NYSE : BHVN
Biohaven Ltd. — Financial statements
Healthcare · Biotechnology · United States
Last price 15.42 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.33B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Selling, General & Admin | 96.05M | 110.31M | 89.24M | 62.77M | 130.86M | 37.41M |
| Research & Development | 391.43M | 598.05M | 795.87M | 373.28M | 437.07M | 181.49M |
| Operating Expenses | 487.47M | 708.37M | 885.11M | 436.05M | 567.93M | 218.90M |
| Operating Income | -487.47M | -708.37M | -885.11M | -436.05M | -567.93M | -218.90M |
| Earnings From Equity Investments | 5.26M | |||||
| Other Non Operating Income (Expenses) | -27.94M | -6.59M | 18.09M | 8.81M | -5.12M | 1.21M |
| EBT Excluding Unusual Items | -515.41M | -714.95M | -867.02M | -427.24M | -573.05M | -212.43M |
| Merger & Restructuring Charges | -10.90K | -10.90K | ||||
| Gain (Loss) on Sale of Investments | 10.69M | 14.59M | 21.33M | 17.69M | 3.21M | |
| Other Unusual Items | -37.00M | -37.00M | ||||
| Pretax Income | -541.73M | -737.38M | -845.69M | -409.55M | -569.84M | -212.43M |
| Income Tax Expense | 950.00K | 1.44M | 735.00K | -1.38M | 438.00K | 1.37M |
| Net Income | -542.68M | -738.82M | -846.42M | -408.17M | -570.28M | -213.80M |
| Net Income to Common | -542.68M | -738.82M | -846.42M | -408.17M | -570.28M | -213.80M |
| Shares Outstanding (Basic) | 142.41M | 107.62M | 91.23M | 71.20M | 44.74M | 39.38M |
| Shares Outstanding (Diluted) | 142.41M | 107.62M | 91.23M | 71.20M | 44.74M | 39.38M |
| EPS (Basic) | -3.81 | -6.86 | -9.28 | -5.73 | -12.75 | -5.43 |
| EPS (Diluted) | -3.81 | -6.86 | -9.28 | -5.73 | -12.75 | -5.43 |
| Free Cash Flow | -473.17M | -610.15M | -586.50M | -334.77M | -303.76M | -146.78M |
| Free Cash Flow Per Share | -3.32 | -5.67 | -6.43 | -4.70 | -6.79 | -3.73 |
| EBITDA | -478.05M | -698.45M | -877.26M | -429.14M | -566.55M | -217.51M |
| D&A For EBITDA | 9.42M | 9.92M | 7.86M | 6.91M | 1.39M | 1.39M |
| EBIT | -487.47M | -708.37M | -885.11M | -436.05M | -567.93M | -218.90M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 95.75M | 229.96M | 99.13M | 248.40M | 204.88M | 76.06M |
| Short-Term Investments | 65.37M | 89.18M | 386.86M | 133.42M | 260.46M | |
| Cash & Short-Term Investments | 161.12M | 319.14M | 485.99M | 381.82M | 465.34M | 76.06M |
| Other Receivables | 13.25M | 48.89M | 9.91M | |||
| Receivables | 13.25M | 48.89M | 9.91M | |||
| Prepaid Expenses | 27.57M | 47.02M | 49.38M | 35.24M | 20.95M | 6.73M |
| Restricted Cash | 772.00K | 527.00K | 275.00K | 1.32M | 117.00K | 250.00K |
| Other Current Assets | 2.05M | 1.64M | 2.83M | 10.81M | 51.68M | 1.87M |
| Total Current Assets | 191.51M | 368.33M | 538.47M | 442.45M | 586.97M | 94.82M |
| Property, Plant & Equipment | 50.23M | 61.02M | 53.71M | 48.58M | 52.44M | 17.68M |
| Long-Term Investments | 6.00M | |||||
| Goodwill | 1.39M | 1.39M | 1.39M | 1.39M | 1.39M | 1.39M |
| Other Intangible Assets | 18.40M | 18.40M | 18.40M | 18.40M | 18.40M | 18.95M |
| Other Long-Term Assets | 2.14M | 2.31M | 3.13M | 2.40M | 2.58M | 3.22M |
| Total Assets | 263.68M | 451.45M | 615.11M | 513.21M | 661.78M | 142.06M |
| Accounts Payable | 13.53M | 11.64M | 18.03M | 15.58M | 10.70M | 4.78M |
| Accrued Expenses | 44.49M | 55.83M | 47.69M | 36.54M | 41.09M | 36.72M |
| Current Portion of Leases | 4.74M | 5.76M | 3.80M | 3.31M | 3.02M | 439.00K |
| Other Current Liabilities | 42.71M | 84.71M | 35.21M | |||
| Total Current Liabilities | 62.77M | 115.93M | 154.23M | 55.42M | 90.02M | 41.94M |
| Long-Term Debt | 264.29M | 238.90M | ||||
| Long-Term Leases | 31.41M | 39.96M | 32.78M | 27.57M | 30.58M | 2.80M |
| Other Long-Term Liabilities | 3.46M | 4.58M | 4.66M | 2.25M | 2.41M | 2.64M |
| Total Liabilities | 361.92M | 399.38M | 191.67M | 85.24M | 123.01M | 47.37M |
| Common Stock | 2.14B | 1.93B | 1.66B | 887.53M | 615.74M | 34.69M |
| Additional Paid-In Capital | 238.84M | 193.98M | 112.37M | 39.80M | 13.87M | |
| Retained Earnings | -2.48B | -2.08B | -1.35B | -499.29M | -91.12M | |
| Comprehensive Income & Other | 5.35M | 8.35M | 79.00K | -65.00K | 284.00K | |
| Total Common Equity | -98.25M | 52.07M | 423.44M | 427.98M | 538.77M | 34.69M |
| Minority Interest | 60.00M | |||||
| Shareholders' Equity | -98.25M | 52.07M | 423.44M | 427.98M | 538.77M | 94.69M |
| Total Liabilities & Equity | 263.68M | 451.45M | 615.11M | 513.21M | 661.78M | 142.06M |
| Total Debt | 300.44M | 284.61M | 36.58M | 30.88M | 33.60M | 3.24M |
| Net Cash (Debt) | -139.32M | 34.52M | 449.41M | 350.94M | 431.74M | 72.82M |
| Net Cash Per Share | -0.98 | 0.32 | 4.93 | 4.93 | 9.65 | 1.85 |
| Filing Date Shares Outstanding | 151.06M | 150.42M | 102.05M | 81.58M | 68.21M | 39.38M |
| Total Common Shares Outstanding | 151.06M | 132.78M | 101.22M | 81.12M | 68.19M | 39.38M |
| Working Capital | 128.75M | 252.40M | 384.25M | 387.02M | 496.95M | 52.89M |
| Book Value Per Share | -0.65 | 0.39 | 4.18 | 5.28 | 7.90 | 0.88 |
| Tangible Book Value | -118.04M | 32.28M | 403.65M | 408.19M | 518.98M | 14.35M |
| Tangible Book Value Per Share | -0.78 | 0.24 | 3.99 | 5.03 | 7.61 | 0.36 |
| Buildings | 14.08M | 14.08M | 14.08M | 11.73M | 12.30M | 12.30M |
| Machinery | 15.95M | 15.31M | 14.62M | 12.94M | 10.13M | 3.29M |
| Leasehold Improvements | 2.70M | 2.70M | 824.00K | 802.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -542.68M | -738.82M | -846.42M | -408.17M | -570.28M | -213.80M |
| Depreciation & Amortization | 9.42M | 9.92M | 7.86M | 6.91M | 1.39M | 1.39M |
| Asset Writedown & Restructuring Costs | 10.81M | 93.75M | ||||
| Loss (Gain) From Sale of Investments | 10.00M | -5.26M | ||||
| Stock-Based Compensation | 83.03M | 112.36M | 71.96M | 28.79M | 193.56M | 65.64M |
| Other Operating Activities | 26.74M | 5.74M | 156.53M | 16.13M | 2.50M | 4.52M |
| Change in Accounts Payable | -3.96M | -6.39M | 710.00K | 4.87M | 5.93M | 1.02M |
| Change in Other Net Operating Assets | -45.09M | 7.74M | 16.10M | 19.74M | -34.53M | 639.00K |
| Operating Cash Flow | -472.53M | -609.44M | -582.45M | -331.73M | -297.69M | -145.84M |
| Capital Expenditures | -642.00K | -715.00K | -4.05M | -3.05M | -6.07M | -938.00K |
| Cash Acquisitions | 391.00K | -35.00M | 1.88M | |||
| Investment in Securities | 11.61M | 303.12M | -241.32M | 132.88M | -263.72M | |
| Other Investing Activities | -1.85M | |||||
| Investing Cash Flow | 10.96M | 300.56M | -244.97M | 129.83M | -304.79M | 944.00K |
| Long-Term Debt Issued | 250.00M | |||||
| Net Debt Issued (Repaid) | 250.00M | |||||
| Issuance of Common Stock | 372.46M | 191.01M | 677.67M | 247.92M | 284.25M | 395.00K |
| Other Financing Activities | -644.00K | -1.89M | 108.00K | -36.01M | 483.34M | 138.05M |
| Financing Cash Flow | 371.82M | 439.12M | 677.77M | 211.91M | 767.60M | 138.45M |
| Foreign Exchange Rate Adjustments | 19.00K | -3.00K | 75.00K | -497.00K | 429.00K | |
| Net Cash Flow | -89.73M | 130.24M | -149.58M | 9.52M | 165.55M | -6.45M |
| Free Cash Flow | -473.17M | -610.15M | -586.50M | -334.77M | -303.76M | -146.78M |
| Free Cash Flow Per Share | -3.32 | -5.67 | -6.43 | -4.70 | -6.79 | -3.73 |
| Levered Free Cash Flow | -229.34M | -358.12M | -370.97M | -213.77M | -223.44M | -69.94M |
| Unlevered Free Cash Flow | -229.34M | -358.12M | -370.97M | -213.77M | -223.44M | -69.94M |
| Cash Interest Paid | 216.00K | 216.00K | 125.00K | 107.00K | ||
| Cash Income Tax Paid | 133.00K | 133.00K | -10.44M | -33.30M | 38.16M | 16.59M |
| Change in Working Capital | -49.05M | 1.36M | 16.81M | 24.61M | -28.60M | 1.66M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.33B | 1.50B | 3.78B | 3.43B | 946.07M | |
| Enterprise Value | 2.47B | 1.55B | 3.43B | 3.22B | 900.61M | |
| Last Close Price | 15.42 | 11.29 | 37.35 | 42.80 | 13.88 | |
| PB Ratio | 28.77 | 8.92 | 8.02 | 1.76 | ||
| P/TBV Ratio | 46.41 | 9.36 | 8.41 | 1.82 | ||
| Debt / Equity Ratio | -3.06 | 5.47 | 0.09 | 0.07 | 0.06 | 0.03 |
| Net Debt / Equity Ratio | -1.42 | -0.66 | -1.06 | -0.82 | -0.80 | -0.77 |
| Net Debt / EBITDA Ratio | -0.29 | 0.05 | 0.51 | 0.82 | 0.76 | 0.34 |
| Net Debt / FCF Ratio | -0.29 | 0.06 | 0.77 | 1.05 | 1.42 | 0.50 |
| Quick Ratio | 2.57 | 2.75 | 3.15 | 7.13 | 5.71 | 2.05 |
| Current Ratio | 3.05 | 3.18 | 3.49 | 7.98 | 6.52 | 2.26 |
| Return on Equity (ROE) | -310.75% | -198.83% | -84.44% | -180.05% | -249.37% | |
| Return on Assets (ROA) | -90.57% | -83.02% | -98.06% | -46.39% | -88.31% | -107.91% |
| Return on Capital Employed (ROCE) | -242.60% | -211.10% | -192.00% | -95.30% | -99.30% | -218.60% |
| Earnings Yield | -24.71% | -49.32% | -22.41% | -11.89% | -60.28% | |
| FCF Yield | -20.31% | -40.73% | -15.53% | -9.75% | -32.11% | |
| Buyback Yield / Dilution | -38.50% | -17.96% | -28.14% | -59.14% | -13.63% |