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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $9.89B | $9.68B | $9.84B | $10.17B | $10.98B | $13.44B |
| Cost of Revenue | $2.40B | $2.31B | $2.53B | $2.28B | $2.11B | $1.81B |
| Gross Profit | $7.49B | $7.37B | $7.30B | $7.90B | $8.87B | $11.64B |
| R&D | $1.78B | $2.04B | $2.46B | $2.23B | $2.50B | $3.99B |
| SG&A | $2.43B | $2.40B | $2.55B | $2.40B | $2.67B | $2.50B |
| Total Operating Expenses | $8.33B | $7.77B | $8.54B | $6.58B | $8.14B | $8.89B |
| D&A | $779.90M | $673.20M | $494.80M | $518.40M | $487.70M | $457.20M |
| Operating Income | $1.91B | $1.91B | $1.30B | $3.59B | $2.84B | $4.55B |
| Interest Expense | $267.50M | $250.30M | $246.90M | $246.60M | $253.60M | $222.50M |
| Income Tax | $263.60M | $273.80M | $135.30M | $632.80M | $52.50M | $992.30M |
| Net Income | $1.29B | $1.63B | $1.16B | $3.05B | $1.56B | $4.00B |
| EPS - Basic | $8.83 | $11.21 | $8.02 | $20.96 | $10.44 | $24.86 |
| EPS - Diluted | $8.79 | $11.18 | $7.97 | $20.87 | $10.40 | $24.80 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.01B | $2.38B | $1.05B | $3.42B | $2.26B | $1.57B |
| Accounts Receivable | $1.34B | $1.40B | $1.66B | $1.71B | $1.55B | $1.91B |
| Inventory | $2.17B | $2.46B | $2.53B | $1.34B | $1.35B | $1.07B |
| Accounts Payable | $432.00M | $424.20M | $403.30M | $491.50M | $589.20M | $454.90M |
| Current Assets | $8.97B | $7.46B | $6.86B | $9.79B | $7.86B | $6.89B |
| Total Assets | $29.44B | $28.05B | $26.84B | $24.55B | $23.88B | $24.62B |
| Current Liabilities | $3.35B | $5.53B | $3.43B | $3.27B | $4.30B | $3.74B |
| Long-term Debt | $6.29B | $6.30B | $6.94B | $6.28B | $6.27B | $7.43B |
| Total Liabilities | $11.18B | $11.33B | $12.05B | $11.17B | $12.92B | $13.93B |
| Stockholders' Equity | $18.26B | $16.72B | $14.80B | $13.40B | $10.90B | $10.70B |
| Retained Earnings | $20.55B | $19.26B | $17.63B | $16.47B | $13.91B | $13.98B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.20B | $2.88B | $1.55B | $1.38B | $3.64B | $4.23B |
| Investing Cash Flow | ($1.37B) | ($799.20M) | ($4.10B) | $1.58B | ($563.70M) | ($608.60M) |
| Financing Cash Flow | ($301.90M) | ($683.50M) | $149.30M | ($1.75B) | ($2.09B) | ($5.27B) |
| CapEx | $153.80M | $153.70M | $277.00M | $240.30M | $258.10M | $424.80M |
| Free Cash Flow | $2.05B | $2.72B | $1.27B | $1.14B | $3.38B | $3.81B |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 75.7% | 76.1% | 74.2% | 77.6% | 80.8% | 86.6% |
| Operating margin | 19.3% | 19.7% | 13.2% | 35.3% | 25.9% | 33.8% |
| EBITDA margin | 27.2% | 26.7% | 18.2% | 40.4% | 30.3% | 37.2% |
| Net margin | 13.1% | 16.9% | 11.8% | 29.9% | 14.2% | 29.8% |
| Free cash flow margin | 20.7% | 28.1% | 12.9% | 11.2% | 30.8% | 28.3% |
| FCF / Net income | 1.59 | 1.67 | 1.09 | 0.38 | 2.17 | 0.95 |
| R&D / Revenue | 18.0% | 21.1% | 25.0% | 21.9% | 22.8% | 29.7% |
| SG&A / Revenue | 24.6% | 24.8% | 25.9% | 23.6% | 24.4% | 18.6% |
| Effective tax rate | 16.9% | 14.4% | 10.4% | 17.2% | 3.3% | 19.9% |
| Return on assets | 4.4% | 5.8% | 4.3% | 12.4% | 6.5% | 16.3% |
| Return on equity | 7.1% | 9.8% | 7.8% | 22.7% | 14.3% | 37.4% |
| Return on invested capital | 6.5% | 7.1% | 5.3% | 15.1% | 16.0% | 20.1% |
| Liquidity | ||||||
| Current ratio | 2.68 | 1.35 | 2.00 | 2.99 | 1.83 | 1.84 |
| Quick ratio | 2.03 | 0.90 | 1.26 | 2.58 | 1.51 | 1.55 |
| Cash ratio | 0.90 | 0.43 | 0.31 | 1.04 | 0.53 | 0.42 |
| Leverage | ||||||
| Debt / Equity | 0.34 | 0.38 | 0.47 | 0.47 | 0.58 | 0.69 |
| Debt / Assets | 0.21 | 0.22 | 0.26 | 0.26 | 0.26 | 0.30 |
| Debt / EBITDA | 2.34 | 2.44 | 3.87 | 1.53 | 1.88 | 1.48 |
| Interest coverage | 7.1x | 7.6x | 5.3x | 14.6x | 11.2x | 20.4x |
| Equity multiplier | 1.61 | 1.68 | 1.81 | 1.83 | 2.19 | 2.30 |
| Liabilities / Assets | 0.38 | 0.40 | 0.45 | 0.45 | 0.54 | 0.57 |
| Efficiency | ||||||
| Asset turnover | 0.34 | 0.34 | 0.37 | 0.41 | 0.46 | 0.55 |
| Inventory turnover | 1.11 | 0.94 | 1.00 | 1.69 | 1.56 | 1.69 |
| Days sales outstanding | 50d | 53d | 62d | 61d | 51d | 52d |
| Days inventory outstanding | 329d | 389d | 364d | 215d | 234d | 216d |
| Days payable outstanding | 66d | 67d | 58d | 79d | 102d | 92d |
| Cash conversion cycle | 313d | 375d | 368d | 198d | 183d | 176d |
| Valuation | ||||||
| P / E | 20.0x | 13.7x | 32.5x | 13.3x | 23.1x | 9.9x |
| P / B | 1.4x | 1.3x | 2.5x | 3.0x | 3.3x | 3.7x |
| P / S | 2.6x | 2.3x | 3.8x | 4.0x | 3.3x | 2.9x |
| EV / EBITDA | 10.9x | 10.2x | 24.3x | 10.5x | 12.0x | 9.1x |
| Growth | ||||||
| Revenue growth (YoY) | 2.2% | -1.6% | -3.3% | -7.4% | -18.3% | -6.5% |
| Revenue CAGR (3y) | -0.9% | -4.1% | -9.9% | -10.9% | -6.5% | 3.1% |
| Revenue CAGR (5y) | -6.0% | -7.6% | -6.1% | -3.7% | -0.8% | 4.5% |
| Gross profit growth (YoY) | 1.6% | 0.9% | -7.5% | -11.0% | -23.8% | -6.3% |
| Operating income growth (YoY) | 0.0% | 47.0% | -63.9% | 26.4% | -37.6% | -35.4% |
| Net income growth (YoY) | -20.8% | 40.6% | -61.9% | 95.8% | -61.1% | -32.1% |
| EPS growth (YoY) | -21.4% | 40.3% | -61.8% | 100.7% | -58.1% | -21.1% |
| EPS CAGR (3y) | -25.0% | 2.4% | -31.5% | -12.7% | -21.6% | 27.7% |
| EPS CAGR (5y) | -18.7% | -18.7% | -18.1% | 11.9% | -9.3% | 10.1% |
| FCF growth (YoY) | -24.7% | 114.3% | 11.0% | -66.2% | -11.1% | -42.0% |
| FCF CAGR (5y) | -11.6% | -16.1% | -25.2% | -20.9% | -2.8% | 4.4% |
| Book value growth (YoY) | 9.2% | 13.0% | 10.5% | 23.0% | 1.8% | -19.8% |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.95
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Biological Products, (No Diagnostic Substances)
Comparing BIOGEN INC. against the 5 most active filers in the same SIC group.