BIIB · Biogen Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.48B | - | $2.53B | $2.65B | $2.43B | - | $2.47B | $2.46B | $2.29B | - |
| Cost of Revenue | $661.00M | - | $674.40M | $605.00M | $629.30M | - | $638.70M | $546.00M | $542.20M | - |
| Gross Profit | $1.82B | - | $1.86B | $2.04B | $1.80B | - | $1.83B | $1.92B | $1.75B | - |
| R&D | $539.00M | - | $436.10M | $399.00M | $434.10M | - | $542.70M | $513.90M | $452.90M | - |
| SG&A | $607.30M | - | $594.80M | $583.80M | $572.50M | - | $588.40M | $553.80M | $581.50M | - |
| Total Operating Expenses | $2.10B | - | $1.98B | $1.90B | $2.12B | - | $2.01B | $1.77B | $1.83B | - |
| D&A | $204.40M | - | $66.50M | $66.90M | $183.20M | - | $72.70M | $71.90M | $147.50M | - |
| Operating Income | $377.70M | - | $557.30M | $744.00M | $311.20M | - | $451.00M | $698.70M | $464.80M | - |
| Interest Expense | $67.60M | - | $67.40M | $72.60M | $60.00M | - | $59.80M | $61.30M | $69.20M | - |
| Income Tax | $58.20M | - | $90.80M | $109.20M | $70.70M | - | $62.50M | $115.10M | $71.40M | - |
| Net Income | $319.50M | - | $466.50M | $634.80M | $240.50M | - | $388.50M | $583.60M | $393.40M | - |
| EPS - Basic | $2.17 | - | $3.18 | $4.33 | $1.65 | - | $2.67 | $4.01 | $2.71 | - |
| EPS - Diluted | $2.15 | - | $3.17 | $4.33 | $1.64 | - | $2.66 | $4.00 | $2.70 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.38B | $3.01B | $3.86B | $2.76B | $2.60B | $2.38B | $1.70B | $1.91B | $1.07B | $1.05B |
| Accounts Receivable | - | $1.34B | - | - | - | $1.40B | - | - | - | $1.66B |
| Inventory | $1.95B | $2.17B | $2.21B | $2.27B | $2.27B | $2.46B | $2.47B | $2.51B | $2.52B | $2.53B |
| Accounts Payable | $358.50M | $432.00M | $413.10M | $408.40M | $391.50M | $424.20M | $422.70M | $354.50M | $387.00M | $403.30M |
| Current Assets | $9.19B | $8.97B | $8.94B | $7.97B | $7.63B | $7.46B | $6.83B | $7.11B | $6.76B | $6.86B |
| Total Assets | $29.48B | $29.44B | $29.21B | $28.33B | $28.03B | $28.05B | $28.31B | $26.80B | $26.57B | $26.84B |
| Current Liabilities | $3.00B | $3.35B | $3.29B | $3.18B | $5.30B | $5.53B | $5.42B | $3.11B | $3.22B | $3.43B |
| Long-term Debt | $6.29B | $6.29B | $6.29B | $6.28B | $4.55B | $6.30B | $4.55B | $6.29B | $6.29B | $6.94B |
| Total Liabilities | $10.83B | $11.18B | $11.00B | $10.70B | $11.05B | $11.33B | $11.95B | $10.91B | $11.35B | $12.05B |
| Stockholders' Equity | $18.65B | $18.26B | $18.21B | $17.63B | $16.98B | $16.72B | $16.36B | $15.89B | $15.21B | $14.80B |
| Retained Earnings | $20.87B | $20.55B | $20.60B | $20.14B | $19.50B | $19.26B | $18.99B | $18.60B | $18.02B | $17.63B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $645.50M | - | - | - | $259.30M | - | - | - | $553.20M | - |
| Investing Cash Flow | ($209.50M) | - | - | - | ($47.30M) | - | - | - | ($66.00M) | - |
| Financing Cash Flow | ($43.80M) | - | - | - | ($23.00M) | - | - | - | ($439.60M) | - |
| CapEx | $51.20M | - | - | - | $37.10M | - | - | - | $45.90M | - |
| Free Cash Flow | $594.30M | - | - | - | $222.20M | - | - | - | $507.30M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 73.3% | - | 73.4% | 77.1% | 74.1% | - | 74.1% | 77.8% | 76.3% | - |
| Operating margin | 15.2% | - | 22.0% | 28.1% | 12.8% | - | 18.3% | 28.3% | 20.3% | - |
| EBITDA margin | 23.5% | - | 24.6% | 30.7% | 20.3% | - | 21.2% | 31.3% | 26.7% | - |
| Net margin | 12.9% | - | 18.4% | 24.0% | 9.9% | - | 15.8% | 23.7% | 17.2% | - |
| Free cash flow margin | 24.0% | - | - | - | 9.1% | - | - | - | 22.1% | - |
| FCF / Net income | 1.86 | - | - | - | 0.92 | - | - | - | 1.29 | - |
| R&D / Revenue | 21.8% | - | 17.2% | 15.1% | 17.9% | - | 22.0% | 20.8% | 19.8% | - |
| SG&A / Revenue | 24.5% | - | 23.5% | 22.1% | 23.5% | - | 23.9% | 22.5% | 25.4% | - |
| Effective tax rate | 15.4% | - | 16.3% | 14.7% | 22.7% | - | 13.9% | 16.5% | 15.4% | - |
| Return on assets | 1.1% | - | 1.6% | 2.2% | 0.9% | - | 1.4% | 2.2% | 1.5% | - |
| Return on equity | 1.7% | - | 2.6% | 3.6% | 1.4% | - | 2.4% | 3.7% | 2.6% | - |
| Return on invested capital | 1.3% | - | 1.9% | 2.7% | 1.1% | - | 1.9% | 2.6% | 1.8% | - |
| Liquidity | ||||||||||
| Current ratio | 3.06 | 2.68 | 2.72 | 2.50 | 1.44 | 1.35 | 1.26 | 2.29 | 2.10 | 2.00 |
| Quick ratio | 2.41 | 2.03 | 2.04 | 1.79 | 1.01 | 0.90 | 0.80 | 1.48 | 1.32 | 1.26 |
| Cash ratio | 1.13 | 0.90 | 1.17 | 0.87 | 0.49 | 0.43 | 0.31 | 0.61 | 0.33 | 0.31 |
| Leverage | ||||||||||
| Debt / Equity | 0.34 | 0.34 | 0.35 | 0.36 | 0.27 | 0.38 | 0.28 | 0.40 | 0.41 | 0.47 |
| Debt / Assets | 0.21 | 0.21 | 0.22 | 0.22 | 0.16 | 0.22 | 0.16 | 0.23 | 0.24 | 0.26 |
| Debt / EBITDA | 10.80 | - | 10.08 | 7.75 | 9.20 | - | 8.68 | 8.17 | 10.27 | - |
| Interest coverage | 5.6x | - | 8.3x | 10.2x | 5.2x | - | 7.5x | 11.4x | 6.7x | - |
| Equity multiplier | 1.58 | 1.61 | 1.60 | 1.61 | 1.65 | 1.68 | 1.73 | 1.69 | 1.75 | 1.81 |
| Liabilities / Assets | 0.37 | 0.38 | 0.38 | 0.38 | 0.39 | 0.40 | 0.42 | 0.41 | 0.43 | 0.45 |
| Efficiency | ||||||||||
| Asset turnover | 0.08 | - | 0.09 | 0.09 | 0.09 | - | 0.09 | 0.09 | 0.09 | - |
| Inventory turnover | 0.34 | - | 0.31 | 0.27 | 0.28 | - | 0.26 | 0.22 | 0.22 | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 1076d | - | 1196d | 1372d | 1319d | - | 1411d | 1675d | 1694d | - |
| Days payable outstanding | 198d | - | 224d | 246d | 227d | - | 242d | 237d | 261d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 85.3x | - | 44.2x | 29.0x | 83.4x | - | 72.9x | 58.0x | 79.9x | - |
| P / B | 1.5x | - | 1.1x | 1.0x | 1.2x | - | 1.7x | 2.1x | 2.1x | - |
| P / S | 11.0x | - | 8.1x | 7.0x | 8.3x | - | 11.5x | 13.7x | 13.7x | - |
| EV / EBITDA | 51.7x | - | 36.9x | 27.1x | 44.5x | - | 59.5x | 49.6x | 59.9x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 1.9% | - | 2.8% | 7.3% | 6.1% | - | -2.5% | 0.4% | -7.0% | - |
| Revenue CAGR (3y) | 0.2% | - | 0.3% | - | -2.1% | - | -3.9% | -3.9% | -5.3% | - |
| Revenue CAGR (5y) | -1.7% | - | -5.6% | -6.4% | -7.2% | - | -7.3% | -7.4% | -8.1% | - |
| Gross profit growth (YoY) | 0.8% | - | 1.8% | 6.3% | 3.1% | - | -2.3% | 3.0% | -2.9% | - |
| Operating income growth (YoY) | 21.4% | - | 23.6% | 6.5% | -33.0% | - | - | -1.3% | 6.0% | - |
| Net income growth (YoY) | 32.8% | - | 20.1% | 8.8% | -38.9% | - | - | -1.4% | 1.4% | - |
| EPS growth (YoY) | 31.1% | - | 19.2% | 8.3% | -39.3% | - | - | -1.7% | 1.1% | - |
| EPS CAGR (3y) | -7.0% | - | -26.1% | - | -39.0% | - | 6.2% | 10.2% | 0.1% | - |
| EPS CAGR (5y) | -4.4% | - | -6.6% | -14.7% | -27.3% | - | -20.5% | -12.6% | -17.7% | - |
| FCF growth (YoY) | 167.5% | - | - | - | -56.2% | - | - | - | 30.5% | - |
| FCF CAGR (5y) | -2.6% | - | - | - | -30.0% | - | - | - | -17.6% | - |
| Book value growth (YoY) | 9.9% | 9.2% | 11.3% | 11.0% | 11.6% | 13.0% | 12.9% | 9.8% | 10.3% | 10.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$9.89B totalReportable Segment$9.89B · 100.0%
Product / service
$21.24B totalProduct$7.12B · 33.5%
MSProduct Revenues$2.37B · 11.2%
Revenues From Anti CD20 Therapeutic Programs$1.86B · 8.8%
Royalty Attributed To OCREVUS$1.41B · 6.7%
Rare Disease Product Revenue$966.20M · 4.5%
Tysabri Product$965.00M · 4.5%
Fumarate$819.70M · 3.9%
Contract Manufacturing Royalty And Other Revenue$732.90M · 3.5%
Contract Manufacturing And Other Revenue$679.40M · 3.2%
VUMERITY$651.20M · 3.1%
SPINRAZA$625.50M · 2.9%
Interferon$587.80M · 2.8%
AVONEX$482.90M · 2.3%
BENEPALI$453.20M · 2.1%
SKYCLARYS$310.60M · 1.5%
Other$195.50M · 0.9%
ZURZUVAE$195.10M · 0.9%
IMRALDI$190.20M · 0.9%
Alzheimers Collaboration$177.70M · 0.8%
TECFIDERA$168.50M · 0.8%
PLEGRIDY$104.90M · 0.5%
Royalty$53.50M · 0.3%
FLIXABI$52.60M · 0.2%
QALSODY$30.10M · 0.1%
Biosimilars$13.70M · 0.1%
BYOOVIZ$13.00M · 0.1%
FAMPYRA$1.40M · 0.0%
TOFIDENCE$700.0K · 0.0%
FUMADERMAnd ADUHELM$400.0K · 0.0%
Peer comparison
Same SIC group: Biological Products, (No Diagnostic Substances)
Comparing BIOGEN INC. against the 5 most active filers in the same SIC group.