68 SAFE

PIOTROSKI

9 / 9

ONC // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

ONC // BeOne Medicines Ltd.

GROSS MARGIN

87.5%

OP MARGIN

8.4%

ROIC %

10.5%

MKT CAP

$42.25B

UPSTREAM INPUTS ──► ONC OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
ONC ★	BeOne Medicines Ltd.	$371.56	$42.25B	87.5%	8.4%	10.5%	63.9x	+40.2%	SUBJECT ISSUER
LLY	Eli Lilly and Company	$1,417.54	$1.33T	83.6%	40.2%	32.4%	36.4x	+45.5%	ONC VS LLY <GO>
JNJ	Johnson & Johnson	$273.20	$662.49B	67.9%	34.7%	25.5%	18.5x	+6.0%	ONC VS JNJ <GO>
ABBV	AbbVie Inc.	$294.89	$513.86B	70.2%	24.6%	29.0%	33.3x	+8.6%	ONC VS ABBV <GO>
UNH	UnitedHealth Group Incorporated	$406.97	$364.66B	88.6%	4.8%	11.5%	16.4x	+6.5%	ONC VS UNH <GO>
MRK	Merck & Company Inc. Common Stock (new)	$149.52	$361.02B	74.8%	34.3%	20.7%	15.3x	+1.3%	ONC VS MRK <GO>