NASDAQ : BIIB
Biogen Inc. — Financial statements
Healthcare · Drug Manufacturers - General · United States
Last price 254.07 USD (Oct 30, 2026, 3:53 PM EDT) · Market cap 37.56B
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Financial statements
Biogen Inc. (BIIB) reported revenue of 10.30B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 10.30B | 9.89B | 9.68B | 9.84B | 10.17B | 10.98B |
| Revenue | 10.30B | 9.89B | 9.68B | 9.84B | 10.17B | 10.98B |
| Cost of Revenue | 2.50B | 2.08B | 2.13B | 2.53B | 2.28B | 2.11B |
| Gross Profit | 7.80B | 7.81B | 7.55B | 7.30B | 7.90B | 8.87B |
| Selling, General & Admin | 2.75B | 2.43B | 2.39B | 2.50B | 2.41B | 2.68B |
| Research & Development | 1.73B | 1.73B | 1.91B | 2.44B | 2.23B | 2.50B |
| Amortization of Goodwill & Intangibles | 609.70M | 507.10M | 386.50M | 240.60M | 246.30M | 252.00M |
| Other Operating Expenses | 290.70M | 290.20M | 254.40M | 218.80M | -7.40M | 7.20M |
| Operating Expenses | 5.38B | 4.96B | 4.93B | 5.40B | 4.88B | 5.44B |
| Operating Income | 2.42B | 2.85B | 2.61B | 1.90B | 3.02B | 3.44B |
| Interest Expense | -304.90M | -267.50M | -250.30M | -246.90M | -246.60M | -250.40M |
| Interest & Investment Income | 109.70M | 125.00M | 67.60M | 276.50M | 89.30M | 11.00M |
| Earnings From Equity Investments | 2.60M | 34.90M | ||||
| Currency Exchange Gain (Loss) | -31.00M | -28.60M | -30.90M | -50.40M | -35.50M | -22.40M |
| Other Non Operating Income (Expenses) | 21.50M | 29.40M | -200.00K | 2.20M | -7.10M | -4.00M |
| EBT Excluding Unusual Items | 2.22B | 2.71B | 2.40B | 1.88B | 2.82B | 3.20B |
| Merger & Restructuring Charges | -859.20M | -319.20M | -306.70M | -271.70M | -131.10M | |
| Gain (Loss) on Sale of Investments | 45.00M | -19.70M | -100.40M | -291.20M | 1.23B | -824.90M |
| Gain (Loss) on Sale of Assets | 88.60M | 503.70M | ||||
| Asset Writedown | -57.30M | -60.80M | -60.20M | -119.60M | -629.30M | |
| Legal Settlements | -166.20M | -244.40M | -26.30M | -3.90M | -917.00M | |
| Other Unusual Items | -28.60M | -33.60M | -27.70M | 209.10M | 47.50M | |
| Pretax Income | 445.10M | 1.56B | 1.91B | 1.30B | 3.59B | 1.78B |
| Income Tax Expense | 97.60M | 263.60M | 273.80M | 135.30M | 632.80M | 52.50M |
| Earnings From Continuing Operations | 347.50M | 1.29B | 1.63B | 1.16B | 2.96B | 1.73B |
| Minority Interest in Earnings | -400.00K | 85.30M | -171.50M | |||
| Net Income | 347.50M | 1.29B | 1.63B | 1.16B | 3.05B | 1.56B |
| Net Income to Common | 347.50M | 1.29B | 1.63B | 1.16B | 3.05B | 1.56B |
| Shares Outstanding (Basic) | 147.32M | 146.50M | 145.60M | 144.70M | 145.30M | 149.10M |
| Shares Outstanding (Diluted) | 148.68M | 147.10M | 145.90M | 145.60M | 146.00M | 149.60M |
| EPS (Basic) | 2.36 | 8.83 | 11.21 | 8.02 | 20.97 | 10.44 |
| EPS (Diluted) | 2.34 | 8.79 | 11.18 | 7.97 | 20.87 | 10.40 |
| Free Cash Flow | 2.07B | 2.05B | 2.72B | 1.27B | 1.14B | 3.38B |
| Free Cash Flow Per Share | 13.93 | 13.94 | 18.66 | 8.72 | 7.84 | 22.61 |
| Gross Margin | 75.77% | 78.95% | 78.00% | 74.24% | 77.61% | 80.79% |
| Operating Margin | 23.50% | 28.79% | 27.02% | 19.30% | 29.67% | 31.29% |
| Profit Margin | 3.38% | 13.07% | 16.87% | 11.80% | 29.95% | 14.17% |
| Free Cash Flow Margin | 20.11% | 20.73% | 28.13% | 12.91% | 11.24% | 30.80% |
| EBITDA | 3.30B | 3.63B | 3.29B | 2.39B | 3.54B | 3.92B |
| EBITDA Margin | 32.07% | 36.68% | 33.97% | 24.34% | 34.77% | 35.73% |
| D&A For EBITDA | 881.80M | 779.90M | 673.20M | 494.80M | 518.40M | 487.70M |
| EBIT | 2.42B | 2.85B | 2.61B | 1.90B | 3.02B | 3.44B |
| EBIT Margin | 23.50% | 28.79% | 27.02% | 19.30% | 29.67% | 31.29% |
| Effective Tax Rate | 21.93% | 16.93% | 14.37% | 10.43% | 17.61% | 2.95% |
| Revenue as Reported | 10.30B | 9.89B | 9.68B | 9.84B | 10.17B | 10.98B |
| Advertising Expenses | 71.90M | 66.80M | 71.40M | 54.10M | 98.70M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.30B | 3.01B | 2.38B | 1.05B | 3.42B | 2.26B |
| Short-Term Investments | 807.20M | 1.47B | 1.54B | |||
| Cash & Short-Term Investments | 1.30B | 3.82B | 2.38B | 1.05B | 4.89B | 3.80B |
| Accounts Receivable | 2.38B | 1.87B | 1.87B | 2.10B | 2.14B | 1.96B |
| Other Receivables | 430.00M | 798.80M | ||||
| Receivables | 2.38B | 1.87B | 1.87B | 2.53B | 2.94B | 1.96B |
| Inventory | 2.22B | 2.17B | 2.46B | 2.53B | 1.34B | 1.35B |
| Prepaid Expenses | 943.70M | 693.60M | 307.20M | |||
| Other Current Assets | 729.80M | 429.70M | 445.30M | 752.00M | 618.80M | 740.80M |
| Total Current Assets | 7.58B | 8.97B | 7.46B | 6.86B | 9.79B | 7.86B |
| Property, Plant & Equipment | 3.14B | 3.32B | 3.54B | 3.73B | 3.70B | 3.79B |
| Long-Term Investments | 458.10M | 954.50M | 423.80M | 625.80M | 1.78B | 2.83B |
| Goodwill | 6.99B | 6.49B | 6.48B | 6.22B | 5.75B | 5.76B |
| Other Intangible Assets | 13.38B | 9.18B | 9.69B | 8.36B | 1.85B | 2.22B |
| Long-Term Deferred Tax Assets | 293.70M | 292.50M | 324.20M | 928.60M | 1.23B | 1.42B |
| Other Long-Term Assets | 201.70M | 198.00M | 136.70M | 119.20M | 459.30M | 5.50M |
| Total Assets | 32.05B | 29.44B | 28.05B | 26.84B | 24.55B | 23.88B |
| Accounts Payable | 430.30M | 432.00M | 424.20M | 403.30M | 491.50M | 589.20M |
| Accrued Expenses | 1.82B | 1.68B | 1.50B | 1.45B | 1.50B | 1.38B |
| Current Portion of Long-Term Debt | 400.00M | 1.75B | 150.00M | 999.10M | ||
| Current Portion of Leases | 80.40M | 86.40M | 90.30M | 97.20M | 89.10M | |
| Current Income Taxes Payable | 54.50M | 114.80M | 548.30M | 257.40M | 259.90M | 174.70M |
| Other Current Liabilities | 1.19B | 1.04B | 1.22B | 1.08B | 927.60M | 1.06B |
| Total Current Liabilities | 3.90B | 3.35B | 5.53B | 3.43B | 3.27B | 4.30B |
| Long-Term Debt | 7.29B | 6.29B | 4.55B | 6.79B | 6.28B | 6.27B |
| Long-Term Leases | 109.30M | 290.40M | 334.50M | 400.00M | 333.00M | 330.40M |
| Long-Term Deferred Tax Liabilities | 1.16B | 507.60M | 190.50M | 641.80M | 334.70M | 694.50M |
| Other Long-Term Liabilities | 668.40M | 748.50M | 732.30M | 781.10M | 944.20M | 1.32B |
| Total Liabilities | 13.13B | 11.18B | 11.33B | 12.05B | 11.17B | 12.92B |
| Common Stock | 100.00K | 100.00K | 100.00K | 100.00K | 100.00K | 100.00K |
| Additional Paid-In Capital | 1.07B | 863.10M | 569.40M | 302.50M | 73.30M | 68.20M |
| Retained Earnings | 20.95B | 20.55B | 19.26B | 17.63B | 16.47B | 13.91B |
| Treasury Stock | -2.98B | -2.98B | -2.98B | -2.98B | -2.98B | -2.98B |
| Comprehensive Income & Other | -120.30M | -182.00M | -136.20M | -153.70M | -164.90M | -106.70M |
| Total Common Equity | 18.92B | 18.26B | 16.72B | 14.80B | 13.40B | 10.90B |
| Minority Interest | -9.50M | 63.50M | ||||
| Shareholders' Equity | 18.92B | 18.26B | 16.72B | 14.80B | 13.39B | 10.96B |
| Total Liabilities & Equity | 32.05B | 29.44B | 28.05B | 26.84B | 24.55B | 23.88B |
| Total Debt | 7.80B | 6.66B | 6.72B | 7.43B | 6.71B | 7.69B |
| Net Cash (Debt) | -6.50B | -2.41B | -4.34B | -6.38B | -1.11B | -3.00B |
| Net Cash Per Share | -43.70 | -16.38 | -29.76 | -43.81 | -7.62 | -20.04 |
| Filing Date Shares Outstanding | 147.82M | 146.76M | 146.37M | 145.36M | 144.49M | 146.96M |
| Total Common Shares Outstanding | 147.80M | 146.80M | 145.80M | 144.90M | 144.10M | 147.00M |
| Working Capital | 3.69B | 5.62B | 1.93B | 3.42B | 6.52B | 3.56B |
| Book Value Per Share | 128.03 | 124.37 | 114.65 | 102.14 | 92.98 | 74.12 |
| Tangible Book Value | -1.45B | 2.59B | 545.90M | 217.20M | 5.80B | 2.91B |
| Tangible Book Value Per Share | -9.81 | 17.62 | 3.74 | 1.50 | 40.24 | 19.82 |
| Land | 216.70M | 202.40M | 202.40M | 202.40M | 207.50M | |
| Buildings | 2.14B | 1.96B | 1.60B | 1.59B | 1.70B | |
| Machinery | 2.23B | 2.17B | 1.77B | 1.67B | 1.65B | |
| Construction In Progress | 163.10M | 308.40M | 975.40M | 888.80M | 770.30M | |
| Leasehold Improvements | 143.50M | 137.80M | 135.70M | 107.70M | 121.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 347.50M | 1.29B | 1.63B | 1.16B | 3.05B | 1.56B |
| Depreciation & Amortization | 881.80M | 779.90M | 673.20M | 494.80M | 518.40M | 487.70M |
| Loss (Gain) From Sale of Assets | -88.60M | -503.70M | ||||
| Asset Writedown & Restructuring Costs | 467.30M | 145.80M | 60.20M | 119.60M | 647.30M | |
| Loss (Gain) From Sale of Investments | -42.80M | 19.30M | 101.40M | 277.10M | -1.24B | 826.80M |
| Loss (Gain) on Equity Investments | -2.60M | -34.90M | ||||
| Stock-Based Compensation | 302.50M | 290.80M | 291.20M | 264.20M | 254.10M | 238.60M |
| Other Operating Activities | 1.06B | 733.50M | 361.10M | -1.30M | 81.40M | 63.80M |
| Change in Accounts Receivable | -137.90M | 102.70M | 222.30M | 61.30M | -203.40M | 324.80M |
| Change in Inventory | 90.30M | -64.70M | -273.80M | -130.90M | -320.20M | -462.40M |
| Change in Other Net Operating Assets | -222.00M | -137.50M | -182.20M | -280.10M | -224.40M | -238.70M |
| Operating Cash Flow | 2.25B | 2.20B | 2.88B | 1.55B | 1.38B | 3.64B |
| Capital Expenditures | -176.40M | -153.80M | -153.70M | -277.00M | -240.30M | -258.10M |
| Sale of Property, Plant & Equipment | 582.60M | |||||
| Cash Acquisitions | -5.07B | -1.07B | -6.93B | |||
| Divestitures | 28.10M | |||||
| Sale (Purchase) of Intangibles | -426.30M | -81.60M | -117.50M | -34.40M | -2.90M | -36.80M |
| Investment in Securities | 155.10M | -1.18B | 551.50M | 3.15B | 1.21B | -309.80M |
| Other Investing Activities | 16.20M | 42.90M | -4.70M | -11.30M | 24.40M | 12.90M |
| Investing Cash Flow | -5.50B | -1.37B | -799.20M | -4.10B | 1.58B | -563.70M |
| Long-Term Debt Issued | 1.73B | 997.20M | ||||
| Long-Term Debt Repaid | -2.03B | -650.00M | -809.90M | -1.00B | -170.00M | |
| Net Debt Issued (Repaid) | 623.30M | -296.90M | -650.00M | 187.30M | -1.00B | -170.00M |
| Repurchase of Common Stock | -750.00M | -1.80B | ||||
| Other Financing Activities | 98.10M | -5.00M | -33.50M | -38.00M | 4.90M | -116.20M |
| Financing Cash Flow | 721.40M | -301.90M | -683.50M | 149.30M | -1.75B | -2.09B |
| Foreign Exchange Rate Adjustments | -24.90M | 101.90M | -67.70M | 35.10M | -55.70M | -59.80M |
| Net Cash Flow | -2.56B | 633.50M | 1.33B | -2.37B | 1.16B | 930.20M |
| Free Cash Flow | 2.07B | 2.05B | 2.72B | 1.27B | 1.14B | 3.38B |
| Free Cash Flow Margin | 20.11% | 20.73% | 28.13% | 12.91% | 11.24% | 30.80% |
| Free Cash Flow Per Share | 13.93 | 13.94 | 18.66 | 8.72 | 7.84 | 22.61 |
| Levered Free Cash Flow | 808.12M | 1.95B | 3.45B | 981.44M | 1.39B | 2.21B |
| Unlevered Free Cash Flow | 998.69M | 2.11B | 3.61B | 1.14B | 1.55B | 2.36B |
| Cash Interest Paid | 264.10M | 264.10M | 245.40M | 252.20M | 262.50M | 280.80M |
| Cash Income Tax Paid | 864.00M | 864.00M | 355.10M | 740.70M | 932.90M | 247.90M |
| Change in Working Capital | -764.90M | -1.06B | -155.20M | -648.70M | -890.30M | -145.50M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 37.49B | 25.82B | 22.28B | 37.50B | 39.88B | 35.24B |
| Enterprise Value | 43.99B | 28.45B | 27.24B | 42.92B | 40.73B | 39.39B |
| Last Close Price | 253.62 | 175.99 | 152.92 | 258.77 | 276.92 | 239.92 |
| PE Ratio | 108.56 | 19.97 | 13.65 | 32.29 | 13.09 | 22.65 |
| Forward PE | 17.19 | 13.65 | 9.71 | 17.54 | 17.70 | 13.94 |
| PS Ratio | 3.64 | 2.61 | 2.30 | 3.81 | 3.92 | 3.21 |
| PB Ratio | 1.98 | 1.41 | 1.33 | 2.53 | 2.98 | 3.22 |
| P/TBV Ratio | 9.98 | 40.82 | 172.63 | 6.88 | 12.10 | |
| P/FCF Ratio | 18.11 | 12.59 | 8.19 | 29.52 | 34.86 | 10.42 |
| P/OCF Ratio | 16.68 | 11.71 | 7.75 | 24.23 | 28.81 | 9.68 |
| PEG Ratio | 1.83 | 4.75 | 1.90 | 4.38 | 17.68 | 39.30 |
| EV/Sales Ratio | 4.27 | 2.88 | 2.81 | 4.36 | 4.00 | 3.59 |
| EV/EBITDA Ratio | 13.32 | 7.84 | 8.29 | 17.93 | 11.52 | 10.04 |
| EV/EBIT Ratio | 18.17 | 9.99 | 10.42 | 22.60 | 13.49 | 11.46 |
| EV/FCF Ratio | 21.24 | 13.87 | 10.01 | 33.79 | 35.60 | 11.65 |
| Debt / Equity Ratio | 0.41 | 0.36 | 0.40 | 0.50 | 0.50 | 0.70 |
| Debt / EBITDA Ratio | 2.28 | 1.78 | 1.97 | 2.93 | 1.85 | 1.91 |
| Debt / FCF Ratio | 3.77 | 3.25 | 2.47 | 5.85 | 5.87 | 2.27 |
| Net Debt / Equity Ratio | 0.34 | 0.13 | 0.26 | 0.43 | 0.08 | 0.27 |
| Net Debt / EBITDA Ratio | 1.97 | 0.66 | 1.32 | 2.67 | 0.32 | 0.76 |
| Net Debt / FCF Ratio | 3.14 | 1.18 | 1.59 | 5.02 | 0.97 | 0.89 |
| Asset Turnover | 0.34 | 0.34 | 0.35 | 0.38 | 0.42 | 0.45 |
| Inventory Turnover | 1.13 | 0.90 | 0.85 | 1.31 | 1.69 | 1.74 |
| Quick Ratio | 0.95 | 1.70 | 0.77 | 1.04 | 2.39 | 1.34 |
| Current Ratio | 1.95 | 2.68 | 1.35 | 2.00 | 2.99 | 1.83 |
| Return on Equity (ROE) | 1.87% | 7.39% | 10.36% | 8.24% | 24.33% | 15.96% |
| Return on Assets (ROA) | 4.94% | 6.19% | 5.95% | 4.62% | 7.79% | 8.86% |
| Return on Invested Capital (ROIC) | 7.36% | 11.22% | 10.60% | 9.35% | 16.55% | 21.63% |
| Return on Capital Employed (ROCE) | 8.60% | 10.90% | 11.60% | 8.10% | 14.20% | 17.50% |
| Earnings Yield | 0.92% | 5.01% | 7.32% | 3.10% | 7.64% | 4.42% |
| FCF Yield | 5.52% | 7.94% | 12.21% | 3.39% | 2.87% | 9.60% |
| Buyback Yield / Dilution | -1.49% | -0.82% | -0.21% | 0.27% | 2.41% | 7.25% |